Craig Meller, CEO of AMP, says its first-half underlying profit grew on the back of successful cost-cutting measures. He also discusses how the firm overcome challenges in the life insurance space.» Read More
Australian investment group Allco Finance said it faced a loss in excess of $1.4 billion in fiscal 2008 due to writedowns, impairments, cheap asset sales and restructuring costs.
Westpac Banking, Australia's fourth-biggest lender, met analysts' forecasts with a 10 percent rise in first-half core profit, driven by growth in business and consumer lending.
British utility BG Group has offered $12.1 billion for Origin Energy, Australia's second-largest power retailer, as it looks to establish itself as a major player in the Pacific region, sending Origin's shares up nearly 40%.
Chinese Iron and Steel Group (CISG) plans to lift its stake in Australian prospector Apollo Minerals to 19.9 percent, Apollo said on Tuesday, the latest Chinese move into Australia'sresource sector.
Oil and gas producer Australian Worldwide Exploration plans to buy oil firm Arc Energy for $479 million in a cash and share deal, a source familiar with negotiations said on Thursday.
The Australian dollar jumped to a 24-year peak against the U.S. currency on Wednesday after higher-than-expected inflation data for the first quarter left investors facing an extended period of tight monetary policy.
Australia and New Zealand Banking Group, Australia's third-biggest lender, reported a 14 percent fall in first-half core profit due to higher bad debt charges and said it expected higher levels of new problem loans.
Australian conglomerate Wesfarmers, facing increased debt refinancing costs for its $17 billion acquisition of retailer Coles, said it would sell new shares to raise $2.33 billion.
Shares in Australian logistics firm Brambles fell almost 18% on Friday on concern it may lose business after it said U.S. retailer Wal-Mart Stores was reviewing the way it sources pallets.
Woolworths, Australia's largest supermarket chain, reported on Wednesday a 10.2 percent rise in third-quarter sales, boosted by higher food and petrol prices and reiterated it expectedfull-year sales growth of between 8 and 10 percent.
QBE Insurance Group, Australia's biggest insurer by premium income, said on Tuesday smaller rival Insurance Australia Group had rejected a $6.8 billion takeover proposal.
Shares in Virgin Blue Holdings fell 18.5% to a record low on Monday after Australia's second-biggest airline warned its profit would more than halve as it faces higher fuel costs and competition.
Shares in Australian gaming firms Tabcorp and Tatts Group slumped on Friday, a day after an Australian state government stripped them of their duopoly in gaming machines, cutting revenues by up to half.
Resource-hungry China may be planning to buy a more than 9 percent stake in BHP Billiton, the world's biggest miner, to gain influence over its proposed takeover of rival Rio Tinto, The Australian newspaper reported on Wednesday.
Australia's trade deficit blew out to a record in February as bad weather and supply bottlenecks dented exports of coal and iron ore, while solid business spending at home kept imports near all-time highs.
Shares in Australia's Consolidated Media Holdings were placed on a trading halt on Monday as Lachlan Murdoch, son of media magnate Rupert, and Australian tycoon James Packer prepared to update investors on takeover plans.
Australia and New Zealand Banking Group said on Monday it expected much higher bad debt provisions in the first-half of fiscal 2008, reflecting difficult conditions facing Australian firms amid the global credit crunch.
Australia's top central banker said on Friday there were signs that domestic demand was cooling in a way that would help restrain inflation, suggesting he thought interest rates had risen enough for now.
Australia's central bank was still concerned that interest rates might not be high enough to restrain inflation when it hiked rates to a 12-year high earlier this month, minutes of the policy meeting showed on Tuesday.
Billionaire Australian investor Solomon Lew on Monday offered to buy clothing retailer Just Group, valuing it at up to $824 million and sending its shares up as much as 12%.