03/04/2009 - 06:43

Today's Business Headlines

03/04/2009 - 06:43

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End of an era: McGinty quits; Miner set for buying spree; Federal probe into BHP mine sackings; G20 plan to tackle global recession; Trade surplus a recession buffer

Today's Business Headlines

End of an era: McGinty quits
Labor MP Jim McGinty will quit his seat of Fremantle today, saying he has reached his use-by date and the time has come to make way for new blood. The West

Miner set for buying spree
Global gold mining giant Newmont is cashed up to pursue acquisitions and says the $US2.9 billion ($4.12billion) Boddington gold project in Western Australia is on track to start production in mid-2009. Canberra Times

Federal probe into BHP mine sackings
The federal government has launched an investigation into BHP Billiton's sudden sacking of 1,800 workers at its $2.2 billion Ravensthorpe nickel project. The West

G20 plan to tackle global recession
Leaders of the world's major economies have agreed on sweeping new measures to strengthen cross-border regulation of a global financial system battered by the worst economic crisis since the 1930s.

Trade surplus a recession buffer
Australia has shrugged off a 30 per cent dive in regional trade to chalk up an amazing $2.1 billion trade surplus in February, the second-best result on record. The Australian

 

 

THE WEST AUSTRALIAN:

Page 1: Veteran Labor MP Jim McGinty will quit his seat of Fremantle today, saying he has reached his use-by date and the time has come to make way for new blood.

Page 3: An unprecedented international fare ware is expected to erupt after Singapore Airlines slashed ticket prices by more than 50 per cent to 82 destinations in a desperate bid to entice travellers to fill empty seats.

Page 5: Coca-Cola has been ordered to publish advertisements setting the record straight on its "myth-busting" campaign featuring actress Kerry Armstrong after it was found it misled consumers about the soft drink's effect on obesity and tooth decay.

Page 7: The federal government has launched an investigation into BHP Billiton's sudden sacking of 1,800 workers at its $2.2 billion Ravensthorpe nickel project.

Page 13: Property repossessions in WA have soared after recent job losses, with home seizure court cases up more than 140 per cent in the past year.

Business: The corporate watchdog will request a court injunction to stop BrisConnections collecting the next $1 instalment payment on its units on April 29, and a further order to delay any meeting of unitholders until after an independent report on the toll road builder's finances are completed.

World stockmarkets soared yesterday, with European bourses following Asia sharply higher after fresh US economic figures boosted confidence the world's biggest economy was on the mend.

Terry Streeter tricked his Western Areas Exploration co-director Lex Brailey into signing off on the sale of the company's sole exploration asset by failing to disclose a "material personal interest" in the deal, the WA Supreme Court was told yesterday.

Ten Network has axed its full-year dividend and vowed to reduce costs amid concerns about its debt after the advertising downturn sparked a 27 per cent slump in first-half operating earnings.

Rio Tinto Iron Ore boss Sam Walsh has defended the miner's proposed $US19.5 billion ($28 billion) tie-up with Chinese government-controlled Chinalco, arguing it mirrored Japanese investment in the 1980s that helped to develop the Pilbara.

WA shipbuilder Austal is tipping more ferry orders after winning a $114 million contract with a Danish company for its biggest-ever catamaran ferry.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: Leaders of the world's major economies have agreed on sweeping new measures to strengthen cross-border regulation of a global financial system battered by the worst economic crisis since the 1930s.

GM Holden will announce drastic cuts today to car production and employee pay as part of a management and union job saving plan that the federal government sees as a model for other companies during the economic downturn.

The Australian Securities and Investments Commission is investigating whether Emmanuel Cassimatis, the founder and chief executive of collapse financial adviser Storm Financial, has sent more than $10 million offshore, possibly to the Indonesian island of Bali.

Construction of the national broadband network would be fast-tracked by bypassing state and local planning regulations that threaten to hamper the $10 billion-plus project, under plans being considered by the Rudd government.

