Macquarie braces for rare profit fall as deals dry up; $1.8bn rort stuns big Australians; Layoffs loom in building industry; Trujillo puts $2bn tag on broadband loss; China pushes for quick round of ore price talks
Macquarie braces for rare profit fall as deals dry up
Macquarie Group has issued its first profit warning outside a regular market update, declaring "exceptionally challenging" markets have hurt the pace of deal making and forced the investment bank to scale back operations. The West
$1.8bn rort stuns big Australians
Some of Australia's biggest companies, including National Australia Bank and Telstra, are reviewing their dealings with an Indian technology company after it admitted to faking its financial accounts by more than $1.8 billion. Herald Sun
Layoffs loom in building industry
Mass lay-offs are looming in the home building and building supplies industries as orders for new homes evaporate in the face of the financial crisis. The Australian
Trujillo puts $2bn tag on broadband loss
Telstra chief Sol Trujillo has cautioned that up to $2 billion worth of revenue could be at risk following its exclusion from the federal government's $15 billion tender process for the National Broadband Network. The Australian
China pushes for quick round of ore price talks
China's steel giants were pushing to wrap up iron ore price talks with BHP Billiton and Rio Tinto before the Chinese government's $US586 billion ($820 billion) stimulus package had time to take effect, Westpac's senior economist said yesterday. The West
THE WEST AUSTRALIAN:
Page 1: Two-thirds of Australia's lenders are refusing to cut interest rates on credit cards despite the official cash rate falling four times in the past six months.
Page 4: The dramatic slowdown in WA's once red-hot economy has been highlighted by the value of building approvals in November falling by more than half in 12 months.
WA businesses faces increases in insurance premiums of up to 30 per cent this year as big insurers lift rates to recoup heavy losses on their sharemarket investments, insurance brokers have warned.
Page 9: Big supermarkets will be forced to display and advertise the unit price of all packaged groceries by the end of the year in a move welcomed by consumer advocates but condemned by retailers as confusing and likely to force up prices.
Page 12: Telstra directors, including chief executive Sol Trujillo, have descended on Las Vegas for a board meeting.
Page 18: People in country WA using LPG are angry that dramatic falls in oil and gas prices have brought them little relief.
Business: Macquarie Group has issued its first profit warning outside a regular market update, declaring "exceptionally challenging" markets have hurt the pace of deal making and forced the investment bank to scale back operations.
Indian business leaders are demanding that authorities beef up corporate governance in the wake of the accounting scandal which has engulfed major outsourcing company Satyam Computer, shaking investor confidence.
Regional lender Bendigo Bank has emerged as a key player in the $27 billion margin lending market after snapping up Macquarie Group's $1.5 billion book.
China's steel giants were pushing to wrap up iron ore price talks with BHP Billiton and Rio Tinto before the Chinese government's $US586 billion ($820 billion) stimulus package had time to take effect, Westpac's senior economist said yesterday.
Equinox Minerals has struck problems at its new $US814 million ($1.13 billion) Lumwana copper mine in Zambia, with a key buyer rejecting first concentrates from the project.
Telstra's revenue would be affected only marginally by its ejection from the National Broadband Network, a bullish Sol Trujillo said yesterday.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: The nation's economic woes have deepened, with the biggest slump in housing approvals in almost eight years dashing hopes that residential construction will help lift growth and reduce the severity of the downturn.
Macquarie Group has warned that the December quarter was "exceptionally challenging" across virtually all of its operations, making it difficult for the group's second-half profit to match its first.
The Australian Energy Regulator has vowed to target power generators exploiting their market force to push up prices on the $11 billion-a -- year national electricity market, as charges escalate for businesses and households.
Page 5: Mining companies could be forced to repay millions of dollars to the Australian Taxation Office following an ATO decision on the treatment of assets bought in mergers and acquisitions.
Page 8: The resources sector has urged the Senate to consider amendments to the Rudd government's proposed workplace relations reforms to limit union rights to enter workplaces, inspect employee records and veto greenfields agreements.
Page 1: The rise in childhood obesity has halted, defying warnings it is an epidemic that is out of control.
Mass lay-offs are looming in the home building and building supplies industries as orders for new homes evaporate.
Taxpayers have been forced to pay $65,000 to allow the Department of Climate Change to buy copies of the Garnaut report, which was completed with more than $2.3 million of public money.
Page 2: A hike in the luxury car tax has contributed to a collapse in luxury car sales.
Consumer groups warn shoppers will be less likely to use the government's unit pricing scheme after it announced a code that uses small measures to compare prices instead of kilograms and litres.
Page 3: A Victorian power station worker who was lucky to survive a 50 metre fall while cleaning the walls of a boiler is blaming himself for the accident.
Business: The board of Babcock & Brown was locked in crisis talks last night as it digested the response of its banks to the company's survival proposal.
Telstra chief Sol Trujillo has cautioned that up to $2 billion worth of revenue could be at risk following its exclusion from the federal government's $15 billion tender process for the National Broadband Network.
World equity markets plunged yesterday, spoiling a promising start to 2009, after Wall Street dropped almost 3 per cent on grim employment figures and more gloomy corporate news.
A final push by Opes Prime's liquidator, John Lindholm, to secure a settlement with ANZ and Merrill Lynch is under threat following a warning from IMF, the litigation funder.
Goldstar Resources is the latest casualty of the global financial market meltdown, with the appointment yesterday of voluntary administrators to the Perth-based gold explorer.
Deteriorating aviation conditions have prompted JPMorgan to downgrade its 2008-09 pre-tax profit forecast for Qantas to below the airline's guidance of about $500 million.