08/12/2005 - 08:06

Today's headlines

08/12/2005 - 08:06


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Today's headlines



Westpoint 'misled' backers
The Australian Securities & Investments Commission yesterday took a hard line over attempts by Norm Carey's Westpoint Group to restructure its way out of financial difficulties, claiming investors had been grossly misled as they switched money between Westpoint schemes.

IOH tops $200m as shares rocket to record
Iron Ore Holdings shares punched through $3 for the first time yesterday, revaluing the explorer at more than $200 million and adding a new $100 million name to WA's rich list.

IMF, Hillcrest face off over iron ore dispute
Litigation funders IMF (Australia) and Hillcrest Litigation Services are poised to go head-to-head in a battle over a $150 million-plus slice of one of WA's biggest family fortunes.

Moody's marks down Telstra's credit rating
Moody's credit rating agency has downgraded Telstra from A1 to A2, citing heightened financial and business risk and an uncertain operating regulatory environment.

Aspen has big plans for Dunsborough Lakes
Aspen Group plans to tap into the booming South-West property market with its acquisition of the Dunsborough Lakes residential estate and will push ahead with development and marketing of the 230 hectare subdivision.

General news

Page 1 - Howard safe from Costello, for now
Peter Costello has abandoned his leadership ambitions - for now - revealing for the first time yesterday he would deliver next year's Budget.

Page 4 - Kucera calls for full share inquiry
Former Gallop Government minister Bob Kucera said yesterday he was willing to answer any questions about how a key share document outlining his share investments disappeared from his 2003-04 annual return.

Page 6 - Sluggish growth means few rates worries before March
Borrowers could breathe easy until at least March because sluggish economic growth meant the Reserve Bank would keep interest rates steady, economists said yesterday.


Page 1 - John Howard likely to reshuffle cabinet within weeks after Peter Costello rules out leadership challenge. Kickbacks paid by Australia's wheat exporter to Saddam Hussein's regime were put into a bank account used to finance a slush fund for the families of Palestinian suicide bombers.

Page 2 - The Pakistani government has launched an inquiry into kickbacks made to government officials by AWB, saying it believes several "very senior" officials were involved.
Page 3 - Record numbers of Aboriginal kids in remote communities being taken into care because of a zero tolerance attitude to child abuse.

Finance - Close connections between a potential buyer of the Myer department store chain and parent company Coles Myer have embroiled the retail giant in perceptions of a possible conflict of interest.


Page 1 - Treasurer Peter Costello rules out a leadership challenge. The treasurer has pledged the government can still make its budget forecasts.

Page 3 - Spending on mobile phones will overtake traditional fixed line telephones next year.

Page 5 - Senior Liberal senator Bill Heffernan gate-crashes Barnaby Joyce's press conference, threatening to cross the floor over voluntary student unionism.

World - Britain's opposition Conservative Party has chosen David Cameron as its new leader.

Markets - The share market's recent strong upward run is at risk of running out of fuel.



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