Business News Archive
Investors cautious as stocks dive
AUSTRALIAN stocks drifted to a weaker close, down nearly one per cent as the banks and miners fell.
BP to set aside $23bn for oil spill
BP will pay $US20 billion ($23 billion) into a fund to meet costs of the oil disaster, bowing to pressure from President Barack Obama.
Mining tax kills gold mines
SWAN Gold Mining has shelved two gold projects slated to start in August because the planned new resources tax prevented it from raising equity.
Leighton soars on billion-dollar deals
CONSTRUCTION giant Leighton Holdings has secured $1.5 billion worth of contracts in Australia and Indonesia.
Leighton wins contracts
LEIGHTON Holdings has secured $1.5 billion worth of contracts in Australia and Indonesia.
Wall St ends flat
US STOCKS ended a choppy day little changed after BP agreed to put $US20 billion ($A23.09 billion) into a fund for victims of the Gulf oil spill.
Aussie stocks close stronger
AUSTRALIAN stocks closed stronger despite ongoing debate about the proposed super profit tax regime.
EU warns Spain, Portugal to 'keep cutting'
THE European Union has warned Spain and Portugal they will have to keep up budget cuts in 2012 to curb deficits and rein in debt.
Australia to send toxic waste to Denmark
DENMARK will allow Australia to ship thousands of tonnes of toxic waste to be disposed of due to technology deficiencies.
Swiss deal on US tax cheats
SWITZERLAND has approved a treaty with the US that will hand thousands of files on suspected tax cheats to US authorities.
No unconditional support on tax - Rann
THE State Government will not give unconditional support to the resources super profits tax, Premier Mike Rann said today.
Olympic Dam expansion 'unviable'
THE multi-billion dollar Olympic Dam mine expansion will be unviable under the proposed resources super profits tax, a leading broker says.
Sigma CEO to 'hit the ground running'
DRUGMAKER Sigma Pharmaceuticals has appointed former PaperlinX executive Mark Hooper as its new chief executive.
Amcor to buy US packaging business
AMCOR will buy a US plastic packaging business for $326 million ($US280m) as it targets health care and food industries for growth.
US markets bounce back
The Dow Jones Industrial Average closed over 2 per cent up this morning, as markets shook off concerns over Europe's finances.
Government not listening to miners
THE Government's resources tax consultation panel spent half of their day in Adelaide selling the tax, SA's Chamber of Mines and Energy says.
Strike hits key projects
CONSTRUCTION work has been stalled or disrupted on several big building projects as unions take industrial action against a major building contractor.
Local stocks end flat
THE Australian sharemarket finished flat amid choppy trading that lacked clear direction.
NewsCorp invests in online assets
NEWS Corporation has invested in two ideas it hopes will revolutionise media business models - electronic reading devices and charging for access to websites.
Coles owner sees tax threat to dividends
WESFARMERS says the proposed resources super profits tax could dent dividends paid to shareholders.
Key lobby role for Conlon aide
ONE of the State Government's most senior staffers has joined Adelaide's lobbying fraternity - and his firm represents clients he dealt with in government.
Constellation in 5pc profit drop
A DROP in branded wine sales in the US, Australia's wine glut and competition in the UK cut 5 per cent from winemaker Constellation Wines' profit.
Europe crisis keeps rates on hold
UNCERTAINTY over the European debt crisis prompted the RBA to leave the cash rate on hold, the minutes of the bank's June board meeting show.
Exports tipped to rise
CENTRAL and South America are tipped to be the hotspots for Australian exports over the next year.
Government writes off rail debt
THE State Government has written off $42.5 million of its investment in the Adelaide-Darwin railway.
BP's cost-cutting blunders before spill
BP made a series of money-saving shortcuts and blunders, raising the danger of a destructive oil spill days before the blowout, documents show.
Holden shines light on quality
WORKERS at Holden will take directions from a laser beamed on to cars as they roll off the production line for testing.
US stocks dip into the red
US stocks faltered in the last hour of trading overnight after investors gave in to anxiety about Europe's economy.
Quasar takes on Alliance
QUASAR Resources is accusing junior joint venture partner Alliance Resources of frustrating development of the Four Mile uranium mine in SA's north.
