16/11/2007 - 06:46

Today's Business Headlines

16/11/2007 - 06:46

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Goyder warns of big tab for Coles chief; $6bn man: Twiggy joins big league; Woodside takes $2.6b hit after production cut; Tables turn with talk of Oxiana bid for Zinifex; UBS grabs 5% of Rio to complicate BHP bid.

Today's Business Headlines


Goyder warns of big tab for Coles chief
Wesfarmers warned shareholders yesterday that it might have to offer a company-record pay packet to secure the right chief for the group's new Coles food, liquor and fuel business. The West

$6bn man: Twiggy joins big league
Fortescue Metals Group chief executive Andrew Forrest becomes a $6 billion man, with the company finding one billion tonnes of iron ore in Western Australia. The Fin Review

Woodside takes $2.6b hit after production cut
Disappointed investors wiped more than $2.6 billion yesterday as the oil and gas producer dropped another production downgrade on the market. The West

Tables turn with talk of Oxiana bid for Zinifex
Rumours of a $10 billion scrip and cash bid by Oxiana for zinc producer Zinifex failed to materialise yesterday but Zinifex has managed to secure the services of former WMC boss Andrew Michelmore as its new chief executive for any takeover showdown. The West

UBS grabs 5% of Rio to complicate BHP bid
The phoney war between mining giants BHP Billiton and Rio Tinto continued yesterday with news of Swiss bank UBS and affiliates emeerging with a 5 per cent stake in Rio. The Australian

 

THE WEST AUSTRALIAN
Page 1: Shelley Archer and her husband, union boss Kevin Reynolds, quit the labor party yesterday as Alan Carpenter pushed for the disgraced MP to be thrown out of Parliament after an Upper house privileges committee found she gave false evidence about her contacts with Brian Burke.

Some may argue it's only a paper profit, others will say it could all be gone tomorrow. But no matter how you look at it, there's no getting away from the fact that iron ore magnate Andrew Forrest yesterday reaped a $1 billion sharemarket profit in less than half an hour.

Business: Wesfarmers warned shareholders yesterday that it might have to offer a company-record pay packet to secure the right chief for the group's new Coles food, liquor and fuel business.

Disappointed investors wiped more than $2.6 billion yesterday as the oil and gas producer dropped another production downgrade on the market.

Rumours of a $10 billion scrip and cash bid by Oxiana for zinc producer Zinifex failed to materialise yesterday but Zinifex has managed to secure the services of former WMC boss Andrew Michelmore as its new chief executive for any takeover showdown.

The Bank of England governor has issued a very unusual warning on world stockmarkets, indicating that shares may be heading for a big fall.

Perth-based broadband provider iiNet has joined growing band of internet companies delivering "naked DSL" plans, enabling users to bypass Telstra's costly line rental charges.

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Should a Rudd Labor government be elected, state and federal Labor will kick-start reforms to federalism in health, schools and infrastructure. Fortescue Metals Group chief executive Andrew Forrest becomes a $6 billion man, with the company finding one billion tonnes of iron ore in Western Australia. Graduate salaries are rising faster than the cost of living, a new survey has found.

Page 3: Figures show that average weekly earnings have risen by once per cent in the three months to August, and by 4.9 per cent over the past 12 months.

Market: Concern over the global economic outlook weighed on the Australian stock market, which the All Ordinaries falling 55.6 points.
World: The engine of the US economy is spluttering as big spending consumers hit the brakes.



THE AUSTRALIAN

Page 1: A coalition government will take control of drafting English, maths and sciences curriculums to protect students from educational fads, Education Minister Julie Bishop says. The federal government has abused a $328 million regional grants program, the Auditor-General has said. Western Australian union boss Kevin Reynolds says he will resign from the Labor Party in protest at the treatment of his wife, state ALP member Shelley Archer. An analysis of the past two weeks of Newspolls shows the coalition gaining some ground in NSW and South Australia, but well behind on an overall two-party preferred basis.

Page 2: Sacked Amcor chief Russell Jones has told the ACCC that his company initiated the illegal price-fixing cartel involving cardboard maker Visy.

Business: Mining magnate Andrew Forrest could soon be Australia's second richest man, after his Fortescue Metals Group discovered another billion tonnes of iron ore in the Pilbara region.



STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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