Minara paints grim picture as it seeks $210m; PM's investor rescue plan gets the thumbs down; WA seeks federal backing for port; Watchdog clears Stokes' Seven for a 'hypothetical' tilt at WAN; Shareholders shirty as pub group misses forecast
Minara paints grim picture as it seeks $210m
The head of Minara Resources has delivered a gloomy verdict on the nickel sector, saying debt markets had "dried up completely" and further mine closures were likely as plunging nickel prices, soaring costs and operational woes forced it to tap shareholders for $210 million. The West
PM's investor rescue plan gets the thumbs down
Investment institutions have dismissed the federal government's latest move to stabilise the financial markets, warning that changing the status of companies with frozen mortgage funds would not solve the problem but would instead fuel investor uncertainty. The Fin Review
WA seeks federal backing for port
The federal government is being asked to contribute $340 million towards a new bulk commodity port in Western Australia to support the country's next major iron ore region after four international banks that were to finance the $2 billion projct fell victim to the global credit crisis. The Fin Review
Watchdog clears Stokes' Seven for a 'hypothetical' tilt at WAN
Australia's competition regulator says it is unlikely to oppose a Seven Network takeover of WA Newspapers Holdings, saying a merger of the State's media heavyweights would not have a negative impact on advertisers or consumers. The West
Shareholders shirty as pub group misses forecast
Pub owner Compass Hotel Group says it will focus on protecting profit margins and further "refining" operating systems during what it expects to be a difficult year ahead after the group missed revenue forecasts by 12 per cent for the September quarter.
THE WEST AUSTRALIAN
One of the most famous families in Australian corporate history, the Holmes a Courts, have agreed to hand ownership of their Heytesbury empire to youngest son Paul.
Business: The head of Minara Resources has delivered a gloomy verdict on the nickel sector, saying debt markets had "dried up completely" and further mine closures were likely as plunging nickel prices, soaring costs and operational woes forced it to tap shareholders for $210 million.
Australia's competition regulator says it is unlikely to oppose a Seven Network takeover of WA Newspapers Holdings, saying a merger of the State's media heavyweights would not have a negative impact on advertisers or consumers.
Global beverages company Foster's Group has delayed the planned completion of a review of its struggling wine assets by 2 1 /2 months.
Pub owner Compass Hotel Group says it will focus on protecting profit margins and further "refining" operating systems during what it expects to be a difficult year ahead after the group missed revenue forecasts by 12 per cent for the September quarter.
THE FIN REVIEW
Page 1: Investment institutions have dismissed the federal government's latest move to stabilise the financial markets, warning that changing the status of companies with frozen mortgage funds would not solve the problem but would instead fuel investor uncertainty. The managed funds industry is pushing the federal government to create special tax rules that would guarantee access to capital gains tax concessions for the $322 billion invested in property, equity and other managed trusts.
Page 3: The federal government will seek to douse concerns about the independence of its planned workplace regulator by guaranteeing the appointment of existing members of the Australian Industrial Relations Commission. Rupert Murdoch is one of the world's most powerful figures, but AMP fund manager Jim Reid is not intimidated by him.
Page 4: Federal Treasurer Wayne Swan will today claim that Australia's coal industry will be more competitive under a global agreement to cut greenhouse gas emissions as he releases long-awaited treasury modelling on the economic implications of the emissions trading system. Australians should be sceptical of claims by local trade-exposed industries that they may be forced to move overseas to avoid the cost of emissions trading, the head of one of the world's biggest carbon traders says.
Markets: Speculation that the US Federal Reserve will slash interest rates by more than 0.5 of a percentage point sparked a record rise on Wall Street, but failed to inspire investors in the Australian share market.
THE AUSTRALIAN
Page 1: The Rudd government will press ahead with its emissions trading scheme, arguing that modelling to be released today proves it is pro-growth and good for the nation's long-term economic competitiveness. First home buyers risk going backwards if they take up Kevin Rudd's generous cash handouts to enter the market over the next eight months when prices are already falling in two of the key cities that will decide whether Australia avoids a looming global recession - Sydney and Perth. Retirees will be able to tap money in frozen mortgage funds for emergencies, under proposals being finalised by regulators and the industry.
Finance: The second-biggest one-day gain in Wall Street's history set world equity markets alight yesterday amid expectations the US would cut interest rates to combat a darkening economic outlook.