Quiet-achiever status for Mnet
IF YOU have bought a ringtone from Vodafone or visited a Yahoo mobile internet site, you've had contact with Mnet.
AV Jennings to sell arm to Japanese
AV JENNINGS shares are trading higher after the company said it had agreed to sell its contract building division to Japan's Sekisui House.
Jobs lost in Clive Peeters store closures
RECEIVERS for Clive Peeters says 75 jobs will be lost from the closure of six underperforming stores in Queensland, Victoria and WA.
Local stocks higher on US, China data
AUSTRALIAN stocks rose after encouraging economic data from China and the United States gave a strong lift to Wall Street.
Treasury 'snubs' state on mining tax talks
THE heat of debate over the Federal Government's proposed mining resources super tax will be turned on in Adelaide today.
Defence SA spruiking Tonsley for $1bn job
DEFENCE SA is in talks with three bidders for a $1 billion military vehicle deal to use the former Mitsubishi site as a manufacturing base.
Firms hit hard by rising bank fees
AUSTRALIAN banks collectively made $12.7 billion in fee income from customers last financial year - up 9 per cent from the previous 12 months.
White Dam gold mine officially open
IT IS the state's newest gold mine, employing 60 people, and will generate tens of millions of dollars in revenue for owner Exco Resources.
City developer in midst of rift rumours
THE company behind Adelaide's City Central development has gone into a trading halt in response to rumours of a rift among its board members.
Miners, banks push local stocks higher
AUSTRALIAN investors are driving gains among the resources and banking stocks to lift the sharemarket into positive territory.
Surprise fall in jobless rate in May
MORE South Aussies were working full time in May leading to a 0.3 per cent fall in the state's unemployment rate to 5.3 per cent.
Zircon battles licence sale blow
AUSTRALIAN Zircon's interest in a "mammoth" project in Victoria is under threat following the sale of the tenement licence by owner Austpac.
Negative contagion lays Elders low
NEGATIVE sentiment had created a strong "head of steam" to send Elders' share price plunging, chief executive Malcolm Jackman said.
Consumers confidence on a low
JITTERY markets and uncertainty about the mining super tax are pushing consumer confidence lower.
Aussies cautious after rate rises - RBA
RECENT interest rate rises have made households more cautious in their borrowing behaviour, the Reserve Bank says.
Business Breaking News
Rudd defends super tax in WA
WA will get the lion's share of investment funds from the resources tax to build new roads, railways and ports, PM Kevin Rudd says.
Woolies starts Adelaide online service
SUPERMARKET wars have a new realm, with Woolworths kicking off online supermarket shopping in Adelaide this week.
Truancy SMS firm in NZ deal
SCHOOL attendance system company MGM Wireless has won preferred supplier status by the New Zealand Government.
More tax reforms some years away
FURTHER tax reforms are at least four years away if the Federal Labor government is re-elected.
Darwin link sold to Americans
RECEIVERS have sold the financially-embattled Adelaide to Darwin railway line to a giant American railway company in a deal worth $334 million.
Obama lashes out at BP chief
US PRESIDENT Barack Obama and BP CEO Tony Hayward are caught up in a media crossfire over comments about the Gulf disaster.
GM recalls 1.5m cars over fire risk
GENERAL Motors has recalled more than 1.5 million vehicles over fears an electrical fault could cause them to catch fire.
Bosses 'encouraged' rogue trading
TRADER Jerome Kerviel, accused of gambling away $7 billion in risky stock bets, says his bosses "encouraged" him to take risks.
Local stocks in weak trading
THE Australian sharemarket has opened slightly weaker with the banks and miners in mixed trading.
Construction giant in $1.4bn listing
THE construction group associated with Sydney's Opera House and Melbourne's Etihad Stadium is planning to list on the Australian sharemarket.
No bank finance for Elders Forestry
ELDERS will not be able to provide finance from the Rural Bank for potential investors in its 2010 managed investment scheme project.
Goldman Sachs faces GFC rap
A HIGH-profile US panel investigating the causes of the global financial crisis has slammed Goldman Sachs for failing to co-operate with the probe.
Mining boss exaggerated tax threat
CLIVE Palmer admits threats to cancel projects over the super profits tax were "probably" empty.
Job advertisements pick up pace
BUSINESSES are looking to hire more staff as job ads rise 4 per cent in May despite rate rises and global jitters, a survey shows.
