Today's Business Headlines

11/06/2008 - 06:44

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Inflation, rates, oil fears savage market; Foster's $770m hit as CEO walks; Chinese funds cleared to buy in Australia; Ore giants urged to back rail rule or risk break-up; Gas insurers could hold the key to Burrup's $2.5b float

Today's Business Headlines

Inflation, rates, oil fears savage market
Fears over global inflation, higher interest rates and the impact of record oil prices on Australia's Resources boom combined to wipe more than $35 billion from local shares yesterday, forcing the stoskmarket to its biggest loss in three months. The West

Foster's $770m hit as CEO walks
A profit downgrade and $770 million of asset write-downs has led Foster's Group to scale back its wine operations as chief executive Trevor O'Hoy steps aside. The Fin Review

Chinese funds cleared to buy in Australia
Chinese companies will triple their investment in Australia this year after the Beijing government moved to promote major bank investment here, Treasurer Wayne Swan says. The Fin Review

Ore giants urged to back rail rule or risk break-up
Treasurer Eric Ripper has warned Rio tinto and BHP Billiton to support the State Government's rail haulage access regime or risk Federal intervention that could force open the miner's treasured Pilbara railway lines to third-party rolling stock. The West

Gas insurers could hold the key to Burrup's $2.5b float
The future of Indian tycoon Pankaj Oswal's $2.5 billion float of Burrup Holdings remained under a cloud yesterday as management sought clarification over whether the company's insurers would cover losses caused by the State's gas crisis. The West

 


THE WEST AUSTRALIAN

Business: Fears over global inflation, higher interest rates and the impact of record oil prices on Australia's Resources boom combined to wipe more than $35 billion from local shares yesterday, forcing the stoskmarket to its biggest loss in three months.

Treasurer Eric Ripper has warned Rio tinto and BHP Billiton to support the State Government's rail haulage access regime or risk Federal intervention that could force open the miner's treasured Pilbara railway lines to third-party rolling stock.

The future of Indian tycoon Pankaj Oswal's $2.5 billion float of Burrup Holdings remained under a cloud yesterday as management sought clarification over whether the company's insurers would cover losses caused by the State's gas crisis.


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