21/08/2008 - 06:36

Today's Business Headlines

21/08/2008 - 06:36

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'Game on', unions warn iron miners; Farmers want state to pick up WestNet; Jobs ditched as metal prices tumble; St George loses hope of higher bid; Ausdrill battle 'down to wire'

Today's Business Headlines

'Game on', unions warn iron miners
After more than a decade of industrial harmony in the Pilbara, unions have warned mining giants they are planning an onslaught to re-unionise the booming iron ore region as Australian Workplace Agreements expire. The West

Farmers want state to pick up WestNet
The WA Farmers Federation yesterday added to the scrutiny of Babcock & Brown by raising concerns over the health of the investment bank's beleaguered energy and transport fund, suggesting the crisis of confidence weighing on the group could threaten the management of the state's vital grain network. The West

Jobs ditched as metal prices tumble
More than 450 jobs are set to be axed in the mining town of Broken Hill, in western NSW, thanks to the downturn in base metal prices. The Fin Review

St George loses hope of higher bid
St George Bank has suffered a blow to its bargaining position in its agreed $18 billion merger with Westpac after the revelation in a US debt-funding document that its credit rating could be downgraded if the union does not proceed. The Australian

Ausdrill battle 'down to wire'
Ausdrill was quick to stomp on a higher and final takeover offer from Macmahon Holdings yesterday, but the hostile bidder still believes it is in with a chance. The West

 

THE WEST AUSTRALIAN

Page 1: After more than a decade of industrial harmony in the Pilbara, unions have warned mining giants they are planning an onslaught to re-unionise the booming iron ore region as Australian Workplace Agreements expire.

Page 4: Premier Alan Carpenter has attacked Woodside Petroleum over its thinly veiled threat to increase WA gas prices, saying there is no justification to make consumers pay the new $2.5 billion federal tax imposed on the North-West Shelf project.

The Reserve Bank should cut interest rates by half a percentage point next month because of "disturbing" slowdown in the economy, analysts have warned.

Business: The WA Farmers Federation yesterday added to the scrutiny of Babcock & Brown by raising concerns over the health of the investment bank's beleaguered energy and transport fund, suggesting the crisis of confidence weighing on the group could threaten the management of the state's vital grain network.

Comparatively low-cost, high-margin operations have not spared Kagara from the woes afflicting base metals miners as it yesterday reported a worse than expected 28 per cent profit slide and shelved its dividend.

Up to 45 staff of Commonwealth Bank's little-known legal services division face losing their jobs after the lending giant abruptly axed the service this week.

Ausdrill was quick to stomp on a higher and final takeover offer from Macmahon Holdings yesterday, but the hostile bidder still believes it is in with a chance.

Takeover talk pushed shares in Aquila Resources 13 per cent higher yesterday after the iron ore aspirant threw the doors open to a potential bid for some or all of its assets.



THE AUSTRALIAN

Business: Investment banks Goldman Sachs and Deutsche Bank are believed to be accelerating their strategic review of the Babcock and Brown empire.

One of Australia's largest mortgage broking companies Mortgage Choice has defended a dip in annual profits as "solid" in the face of thighter credit markets and interest rates hikes.

St George Bank has suffered a blow to its bargaining position in its agreed $18 billion merger with Westpac after the revelation in a US debt-funding document that its credit rating could be downgraded if the union does not proceed.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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