Macquarie chairman in big sell-off
MACQUARIE Group chair David Clarke has slashed his interest in the bank by almost 80 per cent after dumping more than $9.3 million worth of shares.
NAB nabs troubled US bank for $92m
NATIONAL Australia Bank is pushing deeper into the US banking market after acquiring struggling Nebraska bank TierOne.
Hold on tight to your tax refunds
ALMOST two-thirds of South Australians will bank this year's shrinking tax returns or use it to pay off debt, a new survey shows.
Local stocks close weaker
AUSTRALIAN stocks closed almost one per cent lower with falls among the major miners and banks.
SA's newest iron ore miner
THE first of South Australia's new crop of iron ore miners has started production this week.
Secret bid to merge banks
HOW National Australia Bank and ANZ sought to bring down the four pillars policy and lost the Government's support.
BP gets first $82m bill over oil spill
THE White House slapped BP with a $US69 million ($82m) bill, demanding quick payment of the first installment of costs incurred to halt the oil spill.
NAB in talks to sell AXA arm
NATIONAL Australia Bank is in discussions with takeover target AXA Asia Pacific Holdings and the competition regulator over a possible divestment.
Who'll get the rub of the green
AN extra $26 a week will be delivered to the nation's 1.4 million low-income employees next month, but hundreds continue to be paid well below the minimum wage.
Strong trading day for Aussie stocks
IT was an optimistic day on the market for Australian investors with local stocks closing more than two per cent higher.
Xstrata suspends projects, blames tax
SWISS mining giant Xstrata says the Federal Government's mining super tax is behind its suspension of $586 million in spending on Queensland projects.
Phoenix Copper turns mine owner
PHOENIX Copper has bought a copper mine near Leigh Creek, transforming the company from explorer to producer.
Boom's shares soar on takeover bid
BOOM Logistics' shares are among the most sought-after today after the crane operator announced it was the target of a $240 million takeover bid.
Economy on track, grows 0.5pc
THE Australian economy expanded in line with market forecasts in the March quarter, strengthening the case for more rate rises this year.
Warnings on geothermal stagnation
THE state's geothermal sector faces stagnation as companies defer investment to benefit from an exploration rebate to be introduced next year.
Ferguson stares down tax critics
FEDERAL Resources Minister Martin Ferguson has stared down critics of the government's proposed tax on mining super profits.
IAG cuts insurance margins
INVESTORS have slammed the Insurance Australia Group, sending shares down sharply, after it cut margin forecasts.
Europe jobless rate at record 10pc
DEBT-laden Europe posted a record unemployment rate as its core currency and shares plummeted amid a worrying industrial slowdown.
HP to cut 9000 jobs
HEWLETT-Packard, the world's leading computer maker, will cut 9000 jobs in the next few years as part of restructuring measures.
Oil spill 'could break' BP
BP has revealed the US oil disaster has cost it almost $US1 billion in repeated attempts to fix the leak, sparking a near 17 per cent fall in shares.
Rates on hold but for just how long
THE Reserve Bank gave homebuyers a welcome reprieve, leaving rates on hold at 4.5 per cent but refusing to rule out further rises this year.
No quick deal on mining tax
PRIME Minister Kevin Rudd is continuing negotiations with the mining sector on the proposed super profits tax but does not expect to land a deal soon.
SA shoppers lead spending spree
SOUTH Australian shoppers outspent the nation in April, with retail trade figures showing a 3 per cent surge from March.
AXA, NAB extend agreement
AXA Asia Pacific Holdings and National Australia Bank have extended an exclusivity agreement.
Another disappointing day for investors
AUSTRALIAN stocks are trading lower led by the banks and miners with investors gearing up for another disappointing day.
Gina Rinehart joins anti-tax chorus
AUSTRALIA'S richest woman joins the chorus warning about the mining super profits tax.
News
Adelaide's field of dreams
THIS is the first look at a rebuilt Adelaide Oval. It shows the southern stand, reached via a footbridge and plaza over War Memorial Drive.
Sport
Ponting slams 40-wicket idea
NATIONAL skipper Ricky Ponting today slammed the idea of 40-wicket one day matches and will urge Cricket Australia not to try them.
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