BUSINESS

Leadership: Beware the god complex

Excessive self-belief: a leader needs to be assured and act decisively. However, don't become like Caligula or Kim Jong-Il of North Korea, who believe they have superior knowledge and decision-making ability despite lack of supporting evidence. On your team, how many people will question your opinions, offer contrary views or suggest other options? More positively, do you seek out other perspectives and evidence to check your thinking?

Updates: Fortescue, Cardno, Tabcorp

It can be argued that Fortescue Metals Group Ltd's Andrew Forrest retirement yesterday boosted the value of the company by around $600 million, with some 30% of that improvement flowing to his already huge fortune.

Rio Tinto forms venture with Beijing's Chinalco

Beijing's Chinalco and Rio Tinto will explore mainland China for world-class mineral deposits under a joint venture (JV) formalised today. The JV is subject to Chinese regulatory approvals and once established will operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX).

World Market Overview 06/02/2011

Australian stocks overcame a weak start to finish flat on Wednesday, as market players digested positive manufacturing data from China and better than expected domestic gross domestic product (GDP) figures.
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Alibaba.com a hit in Australia

The world's leading e-commerce company Alibaba.com now has well over 550,000 Australians using it as a business source, with an average of more than 20,000 people signing up to its site each month, latest figures show.

Bradken Capital Raising Triggers Downgrades

- Bradken surprises with capital raising- Funds to be used for increased capex and possibly acquisitions- Broker earnings forecasts and price targets trimmed- Two ratings downgrades on the back of the raisingBy Chris ShawBradken ((BKN)) yesterday unveiled a $162 million capital raising and the openi...

All-new 2012 Volkswagen Passat now sells cheap

Volkswagen of America, Inc. today announced pricing for the all-new 2012 Passat, a vehicle that brings new standards to the highly competitive midsize segment, with a starting MSRP of $19,995. The 2012 Passat offers exceptional features and premium options in three power trains and a variety of equipment levels, with equally impressive pricing.

Boeing delivers GOL's first 737 with sky interior

Boeing (NYSE: BA) added another continent operating the new Boeing Sky Interior with last week's delivery of a Next-Generation 737-800 to GOL Airlines - one of the world's leading low-cost airlines and launch customer in Latin America for Boeing's innovative interior.

Call of Duty Elite will unite, ignite online gaming

The world's most passionate online gaming community can now connect, compete and improve their Call of Duty multiplayer experience through Activision's (Nasdaq: ATVI) innovative new online service, Call of Duty Elite.

Sedgwick CMS acquires assets of Cambridge Integrated Services Group, Inc.

Sedgwick Claims Management Services, Inc. (Sedgwick CMS) today announced that it has acquired the assets of Cambridge Integrated Services Group, Inc. ("Cambridge") including the stock of Cambridge Galaher Settlements & Insurance Services, Inc., a direct, wholly-owned subsidiary of Cambridge.

Xstrata still positive on metals forecast

The commodity markets will sustain its growth in the medium to the long term in spite a projected slowdown in inventories of key buyers including China, Xstrata Plc's Chief Executive Officer Mick Davis in a mining conference on Wednesday.

OZ Minerals denies bribery allegations

OZ Minerals and the Cambodian government both denied accusations of bribery that the Australian mining company allegedly bribed relatives of the government officials of Cambodia worth hundreds of thousand of dollars in 2009 to get a contract approved.

Home ownership on the decline

A new white paper by super fund REST has found home ownership on the decline in Australia.

Australian dollar surges

Australia’s manufacturing industry continued to contract for the third straight month in May with only three of the 12 sub-sectors experiencing growth according to the latest Australian Industry Group - PwC Australian Performance of Manufacturing Index.

Twiggy Forrest to assume chairmanship

Fortescue Metals Group (ASX: FMG) founder Andrew Forrest will retire as Chief Executive Officer effective 18 July 2011, the eighth anniversary of the company's establishment.

Forrest retires as CEO of Fortescue Metals

Andrew Forrest will retire as Chief Executive of Fortescue Metals Group Ltd's and take over as its chairman, to get a relief from the everyday operations of the iron ore mining company.

Milk wars: QLD's milk could run dry

Farm numbers have dropped from 1545 in 1999-2000 to about 580 today, most producing milk for the drinking market.

Chinese Competition Arising For UGL Rail

- Rail update shows both opportunities and challenges for UGL- Earnings guidance reiterated, brokers make only minor changes to forecasts- Broker opinions on UGL remain divided between Buy and HoldBy Chris ShawEngineering and infrastructure group UGL ((UGL)) held an investor day at its Newcastle Rai...

Hong Kong's strategy in resolving Lehman Brothers-related matters bears fruit

The latest edition of the Enforcement Reporter published by the Hong Kong Securities and Futures Commission (HK-SFC) reports that the latter has recently reached two other agreements on Lehman Brothers (LB)-related products, involving repurchase offers totaling approximately $1.489 billion. To date, the SFC has reached agreements with 25 distributors and non-distributors of such products.

Time to pounce for canny investors

The combination of ongoing seller discounting, healthy rental income growth and longer term capital gains means that investors could benefit from the current market conditions.

CalPERS 'strongly endorses' AIMA's hedge fund guide

The California Public Employees' Retirement System (CalPERS) has strongly endorsed a new guide by the Investor Steering Committee of the Alternative Investment Management Association (AIMA), the global hedge fund association, to promote better alignment of interests between institutional investors and hedge fund managers.

Second-chance for older borrowers

A decline in housing affordability and increased difficulties saving a deposit has shifted the average age of first home buyers upwards.

Four Corners sparks live export outrage

A report by the ABC's Four Corners has sparked renewed outrage over the export of live Australian cattle to parts of the world without animal welfare protections.

Charter Hall Office Is Selling

- Charter Hall Office now likely to sell all US assets- Sale price expected to be above book value- Proceeds to be returned to shareholders- Broker opinions on value remain splitBy Chris ShawFor some time Charter Hall Office REIT ((CQO)) has been intending to dispose of some of its US assets but the...

Markets: Go Away May, Now For June

Well, the old saw about selling in May and going away turned out to be pretty accurate after the big sell off in silver on May 7 triggered the market volatility of the past three and a bit weeks.

Mortgage manager clawbacks for Adelaide

Adelaide Bank has announced its clawback structure to mortgage managers, but has not yet decided on clawbacks in the broker space.

Connective touts white label details

Connective has promised service will be at the core of its white label offering, to be launched early in the new financial year in partnership with National Mortgage Company.

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