Today's Business Headlines

31/10/2008 - 07:25

Bookmark

Upgrade your subscription to use this feature.

Westpac outshines its rivals; RBA plays down fears of recession; Wesfarmers seeks €3b to cover Coles debt; Miners pull projects as prices drop; Bills go up $365 as LNG hit hard

Today's Business Headlines

Westpac outshines its rivals
Westpac yesterday outshone its big bank rivals by reporting a 12 per cent rise in net annual profit in a result that completed the Australian banking industry's worst reporting season since the 1992 recession. The Australian

RBA plays down fears of recession
The Reserve Bank of Australia said it hoped it could sidestep a recession, as several Asian central banks yesterday followed the US Federal Reserve by easing monetary policy to soften the impact of a global downturn. The Fin Review

Wesfarmers seeks €3b to cover Coles debt
Wesfarmers, owner of Australia's second-biggest supermarket chain Coles, is looking to raise up to €3 billion ($5.76 billion) in European markets through a medium-term note program when debt markets stabilise. The West

Miners pull projects as prices drop
The trickle of WA miners slashing costs and shelving projects turned into a flood yesterday as Mirabela Nickel, Mincor Resources, Albidon and Moly Mines became the latest to unveil cutbacks in a bid to preserve dwindling cash supplies. The West

Bills go up $365 as LNG hit hard
Average household energy bills will rise by $365 a year and the State's lucrative liquefied natural gas industry will suffer significant financial damage but the broader economy will escape relatively unscathed as a result of the Federal Government's proposed emissions trading scheme, Treasury modelling has revealed. The West

 

THE WEST AUSTRALIAN

Average household energy bills will rise by $365 a year and the State's lucrative liquefied natural gas industry will suffer significant financial damage but the broader economy will escape relatively unscathed as a result of the Federal Government's proposed emissions trading scheme, Treasury modelling has revealed.

Questions are mounting over Colin Barnett's decision to spend $300 million on a port near Geraldton after the local company which offered to pay for it confirmed yesterday it would have no trouble raising the money.

Business: Wesfarmers, owner of Australia's second-biggest supermarket chain Coles, is looking to raise up to €3 billion ($5.76 billion) in European markets through a medium-term note program when debt markets stabilise.

The trickle of WA miners slashing costs and shelving projects turned into a flood yesterday as Mirabela Nickel, Mincor Resources, Albidon and Moly Mines became the latest to unveil cutbacks in a bid to preserve dwindling cash supplies.



THE AUSTRALIAN FINANCIAL REVIEW

Page 1: The Reserve Bank of Australia said it hoped it could sidestep a recession, as several Asian central banks yesterday followed the US Federal Reserve by easing monetary policy to soften the impact of a global downturn. Westpac Banking Corp has posted a solid annual profit despite the tough market conditions prompting the first fall in big bank earnings since 1992.

Page 3: Winemakers should be sitting down to a celebratory drink after a 27 per cent jump in production last financial year. The federal government has stared down heavy industry over its warnings about the economic hazards of tackling climate change, by releasing treasury modelling that suggests Australia can cut greenhouse gas emissions with little risk to business.

Page 4: Prime Minister Kevin Rudd last night defended the government's handling of the global financial crisis and announced that he had appointed Future Fund chairman David Murray to liaise with banks on the fallout from the turmoil.

Markets: One year ago, the benchmark S&P/ASX 200 Index sailed to a record 6828.70 points. Fast forward 12 months and the market is barely clinging to 4,000 points.



THE AUSTRALIAN

Page 1: The Rudd government has moved to ease fears about the impact of its emissions trading scheme, releasing Treasury modelling showing the scheme is affordable. Six days ahead of the most important US presidential election in a generation, and holding a significant lead in the polls, Barak Obama got the blessing he has long sought - Bill Clinton's. The WA Department of Child Protection is pending more than $500,000 a year to keep a troubled and dangerous young teen on an isolated property under around-the-clock supervision.

Page 2: Interest rates will not come down either as far or as fast as financial markets are expecting as the Reserve Bank warns its hands are still tied by high inflation. The Rudd government's decision to guarantee a future for all members of the Australian Industrial Relations Commission in Labor's proposed new workplace umpire has received the thumbs up from business.

Page 3: Lawyers representing Australians on death row in Indonesia have urged the Rudd government to signal its in-principle opposition to the imminent execution of the Bali bombers, or risk being "objectively identified as hypocrites" across Asia.

Finance: Westpac yesterday outshone its big bank rivals by reporting a 12 per cent rise in net annual profit in a result that completed the Australian banking industry's worst reporting season since the 1992 recession.


STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options