07/11/2007 - 06:35

Today's Business Headlines

07/11/2007 - 06:35

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Sub-prime woes see Allphones put plan to sell chain on hold; Paladin slugged by output woes; How the wolf from the west plans to revive Coles; Sell-off slices $323 from Anvil's value; Poll spree at odds with RBA's inflation fight.

Sub-prime woes see Allphones put plan to sell chain on hold
Perth businessman Tony Mitchell has pulled the $200 million sale of his Allphones chain of mobile phone shops after falling victim to the global credit markets meltdown. The West

Paladin slugged by output woes
Paladin boss John Borshoff says his company is not planning any more third-party uranium purchases after it took a $13 million hit in the September quarter selling 150,000 pounds of yellowcake to fulfil supply contract it couldn't meet. The Australian

How the wolf from the west plans to revive Coles
Today's vote by coles Group shareholders marks the end of the battle and the begining of the war for Wesfarmer chief Richard Goyder.The Fin review

Sell-off slices $323 from Anvil's value
Stunned investors have wiped $323 million off the value of Anvil Mining amid concerns the West Perth miner may lose the rights to its flagship copper-silver project in the democratic Republic of Congo. The West

Poll spree at odds with RBA's inflation fight
Tax cuts and road building promises by both political parties will pump $35.5 billion into the economy over the next year, putting pressure on the RBA to keep inflation under control. The Fin Review

 

THE WEST AUSTRALIAN
Page 1: A political firestorm is brewing over the use of Corruption and Crime Commission tapes at a secretive parliamentary inquiry which threatens the careers of top Perth lawyers and businesspeople.

John Howard is working on an innovative housing affordability strategy aimed at protecting the coalition from the political fallout of today's widely expected rise in interest rates.

Struggling beef farmers have started culling their herds as saleyard prices plummet to 30-year lows on the back of fiercely competitive export markets, understaffed abattoirs and competition form Eastern States imports.

Business: Wesfarmers will waste no time on its overhaul of Coles Group with chief executive Richard Goyder expected to personally advise many Coles senior executives tomorrow whether they are wanted by the new owners.

Stunned investors have wiped $323 million off the value of Anvil Mining amid concerns the West Perth miner may lose the rights to its flagship copper-silver project in the democratic Republic of Congo.

Perth businessman Tony Mitchell has pulled the $200 million sale of his Allphones chain of mobile phone shops after falling victim to the global credit markets meltdown.

Ausdrill managing director and major shareholder Ron Sayers has stumped up $8million to prevent a sharp dilution in his holdings after a $95 million capital raising.

The Federal Opposition politician who has led a two-year attack on the Australian Securities & Investments Commission over its supervision of high-risk mortgage schemes yesterday claimed it could make the watchdog work better with les funding.

THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Australia's biggest listed companies are seeking double digit increases to the fee pool for directors. Tax cuts and road building promises by both political parties will pump $35.5 billion into the economy over the next year, putting pressure on the RBA to keep inflation under control. Today's vote by coles Group shareholders marks the end of the battle and the begining of the war for Wesfarmer chief Richard Goyder.

Page 3: The NSW government has rewritten licensing laws and won broad approval from business.

World: Former US federal reserve chairman Alan Greenspan says falling US house prices and unsold properties are a major risk to the economy.

Market: The Australian sharemarket ignored a negative lead from Wall Street yesterday.



THE AUSTRALIAN:

Page 1: Despite a predicted interest rate rise, Prime Minister John Howard has doubled his lead over Opposition Leader Kevin Rudd in the past two weeks on the crucial issue of economic management; Efficient's dramatic win in the Melbourne Cup yesterday evoked memories of Kiwi in 1983.

Business: Telstra board members are expected to give themselves a pay rise despite shareholders against the idea.


Paladin boss John Borshoff says his company is not planning any more third-party uranium purchases after it took a $13 million hit in the September quarter selling 150,000 pounds of yellowcake to fulfil supply contract it couldn't meet.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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