23/10/2008 - 07:33

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23/10/2008 - 07:33

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Revealed: secret RBA advice; 1 million 'to be out of work by 2010'; Inflation no longer rules Swan's day; China fears drive BHP, market down; GPT in $1.6b raising as chief goes

Revealed: secret RBA advice
Reserve Bank governor Glenn Stevens has warned that the "more the (deposit) guarantee is used, the bigger the problem". The Australian

1 million 'to be out of work by 2010'
Workers have been delivered a double dose of bad news on the unemployment front after a top economist predicted one million people could be out of work by 2010 and shipbuilder Austal warned it would start cutting its local workforce in response to slowing global demand for ships and ferries. The West

Inflation no longer rules Swan's day
Despite the Australian Bureau of Statistics yesterday announcing that inflation had risen to 5 percent in the September quarter, Treasurer Wayne Swan said 'prices are expected to peak and then moderate over the coming months and years.' AFR

China fears drive BHP, market down
BHP Billiton yesterday joined takeover target Rio Tinto in forecasting "volatility and uncertainty" in China's economy in a dire warning to WA's mining sector to prepare for further sharp falls in metals prices.


 

THE WEST AUSTRALIAN

1 million ‘to be out of work by 2010’ 1 million ‘to be out of work by 2010’

Workers have been delivered a double dose of bad news on the unemployment front after a top economist predicted one million people could be out of work by 2010 and shipbuilder Austal warned it would start cutting its local workforce in response to slowing global demand for ships and ferries.

China fears drive BHP, market down

BHP Billiton yesterday joined takeover target Rio Tinto in forecasting “volatility and uncertainty” in China’s economy in a dire warning to WA’s mining sector to prepare for further sharp falls in metals prices.

Gilbertson makes move for control of Jupiter

Brian Gilbertson’s Pallinghurst Resources has made its long-awaited move on Jupiter Mines, proposing a deal that would see the former BHP Billiton chief executive emerge with control of the WA iron ore junior

Aviva teams up with Canadian cohort to form $50m coal group

WA miner Aviva Corp plans to merge with Canadian peer Northern Energy and Mining (NEMI) to create a $C40 million ($49.3 million) coal group.

Minister warns nickel minersof more pain as price plunges

WA Mines Minister Norman Moore warned the State’s nickel industry of more pain after saying the State had lost millions of dollars in royalties because of the metal’s plunging price and production disruptions caused by the Varanus Island gas explosion

 

THE AUSTRALIAN FINANCIAL REVIEW:

Wayne Swan has declared inflation has peaked.

Wool prices have plunged in the past week as buyers struggle to secure credit as the global financial crisis bites.

The federal government's carbon trading scheme is in danger of operating more as a revenue raising tax tax than as a mechanism to put a price on greenhouse gas emissions.

Barack Obama has gained a significant bump in opinion polls.

Australian shares fell sharply as miners were sold off on renewed worries about a slowdown in China.

 

 

 

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