Today's 7.30am headlines

05/10/2007 - 07:27

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Sphere Investments admits problems with investment deal; ANZ cancels West Coast Eagles sponsorship; ABB grain facin $10m losses; Gunns will push ahead with Tasmanian pulp mill; Federal Govt has its hospitail funding share by 10 per cent.

Today's 7.30am headlines


Perth's burgeoning group of iron ore promoters has been rocked by a funding crisis after Sphere Investments became the second company in as many days to admit problems with a much hyped investment deal worth hundreds of million of dollars. The West

Australia and New Zealand Banking group has cancelled its 20-year sponsorship of the AFL team West Coast Eagles. The Financial Review

ABB grain revealed it was facing losses about $10 million on forward contract positions taken before the extraordinary surge in grain prices this year.The West

Timber company Gunns will push ahead with its controversial $1.7 billion Tasmanian pulp mill within two months. The Financial Review

The federal government has cut its share of public hospital funding by 10 per cent over the last decade, according to a new government report. Canberra Times

 

THE WEST AUSTRALIAN
Page 3: Taxpayers face an annual bill of more than $3million to maintain Rottnest Island even though the State Government's $20 million plan to make the holiday island financially sustainable could end up costing twice that amount.

Michael Chaney, president of the Business Council of Australia, has urged governments to introduce a performance-based pay system for teachers that would give them the capacity to earn $100,000 or more a year.

Kevin Rudd has embarked on a two-week television advertising blitz in WA, spruiking the benefits of Labor's $100 million-a-year infrastructure fund and arguing the State has not received its fair share of resource revenue.

Business: Perth's burgeoning group of iron ore promoters has been rocked by a funding crisis after Sphere Investments became the second company in as many days to admit to problems with a much0hyped investment deal worth hundreds of million of dollars.

ABB grain revealed it was facing losses about $10 million on forward contract positions taken before the extraordinary surge in grain prices this year.

While the nation's biggest-ever takeover proceeds in leaps and bounds, a consortium of three banks that are financing the deal has yet to syndicate the $10 million borrowing to other lenders.

Perth geologist Derek Ammon has lost his supreme Court battle against manganese miner Consolidated Minerals over the Mindy Mindy iron ore project in the Pilbara.


STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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