12/11/2007 - 06:26

Today's Business Headlines

12/11/2007 - 06:26

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China buys into big battle for Rio spoils; Scook, Braysich guilty of phoney share trading; Panel vest Murchison forecast; Telstra settles class action with investors; Inflation pressures put brakes on campaign promises.

China buys into big battle for Rio spoils
China's state development bank has flexed its muscle in the battle for control of Rio Tinto in an ominous sign for BHP Billiton that Australian mining's biggest customer will demand a say in any carve-up of the $200 billion takeover target. The West

Scook, Braysich guilty of phoney share trading
Northbridge businessmen Dean Scook faces up to five years in jail after being convicted in the District Court on Saturday over a market deception scheme involving shares in junior explorer Intrepid Mining. The West

Panel vest Murchison forecast
Takeover target Midwest Corp has vended its frustration at what it claims is suitor Murchison Metals unreasonable production forecasts by taking its case to the Takeover Panel, which is still yet to decide. The West

Telstra settles class action with investors
Telstra has settled a $300-million class action brought by disgruntled shareholders, in a move that will avoid putting chief executive Sol Trujillo in the witness box. The Australian

Inflation pressures put brakes on campaign promises
Both the government and the opposition are pledging `modest' spending packages this week due to rising inflation and the fact the giveaways have already topped $43 billion. The Fin Review

 

THE WEST AUSTRALIAN
Page 1: John Howard will today unveil a "shock and awe" blitz based on big-spending policy announcements in a bid to regain momentum in the second last week of the election campaign.

WA households are increasingly likely to be hit with a sharp rise in electricity bills within two years after State owed generator Verve Energy warned the government it would lose up to $300 million in its revenue this year because it was forced to sell its power at well below cost.

WA's glass recycling system has been exposed as failure with two-third of the 85,000 tonnes of bottles and jars used in the State each year going straight to landfill.

Business: China's state development bank has flexed its muscle in the battle for control of Rio Tinto in an ominous sign for BHP Billiton that Australian mining's biggest customer will demand a say in any carve-up of the $200 billion takeover target.

Northbridge businessmen Dean Scook faces up to five years in jail after being convicted in the District Court on Saturday over a market deception scheme involving shares in junior explorer Intrepid Mining.

Takeover target Midwest Corp has vended its frustration at what it claims is suitor Murchison Metals unreasonable production forecasts by taking its case to the Takeover Panel, which is still yet to decide.

Wesfarmers chief executive Richard Goyder has all but ruled out a sale of the Kmart division, acquired as part of the 19.3 billion takeover of Coles Group, saying yesterday he was pleased with the improved performance of the struggling discount chain.

Eccentric iron ore millionaire Clive Palmer has been topping up his stake in Arc Energy ahead of a shareholder meeting next month at which he will try to force the sacking of the Perth oil and gas group's board.


THE AUSTRALIAN FINANCIAL REVIEW

Page 1: Both the government and the opposition are pledging `modest' spending packages this week due to rising inflation and the fact the giveaways have already topped $43 billion. BHP is aiming to achieve at least $US3.5 billion ($A3.8 billion) in annual cost saving and operational synergies from a Rio Tinto merger. Confidence in the market, the Beijing Olympics and internet booms has produced a $12-billion growth in the media advertising market next year. Travel agency group Flight Centre is about to triple the size of its business in North America with the $US135 million takeover of another leading travel firm.

Page 3: Tax commissioner Michael D'Ascenzo is surprised at the "push back" he received after writing a letter to business bosses urging them to pay more attention to tax laws.

World: Prolific American novelist Norman Mailer has died in hospital at 84 years.

Market: The strong Australian dollar is costing businesses half a billion dollars in profit.



THE AUSTRALIAN

Page 1: The latest Newspoll survey shows the government's approval rating dropped two points since the previous poll. The coalition went from 47 to 45 per cent of respondents preferring them over the ALP, who rose from 53 to 55 per cent, but prime minister John Howard is still the preferred economic manager. One million teenagers will receive $150 vouchers to fund annual dental checks in a $510-million plan revealed by the ALP. American novelist Norman Mailer has died in hospital at 84 years. Telstra has settled a $300-million class action with shareholders. Melbourne will become the biggest city in Australia by 2028, if population trends continue.

Page 2: Australian's across the country stopped to mark Remembrance Day.

Page 3: Lindy Batterham has claimed Sydney's embattled Royal North Shore hospital neglect killed her 90-year-old mother Joyce.

Business: Rio Tinto says BHP must increase their merger offer by $150 billion.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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