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Australia

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  • Westpac May Need Cash to Clinch St George Deal Wednesday, 2 Jul 2008 | 12:01 AM ET
    A branch of the Westpac Bank in Sydney, Thursday, Nov. 2, 2006. Westpac Banking Corp., Australia's fourth-biggest bank reported a record net profit of $3.071 billion (US$2,333.96 billion) for the 2005/06 year, up 13.8 per cent. (AP Photo/Mark Baker)

    Australia's Westpac Banking Corp may need to add cash to save its estimated A$14 billion ($13.6 billion) all-stock takeover of St George Bank as a sharp slide in Westpac sharessparks unrest among the smaller bank's investors.

  • Australia May Retail Sales Rise on High Food Prices Tuesday, 1 Jul 2008 | 11:22 PM ET

    Australian retail sales rose well past expectations in May, pointing to consumer resilience in the face of higher living costs and challenging the official view that interest rates were high enough to curb domestic demand.

  • Australia's Just Cuts Forecast, Shares Drop Tuesday, 1 Jul 2008 | 10:04 PM ET

    Just Group, an Australian clothes retailer, cut its earnings forecast for the 2008 financial year by as much as 12.6%, hit by sluggish consumer demand, but said it still rejected a takeover bid from billionaire Solomon Lew.

  • Asian Markets Slip on Economic Fears Tuesday, 1 Jul 2008 | 5:12 AM ET

    Asian markets were weaker Tuesday as investors continued to fret about the economic impact of high oil prices. Japan, South Korea and Australia all finished lower.

  • RBA Holds Rates Steady, Counts on Slowdown Tuesday, 1 Jul 2008 | 1:40 AM ET

    Australia's central bank held interest rates steady at a decade high on Tuesday, citingĀ  growing evidence that past hikes were working to cool demand and curb inflation in the long run.

  • High Oil and Inflation Woes Hurt Asian Stocks Monday, 30 Jun 2008 | 4:55 AM ET

    Asian markets were mostly lower Monday, with Japan and Australia both closing down. Skyrocketing oil prices remained the key theme as investors worried over the impact of record oil prices on the health of the global economy.

  • POSCO in $404 Million Macarthur Deal, Rivals Arcelor Sunday, 29 Jun 2008 | 10:46 PM ET

    Global steel giants ArcelorMittal and POSCO have separately bought stakes in Macarthur Coal, raising the possibility of a bidding war for the Australian mining company as steelmakers rush to secure stable coal supplies.

  • Qantas to Hold Talks With Striking Workers on Monday Friday, 27 Jun 2008 | 12:11 AM ET
    Qantas passenger jets parked at their terminal at Sydney Airport.

    Australia's Qantas Airways said on Friday it will hold talks with striking aircraft engineers on Monday to try to resolve a wage dispute which has disrupted flights around Australia.

  • Asia Suffers Selloff, Tokyo and Seoul Shed 2% Thursday, 26 Jun 2008 | 8:21 PM ET

    Asia experienced a selloff across the board, led by Shanghai's 5 percent tumble, after shares plunged on Wall Street and oil prices shot above $140 a barrel, fanning investors' fears of high inflation and slowing economic growth. Japan and South Korea finished 2% lower.

  • Asian Markets Pare Back Gains, Japan Closes Flat Thursday, 26 Jun 2008 | 5:09 AM ET

    Asian markets were mostly flat Thursday after the U.S. Federal Reserve kept rates steady while the euro hit a record high against the yen on the prospects for a euro zone rate rise.

  • Australia's Futuris Loses CEO After Profit Warning Wednesday, 25 Jun 2008 | 11:16 PM ET
    Austrailia, Austrailian Flag

    Australian rural conglomerate Futuris said on Thursday chief executive Les Wozniczka had resigned, a day after the company slashed its fiscal 2008 profit forecast, helping its shares recover the previous day's heavy losses.

  • Asian Markets Pare Back Losses, Japan Slips Wednesday, 25 Jun 2008 | 5:13 AM ET

    Asian markets pared back losses Wednesday, with Tokyo closing just slightly lower. Concerns about the U.S. economy cast a cloud over the session and trade remained cautious as investors awaited the outcome of the Fed's two-day meeting, which is expected to leave interest rates at 2%.

  • Asian Markets Drift Ahead of Fed Decision Tuesday, 24 Jun 2008 | 5:10 AM ET

    Asian markets drifted to a mixed close Tuesday, with trade kept largely muted as investors stayed cautious ahead of the U.S. Federal Reserve's rate decision at the its two-day policy meeting starting later today. Japan and Australia closed flat.

  • Rio Iron Ore Deal May Sink BHP Price Plan: Analysts Tuesday, 24 Jun 2008 | 1:16 AM ET

    Miner BHP Billiton may be forced to scrap its plan to rewrite the way billions of dollars of iron ore are sold every year after rival Rio Tinto struck a benchmark deal with China, analysts said on Tuesday.

  • Brambles Sees Positive Outcome to Wal-Mart Talks Tuesday, 24 Jun 2008 | 12:51 AM ET

    Brambles, the world's biggest pallet supplier, flagged solid profit growth this fiscal year and sought to reassure investors it was not about to lose valuable business from U.S. retailgiant Wal-Mart Stores.

  • China Steel Mills Avert Showdown With Iron Ore Deal Monday, 23 Jun 2008 | 10:37 PM ET
    Factory, Anshan, China

    Chinese steelmakers narrowly averted a showdown with Australian iron ore suppliers, when they agreed to a higher-than-expected rise in term iron ore prices a week before they would have had to start paying much higher spot prices.

  • Asian Markets Decline to Multi-Month Lows Monday, 23 Jun 2008 | 5:06 AM ET

    Asian markets closed in the red Monday, but were well off their session lows as investors took the opportunity to buy beaten down stocks.

  • Asian Stocks Mixed as China Hikes Fuel Prices Friday, 20 Jun 2008 | 5:08 AM ET

    Asian markets were mixed Friday as regional stocks reacted to China's hiking of fuel prices. Trading has been volatile throughout the session with markets, particularly in Shanghai, making radical swings between positive and negative territory.

  • Qantas Engineers to Hold Rolling Strikes Wednesday, 18 Jun 2008 | 10:00 PM ET
    Qantas passenger jets parked at their terminal at Sydney Airport.

    Australian flag carrier Qantas Airways faces rolling strikes by its engineers from next Monday as a pay dispute worsens, posing more headaches for an airline struggling with high fuel prices.

  • Asian stocks took a beating Thursday, after Wall Street closed at a three-month low, sparking fears of a pullback in export demand with oil prices remaining high and feeding a rally in safe-haven government bond prices. Japan shed 2.2 percent while Australia gave up 1.4 percent.