Business News Archive
Positive signs for retailers
SOUTH Australian retailers have cause to be optimistic as the state's retail turnover rose a seasonally adjusted one per cent in September.
Aus stocks start day on high
THE Australian share market opened higher after a lift on the United States exchange overnight.
News Corp profit falls
NEWS Corporation has reported a slight fall in first quarter net profit due to a number of one-off charges.
Another day, another massive bank profit
ANZ is the last of the big four banks to record huge profits - making $5.36 billion. But the bank predicts storms ahead.
Bank deposits bulge in the great save
SOUTH Australians are pouring their money into the safe haven of banks and BankSA increased its deposits by 8 per cent to a record $9.3 billion in the past year.
$1bn plan for site at Bowden
THE $1 billion development at Bowden - to be released to the private sector in March - will be launched to industry representatives tonight.
Swan blasts NAB on partial cut
TREASURER Wayne Swan lashed out at the National Australia Bank yesterday for not passing on the Reserve Bank's 0.25 percentage point cut in full.
Search high and low for staff
BUSINESSES should turn to the internet, retirees and students to boost their workforce in the face of a worsening skills shortage.
10,000 more fresh food people
WOOLWORTHS will create more than 10,000 new jobs in Australia and New Zealand as it conducts a "wholesale review" in a bid to lift its fresh food sales by up to $2.5 billion.
Greek PM holds world to ransom
GREECE is now the greatest threat to the global economy after its prime minister ordered a referendum on the crucial debt deal negotiated last week.
Greedy NAB refuses to pass on the full rate cut
TREASURER slams bank for not passing on RBA's rate cut in full, calling decision unjustified.
Woolies to create 10,000 jobs
WOOLWORTHS says it will create 10,000 new jobs this financial year in Australia and New Zealand as it recruits staff to work in new stores.
NAB forgoes full rate cut
TREASURER slams bank for not passing on RBA's rate cut in full, saying the decision is both greedy and unjustified.
Centrex nominates new mine site
CENTREX Metals has nominated a site just west of Tumby Bay as its preferred first option to develop a magnetite iron ore mine.
Australian stocks hit by Greece woes
THE Australian stock market was still significantly lower at noon after possible troubles with the European bailout caused world markets to plunge.
Stockmarket opens lower on offshore losses
The Australian stock market has opened lower, mirroring large losses on offshore bourses, as investors reacted to the latest developments in Greece.
Westpac posts $6.9 billion profit
WESTPAC Banking Corporation has increased full year profit by 10 per cent, saying its business strategy was "delivering tangible benefits".
Spring in Santa's step as rates are cut
RETAILERS and business groups say yesterday's interest rate cut is long overdue.
Manufacturing slide slows up
AUSTRALIAN manufacturing contracted at a slower pace in October but is still suffering from the effects of a strong Australian dollar and cheap imports, a survey shows.
A farewell to arms exports red tape
SOUTH Australian defence firms will have unprecedented access to the US market under a treaty being introduced to Federal Parliament.
BHP nod for $4bn coal expansion
BHP Billiton has approved the development of a $4 billion coal project in the northern Bowen Basin, in central Queensland.
Harvey Norman earnings slip
ANALYSTS expect Harvey Norman to continue discounting into next year amid weak sales results.
Miners the weak link as stocks fall
AUSTRALIAN stocks fell 1.5 per cent yesterday as weakness among the nation's major miners dragged the market lower.
Singapore's budget carrier scoots in
SINGAPORE Airlines has launched a budget carrier that will fly on medium and long-haul routes, including to Australia and China.
Interest rates joy for homeowners
THE cut to interest rates yesterday will help restore confidence in the economy by putting cash in consumers' pockets and easing the minds of homebuyers.
Greek referendum clouds bailout deal
GREECE will hold a referendum on the new European debt deal reached last week - the first such vote in 37 years.
$A softer on China, rates decision
THE Australian dollar fell after the central bank cut interest rates and weaker than expected Chinese manufacturing figures were published.
Aust stocks fall on China, Europe
AUSTRALIAN shares were slightly lower as investors took a breather from the recent strong rally and awaited more economic data this week.
Housing sector still weak - economists
ANY recovery in the Australian housing sector won't be happening soon as prices are still falling, economists say.
