22/11/2007 - 06:46

Today's Business Headlines

22/11/2007 - 06:46

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Chemicals tycoon attacks short-term mindset; Wheat not main game for AWB; Power prices spark fears for Alcoa plan; ANZ director defends consultancy payments to Visy whistleblower; Olea sells off olive assets in $18m deal.

Today's Business Headlines


Chemicals tycoon attacks short-term mindset
Perth chemicals tycoon Gordon Martin has launched a stinging attack on Australia's investment community, claiming it has a short term outlook that demand instant share price appreciation at the expense of "long term wealth creation". The West

Wheat not main game for AWB
The drought has slashed the net profit of Australia's monopoly bulk wheat exporter by more than half, but AWB is set to emerge from its food-for-oil scandal as a diversified global agricultural trader no longer controlled by grain growers. The Australian

Power prices spark fears for Alcoa plan
Soaring electricity costs are threatening Alcoa's planned $1.2 billion aluminium smelter expansion. The Fin Review

ANZ director defends consultancy payments to Visy whistleblower
ANZ director and former Amcor finance director David Meiklejohn allegedly facilitated payments totalling $1 million for claimed entitlenents by a former Visy Perth executive who was threatening to blow the whistle in 1996 on alleged cartel activity in the paper and packaging industry. The Australian

Olea sells off olive assets in $18m deal
Struggling Olive producer and marketer Olea Australis last night unveiled an $18.75 million deal to sell most of its flagship Dandaragan olive business to investment scheme giant Great Southern. The West

 

THE WEST AUSTRALIAN
Page 1: Employers are scrambling to sign up existing staff on new Australian Workplace agreements in a bid to insulate them against Kevin Rudd's plan to overhaul the industrial relations system if he wins office, figures provided by the Federal Government's Workplace Authority reveals.

Robert Mugabe's government has revealed plans for new mining laws which will strip foreigners of control of mines and give control of key mines to the state.

Business: Perth chemicals tycoon Gordon Martin has launched a stinging attack on Australia's investment community, claiming it has a short term outlook that demand instant share price appreciation at the expense of "long term wealth creation".

AWB said yesterday it was well advanced to cope with the impending loss of its wheat export monopoly after its other businesses delivered the vast majority of its drought-hit profits in the year to September 30.

Struggling Olive producer and marketer Olea Australis last night unveiled an $18.75 million deal to sell most of its flagship Dandaragan olive business to investment scheme giant Great Southern.

Murchison Metals has been forced into a rearguard action to salvage its doomed $938 million hostile scrip bid for rival Midwest Corp, flagging a resource upgrade next week in an attempt to put a floor under its plummeting share price.

WA business brokers and real estate agent groups are gearing up to fight a WA legislative amendment that would allow national banks to enter the State's business broking sector.

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Labor leader Kevin Rudd has promised a more open style of government and set out a timetable for implementing his reform agenda ahead of the election.

Page 3: Soaring electricity costs are threatening Alcoa's planned $1.2 billion aluminium smelter expansion.

World: (NEW YORK) Traders are betting on the US Federal Reserve to cut interest rates.

Market: The share market ignored a positive lead from Wall St and fell for the second consecutive session.



THE AUSTRALIAN

Page 1: Kevin Rudd has vowed to fund his election policies by taking an axe to bureaucracy if he wins the election. Sixteen Indonesians whose boat sank in Australian waters were seeking economic asylum because of the crackdown on illegal fishing. A property developer promoted by fashion designer Maggie Tabberer claims to have entered into a rescue deal with a US financier. The future of a million manufacturing jobs hangs on greenhouse gas targets to be set by the government.

Page 2: Former Tasmanian deputy premier Bryan Green granted a monopoly to the business of an ex-Labor minister despite his department receiving top-level legal advice that he could not lawfully do so.

World: (LONDON) President Robert Mugabe has announced a law giving the state a controlling stake in mines operating in Zimbabwe.

Business: The drought has slashed the net profit of Australia's monopoly bulk wheat exporter by more than half, but AWB is set to emerge from its food-for-oil scandal as a diversified global agricultural trader no longer controlled by grain growers.


Chinese observers have slammed BHP Billiton's proposed merger with Rio, but made it clear that they don't think they can stop it.

Interntional crude oil prices are close to breaking through $US100 a barrel due to teh US dollar drop against other currencies.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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