03/11/2008 - 06:49

Today's Business Headlines

03/11/2008 - 06:49

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Talks start on WA uranium mining; China output slows as exports fall; Vale set to slash iron ore output; Jobs to go as squeeze hits car dealers; Unions shape up for Telstra strike action

Today's Business Headlines

Talks start on WA uranium mining
Uranium mining in WA is a step closer, with talks between federal and state bureaucrats about opening the state's vast deposits after the defeat of the Carpenter government. The West

China output slows as exports fall
The Reserve Bank of Australia will this week lead another round of aggressive interest rate cuts among major central banks aimed at bolstering economic growth, as a slump in Chinese manufacturing activity fuelled fears about the speed at which the global downturn is spreading. The Fin Review

Vale set to slash iron ore output
Australian iron ore producers have been put on notice of more negative news on steel demand after a decision by Brazilian giant Vale to slash annual output by 30 million tonnes, or 9 per cent. The Australian

Jobs to go as squeeze hits car dealers
Ford Motor Credit Company has cut back its lending to the local car industry amid warnings that up to 40 per cent of the nation's 3,000 new car dealers could be forced to cut jobs in coming months unless they can find other sources of finance. The Fin Review

Unions shape up for Telstra strike action
Telstra faces possible 24-hour strikes by parts of its huge workforce, as unions apply to conduct secret ballots to endorse a campaign of industrial action in pursuit of a new enterprise agreement. The Fin Review

 

THE WEST AUSTRALIAN:

Page 1: Uranium mining in WA is a step closer, with talks between federal and state bureaucrats about opening the state's vast deposits after the defeat of the Carpenter government.

Page 3: Foreign airlines would be allowed to fly domestic passengers between Australian capital cities to improve competition in the aviation industry under changes being pushed by the federal government's Department of Foreign Affairs and Trade.

Page 4: Home lending rates are expected to hit a two-year low this week, with financial markets predicting the Reserve Bank will announce a 0.5 percentage point cut in official interest rates tomorrow in its fight to stave off a recession.

Telstra workers including line maintenance staff are threatening industrial action in a dispute that could prevent faulty lines being repaired.

Page 5: The first comprehensive business survey since the global economic crisis has painted a bleak picture, revealing that nearly two-thirds of Australian businesses surveyed claim to have already been hit by the meltdown.

Page 10: Journalists would be granted legal protection to protect the identity of confidential sources such as government whistleblowers under so-called shield laws promised by the Rudd government.

Page 11: Food safety chiefs are under renewed pressure to toughen labelling standards as farmers in the eastern states prepare to harvest their first crop of genetically modified canola.

Page 13: Many WA wine makers are set to freeze prices of top quality wines due to the gloomy economic outlook and fears of a wine glut, after a 27 per cent increase in national production last year.

Page 18: Former attorney-general Jim McGinty said he was not aware of any possible legal grounds for WA's Sunday trading laws to be contested after the Shopping Centre Council of Australia warned it was seeking legal advice for a landmark court challenge.

Page 19: Sports and entertainment venue Challenge Stadium could soon have a new name with the trust responsible for managing the venue calling for a new naming rights sponsor.

Business: The world's biggest iron ore miner, Brazil's Vale, said it would cut annual production by 30 million tonnes as demand for steel crumbled because of the global economic crisis.

The sharemarket is expected to open higher today after US markets rallied Friday.

Iluka Resources has asked investment banks to come up with ways of gaining better value from its Pilbara iron ore royalty.

One day after announcing plans to slash 10 per cent of its global workforce, American Express Co painted a bleak outlook at the weekend, saying it does not expect to meet its financial targets until economic conditions improve.

Lloyds TSB Group could face opposition to its plan for a friendly merger with troubled rival HBOS, the parent of BankWest, amid reports a European institution is considering entering the takeover battle.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The Reserve Bank of Australia will this week lead another round of aggressive interest rate cuts among major central banks aimed at bolstering economic growth, as a slump in Chinese manufacturing activity fuelled fears about the speed at which the global downturn is spreading.

Irish billionaire Anthony O'Reilly has put his $480 million stake in Australian regional newspaper, radio and outdoor advertising group APN News & Media on the market as his media company Independent News & Media plc seeks to pay down debt.

Ford Motor Credit Company has cut back its lending to the local car industry amid warnings that up to 40 per cent of the nation's 3,000 new car dealers could be forced to cut jobs in coming months unless they can find other sources of finance.

Page 4: The federal government has urged banks to pass on as much as possible of tomorrow's expected official interest rate cut, as the Reserve Bank of Australia seeks to boost economic activity and stave off a significant slowdown in the economy.

Page 5: Some mortgage funds may be forced to cut distributions to members to meet redemptions from those investors who are given special treatment under new rules for severe hardship cases.

Page 7: Telstra faces possible 24-hour strikes by parts of its huge workforce, as unions apply to conduct secret ballots to endorse a campaign of industrial action in pursuit of a new enterprise agreement.

 

THE AUSTRALIAN:

Page 1: The powerful union representing forestry workers wants Kevin Rudd to legislate a job-protection package for the timber industry, warning that the global financial crisis is about to spark job losses on a scale not seen in a generation.

Expectations that the Reserve Bank will cut official interest rates by 50 basis points tomorrow could be dashed, with a chance emerging of a smaller reduction or even none at all because of the inflationary effect of the Government's economic stimulus package.

Page 4: Kevin Rudd's $1.5 billion kick-start to the property market risks reviving the inner city ahead of the outer suburbs, and the renovations business ahead of new home building.

Page 6: Rudd Government should abandon plans to include agriculture in its emissions trading scheme in 2015 and instead consider immediately implementing a carbon levy to reduce emissions from the farm sector.

The leader of an escalating industrial campaign by Pilbara train drivers was at the controls of a Rio Tinto locomotive on Friday when it broke down at the beginning of an eight-hour strike, blocking the line for about six hours and delaying the arrival of up to seven trains at port.

Business: Australian iron ore producers have been put on notice of more negative news on steel demand after a decision by Brazilian giant Vale to slash annual output by 30 million tonnes, or 9 per cent.

When the Reserve Bank's directors gather around the board table on Tuesday they will be trying to cast off the malign spirits of October to take a clear-eyed view about the health of the Australian economy.

The Australian share market is expected to open higher today thanks to a stronger performance on European and US markets on Friday.

Allco Finance Group faces its corporate Waterloo today amid rumours last night its banking consortium had refused to extend a lifeline to the troubled company.

ANZ bank is tightening a notch on its lending in the controversial lowdoc area, in a move that will make it tougher for small business and first home owners to find funding sources.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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