19/08/2008 - 06:34

Today's Business Headlines

19/08/2008 - 06:34

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BHP throws WA port expansion into doubt; Babcock board under siege as power drains away; ASIC moves dog Forrest and Fortescue; Burston takes sudden leave of Cape Lambert; Alinta, BankWest sales loom as parents scramble for cash

Today's Business Headlines


BHP throws WA port expansion into doubt
BHP Billiton chief executive Marius Kloppers yesterday refused to commit to an outer harbour expansion at Port Hedland if the miner's takeover bid for Rio Tinto was successful, dealing a potentially savage blow to the Pilbara's junior iron ore miners. The West

Babcock board under siege as power drains away
Babcock & Brown is considering a plan to overhaul its board and management as it tries to rebuild shattered investor confidence after shares in the finance house yesterday touched a record low after further write downs from its struggling listed power fund. The Fin Review

ASIC moves dog Forrest and Fortescue
The corporate regulator has secured further evidence that it hopes will bolster its landmark legal case against Australia's richest man, Fortescue Metals chief Andrew Forrest and his company for making allegedly misleading statements to the sharemarket about contracts with Chinese steel mills. The Fin Review

Burston takes sudden leave of Cape Lambert
Mining industry veterean Ian Burston has quit the board of Cape Lambert Iron Ore, less than two weeks after the junior settled a $400 million deal to a sell its namesake magnetite project to a Chinese company. The West

Alinta, BankWest sales loom as parents scramble for cash
Alinta and BankWest look increasingly likely to be sold as their parents try to come to grips with the global credit crunch which has savaged balance sheets and shredded share prices. The West

 

THE WEST AUSTRALIAN

BHP Billiton chief executive Marius Kloppers yesterday refused to commit to an outer harbour expansion at Port Hedland if the miner's takeover bid for Rio Tinto was successful, dealing a potentially savage blow to the Pilbara's junior iron ore miners.

Mining industry veterean Ian Burston has quit the board of Cape Lambert Iron Ore, less than two weeks after the junior settled a $400 million deal to a sell its namesake magnetite project to a Chinese company.

Property and fund manager Aspen Group is running the ruler over its rivals, saying a tough year for listed property groups has thrown up some attractive acquisitions in the heavily sold-down sector.

Five months after Opes Prime Stockbroking collapsed owing shares investors about $520 million, the vast majority of its clients appear to be worse off.

Alinta and BankWest look increasingly likely to be sold as their parents try to come to grips with the global credit crunch which has savaged balance sheets and shredded share prices.

 

THE FIN REVIEW

Babcock & Brown is considering a plan to overhaul its board and management as it tries to rebuild shattered investor confidence after shares in the finance house yesterday touched a record low after further write downs from its struggling listed power fund.

The corporate regulator has secured further evidence that it hopes will bolster its landmark legal case against Australia's richest man, Fortescue Metals chief Andrew Forrest and his company for making allegedly misleading statements to the sharemarket about contracts with Chinese steel mills.

 

THE AUSTRALIAN

Strong polling by the Liberals has forced the West Australian Nationals to abandon their threat to preference Labor in some seats at the September 6 election.

Business: Investors slashed 41 per cent off Babcock & Brown Power shares after the company revealed it wrote down $410 million on its Alinta retail energy business and lost $42 million on the sale of a generator in Tasmania.

Citing surging global and local demand, BlueScope Steel has passed on price hikes in iron ore and coking coal, posting a 27 per cent boost in underlying full-year earnings.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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