Page 3: Coca-Cola will publish advertisements recanting misleading health-related claims it made in a high profile marketing campaign, after the consumer watchdog was spurred into action by the patently dubious statements.

The head of the country's biggest waste management company has warned the federal government its emissions trading scheme will cause "massive job losses" in the industry and the broader economy while making it harder for landfill operators to cut carbon pollution.

Page 4: Small companies would recoup up to $100,000 from their previous tax payments under a coalition proposal to help them survive the economic slump, sharpening the policy debate about how to assist vulnerable employers.

Page 5: More than 1,000 jobs could be axed and some employment agencies to lose 90 per cent of their centres under the federal government's new employment services system.

Page 7: Weakening demand for commodities is expected to push Australia's trade balance into deficit in coming months, despite signs exports held up better than expected in February.

Page 12: West Australian Treasurer Troy Buswell has threatened to block requests by the government's two biggest departments, health and education, for extra funding after they admitted their budgets would blow out by a combined $280 million this year.

THE AUSTRALIAN:

Page 1: Chinese spies have directly targeted Kevin Rudd, repeatedly attempting to infiltrate prime ministerial email and mobile phone communications.

Contentious compulsory interrogation powers used against building workers should be kept for at least another five years because of the current level of unlawful conduct in the construction industry, a Rudd government inquiry has found.

World leaders have agreed to create a new global financial stability board to act as an economic enforcer to prevent a recurrence of the recession now enveloping the world.

Gordon Brown joked yesterday that he did not think Nicolas Sarkozy was unhappy enough with the G20 process to get up and walk out during the summit's big dinner at 10 Downing Street, but Kevin Rudd must have been hoping that the French President did storm off.

Australia has shrugged off a 30 per cent dive in regional trade to chalk up an amazing $2.1 billion trade surplus in February, the second-best result on record.

Page 3: Coca-Cola and actor Kerry Armstrong have been slammed by the consumer watchdog after a "myth-busting" ad campaign saying the soft drink does not make you fat or rot your teeth was itself declared a myth.

Page 6: Malcolm Turnbull has championed economic freedom as he unveiled a Coalition small business plan that would allow struggling small operators to claim back up to $100,000 in tax paid in the three previous years.

Business: Sharemarkets soared yesterday as investors latched on to signs the global economy was on the road to recovery.

Job losses announced by National Australia Bank yesterday have intensified fears that workers in the industry are facing "a death by 1,000 cuts".

More power to plucky Paperlinx for giving the market a rare and chilling insight into the amazing amount it costs these days merely to convince your banks to stick with you.

China's $200 billion sovereign wealth fund, China Investment Corporation, made a profit of $10 billion in 2008 despite multi-billion-dollar losses on investments in US investment bank Morgan Stanley and listed leverage buyout specialist Blackstone Group.

US Treasury Secretary Timothy Geithner's plan to remove toxic assets from bank balance sheets will fail to revitalise the financial system, says Black Swan author Nassim Nicholas Taleb.

Fortescue Metals Group is targeting European customers for its iron ore as it expands beyond China.

Chinalco faces an uphill battle to get its $US19.5 billion ($27.6 billion) deal with Rio Tinto cleared by the federal government and investors should dump Rio shares, according to a stockbroker.

Ten Network executive chairman Nick Falloon says plans for nearly $140 million in writedowns to its TV and outdoor businesses mean it will not pay dividends for the rest of the financial year.

Australia's $13 billion a year mobile phone sector is about to be shaken up after Hutchison shareholders yesterday gave a big thumbs-up to the proposed merger between the 3G mobile phone operator and Vodafone Australia.

Despite reporting another major sales decline in March, carmakers expressed a rare bit of optimism yesterday, saying there were signs the industry's downturn might be near the bottom and a recovery could be starting.

The Australian dollar shares leapt almost 3 per cent yesterday as Asian soared on signs that economy had stabilised.

NIB Holdings, the country's only listed health fund, hopes to significantly increase its number of policy holders by forming a strategic alliance with National Australia Bank by offering the bank's 3 million customers discounted private health insurance.



STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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