Bush fires $840 billion bazooka; Turmoil feared as ASIC bans short selling in all ASX stocks; Rudd puts limit on China in Mid West; Babcock acts on damaging rumours; Builders warn on funds threat to projects
Bush fires $870 billion bazooka
Global market confidence hinges on the US Congress quickly passing a $US700-billion ($A870 billion) emergency rescue package that will buy troubled mortgage debt from banks in an unprecedented effort to avoid a deepening of the worst financial crisis since the Great Depression. The Fin Review
Turmoil feared as ASIC bans short selling in all ASX stocks
The Australian Securities & Investments Commission has dramatically widened its crack down on short selling, banning the practice across the entire stockmarket for at least a month as a "circuit breaker" to restore confidence. The West
Rudd puts limit on China in Mid West
The federal government has moved to restrict foreign investment in WA's potentially lucrative Mid West iron ore fields by capping Chinese ownership of Murchison Metals, one of the province's key players. The West Australian
Babcock acts on damaging rumours
Babcock & Brown has asked the Australian Securities and Investments Commission to investigate damaging speculation last week that the structured finance house was about to go into administration. The Australian
Builders warn on funds threat to projects
Leading builders have warned the global credit crisis and skills shortages will delay more than $120 billion in new freight rail, passenger transport and energy networks needed to help meet the Rudd government's climate change plans. The Fin Review
THE WEST AUSTRALIAN:
Page 1: Business confidence across WA has slumped to its lowest level since before the commodities boom, with firms hit by the global credit crisis and fears they will be dragged down by slowing eastern states economies, a survey has revealed.
Page 4: US government officials and members of Congress had urgent talks yesterday on an $US700 billion ($871 billion) plan to rescue financial institutions from the worst crisis since the Great Depression.
Business: The federal government has moved to restrict foreign investment in WA's potentially lucrative Mid West iron ore fields by capping Chinese ownership of Murchison Metals, one of the province's key players.
The Australian Securities & Investments Commission has dramatically widened its crack down on short selling, banning the practice across the entire stockmarket for at least a month as a "circuit breaker" to restore confidence.
Cape Lambert Iron Ore will return to court tomorrow to fight an injunction aimed at blocking its purchase of an African project from a London company controlled by colourful entrepreneur Frank Timis.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Global market confidence hinges on the US Congress quickly passing a $US700-billion ($A870 billion) emergency rescue package that will buy troubled mortgage debt from banks in an unprecedented effort to avoid a deepening of the worst financial crisis since the Great Depression.
Leading builders have warned the global credit crisis and skills shortages will delay more than $120 billion in new freight rail, passenger transport and energy networks needed to help meet the Rudd government's climate change plans.
Page 5: Opposition Leader Malcolm Turnbull raised pressure on the Rudd government over its failure to increase the pension.
THE AUSTRALIAN:
Page 1: Malcolm Turnbull's election as Liberal leader has dramatically cut Kevin Rudd's leadership advantages and restored the Coalition's credentials as economic managers at a time of global financial crisis.
The Rudd Government last night increased its controls on short selling of shares by imposing a total ban, in a move aimed at offering Australia some protection from the storm engulfing worldwide financial markets.
Page 2: Wayne Swan has attacked Malcolm Turnbull for suggesting the Rudd Government should pump more liquidity into the financial markets to combat the global financial crisis.
Page 3: A university has washed its hands of the culture war over the teaching of terrorist subjects.
Page 4: Malcolm Turnbull will reward ambitious Queensland frontbencher Peter Dutton with the challenging health portfolio, and after staring down a push by Andrew Robb to take the Treasury spokesman's position, will hand it to Julie Bishop.
Business: The surprise ban on all forms of short selling has evoked mixed reactions, with one market player dubbing it 'a bit of an overreaction'.
Yesterday's dramatic move by regulator ASIC to ban short selling of shares entirely shows just how much risk the Australian share market has been facing.
Babcock & Brown has asked the Australian Securities and Investments Commission to investigate damaging speculation last week that the structured finance house was about to go into administration.
Clients and accountants are probing how Lehman Brothers moved billions of dollars from its London operations to New York just ahead of its bankruptcy filing this past week.
Regulators have shut down a 102-year-old West Virginia bank and sold all deposits to Pioneer Community Bank of Iaeger and the Citizens Savings Bank of Martins Ferry, Ohio.
