Business News Archive
$A up on US jobs news
THE Australian dollar has opened higher on better than expected US private sector employment data.
Economic revival stalled by disasters
THE economy picked up in the December quarter last year before natural disasters hit Australia, data shows.
SA farmers yield best crop
A bumper grain crop and high commodity prices should help SA farmers reap the best returns of any state this financial year.
James Packer quits Ten board
JAMES Packer has quit the board of the Ten Network less than three months after joining.
Natural disasters impact economy
AUSTRALIA'S economy is growing but analysts say the national accounts are showing the economic effects of recent natural disasters.
Brambles' CHEP in Swiss deal
THE world's largest pallet provider, CHEP, has won a contract with major Swiss milk producer Emmi.
ASX trades lower on weaker Wall St
AUSTRALIAN shares are lower on negative leads from Wall St and continuing Middle East tensions.
Austar and Foxtel are talking
REGIONAL pay TV provider Austar has confirmed ``verbal discussions'' with Foxtel for a possible takeover bid.
Frank Lowy steps back
FRANK Lowy will become Westfield Group's non-executive chairman and his sons Peter and Steven joint chief executives, under a board revamp.
Weaker annual profit for Metcash
GROCERY and liquor wholesaler Metcash has downgraded full year earnings forecasts on continuing difficult trading conditions.
Aussie dollar dips slightly
THE Australian dollar has weakened slightly in response to fresh worries about the health US economy.
Home loan war to hit earnings
THE price war erupting in Australia's mortgage market threatens to hit profitability in the banking industry.
Failed bookstores face creditors
FAILED bookstore Borders had just $1 million in cash while employees were owed $7.8 million in entitlements, a creditors' meeting has heard.
Interest rates kept on hold
THE Reserve Bank Board has left official interest rates on hold, sparing mortgage holders the pain of another rate hike amid rising petrol costs.
Digislide cuts loss, faces tax audit
ADELAIDE tech company Digislide has more than halved its first-half loss but says it is battling to access export marketing grants it was relying on.
Axiom in $60bn nickel deal
AUSTRALIAN mining company Axiom has secured what it says is one of the world's largest nickel deposits under a 50-year deal in the Solomon Islands.
Borrowers spared rate rise - for now
HOME borrowers survived an interest rate rise today, but the relief is likely to be shortlived.
Interest rates kept on hold
THE Reserve Bank Board has left official interest rates on hold, sparing mortgage holders the pain of another rate hike amid rising petrol costs.
Cougar challenges shutdown
COUGAR Energy will challenge a state ruling that shut down its underground coal gasification (UCG) activities.
Wall Street boosts ASX
AUSTRALIAN shares are higher from positive leads overseas and commodity markets buoying local resource and financial stocks.
Commodity exports worth $250b
GLOBAL demand for commodities will boost Australia's exports by 14 per cent to more than $250b this financial year, ABARE says.
Manufacturing picks up
AUSTRALIAN manufacturing began to expand in February for the first time since July 2010, a survey says.
Cash-hit SA desal company collapses
THE company behind the Adelaide desalination plant's first death has collapsed with estimated debts of more than $10 million.
Beach in red, but shares up
A WRITE-DOWN of Beach Energy's venture in the Gippsland Basin has dragged its result into the red.
High roller lives to fight another day
CROWN casino yesterday failed in a bid to send its nemesis high-roller gambler Harry Kakavas into bankruptcy.
ASX hits glitch, $1.5bn in lost trade
TRADING on the ASX was halted today as a technical glitch wiped an estimated $1.5 billion of turnover.
Australian insurers take cover
AUSTRALIA'S largest insurer warns the industry may struggle to secure new reinsurance coverage due to the frequency and scale of recent natural disasters.
Floods will hit QR National
RAIL operator QR National Ltd has cut its earnings forecasts after warning that second half profits will take a hit from the recent Queensland floods.
Ramelius' earnings sparkle
GOLD miner Ramelius Resources has more than tripled its first half net profit after a four-fold rise in revenue from gold sales.
Opes Prime director on trial
A former director of failed stock-lender Opes Prime has been committed to stand trial on criminal charges stemming from its collapse.
