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Australia

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  • Australia June Business Confidence at 7-Year Low Monday, 7 Jul 2008 | 10:39 PM ET
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    Australian business conditions deteriorated sharply in June as profits and sales fell from the previous month, providing further evidence the economy was cooling and relieving some of the pressure for more rate hikes.

  • Asian Markets Finish the Day Mixed Monday, 7 Jul 2008 | 5:06 AM ET
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    Asian markets ended mixed Monday, with Sydney down 1.6 percent while Shanghai jumped 4.6 percent. However, sentiment remained weak after credit concerns pushed European indexes lower. The market lacked direction overall as investors waited for the U.S. to reopen after the Independence Day long holiday weekend.

  • BHP Secures Iron Ore Price Similar to Rio's: Source Friday, 4 Jul 2008 | 1:15 PM ET
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    BHP Billiton has secured price rises for its iron ore shipments to China similar to the near-doubling of prices won by rival Rio Tinto, Chinese industry officials familiar with the agreement told Reuters on Friday.

  • Asia Trades Mixed, Nikkei Continues Losing Streak Friday, 4 Jul 2008 | 5:29 AM ET
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    Asian markets painted a mixed picture Friday, with exporters moving higher on a stronger U.S. dollar while record high oil prices weighed on oil distributors and airliners. Trade was cautious with U.S. markets closed for the Independence Day holiday.

  • Australia's Origin Rejects BG Group Bid Thursday, 3 Jul 2008 | 10:39 PM ET
    Natural Gas

    Origin Energy, an Australian energy producer and retailer, advised shareholders to reject a $13.1 billion bid from British gas company BG Group and reiterated its coal seam gas reserves position. 

  • Asian Stocks Pare Losses as Oil Hits New High Thursday, 3 Jul 2008 | 5:36 AM ET

    Asian markets pared back losses, but were still closed in the red Thursday. Oil set fresh record highs and fears that stagflation will continue to hurt earnings and consumer spending dogged investors.

  • Australia Boasts Trade Surplus on Resource Boom Wednesday, 2 Jul 2008 | 11:03 PM ET
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    Australia's trade deficit came in much as expected in May, but April's shortfall was revised to show the first surplus since 2002 thanks to huge price increases for the country's iron ore exports.

  • Asian Markets Slide, South Korea Sheds 2.5% Wednesday, 2 Jul 2008 | 7:37 AM ET

    Most Asian markets stayed firmly in negative territory Wednesday, led by Seoul's 2.5 percent slide as persistently high oil prices and their impact on economies remained the key theme keeping investors worried.

  • 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
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    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
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    Australia's central bank held interest rates steady at a decade high on Tuesday, citing  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
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    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
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    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%.