Super Retail completes Rebel takeover
SUPER Retail Group has finalised its $610m purchase of retailer Rebel Group, appointing former Rebel manager to drive growth in the business.
Aust shares plunge in line with Wall St
THE Australian share market fell almost 1.5 per cent by noon after the release of softer than expected manufacturing figures from China.
Kagara talking with potential buyers
KAGARA has begun talks with potential buyers of its nickel assets after its mining partner Western Areas indicated it was not interested in a purchase.
Harvey Norman shares drop 6 per cent
SHARES in retailer Harvey Norman have fallen by over six per cent after its sales dropped in the three months to September.
New ministry widens focus to regions
MINISTER Gail Gago is stepping up to a new rural portfolio that includes tourism and sees herself as a champion for regional South Australia
This festival is a feast for sponsors
THE number of sponsors for the 2011 Feast Festival has almost doubled, defying competition from a crowded events calendar in a lacklustry economy.
SA's mining era at starting gate
AS desert dreaming moves towards earth moving, BHP's president of uranium Dean Dalla Valle talks about how it pays to be local.
Giving green advice to the Vics
ADELAIDE'S ZEN Home Energy Systems has been selected to deliver a community solar energy project in Victoria.
Premier's pitch to BHP chief
THE Olympic Dam expansion must maximise benefits for every South Australian, Premier Jay Weatherill has told BHP's chief executive Marius Kloppers.
Qantas will bounce back - Joyce
QANTAS will recover market share despite incurring more that $100m in lost earnings, CEO Alan Joyce says.
Coal seam gas needed to meet demand
THE only way to meet a tripling in natural gas demand in eastern Australia is by allowing unconventional gas projects, including coal seam gas, Santos says.
Qantas shares rebound on open
QANTAS shares have rebounded 5.5 per cent to $1.63 this morning in response to services resuming with the airline.
Downgrade has no impact, says Leighton
CONSTRUCTION giant Leighton Holdings says a credit rating downgrade by Moody's will not impact on its existing credit facilities.
Retailers want Christmas rate cut
THE Australian Retailers Association has urged the Reserve Bank to cut interest rates to provide relief for hard-pressed retailers before Christmas.
A super rate of economic recovery
A SURGING share market and the prospect of the first interest rate cut in 2½ years has buoyed the spirits of householders and investors after months of volatility.
Wine buyout worth bottling
THE financial crash sweeping the Managed Investment Scheme sector in the past few years has claimed the corporate lives of the biggest players.
Online brings store prices down
AUSTRALIAN shoppers spending up on overseas websites are bringing down the price of goods in Australia.
Time to jump aboard the biotech train
BIOTECHNOLOGY is one of the world's fastest growing industries and South Australia needs to catch the wave through greater investment in labs and other infrastructure and training more graduates in high-tech sciences.
Treasure hunter strikes gold export
TREVOR Ferraresso is living a dream - helping prospectors find buried treasure and selling his equipment around Australia and to a rapidly-growing range of export markets.
Advisory firm's 'perfect fit' merge
MOORE Stephens Adelaide has merged with 2IC Management. The combined team of six partners and 28 staff will work from Moore Stephens's Flinders St offices.
Dollar continues to soar after EU deal
THE Australian dollar has continued its strong rally, climbing above 107 US cents after European leaders reached a breakthrough to resolve the eurozone debt crisis.
Local shares add $57bn for week
AUSTRALIAN shares have recovered the lost ground from the Greek debt crisis, adding $57 billion in value over the past week.
Pokie attacks upset James Packer
THE Federal Government has vowed to stick with its poker machine reforms.
John Symond slams 'sleepy' RBA
THE founder of Aussie Home Loans has called for an interest rate cut and says the RBA has been "asleep behind the wheel'' for the past year.
Santos sells Evans Shoal for $327m
Santos has agreed to sell its interest in the Evans Shoal gas field offshore northern Australia for up to $US350 million ($A327 million).
Industrial action cost Qantas $68m
QANTAS says the industrial action taken by the licensed engineers', pilots' and Transport Workers' unions has cost the airline $68 million.
Two strikes but not out: Packer
THE chairman of casinos operator Crown, James Packer, says he'll support any directors who lose their jobs.
Market relief over Euro deal
THE Australian stock market rose sharply yesterday, cheered by signs the worst of Europe's debt crisis might be over
Flight Centre profit on the up
FLIGHT Centre says profit in the financial year so far is ahead of expectations, but market volatility has management cautious.
