04/09/2008 - 06:31

Today's Business Headlines

04/09/2008 - 06:31

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EU seeks new data on BHP's Rio bid; Resilient economy may limit rate cuts; Developer cuts price for $461m of capital; US fund's collapse sends shiver through WA stocks; Dual economy to limit rate cuts

Today's Business Headlines

EU seeks new data on BHP's Rio bid
BHP has hit another regulatory hurdle in its hostile, $US160 billion ($194 billion) bid for rival Rio Tinto, with the European Commission suspending its review of the offer pending further details from the mining giant. The Australian

Resilient economy may limit rate cuts
The Reserve Bank may deliver just one more interest rate cut this year after new figures showed the Australian economy slowing but still holding up well in the face of soaring petrol prices and the global credit crunch. The West

Developer cuts price for $461m of capital
Singapore-backed developer Australand has raised $461 million in one of the largest - but heavily discounted - capital raisings in the property industry this year. The Australian

US fund's collapse sends shiver through WA stocks
Forestry group Great Southern said last night a crucial restructure should not be derailed by the financial woes affecting its biggest shareholder, New York hedge fund Ospraie Management, which has been forced to liquidate its flagship $US2.8 billion ($A3.4 billion) commodities fund after suffering sharp losses. The West

Dual economy to limit rate cuts
The economy is growing at its slowest pace for almost two years, with household spending at its weakest for more than a decade. The Fin Review

 

THE WEST AUSTRALIAN:

Page 1: The Reserve Bank may deliver just one more interest rate cut this year after new figures showed the Australian economy slowing but still holding up well in the face of soaring petrol prices and the global credit crunch.

Page 13: WA house prices could slump as much as 10 per cent over the next year, as consumer confidence takes a battering under the weight of high interest rates, senior economists warn.

Business: Forestry group Great Southern said last night a crucial restructure should not be derailed by the financial woes affecting its biggest shareholder, New York hedge fund Ospraie Management, which has been forced to liquidate its flagship $US2.8 billion ($A3.4 billion) commodities fund after suffering sharp losses.

AWB's battle-fatigued board was last night toasting the end of its bitter, hard-fought battle for constitutional reform, after growers finally obliged the grain marketer's move to scrap its dual-class share structure by tipping the vote over the line by a margin of just 2 per cent.

BHP Billiton's target of gaining anti-trust clearance for its $160 billion takeover bid for Rio Tinto by year's end is becoming more ambitious.

The community-based Bendigo Bank nudged aside a field dominated by mining companies for the best WA business-arts partnerships at Perth Town Hall last night.

The result of Fortescue Metals Group high-profile attack on short sellers has baffled the market.

ANZ Bank is expected to target hundreds of middle and senior managers as part of a review aimed at cutting costs and overhauling the banking giant's structure.

 

THE FINANCIAL REVIEW:

Page 1: The economy is growing at its slowest pace for almost two years, with household spending at its weakest for more than a decade.

Page 5: The Greens have urged the federal government to set ambitious greenhouse targets amid speculation that economist Ross Garnaut will disappoint environmentalists by recommending Australia cut its emissions by 2020 by no more than 15 per cent below 2000 levels.

 

THE AUSTRALIAN:

Page 1: Prime Minister Kevin Rudd will be asked to expand dramatically Australia's reserves of natural forests and grasslands as part of its climate change solution.

Households have cut their spending for the first time since the nation was last in recession, but business investment has kept the economy growing much faster than the Reserve Bank or the government had hoped.

Page 2: Australia's biggest state economy is in trouble, with consumers and businesses cutting spending in NSW in the June quarter.

Vehicle sales slammed into reverse last month as businesses joined private buyers in deserting the market, and uncertainty over the luxury car tax punished the premium brands.

Page 3: Justice Michael Kirby is tipped to leave the High Court at the end of this year.

Business: ANZ chief Mike Smith is expected to unveil a new business structure by the end of the month to support his ambition of creating a super-regional bank.

A non-bank mortgage originator that has a "strong" relationship with Babcock & Brown and raised $414 million from Australian investors for a mortgage backed securities issue is showing signs of sub-prime type problems after a rise in delinquencies, mortgage arrears and a credit rating downgrade by ratings agency Fitch.

BHP has hit another regulatory hurdle in its hostile, $US160 billion ($194 billion) bid for rival Rio Tinto, with the European Commission suspending its review of the offer pending further details from the mining giant.

Singapore-backed developer Australand has raised $461 million in one of the largest - but heavily discounted - capital raisings in the property industry this year.

Fairfax Media is attempting to claim copyright over headlines and the bylines of journalists at The Australian Financial Review in an unprecedented legal action aimed at keeping every word in the paper behind a subscription wall.

 

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