Mike Elliott, Global Mining & Metals Leader at EY, discusses the miner's decision to increase the capacity of its Western Australian operations despite plummeting iron ore prices.» Read More
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Australia's core inflation rate accelerated to its fastest pace in 16 years last quarter, adding greatly to the domestic case for a rise in interest rates even as turmoil in global markets seemed to argue against one.
Australian financial services firm City Pacific dropped its $1.1 billion plan to buy the management business of rival MFS after financing worries saw MFS shares' plunge.
Australia's producer prices rose by less than forecast last quarter as falls in the price of food and imported electronics helped temper rising fuel and construction costs, taking some steam out of inflation fears.
MFS, an Australian financial services and property group, said on Friday it would split its businesses into two listed companies, possibly clearing the way for rival City Pacific to buy its funds management business.
Allegiance Mining has rejected a takeover bid of up to $654 million from fellow Australian miner Zinifex, saying the offer was inadequate.
Employment in Australia recorded another solid rise in December while the jobless rate fell by more than expected, underlining a domestic case for a rise in interest rates, even as a troubled global outlook argued against one.
Australian carrier Qantas Airways said on Thursday that a delay in the delivery of its Boeing 787 Dreamliner planes won't affect earnings or strategy, but it will be seeking compensation.
Australian consumer sentiment soured in January as rising petrol prices and borrowing costs combined with sliding equities and global gloom to take the gloss off an otherwise robust economy, a survey showed on Wednesday.
Australian financial services and property group MFS, target of a takeover bid from rival City Pacific, said on Wednesday it was considering separating its Stella tourism business from its financial services division.
Shopping mall owner Centro Properties Group, a high-profile Australian casualty of the global credit crunch, warned on Tuesday it may have more debt to refinance than it previously said, sending its share price down by nearly half.
A private gauge of Australian inflation rose sharply in December as fuel, borrowing costs and rents all climbed, heightening the risk that official inflation figures could be alarming enough to warrant a rate hike.
Australia's Alumina cut its full-year underlying earnings forecast by 17 percent on Thursday, citing lower aluminum prices, a higher Australian dollar and increased costs.
Australia's retail sales rose by more than expected in November as strong growth in jobs and incomes offset increases in interest rates and petrol prices, suggesting rates may yet have to rise again to cool demand. Wednesday's government data showed retail sales climbed 0.8 percent seasonally adjusted in November to A$20.07 billion ($17.6 billion). That handily beat forecasts of a 0.5 percent gain while sales increased by 8.1 percent on the year, the equal highest increase since June 2004.
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Babcock & Brown, an Australian investment and advisory firm, raised its earnings per share growth forecast to at least 45 percent on Monday, boosting its shares as much as 5.5 percent.
Australia's largest steelmaker BlueScope Steel said it had agreed to buy U.S. steelmaker IMSA Steel Corp for $730 million, accelerating its North American expansion.
Shares of Centro Properties Group, which owns and manages 700 shopping malls in the United States, rebounded as much as 85 percent on Wednesday after the company reassured investors it was still viable, helping it recover from two days of heavy falls.
Shares in Australia's Centro Properties Group dived by more than 50 percent on Tuesday, a day after losing three-quarters of their value after it said it is having trouble refinancing $1.1 billion in debt.
Australia's Centro Properties Group, which manages U.S. malls with tenants from TJ Maxx to Wal-Mart, warned it is having trouble refinancing $1.1 billion in debt and may have to restructure because of fallout from the U.S. subprime crisis.