EU leaders reach crisis deal
EUROPEAN leaders have agreed on a grand plan to cut Greece's debts and provide it with more rescue loans, in a key move to solve the eurozone's debt crisis.
`Nothing to hide' over Olympic Dam
THE State Government says Olympic Dam expansion opponents are welcome to give evidence to a parliamentary committee as it "has nothing to hide".
Checkouts get busier at Woolworths
WOOLWORTHS' sales have risen as Australia's biggest supermarket chain increased market share and customer numbers.
Technical difficulties halt trade
TRADE has been suspended on the ASX because of technical difficulties.
ASX resumes trading after glitch
AUSTRALIAN shares jumped almost 2 per cent after the market finally opened, as EU leaders agreed on a crucial plan to reduce Greece's debts.
Ten profit plummets 90.5pc
TEN Network Holdings full year profit plunged 90.5 per cent as the broadcaster continues an operational and strategic review.
Sport deals hurt Ten's bottom line
TEN Network Holdings full year profit plunged 90.5 per cent as the broadcaster continues an operational and strategic review.
NAB posts record $5.22bn profit
NATIONAL Australia Bank has reported its best ever profit of $5.22 billion.
Melbourne Cup rate cut a good bet
THE odds of an official interest rate cut on Melbourne Cup day shortened sharply yesterday because of weaker-than-expected inflation figures.
BHP boss flies in to meet Premier
IN his last week as premier, Mike Rann had to fly to Melbourne to negotiate the Olympic Dam expansion agreement with BHP Billiton's boss.
Mining projects a jobs bonanza
MORE than 6700 new jobs could be created on the Eyre Peninsula over the next 10 years by seven new mining projects, the State Government's Resources and Engineering Skills Alliance believes.
Rio support for royalty regimes
RIO Tinto chief executive Tom Albanese has said royalty regimes are better for host countries than direct equity ownership in projects.
Drill or die, Rinehart warns
THE resources sector could lose market share to other countries without new exploration incentives if and costs keep rising, warns Gina Rinehart.
Poor management hurts workers
SOME workers are being left out of pocket because case managers are referring them to medical panels, WorkCover Ombudsman Wayne Lines says.
Apollo to drill in far north
APOLLO Minerals will start a drilling program at its projects in SA's far north after receiving a deed of access from the Defence Department.
Gerard aims to acquire and grow
GERARD Lighting aims to double revenue by the 2016 financial year with a combination of organic growth and acquisitions.
Australian shares recover ground
AUSTRALIAN shares rebounded strongly to finish the day in positive territory after initially slumping.
Weatherill to meet with BHP next week
NEW Premier Jay Weatherill will meet BHP Billiton boss Marius Kloppers next week to discuss the company's expansion plans at the Olympic Dam mine.
Rate cut on the agenda
INFLATION figures have opened the door to an interest rate cut a little wider.
Share market drops as investors wait
AUSTRALIAN shares are trading down 1 per cent as investors worry a resolution to the European debt crisis may not come as soon as hoped.
Toll expects continued tough conditions
FREIGHT transport company Toll Holdings expects the resources sector to offset challenging conditions for retailers and industrial customers.
European debt crisis a threat to region
THE strength of the Asian and Australian economies could be threatened by the economic crisis in Europe, Foreign Affairs Minister Kevin Rudd says.
Olympic Dam deal best possible
THE Olympic Dam project's economics are "marginal", Treasurer Jack Snelling says.
Hopes raised for interest cuts
SLOWING prices growth in Australia and Europe's failure to contain its debt crisis have raised hopes that homeowners and businesses will finally receive an interest rate cut next week.
Charities are OK with scrutiny
ADELAIDE charity leaders have welcomed Federal Government plans to compel charitable organisations to reveal their financial data.
Gold price to keep on shining
THE gold price could rise to $US2200 an ounce by 2013 as global economic uncertainty continues, South Africa-based gold mining giant AngloGold Ashanti says.
News
'Never let pensioner killer free'
ANGELIKA Gavare should be jailed for the rest of her life - with no chance of release - for the murder of Vonne McGlynn, a court has heard.
Sport
Slater powers to 11th world title
US surfing legend Kelly Slater has claimed an unprecedented 11th world title after a heat-round win in San Francisco.
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