05/09/2008 - 06:20

Today's Business Headlines

05/09/2008 - 06:20

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Vodafone snares Crazy John's as widow sells out; Prime bids for Babcock stake; Market batters Rio, BHP on China rebound doubt; ANZ doubles capital raising; Swan upbeat despite deficit

Today's Business Headlines

Vodafone snares Crazy John's as widow sells out
The multi-million empire of the late mobile phone tycoon "Crazy" John Ilhan has fallen into foreign hands, with London-based telecommunications giant Vodafone snapping up his widow's 75 per cent stake in the business. The West

Prime bids for Babcock stake
The Prime Retirement and Aged Care Property Trust has made a scrip offer for 40 per cent of the Babcock & Brown Communities Group in a deal valued at $120 million. The Australian

Market batters Rio, BHP on China rebound doubt
Rio Tinto and its takeover suitor BHP Billiton have been beaten up on the sharemarket because of doubts over China's ability to continue to offset slack global economic growth. The West

ANZ doubles capital raising
ANZ will double the size of its planned capital raising to $1 billion as it looks to bolster its balance sheet in the face of a souring local banking market. The Age

Swan upbeat despite deficit
High oil prices and weak grain and coal have helped to plunge the trade balance back into deficit, as Treasurer Wayne Swan warned the economy faced significant challenges. The Fin Review

 

THE WEST AUSTRALIAN:

Page 1: A 4,200-tonne navy guided missile frigate was handed over at taxpayers' expense for a gala sponsorship function involving the failed fuel pill company Firepower soon after Defence Force chiefs became investors.

Page 4: The federal government has vowed to reintroduce the legislation for its luxury car tax increase immediately after the opposition and Family First Senator Steve Fielding torpedoed the $555 million revenue measure yesterday.

Business: The multi-million empire of the late mobile phone tycoon "Crazy" John Ilhan has fallen into foreign hands, with London-based telecommunications giant Vodafone snapping up his widow's 75 per cent stake in the business.

If this week's vote for constitutional reform at AWB had been decided by WA growers alone it would have failed by a margin of just 1 per cent, a breakdown of the votes showed yesterday.

ANZ will double the size of its planned capital raising to $1 billion as it looks to bolter its blance sheet in the face of a souring local banking market.

For the first time since iiNet listed in 1999, founder Michael Malone has sold a chunk of his $39.6 million stake in the Perth internet services provider to repay some of his family's debt.

Babcock & Brown's retirement business rival Prime Trust wants to spoil a potential takeover by trying to gain control of 40 per cent of the company through an unsolicited, one-for-one scrip offer.

Rio Tinto and its takeover suitor BHP Billiton have been beaten up on the sharemarket because of doubts over China's ability to continue to offset slack global economic growth.

Ausdrill has swung its attack against Macmahon Holdings' $400 million scrip takeover bid on to the hostile bidder's soaring share price, claiming it presented an unacceptable risk.

 

THE FINANCIAL REVIEW:

Page 1: Trade unions have won the backing of the competition watchdog to represent independent contractors and small businesses in negotiations with large clients.

Investors have dumped resources stocks for the fourth day in a row amid mounting fears that a global economic slowdown would undercut commodities demand.

Page 3: High oil prices and weak grain and coal have helped to plunge the trade balance back into deficit, as Treasurer Wayne Swan warned the economy faced significant challenges.

Page 4: A parliamentary committee has recommenced repealing laws rushed through parliament last year that were aimed at validating hundreds of Australian Crime Commission summonses and saving the $300 million Project Wickenby investigation.

Page 9: Giant coalminer Xstrata faces a major union campaign over opting for common law contracts rather than negotiating collective agreements with unions at some of its operations.

 

THE AUSTRALIAN:

Page 3: The big banks are earning nearly $225,000 a day by refusing to deliver the Reserve Bank's interest rate cut to thousands of credit card customers.

Less than a year after the death of her mobile phone entrepreneur husband, Patricia Ilhan has sold Crazy John's to Vodafone for a figure believed ti value the business he built at up to $150 million.

Business: National Australia Bank has announced what is expected to be the first of a number of senior management changes under chief executive-elect Cameron Clyne.

The Prime Retirement and Aged Care Property Trust has made a scrip offer for 40 per cent of the Babcock & Brown Communities Group in a deal valued at $120 million.

BHP Billiton says production from its Neptune project remains shut in as operations in the Gulf of Mexico partially resume after Hurricane Gustav.

Grocery and liquor wholesaler Metcash expects food prices to rise at least 3 per cent a year because of climate change, a growing middle class and higher commodity prices.

The Australian sharemarket closed weaker yesterday as the big miners and most of the banks fell.

The Senate has voted down one of Prime Minister Kevin Rudd's key budget measures to lift taxes on luxury cars, stripping $555 million from projected government revenues.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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