15/08/2008 - 06:31

Today's Business Headlines

15/08/2008 - 06:31

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QBE to buy PMI for $1.03bn; ASX poised to retain market watchdog role; Leighton lifts earnings in resources boom; Fortescue's Pilbara expansion plans spark raising mission; ASG proves resources boom is not only WA money spinner


QBE to buy PMI for $1.03bn
QBE Insurance has agreed to buy US group PMI's Australia, New Zealand and Asian businesses for $1.03 billion in its latest push to grow into a global property and casualty insurer. The West

ASX poised to retain market watchdog role
The ASX is likely to retain its role as market watchdog when the federal government hands down its decision on whether to grant licences to create competitive exchanges. The Australian

Leighton lifts earnings in resources boom
Construction giant Leighton Holdings' wild ride on the infrastructure and resources boom has boosted full-year net profit by more than one-third to $607.9 million, with chief executive Wal King saying it had a "near-fireproof" ability to deliver a profit uplift of at least 15 per cent this financial year. The Australian

Fortescue's Pilbara expansion plans spark raising mission
Andrew Forrest is set to hit up the capital markets for cash for the first time in a year as he steps up the pace of expanding Fortescue Metals Group's $2.8 billion Pilbara iron ore project. The West

ASG proves resources boom is not only WA money spinner
Computer services company ASG Group yesterday proved it was not just the booming resources sector bringing money into WA as it unveiled a record 46.4 per cent boost to annual net profit. The West

THE WEST AUSTRALIAN

The case for a royal commission into the Varanus Island gas crisis strengthened last night after a major discrepancy emerged over the independent inspection of the ruptured pipeline and growing concerns that the Federal agency charged with investigating the cause of the explosion has a massive conflict of interest.

Business: QBE Insurance has agreed to buy US group PMI's Australia, New Zealand and Asian businesses for $1.03 billion in its latest push to grow into a global property and casualty insurer.

David Jones chief Mark McInnes took time out from handing down a market-defying profit upgrade yesterday to take a swipe at Alan Carpenter over his backflip on deregulated trading.

Computer services company ASG Group yesterday proved it was not just the booming resources sector bringing money into WA as it unveiled a record 46.4 per cent boost to annual net profit.

Andrew Forrest is set to hit up the capital markets for cash for the first time in a year as he steps up the pace of expanding Fortescue Metals Group's $2.8 billion Pilbara iron ore project.

Stockland has added its name to the list of casualties littering the property sector, unveiling a 60 per cent collapse in full-year profit yesterday and warning that market conditions would likely generate flat earnings growth for the next two years.



THE AUSTRALIAN

Page 1: The federal government will offer to buy out the water entitlements of entire irrigation communities to ease the plight of the Murray River. Wayne Swan will consider putting the heat on Australia's banks by encouraging super funds to invest in the mortgage market. Corruption is rife in racing in Victoria. The federal government has agreed to pay Pan founder Jim Selim $55 million.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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