22/07/2008 - 06:42

Today's Business Headlines

22/07/2008 - 06:42

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Territory fails to get rid of administrators; Orica to raise $900m in spin off; ATO reveals widespread use of havens; MCC retakes guard to save ore deal; Brokers left holding bag as investors snub HBOS

Territory fails to get rid of administrators
Relations between Territory Resources and its former executive chairman, Michael Kiernan, have hit rock bottom after the aggrieved iron ore miner failed in its bid to sack the administrators appointed to Monarch Gold Mining by Mr Kiernan. The West

Orica to raise $900m in spin off
Explosives and chemicals company Orica will test volatile capital markets with a $900m raising ahead of splitting off its consumer products business to focus on its booming mining services division. The Fin Review

ATO reveals widespread use of havens
About $16 billion was sent from Australia directly to tax havens in the 2007 financial year as their use has expanded from large companies and wealthy individuals to small business owners and the broader community.The Fin Review

MCC retakes guard to save ore deal
China Metallurgical Group Corporation (MCC) is gearing up for a rearguard action to salvage a $400 million deal to buy Cape Lambert Iron Ore's namesake magnetite project from the clutches of Russian steel giant Evraz. The West

Brokers left holding bag as investors snub HBOS
BankWest's troubled UK parentyesterday confirmed that investors had delivered a spectacular snub to its £4 billion ($8.2 billion) rights issue, leaving underwriters Morgan Stanley and Dresdner Kleinwort facing a massive 92 per cent shortfall. The West


THE WEST AUSTRALIAN

Business:Relations between Territory Resources and its former executive chairman, Michael Kiernan, have hit rock bottom after the aggrieved iron ore miner failed in its bid to sack the administrators appointed to Monarch Gold Mining by Mr Kiernan.

China Metallurgical Group Corporation (MCC) is gearing up for a rearguard action to salvage a $400 million deal to buy Cape Lambert Iron Ore's namesake magnetite project from the clutches of Russian steel giant Evraz.

BankWest's troubled UK parentyesterday confirmed that investors had delivered a spectacular snub to its £4 billion ($8.2 billion) rights issue, leaving underwriters Morgan Stanley and Dresdner Kleinwort facing a massive 92 per cent shortfall.

AWB chief Gordon Davis says he is optimistic voters will support the grain marketer's latest push for constitutional reform after a positive response from more than 500 growers at meetings across WA last week.


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