Business News Archive
US stocks rally on upbeat news
Wall Street stocks yesterday rallied for a second straight day of robust gains, lifted by a sharp rise in US home sales and retail sales.
$A opens higher
THE Australian dollar today opened almost one US cent higher on positive global sentiment after strong performances on equity markets.
OlyDam document in the bag
A KEY milestone in the expansion of Olympic Dam mine was reached with the handover of the draft Supplementary Environmental Impact Statement.
Aussie stocks in strong trade
AUSTRALIAN stocks are trading stronger after Wall Street soared in reaction to encouraging employment figures in the US.
Shoppers staying on the sidelines
AUSTRALIAN shoppers went into hiding in October, even before the sharp rate rise in November, retail figures show.
It's banks versus credit unions now
A BATTLE is looming between credit unions and the big banks as the Government prepares measures to establish a fifth banking pillar.
$A opens higher
THE Australian dollar this morning opened three quarters of a cent higher as traders moved back into riskier assets.
US stocks soar on economic data
US STOCKS yesterday soared amid encouraging employment figures and a brighter outlook by the Federal Reserve.
Kelly Engineering takes regional honours
A tool that cuts farmers' fuel use and need for chemicals has helped Kelly Engineering win the title of Australia's Regional Exporter of the Year.
Local stocks in weak trade
AUSTRALIAN stocks remained marginally lower with banks in the red and mixed trading among the resources companies.
Ramelius shares soar on gold find
SOUTH Australian gold producer Ramelius Resources has intercepted high-grade gold at its Mt Magnet project in WA.
Beach's Impress bid hits a hurdle
BEACH Energy has completed its due diligence on takeover target Impress Energy but it's not likely to be a smooth transition.
SafetyMed seeks $2.2m life support
SAFETY Medical Products will tomorrow seek $2.2 million to underwrite the future of the company.
Economy growing, but at a slower rate
THE Australian economy continued to grow in the Sept quarter, but at the slowest pace since the GFC, signalling rates will be on hold next week.
Qantas flying more for less
QANTAS is carrying more passengers than a year ago but its revenues are falling, new figures from the airline show.
New WorkCover SA board member
IT is important for stakeholders that WorkCoverSA gets a difficult balancing act right, says Prescott Securities CEO David White.
Digislide meeting a closed affair
TROUBLED mini digital projector maker Digislide Holdings has held its annual meeting yesterday behind closed doors in Adelaide.
Australian stocks in weak trade
AUSTRALIAN stocks are trading lower after a lacklustre performance on Wall Street overnight.
Metcash cautious about future earnings
VALUE-conscious customers hit by increasing interest rates have caused a dent in IGA owner Metcash's earnings.
New iron ore mine for SA
WPG Resources has given the go-ahead for its Peculiar Knob iron mine south east of Coober Pedy.
Keith Seeds closure to hit St George
ST GEORGE Bank is likely to be one of the big losers from the collapse of agriculture business Keith Seeds.
SA explorer plans $15m float
ONE of the least explored areas of the state will be targeted by a new company seeking to raise up to $15 million.
Independent Weekly cuts print edition
THE Independent Weekly will abolish its print editions from this week and will only exist online as a digital daily newsletter.
Aussie stocks close higher
AUSTRALIAN stocks reversed early losses to close higher, buoyed by strong local trading.
New scam to add to NAB's woes
NATIONAL Australia Bank's woes continue with customers being targeted in a phishing scam designed to steal account passwords.
Rio capex rises on growing demand
MINER Rio Tinto expects capex to rebound to $US11bn ($11.4bn) in 2011 as the iron ore business captures growing demand from Asia.
AMP begins takeover of AXA APH
AMP signs documents with AXA Asia Pacific and its parent AXA SA to begin the takeover of the wealth manager.
SA CEOs least optimistic
AUSTRALIAN chief executives are cautiously optimistic about the economic outlook but less confident about prospects for improved profitability.
Ireland gets massive EU bailout
European Union nations have agreed to give 67.5 billion euro in bailout loans to Ireland to help it weather the cost of its massive banking crisis.
$A lower on stock losses
THE Australian dollar has today opened lower after it was unable to claw back weekend losses, following weakness in US equities on Friday.
Jail for Power Financial director
THE $388 million collapse of the Westpoint Group has taken its first South Australian casuality.
