22/01/2008 - 06:27

Today's Business Headlines

22/01/2008 - 06:27

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Moguls' sons reshape media; Market falls wipes off another $40b; Sinosteel cleared for first Chinese tilt at WA miner; 'Patient' BHP hails its steel exposure; Research group denies grain levy is a rip off

Today's Business Headlines



Moguls' sons reshape media
Lachlan Murdoch admitted yesterday he would have his "work cut out" making money from his shock proposal to take control of Australia's third largest media company, Consolidated Media Holdings. The Australian

Market falls wipes off another $40b
The Australian sharemarket worst run in more than a quarter of a century cost investors another $40 billion yesterday as markets around the worlds plunged again on fears that the US is falling into recession. The West

Sinosteel cleared for first Chinese tilt at WA miner
Federal Treasurer Wayne Swan is understood to have given Chinese metals trader Sinosteel Corp the green light to pursue a $1.2 billion cash takeover bid for WA iron ore hopeful Midwest Corp. The West

'Patient' BHP hails its steel exposure
Mining giant BHP Billiton has gone on the offensive against target Rio Tinto, promoting its greater exposure to a buoyant steel industry and talking up the merger synergies in a declining equity market. The Australian

Research group denies grain levy is a rip off
One of the best-funded bodies in Australian agriculture, the Grains Research and Development Corporation has rejected criticism it is exploiting farmers as surging grain price lift the amount of levy it collects per tonne of grain sold. The West

 

THE WEST AUSTRALIAN
Page 1: The Australian sharemarket worst run in more than a quarter of a century cost investors another $40 billion yesterday as markets around the worlds plunged again on fears that the US is falling into recession.

Residential blocks have slumped in Perth as hundreds of would-be investors abandon the market, raising the prospect of a land glut in some outlying suburbs.

Business: Lachlan Murdoch last night rejected any suggestion of a link between his father Rupert's global empire and his eldest son $3.3 billion privatisation bid for Consolidated Media Holdings in partnership with James Packer.

Marius Kloppers has a little over two weeks to decide wether to create history and launch the world's second biggest takeover or placate his own nervous shareholders and walk away from a $190 billion tilt at Rio Tinto.

The chief executive of financial services firm MFS has passed up a multi-million-dollar payout after yesterday being forced out of the company in the wake of a failed $1.3 billion deal to sell its fund management business.

One of the best-funded bodies in Australian agriculture, the Grains Research and Development Corporation has rejected criticism it is exploiting farmers as surging grain price lift the amount of levy it collects per tonne of grain sold.

Federal Treasurer Wayne Swan is understood to have given Chinese metals trader Sinosteel Corp the green light to pursue a $1.2 billion cash takeover bid for WA iron ore hopeful Midwest Corp.

Petroleum giant Woodside has stepped up its legal campaign over a $200 million-plus tax bill on its Laminaria oil Project, launching an appeal against a ruling that it was not entitled to claim a deduction for a massive hedging losses.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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