×

Asia-Pacific News Australia & New Zealand

  • Troubled Australian hedge fund Basis Capital has warned investors they may only get half their money back and has appointed an accounting firm to help manage a sale of assets, according to media reports.

  • Macquarie Bank, Australia's largest investment bank, said on Thursday first-quarter profits were substantially higher than a year ago, and forecast continued strong growth.

  • Consumer prices in New Zealand rose more than expected in the second quarter, heightening expectations the central bank will raise interest rates later in the month and sending the currency to a 22-year post float high.

  • Australian employment growth slowed in June from the furious pace of previous months while the jobless rate ticked up from 33-year lows, easing pressure for a restraining rise in interest rates.

  • Alcan, which is fending off a hostile $28.8 billion bid from U.S. rival Alcoa, is closer to arranging a rival friendly deal and is expected to make an announcement this week, according to sources familiar with the situation.

  • The board of Qantas Airways is expected to consider a plan next week to create a separate company to own its fleet of more than 200 planes, including orders for at least 65 Boeing 787s, analysts and media reports said Wednesday.

  • Australia's largest supermarket chain, Woolworths, reported a 9.6% jump in fourth-quarter sales, and upgraded its full-year profit outlook, as it continues to take market share from struggling rival Coles Group.

  • British-owned health insurer BUPA has made a bid for Australia's second-largest private health fund MBF, possibly worth as much as $1.7 billion, newspapers said on Friday.

  • Japanese food and beverages giant Kirin Holdingsis considering a $1.7 billion-plus acquisition of San Miguel's Australian dairy and fruit juice assets, the Australian Financial Review reported on Thursday.

  • Australian miner Oxiana Resources considers that a merger with zinc producer Zinifex would produce benefits, the Australian Financial Review reported on Thursday.

  • Macquarie Media Group agreed to pay $937 million to buy the remaining stake in Southern Cross Broadcasting and sell part of SCB's assets to Fairfax Media.

  • Shares in Australian conglomerate Wesfarmers and in Coles Group fell on Tuesday as trading resumed following Wesfarmers' $17 billion takeover of Coles to create the country's biggest retailer.

  • Australia's second-largest retailer, Coles Group, agreed to a $19 billion bid, including debt, from conglomerate Wesfarmers, in the country's biggest takeover.

  • Australian manganese miner Consolidated Minerals said it had rejected a $713 million takeover proposal from Territory Resources and would proceed with an agreed offer from Pallinghurst Resources.

  • Singapore Telecommunications said on Monday its Optus unit has secured A$958 million (US$807 million) in funding from the Australian government for its broadband joint-venture.

  • Australian retailer Coles Group said on Thursday that Texas Pacific, Blackstone and Carlyle will not make a bid for Coles by Saturday's deadline, but have not withdrawn from the bidding process.

  • The Australian Branch of Citigroup, the world's largest financial institution, was cleared Thursday of insider trading and conflict of interest charges brought by the country's competition watchdog.

  • Blackstone Group has pulled out of a consortium of three firms bidding for Australian retailer Coles Group, a source familiar with the situation said.

  • Australia's Babcock & Brown Infrastructure made a revised takeover offer for U.S. utility NorthWestern Energy after a regulator blocked its initial US$2.2 billion bid on concerns the deal was not in the interests of customers.

  • Smorgon Steel said on Friday an independent expert's report had found a A$1 billion ($845 million) agreed takeover by OneSteel was in the best interest of shareholders.