Sigma signals strong year
SIGMA Pharmaceuticals expects full year earnings above earlier guidance following solid trading towards the end of 2010.
Market flat on Libya incertainty
AUSTRALIAN shares closed flat after corporate reports from the tail end of the earnings season failed to inspire investors.
$A firmer as market tensions ease
THE Australian dollar is higher as market concern lessens about the crisis in oil-rich Libya.
Wine ruckus over marsupial mix-up
ANIMALS adorn many a wine bottle in the US. Aardvarks, cockatoos and penguins all have helped make wine less intimidating to Americans, say marketers.
Strong dollar hurts trade outlook
BUSINESS chiefs predict a patchy economic growth outlook for 2011 with trade-exposed industries particularly hit by the strength of the Australian dollar.
Carbon tax 'economic vandalism'
THE introduction of a carbon price will harm manufacturing and entrench Australia's dependence on resources, Bluescope Steel's chief executive says.
Craigslist cries foul over warning
CRAIGSLIST can harm you, according to rival Oodle, which is portraying the site as "a cesspool of crime".
US President calls for teamwork
PRESIDENT Obama has asked US legislators to work together amid the threat of a government shutdown next month.
US stocks up as oil price settles
US stocks rose on Friday as oil prices stabilised following a recent jump, but the escalating turmoil in Libya still left major indexes down about 2 per cent for the week.
Saucy treats on the farm
A CHANGE from a life as a chef to a Fleurieu Peninsula farm has proved a resounding success for Vicki Matchett.
SA grain handling needs updating
AN inquiry is needed into the state's grain harvest so farmers can talk openly and resolve issues, an analyst said yesterday.
Big miners grow as retail slows
AUSTRALIA'S two-speed economy has left its stamp on company balance sheets with the big miners booming while retailers run for cover.
Arasor desperate for backdoor listing
THE board of troubled tech company Arasor believes the firm will soon be placed into administration.
Worst week for shares in six months
THE Australian share market closed firmer but turned in its worst weekly performance since mid-August.
Business Breaking News
Woolies tightens grip on wine trade
WOOLWORTHS will buy The Cellarmasters Group for $340 million, raising substantial concerns in the Australian wine industry.
Weather woes hit Leighton Holdings
LEIGHTON Holdings says it expects full year net profit to fall by more than 20 per cent in 2010-11, after reporting a 25 per cent drop in first half profit.
Harvey Norman profit takes hit
HARVEY Norman has reported a slump in first half net profit, down 17 per cent.
E&A; profit down, outlook strong
E&A Limited had its half year profit shredded by provisions for two bad debts, but expects strong trading in the second half.
General Motors returns to profit
AFTER years of massive losses, General Motors has posted its first annual profit since 2004.
Woolies $1.6bn first-half profit
WOOLWORTHS says a "degree of uncertainty" hangs over the next six months of trading.
Better year for resources firm Iluka
MINERAL sands producer Iluka Resources has posted a $36.1 million full year profit.
$A firmer on capex and oil price
THE Australian dollar is up, boosted by encouraging local investment data and a higher oil price.
Industry attacks carbon scheme
AUSTRALIA'S powerful business lobby has attacked the lack of detail in the Gillard Government's carbon tax plan while warning it threatens jobs and will fuel uncertainty.
Cleanseas' fingerling success
CLEANSEAS' tuna fingerlings have reached 34 days without the problems faced two years ago.
Penrice positive despite $1.2m loss
A COMBINATION of plant failure and floods have triggered debt covenant issues for Adelaide's Penrice Soda Holdings.
Origin incurs loss on asset purchases
ORIGIN Energy has downgraded its full-year profit guidance and reported a first-half loss due to costs relating to its bid for NSW's state-owned energy assets and writedowns on a geothermal energy investment.
Floods, factories fall on Penrice
A COMBINATION of plant failure and floods have triggered debt covenant issues for Adelaide's Penrice Soda Holdings.
Oil concerns weigh on share market
THE Australian stock market closed in the red for the fourth consecutive day today amid escalating tensions in Libya.
