Today's Business Headlines

05/02/2008 - 06:49

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Chinalco: one bite's enough; Surging inflation set to push up rates; Fortescue share surge on talk of stake sale; Mitsubishi weighs up plant closure; Tricom eyes closure of troubled $900m margoin loan book

Today's Business Headlines

Chinalco: one bite's enough
Chinalco president Xiao Yaqing has dismissed suggestions that the Chinese government is seeking to gain control of Australia's mineral resources. The Australian

Surging inflation set to push up rates
Interest rates are almost guaranteed to rise today and another increase by May is likely, financial markets predicted yesterday after a closely watched economy gauge showed the underlying rate of annual inflation had climbed to 4 per cent. The West

Fortescue share surge on talk of stake sale
Fortescue Metals Group shares soared more than 10 per cent yesterday on market speculation the iron ore aspirant's second biggest shareholder was about to sell its stake to Chinese interests. The West

Mitsubishi weighs up plant closure
The axe is set to fall today on Mitsubishi's Australian manufacturing operations, as the automotive industry braces for about 1000 job losses and damaging knock-ons for the South Australian economy and borader manufacturing sector. The Fin Review

Tricom eyes closure of troubled $900m margin loan book
Tricom could close the margin lending book behind last Tuesday's market-stopping failure to settle trades. The West

 

THE WEST AUSTRALIAN
Page 1: Interest rates are almost guaranteed to rise today and another increase by May is likely, financial markets predicted yesterday after a closely watched economy gauge showed the underlying rate of annual inflation had climbed to 4 per cent.

Business: China's government controlled aluminium giant Chinalco says it has no intention of increasing its 12 per cent shareholding in Rio Tinto and even flagged it may on-sell its stake to anxious suitor BHP Billiton.

Fortescue Metals Group shares soared more than 10 per cent yesterday on market speculation the iron ore aspirant's second biggest shareholder was about to sell its stake to Chinese interests.

Tricom could close the margin lending book behind last Tuesday's market-stopping failure to settle trades.

The Luxembourg private equity firm CVC Asia Pacific has snapped up a 65 per cent stake in the Stella hotel and travel agency business form the Stricken Gold Coast financial group MFS at the bargain basement price of $409 million.

Australia faces more fallout form the US sub-prime crisis with Moody's Investors Service yesterday threatening to downgrade $83 million worth of Australian mortgage-backed bonds.



STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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