08/01/2008 - 06:16

Today's Business Headlines

08/01/2008 - 06:16

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US fears hit global shares; Banks lift deposit rates to combat credit crunch; $35bn lost as shares tumble; Peet pays $300m for Alkimos land; Rio Tinto to start its own iron ore fleet.

US fears hit global shares
Australian stocks fell heavily yesterday amid fears of a potential US recession. The Australian Financial Review

Banks lift deposit rates to combat credit crunch
Major banks have lifted interest rates on key business and retail term deposits. The Australian Financial Review

$35bn lost as shares tumble
Yesterday's $35 billion loss on the Australian sharemarket prompted the federal government to call a snap meeting of economic advisers for tomorrow. The Australian

Peet pays $300m for Alkimos land
Coal tycoon Ric Stowe has sold a $300 million parcel of land in Perth's rapidly growing northern corridor to a syndicate headed by listed developer Peet in WA's biggest residential property sale. The West Australian

Rio Tinto to start its own iron ore fleet
Rio Tinto has responded to souring freight costs that could play havoc with its aggressive Pilbara expansion plans by splashing out $US315 million on its own fleet of iron ore ships. The West Australian

THE WEST AUSTRALIAN

Business: Analysts have warned of more volatility as jittery investors wiped $37 billion off the Australian sharemarket yesterday, in the process selling the bourse down to its lowest levels in more than four months on greater fears about the US economy.

The fastest-growing bet in the oil market these days is that the price of crude will double to $US200 a barrel by the end of the year.

The Indonesian suitor for Herald Resources claimed yesterday it would be able to fund its hostile $455 million cash offer for the Perth miner despite the turbulence in global financial markets.

Wheat marketer AWB intends to remain takeover-proof for another two to three years in a bid to convince growers to approve an otherwise dramatic overhaul of its structure to prepare for impending deregulation of the wheat export market.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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