Consumers get a great deal: ANZ
ANZ chief Mike Smith has vigorously defended the banking sector, saying consumers get an "amazing deal".
iiNet wins illegal download appeal
A GROUP of 34 movie studios headed by Village Roadshow has lost its appeal against a Federal Court judgment involving internet service provider iiNet.
Ramsay Health Care looking to grow
RAMSAY Health Care increased its half year profit and reaffirmed its full year guidance as it expands.
Centro restructures to reduce debt
CENTRO Properties' first half profit surged to $553 million, but underlying profit fell 42 per cent and it will now restructure due to its debt burden.
Oil concerns weigh on share market
THE Australian stock market opened lower after world markets slumped with investors worried about higher oil prices.
Takeovers pay off for Toll
TOLL Holdings increased first-half profit 53 per cent benefiting from both internally generated growth and takeovers.
Fairfax reports 16pc profit rise
FAIRFAX Media has reported a double-digit lift in first half net profit as the company's strategic plan begins to be implemented.
US shares down on oil fears
US STOCKS fell for a second straight day after clashes in Libya sent oil prices to two-year highs
New guard's power play
INVESTORS in the Ten Network are bracing for another tumultuous change in strategy after Lachlan Murdoch replaced CEO Grant Blackley.
Ed Harry comes unstitched
TROUBLED South Australian menswear retailer Ed Harry has called in administrators with at least $12 million owed to creditors.
Suncorp Group predicts volatile earnings
NATURAL disasters have contributed to a 39 per cent fall in Suncorp Group Ltd's first half profit.
ASX cuts losses as bargain-hunters play
THE Australian sharemarket closed marginally in the red today thanks to opportunistic investors.
Boart Longyear delivers healthy profit
BOART Longyear has made a solid return to profit but has warned Australia faces a labour shortage as the resources sector picks up speed again.
Boart Longyear returns to profit
BOART Longyear has made a solid return to profit but warns Australia faces a labour shortage as the resources sector regains speed.
NSW drives AGL earnings
AGL Energy plans to ramp up marketing in NSW with sales in that state contributing to a 30pc rise in first half net profit.
Virgin Blue earnings nosedive
AIRLINE Virgin Blue Holdings expects "challenging'' conditions to continue on top of its 62 pc fall in first half profit.
IronClad raises $11 million for SA mine
IRONCLAD Mining will raise $11.3 million via a rights issue to fund its Wilcherry Hill mine on the Eyre Peninsula.
Put boom income to savings: RBA
AUSTRALIA is in it's biggest mining boom since federation but the rise in income should be treated as temporary, the RBA says.
Oil prices hit two year high
US stocks fell sharply and oil prices spiked to their highest level in two years as investors worried about the increasingly violent unrest in Libya.
Southern Cross returns to profit
REGIONAL television and radio owner Southern Cross Media Group has returned to profitability in the first half of 2010/11.
Mideast turmoil to lift petrol price
FEARS of a regional conflict stemming from the Libyan revolt are expected to increase fuel prices.
Gerard Lighting makes $9.5m
A STRONG Australian dollar has delivered mixed results for Adelaide-based Gerard Lighting Group.
ETSA Utilities lifts profit
ETSA Utilities increased net profit by 16.4 per cent to $276.2 million in 2010 as higher tariffs lifted its regulated revenue.
$30m fruit stake bears 100 jobs
ABOUT 100 jobs have been created at Two Wells through a $30 million investment.
ETSA owner loses its spark
SPARK Infrastructure, which owns 49 per cent of ETSA Utilities, has seen full year profit fall to $81m.
Libya and oil prices push down stocks
THE Australian share market finished weaker as selling pressure gripped Asia bourses.
News
Mr X does flood levy deal
JULIA Gillard has secured the final vote to pass her controversial flood levy after giving substantial ground to independent SA senator Nick Xenophon.
Sport
Irish in upset win over England
KEVIN O'Brien struck the fastest-ever World Cup hundred as Ireland pulled off a sensational three-wicket win over England overnight.
LATEST PHOTO GALLERIES
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Zoo animals measure up
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