Today's Business Headlines

17/01/2008 - 06:34

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$40bn lost in sub-prime wipeout; Booming China will buck US slowdown: Rio chief; Confidence slides as turmoil hits home; First cut: Rudd razor gang given $3bn head start; Victory to Blackham in lapsed lease pegging row

$40bn lost in sub-prime wipeout
Australian shares lost $40 billion in value yesterday as global financial markets reeled from substantial writedowns by two of the world's biggest banks and fears the US economy was headed towards recession. The Australian

Booming China will buck US slowdown: Rio chief
The head of the world's second-biggest mining company, Rio Tinto, has hosed down concerns that a US economic meltdown would spell a hasty end to the five-year resources boom that has been powering the WA economy. The West

Confidence slides as turmoil hits home
Rising mortgage rates, high petrol prices and fears of a US recession have battered consumer confidence despite signs of continuing economic growth. The Fin Review

First cut: Rudd razor gang given $3bn head start
Underspending by the Howard government has reportedly left the new federal government with $3 billion it can count towards savings in the May budget. The Fin Review

Victory to Blackham in lapsed lease pegging row
Blackham Resources has emerged victorious from a David and Goliath pegging confrontation with Wesfarmers with a settlement which gives the small explorer control of a disputed coal deposit in WA's south-east. The West


THE WEST AUSTRALIAN
Business: Auditors are on high alerts for sub-prime-related losses as they pore over client's books ahead of the half-year reporting season next month amid fears the credit crisis will shake out more Australian victims.

The head of the world's second-biggest mining company, Rio Tinto, has hosed down concerns that a US economic meltdown would spell a hasty end to the five-year resources boom that has been powering the WA economy.

Blakham Resources has emerged victorious from a David and Goliath pegging confrontation with Wesfarmers with a settlement which gives the small explorer control of a disputed coal deposit in WA's south-east.

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