Gas detection system a potential winner
AN Adelaide company says it has developed technology to allow sustained toxic gas detection, possibly preventing deadly gas explosions.
Resources stocks lead market higher
THE Australian sharemarket closed marginally higher on stronger metal prices and energy stocks.
Major projects hit record $80b
MAJOR developments in SA have hit a record $80 billion, with almost half generated by the booming minerals and resources sector, says Premier Mike Rann.
National award for Adelaide entrepreneur
ADELAIDE businessman Richard Turner is Australia's "cleantech" Entrepreneur of the Year.
Santos approves Indonesian project
SANTOS has approved the development of its Wortel gas project in Indonesia for about $101.9 million.
RBA prefers banks to be profitable
RBA governor Glenn Stevens says he would rather the major banks earn big profits than none at all.
$A opens higher
THE Australian dollar this morning opened higher as European stocks strengthened amid thin trading with the Thanksgiving holiday in the US.
Wealth of jobs in gas project
THOUSANDS of jobs will be created by a joint venture to build a gas export plant in the Upper Spencer Gulf, Adelaide company Beach Energy said yesterday.
Arasor to sue over joint venture flop
ARASOR is to sue ex-chairman Simon Cao to recover a US$10m guarantee, accusing him of misleading the board over the success of a key joint venture.
Buck stops with Clean Seas founder
CLEAN Seas Tuna founder Hagen Stehr has taken the blame for the company's failed kingfish gamble.
Graincorp harvests $80m profit
GRAINCORP has reported a 27 per cent lift in annual net profit and says farmers are predicting a big harvest despite difficult conditions.
NAB says Opposition's ideas 'ludicrous'
THE Opposition's proposed measures to prevent price collusion among major banks are ludicrous, NAB CEO Cameron Clyne says.
Winemakers need to be united
THE wine sector needs to be united to defend market share and create opportunities in emerging markets, Agriculture Minister Michael O'Brien said.
FerrAus rejects Chinese bid
WA explorer FerrAus has rejected an unsolicited takeover offer from Chinese shareholder Wah Nam.
Business Breaking News
ANZ Australia's leading corporate scrooge
DESPITE a record $78 billion profit, companies are tighter than ever and the worst offender is a bank.
Ireland unveils $20bn austerity plan
IRELAND's $20.64 billion austerity package will slash public sector pay, pensions and welfare but refusing to hike corporation tax.
$A higher on US equities
THE Australian dollar has today opened higher after receiving a lift from strong US equities.
Lincoln eyes direct shipping ore potential
LINCOLN Minerals's Gum Flat mine on the Eyre Peninsula has the potential to be the lowest cost direct shipping ore producer in South Australia.
Local stocks end flat
AUSTRALIAN stocks closed steady after regaining early losses due to concerns about European sovereign debt and tensions on the Korean peninsula.
Beach Energy's shares 'undervalued'
BEACH Energy shares are substantially undervalued, according to three broker reports released this week.
Bionomics readies for potential takeover
ADELAIDE listed drug developer Bionomics is likely to appoint independent advisers by the end of this week to guide it through a potential takeover.
Panax boss calls it a day
GEOTHERMAL industry stalwart and Panax MD Bertus de Graaf will resign on January 31 after three years in the role.
SA explorer turns Investigator
SOUTHERN Uranium shareholders have approved a name change for the company to Investigator Resources.
Portugal, Spain next on IMF aid list?
EUROPE'S efforts to contain its debt crisis are under strain with investors now wary about Portugal and Spain.
Telstra shares jump on NBN deal
TELSTRA shares closed higher on news the Federal Government and senator Nick Xenophon have agreed to a deal on the NBN legislation.
Virgin Blue cautious despite improvements
VIRGIN Blue says trading conditions for the airline are improving but continues to be cautious about the long-term outlook.
Keith Seeds in administration
GRAIN company Keith Seeds has sold its assets to NZ company PGG Wrightson and entered voluntary administration.
K&S; to raise $26.4m
MT Gambier carrier K&S Corporation hopes to raise $26.4 million to repay debt and pursue future expansion.
Local stocks end in the red
AUSTRALIAN stocks fell more than one per cent as uncertainty over European debt troubled investors.
