Business News
Aussie jobs safe from Alcoa cuts
MORE than 1800 jobs at Alcoa's two Victorian smelters are safe, despite the announcement of massive global job cuts, Premier John Brumby says.
Dollar hits fresh high, above US72c
THE dollar has opened at a three-month high as firmer commodities prices and improved sentiment on Wall Street boosted the high-yielding currency.
US stocks fall as profits cashed in
US stocks fell overnight as investors returning from year-end holidays cashed in profits from last week's powerful rally and braced for upcoming corporate earnings reports.
Regulators examined Madoff - report
BERNARD Madoff's investment company was examined at least eight times in 16 years by the US Securities and Exchange Commission, a report said.
Miners boosted as commodities soar
SHARES in our battered big miners got a much-needed boost yesterday, buoyed by a bounce in commodities prices.
Bank mergers likely in credit squeeze
FORMER HBOS Australia chief David Willis believes more bank mergers are in the pipeline in 2009 as local banks continue to feel the pinch from the credit crunch.
HFA funds frozen as crisis hits
FUNDS worth $5.6 billion have been frozen by hedge fund manager HFA affecting 40,000 Australian investors.
Wall St lower on gloomy data
US stocks closed lower overnight on concerns over corporate earnings and plunging retail sales as well as deteriorating US commercial property values in an economy reeling from prolonged recession.
Crisis puts clamps on mergers
AUSTRALIA'S mergers and acquisition market is expected to worsen in 2009 as the global financial crisis continues to batter the confidence of dealmakers.
CBA thought bad debt was 'immaterial'
COMMONWEALTH Bank has told the ASX it did not believe that information concerning its 2009 bad and doubtful debt expense was material to the company and required disclosure.
ECB to extend unlimited bank loans
THE European Central Bank will keep providing unlimited amounts of cash in operations that underpin eurozone lending at fixed rates, in a move announced overnight aimed at unblocking key interbank markets.
CBA and Merrill trade blows
OPEN war has broken out between Commonwealth Bank and finance house Merrill Lynch over a bungled $2 billion capital raising.
OPEC makes biggest cut ever
OPEC oil ministers agreed their deepest output cut ever, slashing 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel.
CBA blames Merrill for mix up
CBA may be forced to reprice or scale back its $2bn capital raising after being flooded with complaints for issuing a quasi profit warning after the money was raised.
NAB not only Wizard suitor
NAB says it is in advanced talks to purchase the brand name and Australian distribution network of Wizard Home Loans for an undisclosed price.
CBA in $2bn capital raising
COMMONWEALTH Bank has completed a $2bn capital raising that allows it to take advantage of further expected consolidation in the banking sector.
Porsche takes over Volkswagen
GERMAN luxury sportscar maker Porsche has taken over Volkswagen, the biggest European car manufacturer, after purchasing more than 50 per cent of VW shares, Porsche said.
The brakes are on new car sales
A CRASH in business confidence has plunged the Australian car industry to its worst sales performance in 30 years, with fleet sales falling sharply and the industry predicting another sharp decline this year.
Chrysler sales plunge 53pc
CHRYSLER'S US sales plummeted by 53 per cent in December, helping to drag 2008 sales down 30 per cent to under 1.5 million vehicles, the struggling carmaker announced overnight.
Apple bounces as Jobs clears the air
APPLE chief executive Steve Jobs sought to soothe investor concerns about his health overnight, saying his weight loss was caused by a hormone imbalance that is relatively simple to treat.
Business braces for the worst
AUSTRALIAN businesses fear the next three months will be their toughest quarter yet.
Dollar closes above US71c
THE dollar closed higher today, as a more optimistic mood among investors lifted the currency above $US0.7100.
December sales figures astonish retailer
THE economic crisis has led to a bumper Christmas with shoppers trying to spend their way out of the gloom.
Euro economy 'to recover late next year'
THE European Central Bank's top economist Juergen Stark thinks the eurozone economy will begin to recover late next year.
ASIC on CBA's case over share debacle
THE debacle over Commonwealth Bank's failure to disclose up to $800m in bad debt is in the hands of the corporate regulator.
Shares open 2pc weaker as oil slumps
THE share market has opened nearly 2 per cent weaker, led by energy producers, after the oil price slumped on fears demand will continue to slide because of the slowing global economy.
NAB boss stamps his authority
NAB's incoming boss Cameron Clyne has wasted no time in seizing the levers of power within the bank.
Swan prepared to act on economy
TREASURER Wayne Swan said he was prepared to go beyond the Rudd Government's $22 billion of economic stimulus measures after the US central bank slashed interest rates to near zero to stave off a dramatic decline in the world's biggest economy.
Madoff house arrest as losses mount
- Bernard Madoff fitted with ankle bracelet, wife gives up passport
- European banks reveal more lost millions
- Investigation into personal connections between Madoff and US regulators
Shares up despite bank uncertainty
THE stock market closed slightly higher as investors ignored a big lead from Wall St, instead taking an axe to some major banks.
Wall St stocks soar on Fed rate cut
US stocks soared overnight as investors cheered the Federal Reserve decision to cut its key rate to near zero and its pledge of more steps to revive economic activity.
Miners slash jobs as downturn sets in
THREE big miners moved to cut jobs yesterday as the resources downturn starts to threaten the broader economy.
Advertisement
Sponsored Links
Feedback
Drop us a line at business@news.com.au