Business News Archive
Supermarkets up alcohol range
COLES and Woolworths are set to greatly increase their ranges of beer, wine and spirits.
$A higher on weak US data
THE Australian dollar opened higher after the release of more disappointing US data ahead of important US jobs figures.
US stocks lower on jobless claims
US STOCK markets traded lower yesterday on signs that more Americans are starting to claim unemployment benefits.
Rio in record earnings leap
MINING giant Rio Tinto has more than doubled its earnings from the previous year on the back of high commodity prices.
Zinc miner to peg back losses
TERRAMIN Australia says it will peg back its half-year loss to up to $5.9 million, down from its $7.5 million result last half-year.
Tabcorp bets on casino to boost earnings
TABCORP Holdings is betting on expansion of its Star City casino in Sydney to boost its flagging fortune.
Local stocks make strong gains
AUSTRALIAN stocks were trading higher led by the resources sector and despite the flat banks.
State export income plummets
STATE export income has plummeted $1.3 billion in the past year, raising serious doubts over the strength of the economy and the Government's financial strategy.
Downer EDI wins new $3bn contract
DOWNER EDI shareholders are celebrating a new six-year contract worth $3bn to provide mining services to Fortescue Metals Group.
SA auto retailer gets $73.5m offer
AP EAGERS has launched a $73.5m bid for SA-based Adtrans in a move that will create a national retailer with $2.3 billion turnover.
Profit-rich News Corp eyes more growth
NEWS Corporation's profit has soared to US$2.5 billion ($2.74 bn), helped by blockbuster hit Avatar, positioning it for further growth.
OZ not surprised by Sandfire's rebuff
PROMINENT Hill miner OZ Minerals is not surprised by WA explorer Sandfire Resources' decison to deny its request for a board seat.
US Treasury issues jobless warning
TREASURY Secretary Timothy Geithner warned Americans the country's already sky-high unemployment rate could get worse before it gets better.
Toyota, Honda sales in US decline
TOYOTA and Honda saw US sales fall in July as the Big Three US car-makers posted modest gains.
AXA APH profit falls by 19pc
AXA Asia Pacific Holdings has reported a 19 per cent drop in profit, but has not been distracted by its takeover by NAB.
WAN doubles dividend on profit rise
WEST Australian Newspapers has reported a 10 per cent rise in full year profit and says it more than doubled its final dividend.
Rio to invest $866m in Pilbara
RIO Tinto will invest $866 million to expand its iron ore operations in Western Australia's Pilbara region.
Beach buys Egyptian interests
BEACH Energy says it has purchased interests in two oil exploration concessions in Egypt for up to $36.2 million over two years.
Interest rates kept on hold
HOMEOWNERS will be relieved the Reserve Bank has left rates steady at 4.5 per cent in line with last week's lower inflation figures.
Local stocks trading higher
AUSTRALIAN stocks opened higher, led by strong gains in the resources sector and helped by a positive night on offshore bourses.
Profit-rich HSBC Australia set to expand
HSBC Bank Australia is set to expand its retail footprint and institutional business after a 28 per cent jump in pre-tax profit.
Shoppers drop off as rate rises pinch
SOUTH Australian shoppers have put their wallets away, according to retail trade figures that show this state to be the most sluggish for spending in June.
Rex to cut regional SA services
STIFF competition and increased charges have clipped the wings of flight operator Regional Express in South Australia.
Spain eyes trade ties
IT'S won the soccer World Cup, Tour de France and Wimbledon; now Spain has its signts set on Adelaide.
Brock, Harcourts team up with US firm
BROCK Commercial is joining forces with Harcourts and US-based NAI Global in a joint venture to open up the Australasian markets.
WorkCoverSA heads back to black
ROB Thomson is a member of a rare breed - people who are passionately enthused by insurance.
Hills Industries posts $40m profit
THE SA-based Hills Hoist maker says annual profit increased fourfold to $40 million off a painful previous year.
SA investment firm in profit leap
ARGO Investments has posted a 21 per cent rise in annual net profit to $154 million and has forecast more profit and dividends.
Linc talking with Adani on sale
LINC shares are trading more than 18 per cent higher after it confirmed talks with Indian coal giant Adani and others for the sale of its Queensland coal assets.
