25/08/2008 - 06:29

Today's Business Headlines

25/08/2008 - 06:29

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Chinese given green light for raid on Rio; ANZ head says bank monitoring exposure on Babcock & Brown; Battle for Golden West shareholders hots up; Kirin buys up dairy in $900m deal; Profits take $12bn hit on write-downs

Today's Business Headlines

Chinese given green light for raid on Rio
The Rudd government has given the go-ahead for Chinese government-owned company Chinalco to take a $16 billion stake in mining giant Rio Tinto, opening the door to further Chinese investment in the state's lucrative mining and energy industries. The West

ANZ head says bank monitoring exposure on Babcock & Brown
The ANZ Bank warned yesterday that its second-half provisioning charge may balloon beyond $1.2 billion to cover potential losses flowing from its exposure to the troubled Babcock & Brown group. Herald Sun

Battle for Golden West shareholders hots up
The face-off between Golden West Resources and Portman will hit high gear this week with both sides expected to step up their public relations offensives in the lead-up to Friday's key shareholders meeting. The West

Kirin buys up dairy in $900m deal
Japanese brewing company Kirin Holdings has launched a $900-million deal to acquire Dairy Farmers. The Fin Review

Profits take $12bn hit on write-downs
The global credit crunch is partly to blame for the stripping of more than $12 billion of assets from Australian companies. The Fin Review

 

THE WEST AUSTRALIAN:

Page 1: The Rudd government has given the go-ahead for Chinese government-owned company Chinalco to take a $16 billion stake in mining giant Rio Tinto, opening the door to further Chinese investment in the state's lucrative mining and energy industries.

Page 4: The next state government must address labour shortages by pushing for changes to permanent and temporary immigration programs and enabling greater mobility of workers between states, according to the Chamber of Commerce and Industry of WA.

Business: Federal Treasurer Wayne Swan's decision to give China's state-owned Chinalco the nod to take a 14.99 per cent piece of Rio Tinto has the potential to dramatically alter the dynamics of BHP Billiton's $160 billion hostile takeover bid.

The face-off between Golden West Resources and Portman will hit high gear this week with both sides expected to step up their public relations offensives in the lead-up to Friday's key shareholders meeting.


THE AUSTRALIAN:

Page 1: Federal Treasurer Wayne Swan has given his nod to Beijing-owned Chinalco taking up to an 11-per-cent stake in Rio Tinto.

The peak national body for lawyers has urged the Rudd government to dismantle the Federal Magistrate's Court and create a one-stop shop for family law.

Page 2: Big business has hit back against attacks on its rejection of the Rudd government's carbon emissions scheme.

The mining industry has launched a savage attack on the Queensland government for announcing a two-year moratorium on shale oil projects, labelling it a politically motivated decision to save a marginal seat and appease environmental groups.

Page 3: Telstra faces fresh claims it secretly plans to cut the wages of employees, as new documents show it wants to limit pay rises to its workforce over the next four years.

Markets: ANZ is looking to achieve a "holistic" settlement of all issues surrounding its involvement in collapsed broker Opes Prime, as the bank examines its exposure to a number of other fringe businesses built up during the boom years.

Bupa Australia in rude health, says Richard Bowden, soon to be boss of the health fund, who has been consumed with the smooth integration of MBF after a $2.41 billion takeover.

Initial strong public opposition to Westpac's absorption of St George has faded, with a poll for Westpac picking up community support for the idea of stronger banks in tough economic times.

BHP Billiton chief executive Marius Kloppers has failed to clarify whether the miner's aggressive $US160-billion bid for Rio Tinto would be worth pursuing if the lucrative iron ore businesses of the two giants could not merge.


THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Chinese-owned aluminium giant Chinalco will hold an 11 per cent share in Rio Tinto after receiving conditional federal government approval for the buy-in.

Japanese brewing company Kirin Holdings has launched a $900-million deal to acquire Dairy Farmers.

The global credit crunch is partly to blame for the stripping of more than $12 billion of assets from Australian companies.

Businesses will be protected from supply disruptions and unreasonable rises in utility costs in gas and electricity by a landmark inquiry.

Page 3: Unions and Labor MPs are expected to meet tonight to gather momentum for the abolition of the Australian Building and Construction Commission.

Page 4: Tax advisers say moves by the government to more closely consult with industry on tax changes will help to avoid a repeat of past mistakes where secret policies were drawn up devoid of commercial reality with negative consequences for business and taxpayers.

Page 5: Universities vying for a share of the federal government's endowment fund have lodged bids worth more than $1 billion, dwarfing the $304 million on offer and fuelling fears that years of funding neglect have created an unbridgeable gap.

World: US Federal Reserve chairman Ben Bernanke is confident inflationary pressures will ease later this year, giving investors confidence that interest rates will remain low.

Markets: The week's trading could be in for a rough start following a massive fall in the price of crude oil at the end of last week.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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