BUSINESS

Virgin needs time for Delta response

Australian airline company Virgin Blue requested the U.S. Department of Transportation for a three-week extension for submitting its argument.

Myer reports of declining net but still upbeat on new financial year figures

Retail firm Myer Holdings Ltd reported on Thursday that its full-year net profit plunged by almost 40 percent for fiscal 2010 as the after-effects of the global financial crisis wreaked havoc on consumer confidence, further deteriorating the already difficult business environment the company had faced on the past financial year.

Tourism needs a lift

Sydney pushes forward in keeping tourists attracted even as tourism operators fear of continuing drops in visitor numbers in the months ahead.

Reed Resources mulls spin offs for some projects, fine tunes two major mines

Mineral resource firm Reed Resources Ltd (ASX: RDR) said on Thursday that it may be spinning off some of its various project portfolios in Western Australia though the company said that it is holding on to the Barrambie vanadium project while plans are underway to reactivate the Comet gold project in Kalgoorlie by June 2011.
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Queensland free from Origin project costs

Origin Energy Limited (ASX: ORG) and PNG Energy Developments will undertake an 18-month feasibility study for building an 1800 megawatt power plant on the Purari River in the Papua New Guinea (PNG) highlands.

Shares expected to climb

Trading at the Australian share market is expected to strengthen today after Wall Street rebounded.

Aust dollar hits five-week peak

The Australian dollar reached a five-week peak against the yen on Wednesday, while holding not far from two-year highs on the greenback, as Japan stepped in to sell yen.

Shares leap to four-month high

The Australian stockmarket ended Wednesday with its strongest performance in over four months, bolstered by regional markets and with National Australia Bank and gold miners posting solid gains.

Origin renews plans for hydroelectricity project

Origin Energy (ASX: ORG) announced today it will sign an agreement with the governments of Papua New Guinea and Queensland to support the potential development of a renewable hydroelectricity project.

China airs concerns on BHP-Potash takeover deal

China admitted on Wednesday that the $US38.5 billion or $A41 billion proposed takeover bid of Australian giant mining firm BHP Billiton Ltd (ASX: BHP) for Canadian fertiliser maker Potash Corporation of Saskatchewan has elicited considerable attention from the Chinese government.

Focus Minerals gains three-fold profit on higher production rate

Gold mining firm Focus Minerals Ltd said on Wednesday that the company’s annual profit for fiscal 2010 soared by more than 300 percent as its newly-refurbished treatment plant paved the way for better-than-expected output that led to a 50 percent increase on its production rate.

McInnes disposes David Jones shares

Mark McInnes, former chief executive of Australian department store David Jones Ltd (ASX:DJS), has disposed about a fifth of his shares in the company since his departure in June, in order to raise $1.2 million to settle a tax obligation linked to his hasty exit.

Bourse higher at noon

The Australian stockmarket was half a per cent stronger at Wednesday noon, as higher prices for base metals and gold bolstered resources shares.

Woolworths issues $1.25bn in US bonds for debt repayments

Australian conglomerate Woolworths Ltd (ASX: WOW) announced on Wednesday its issuance of up to $US1.25 billion ($A1.33 billion) worth of US bonds that the company said would be utilised to refinance its existing debt facilities.

Clem7 still on the red

September 16 marks the sixth month that Clem7 toll tunnel in Brisbane has formally opened its road for vehicular traffic yet its operator, RiverCity Motorway Group (ASX: RCY), was not bent on celebrating the milestone for apparent reasons.

Challenger to unfreeze $500 million

The Challenger Financial Services Group will be reopening its Howard Mortgage Trust and “recommence commercial lending” through a restructuring scheme.

World Market Overview

U.S. stocks were mostly slightly lower Tuesday as investors worried about the economy despite better than expected signs from the retail sector that boosted Best Buy, J.C. Penney and Kroger. The Dow Jones Industrial Average declined 17.64 points, or 0.17%, to 10526.49, its first drop in five sessions.

Australian Dollar Outlook 15/9/2010

The Australian Dollar has out-performed the other major currencies over the past week, and this continued last night, with the AUD setting a new 2 year high of 0.9450 following rumours that the US Federal Reserve will announce quantitative easing measures as early as November.

Australian Stock Market Report

US retail sales rose by 0.4pct in August, above expectations for a 0.3pct gain. Excluding autos, sales were up 0.6pct with food stores and gasoline stations doing best. And US business inventories rose by 1.0pct in July, the largest increase in two years. Stocks are at 14-month highs.

Daily Forex Commentary 15/9/2010

Speculation the U.S. Federal Reserve will purchase up US$1 trillion in government bonds to aid the economic recovery has weakened the greenback across the board pushing the Australian Dollar to a two-year high near 0.9450 during brisk overnight trade.

Stockland is still on Aevum

Stockland Corporation Limited (ASX: SGP) could launch another takeover attempt for Aevum Limited (ASX: AVE) in six months.

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