DJs cops $35m sex claim
DETAILS of the alleged sexual harassment which led to the shock resignation of former David Jones boss Mark McInnes have emerged in a $35 million lawsuit.
Big miners versus small in tax stoush
A deal between Australia's three big miners and the Government will save them more than $100 billion in tax, Andrew Forrest says.
Local stocks higher
AUSTRALIAN stocks have opened higher led by the banks and Rio Tinto, while BHP Billiton was trading flat.
Telstra results down by $170m
TELSTRA will take a $170 million hit in its full-year results against the value of its Hong Kong business CSL New World.
Orlando boss steps out of the limelight
ORLANDO Wines managing director Stephen Couche is stepping down to take on a backseat role at the Jacob's Creek winemaker.
Just Group positive for 2010-11
PREMIER Investments says it expects its Just Group retail business to perform strongly in 2010-11.
$A opens higher on weak US GDP
THE Australian dollar opened slightly higher today after US stocks recovered from weak growth data released on Friday night.
Local stocks end the red
AUSTRALIA'S sharemarket has suffered broad-based falls, as investors offload risk ahead of the weekend.
Macquarie in 'uncertain markets'
MACQUARIE Group shares declined sharply after the investment bank said its annual earnings may fall.
Telco in trading halt for asset sale talks
TELECOM Corp has entered a trading halt, pending the outcome of talks related to a sale of assets, including its AAPT business.
GrainCorp, AWB plan merger
GRAINCORP and AWB have announced a merger to create the nation's largest agribusiness.
US stocks erase early gains
US STOCK markets ebbed yesterday, reversing early gains garnered from news of an unexpected fall in jobless claims and solid company earnings.
$A higher ahead of month-end fix
THE Australian dollar has opened higher today as investors buy the currency ahead of a month-end readjustment of portfolios.
Local stocks end in the red
AUSTRALIAN stocks finished marginally weaker despite gains among miners and the banks.
Austar profit down 42 per cent
PAY TV operator Austar United Communications says its first-half profit fell 42 per cent in a difficult consumer environment.
Centro to refinance US arm's debt
SHARES in Centro Properties Group rose on news it will refinance and extend the debt of its US business in the midst of restructuring.
Business Breaking News
Malaysian car makers in SA to talk trade
MALAYSIAN vehicle producers Proton and Perodua are in Adelaide today to explore trade oportunites in South Australia.
US stocks lower on finance data
THE US stock market edged lower yesterday on news that orders for big-ticket items sank in June.
$A lower on US economy concern
THE Australian dollar opened lower today as concerns about the recovery in the US economy weighed on financial markets.
Slower inflation quells rates rise
AUSTRALIA'S inflation rate rose by a less-than-expected 0.6 per cent in the June quarter, moderating the chance of a rate hike next week.
Telstra fined for blocking access
TELSTRA has been fined $18.5 million for illegally blocking broadband competitors from using its local exchanges.
Telstra hit with huge fine
TELSTRA has been fined $18.5 million for illegally blocking broadband competitors from using its local exchanges.
Rex soars on SA project potential
A Yorke Peninsula copper and gold deposit could yield a mine twice the size of OZ Mineral's $1.2 billion Prominent Hill mine, owner Rex Minerals said.
Downer EDI wins $2bn contracts
ENGINEERING firm Downer EDI has signed contracts worth about $2 billion with the BHP Billiton-Mitsubishi Alliance.
BP hopes to turn the page
BATTERED BP has begun reinventing itself in the shadow of the Gulf of Mexico oil spill and fresh controversial remarks by outgoing CEO Tony Hayward.
US regulator to consult on new powers
THE US Securities and Exchange Commission will seek public input on new rules to oversee Wall Street and financial companies.
China lends support to Bahamas resort
CHINA has agreed to finance and build a stalled mega-resort in the Bahamas.
Lihir Gold expects more bids
TAKEOVER target Lihir Gold says it is still possible another suitor will come in to trump Newcrest Mining's $9.5 billion bid.
Local stocks in the black
AUSTRALIAN stocks finished firmer for the fourth consecutive trading day, closing at its strongest level inmore than a month.
