Today's Business Headlines

29/08/2008 - 06:38

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Gas market faces ACCC shake-up; B&B plans sell-off of fund rights in cash hunt; $100bn show of investment confidence; AMP spells out risk as profit dips; Fairfax journalists strike over job cuts

Today's Business Headlines

Gas market faces ACCC shake-up
WA's gas market faces the prospect of being turned on its head, with revelations that the competition watchdog is investigating the legality of the system under which the giant North-West Shelf project operates. The West

B&B plans sell-off of fund rights in cash hunt
Troubled investment manager Babcock & Brown has taken the first steps to giving up the rights to manage two of its funds in the latest move to shrink its business and win back investor confidence. The West

$100bn show of investment confidence
Business has defied the slowing economy and tight credit conditions to flag a massive increase in investment, tempering concerns that growth may stall. The Fin Review

AMP spells out risk as profit dips
Fund manager AMP has shown it is exposed to the US sub-prime mortgage disaster after posting a 22 per cent drop in half-yearly net profit. The Australian

Fairfax journalists strike over job cuts
Journalists at Fairfax newspapers have voted to strike until Monday over job cuts and pay negotiations. Canberra Times

 

THE WEST AUSTRALIAN:

Page 1: WA's gas market faces the prospect of being turned on its head, with revelations that the competition watchdog is investigating the legality of the system under which the giant North-West Shelf project operates.

The WA government has refused to release crucial legal advice it claims supports its controversial reversal on uranium mining amid growing speculation the state could be liable for multi-million-dollar compensation payouts if the plan proceeds.

Business: The Pilbara's fledgling iron ore producers are likely to be asked to pay upfront to guarantee a toehold in the increasingly congested inner-harbour berths in Port Hedland.

Troubled investment manager Babcock & Brown has taken the first steps to giving up the rights to manage two of its funds in the latest move to shrink its business and win back investor confidence.

A shares-for-access deal between WA's Martu people and explorer Reward Minerals that was hailed as one of the most significant of its kind has collapsed.

Investors belted WA engineering companies GRD and VDM yesterday after they delivered unwelcome news, wiping a combined $32 million in value from their shares.

Straits Resources has renewed its criticism of the WA Environmental Protection Authority's assessment process, saying the company could have saved more than $11 million by quitting the $200 million Yannarie Solar Salt project if it had been told earlier that the proposed site was a major impediment to the development being approved.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Tariff cuts are set to continue in the highly protected textile, clothing and footwear industry but will be offset by an industry assistance package as the federal government's industry review adopts a similar approach to that of the Bracks car report.

The head of Macquarie Group's flagship infrastructure fund, John Hughes, has lashed out at a rival investment bank for conspiring to drive down the share price of Macquarie Infrastructure Group amid growing tension about the relationship between research analysts and their hedge fund clients.

Page 3: The Australian Securities and Investments Commission has widened its case against Australia's richest man, Andrew Forrest, to include breaches of the Trade Practices Act as it heads towards a trial set down for April 6.

Page 5: Business has defied the slowing economy and tight credit conditions to flag a massive increase in investment, tempering concerns that growth may stall.

 

THE AUSTRALIAN:

Page 1: The NSW Opposition's moves to block the planned electricity sell off has jeopardised the state's economic future, Premier Morris Iemma says.

Business has stunned financial markets by reporting a surge of investment in the June quarter and canvassing plans that would lift spending by more than a third in 2008-09 in signs the Australian economy is defying international turbulence.

Page 2: Federal Environment Minister Peter Garrett has given his personal approval for the expansion of South Australia's Beverley uranium mine.

Page 3: Some 4,000 shareholders in pokies company Aristocrat Leisure have secured a record $144.5 million class action settlement after the group misstated its earnings in 2001 and 2002.

Finance: Fund manager AMP has shown it is exposed to the US sub-prime mortgage disaster after posting a 22 per cent drop in half-yearly net profit.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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