Tax foreign online sales - Harvey
AN aggressive Gerry Harvey has called for a goods and services tax on products bought from overseas online retailers.
OneSteel plans $94m spend at Whyalla
ONESTEEL will spend about $94m this fiscal at its Whyalla operations to maintain a high level of exports.
Metcash to pursue Franklins takeover
IGA owner Metcash will pursue a takeover of Franklins, despite opposition from the competition regulator.
Change of structure at Fairfax
FAIRFAX Media will adopt a new structure including nine operating businesses.
Qantas A380s off the ground soon
QANTAS' fleet of A380 superjumbos will start returning to service by the end of this week.
Yorke Peninsula explorer to list on ASX
A SITE on the Yorke Peninsula near Rex Minerals' Hillside copper find will be the flagship project for an explorer launching a public offering today.
Church vetoes BSkyB bid
THE Church of England joins opponents of News Corp's bid to buy full control of satellite broadcaster British Sky Broadcasting.
Ireland to merge banks as part of bailout
IRELAND'S banks to be merged or sold as EU-IMF bailout takes shape, Irish Government says.
Portavin's exports to China increase
OTTOWAY contract bottler and packager Portavin SA is shipping 40 containers of wine to China every month.
Richest woman a major Ten shareholder
AUSTRALIA'S richest woman Gina Rinehart has followed in fellow billionaire James Packer's footsteps and scooped up Ten shares.
QR National shares close higher
QR National shares closed higher after a flat debut on the Australian Securities Exchange.
Local stocks close stronger
AUSTRALIAN stocks closed higher on a day when trade was dominated by the debut of QR National.
Westfield to sell half of its London mall
WESTFIELD will sell half its stake in the Stratford City centre in the UK for $1.41 billion.
$85 million for SA mine
WPG Resources has raised $85 million to fund it Peculiar Knob iron ore project near Coober Pedy in South Australia.
Beach launches bid for Impress
BEACH Energy has launched a $73.1 million takeover bid for Impress Energy, in a bid to consolidate its presence in the Cooper Basin.
Growing business caution: report
LEADING global companies remain cautious about major investments and fewer have faith in a global financial recovery in the coming year.
ING's call to simplify system
ING Direct chief Don Koch has called for a national system which would allow bank customers to easily switch providers.
International Irish bailout agreed
EUROPEAN finance ministers agreed late yesterday to bankroll a massive bailout for Ireland - the eurozone's second emergency bailout this year.
Opp'n moves on price signalling
THE Federal opposition will today introduce legislation to parliament that aims to boost the consumer watchdog's powers to prevent price signalling.
$A higher, rebounding on equities
THE Australian dollar this morning opened slightly higher, following a volatile weekend of trading sparked by China's moves to curb inflation.
'Fractured' Parliament threat to geothermal
THE fractured nature of the Federal Parliament is the biggest threat to funding for the geothermal sector, an Adelaide conference has been told.
Cattleman John Ayers retires
Cattleman John Ayers retired from the family business S Kidman and Co yesterday after nearly half a century's involvement.
Local shares end in the red
THE Australian sharemarket closed lower on Friday, as speculation of more interest rate rises in China dampened investor sentiment.
Bigger is better for Australia
MIGRANTS raise the level of average education, increase productivity and pay more taxes than Australians, a report by BankSA says.
Fortescue plans $8.5bn spend to expand
FORTESCUE Metals Group has approved plans to spend $8.5 billion expanding its iron ore production to 155 million tonnes per annum.
News
Teen dies in street race horror
A TEENAGER has died in a street race which ended with his car hitting a bus before destroying a Stobie pole, cutting power in the western suburbs.
Sport
Aussie bid dumped in first round
A DESPONDENT Frank Lowy was this morning digesting Australia’s failed campaign filled with broken promises.
LATEST PHOTO GALLERIES
Victor Harbor Schoolies 2010
MAC Photo Booth, Schoolies, Victor Harbor Schoolies, Victor Harbor 2010
Miners killed in NZ disaster
A second explosion has left no hope of finding 29 men trapped in a New Zealand mine alive.
New chimp enclosure at Monarto Zoo
Four female chimpanzees from The Netherlands went on public display for the first time at Monarto Zoo today.
Miss South Australia
Organisers of the Miss South Australia contest are celebrating 60 years with an exhibition at UniSA's City Campus
