Nathan Bell, Research Director at Intelligent Investor Funds says today's sell-off in QBE shares has been overdone, and this could be a good buying opportunity.» Read More
Australian miners Oxiana and Zinifex plan to merge in an $10.7 billion deal to create the world's No. 2 zinc producer. A merger of the two mid-tier miners would create a diversified mining company with operations in Australia and Asia, and sizeable production of copper, lead, gold and silver.
Australia's troubled Centro Properties Group said it has received expressions of interest for two of its funds as it seeks to raise cash to repay a heavy debt load, and reported a $1.06 billion first-half loss.
Westfield Group, the world's top shopping mall owner, reported an 11.6 percent rise in net operating profit for 2007, slightly below market forecasts, driven by rental growth at its Australian malls.
QBE Insurance Group, Australia's top insurer by premium income, missed market estimates with a 30 percent rise in full-year profit because of negative currency movements, sending its shares down more than 13 percent.
Woolworths, Australia's largest supermarket chain, beat forecasts with a 28.1 percent jump in first-half profit on strong growth in food and liquor sales, and outlined plans to ramp up investment in its stores.
Allco Finance Group, a troubled Australian asset manager, said it planned to sell its non-core assets, following a business restructure, in order to cut its debt due to high funding costs.
Australian conglomerate Wesfarmers beat forecasts with a 53 percent rise in first-half profit, boosted by its acquisition of the Coles supermarket chain, sending its shares up as much as 6 percent.
Caltex Australia, the country's only listed oil refiner and marketer, on Friday reported a lower-than-expected 3.25 percent rise in net profit, as lower refining margins and a strong Australian dollar offset record production volumes.
Brambles Ltd the world's biggest supplier of pallets, reported a 10 percent rise in first-half profit and said it expected solid sales and profit growth this year, sending its shares up as much as 8 percent.
Qantas Airways, Australia's biggest airline, doubled its first-half profit, beating market estimates and said it was on track to achieve at least a 40 percent rise in full-year earnings.
Telstra, Australia's largest phone company, beat expectations with a 13 percent increase in first-half profit, helped by rapid mobile phone and broadband subscriber growth, and lifted its 2008 guidance.
The President of China's state-owned Chinalco remained remarkably cool under pressure during a Sydney press briefing earlier this month despite the figurative and literal glare of the media spotlight.
Foster's Group, Australia's biggest alcoholic drinks company, posted its slowest growth in first-half net profit in several years on Tuesday, as U.S. wine sales slumped and the strong Aussie dollar crimped earnings.
AMP Ltd, Australia's top pension administrator, missed estimates with a 10 percent rise in full-year underlying profit, but said it was well positioned to grow despite current market volatility.
ASX Ltd, operator of the Australian stock exchange, broadly met market expectations with a 35.4 percent rise in first-half profit on record revenues from its cash equities business.
Upmarket Australian department store chain David Jones posted a 9.3 percent increase in second-quarter sales, lifted by a bumper Christmas season, and raised its first-half profit growth forecast to between 23-25 percent.
Australian medical centre operator Primary Health Care reported a 23.7 percent fall in first-half net profit, hit by the interest costs of buying a 20 percent stake in its takeover target Symbion Health.
Macquarie Group, Australia's top listed investment bank, named Nicholas Moore as its new chief executive to replace outgoing CEO Allan Moss, and forecast a record full-year profit.
Australian financial services firm MFS said on Monday it will sell a 65 percent stake in its Stella tourism business to private equity firm CVC Asia Pacific, raising enough cash to meet its short-term debt obligations.
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