'Hated' BP boss banished to Siberia
BP CEO Tony Hayward will step down in October and could be sent to work for the firm in Siberia.
Local stocks end slightly higher
AUSTRALIAN stocks finished slightly higher after a rollercoaster day where most of the early gains were erased by the weak miners.
Coles to sell car insurance
COLES is introducing a car insurance product with a 12-cents-a-litre big petrol discount added in as incentive to buy.
Regulators on Peek's trail
POLICE and corporate regulators are circling 80s rockstar Kevin Peek, the man accused of defrauding mostly SA investors of about $90m.
IAG slashes profit forecast
INSURANCE Australia Group expects a near 50 per cent fall in profit, but is confident of an improved performance next fiscal.
Elders settles stoush with AAco
ELDERS has settled a long-standing legal dispute with Australian Agricultural Co.
Oil Search output hit by shutdown
A processing plant shutdown and ageing oil fields have resulted in a fall in Oil Search's production levels in the second quarter.
Macarthur abandons $110m CITIC deal
Macarthur Coal has abandoned a $110 million deal with CITIC Resources to buy out its interests in a joint venture.
Local stocks in strong trading
AUSTRALIAN stocks closed higher, aided by strong sales data from Wesfarmers and buoyant banks.
SA developers must contribute
DEVELOPERS must be prepared to contribute to community infrastructure if they want the government to build it, the state's major projects chief says.
QBE tumbles on profit warning
QBE Insurance shares slumped today on news its first-half profit would be 40 per cent lower than last year.
Flat sales for Harvey Norman
HARVEY Norman reported flat sales for the year on weaker foreign currencies and a decline in household disposable income.
Coles sales bolster Wesfarmers
WESFARMERS says it performed solidly over the year after increasing sales by 4.3 per cent at its Coles supermarkets.
Chief to go as BP tries to rebuild
BP WILL sacrifice chief executive Tony Hayward within days as it tries to rebuild its image following the Gulf of Mexico oil disaster, reports say.
$A higher on GE dividend
THE Australian dollar opened higher today as US corporate earnings and positive stress test results on European banks lifted investor sentiment.
Strong surge in local trading
THE Australian sharemarket closed two per cent stronger on Friday led by the banks and miners.
Microsoft nets $5.2 billon profit
MICROSOFT reported a profit of $5.2 billion on record-high fiscal fourth-quarter revenue and high Office software sales.
Business wants focus on economy
BUSINESS wants the election focus to get back on the economy and away from population and workplace policies.
Woodside production down
WOODSIDE Petroleum saw a 10 per cent decline in oil output in the second quarter of this year, but has not changed its full year target.
BHP to move white-collar jobs
BHP Billiton has told financial services staff in its Adelaide office their jobs are being moved overseas and interstate.
US stocks rise on upbeat reports
STOCKS had their biggest rally in two weeks yesterday as earnings and economic news reassured investors that recovery, while uncertain, continues.
$A higher on central bank talk
THE Australian dollar opened almost two US cents higher today, reaping the benefits of positive investor sentiment and central bank comments.
Local stocks close lower
AUSTRALIAN stocks closed lower in lacklustre trading, weighed down by the financial sector.
Linc denies progress on sale talks
LINC Energy has denied any progress on the sale of its Qld coal sites, and is unaware of why its share price surged about 20 per cent on Tuesday.
No sympathy for sacked Telstra managers
TELSTRA workers will not have much sympathy for more than 300 senior managers who will be sacked, the union says.
Santos recovering from flood impact
SA oil and gas giant Santos says operations at Cooper Basin will continue to be impacted by the flooding in Central Australia.
$A dollar lower on US warning
THE Australian dollar opened weaker today, after the US Federal Reserve painted an uncertain picture for the US economic recovery.
News
Is Barnaby cut out for it?
SOUTH Australia has ramped up calls to coax reluctant Coalition water spokesman Barnaby Joyce to visit the Lower Lakes and debate the state of the Murray.
Sport
Roosters toast Hall of Famers
MAGAREY Medallist Josh Francou capped an illustrious career by claiming his place in the SA Football Hall of Fame last night.
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