BUSINESS

NAB readies new proposal to AXA

National Australia Bank is all set to put forward a revised offer for its takeover worth $13.3 billion of assets manager AXA Asia Pacific, according to a Reuters report, citing three sources who are privy to the deal.

IG Markets Australian Market Wrap

The Australia 200 CFD Index closed 0.5% lower at 4254.6, with consumer discretionary, financial and energy names detracting most of the points.

BlueScope welcomes scheduled federal court hearing against CKI

BlueScope Steel Ltd said today that it is amenable to a Federal Court decision to hear its abuse of process claims against Cheung Kong Infrastructure Holdings (CKI), where the steel maker is accused of misleading CKI when it sought to acquire an iron sands mine subsidiary of the company in 2008 worth $190 million.

Volkswagen’s North American expansion gets underway

In accordance with its expansion plans in the region, Volkswagen said on Tuesday that it is looking to establish a new motor plant in North America where the company plans to invest up to $US1 billion which should commence by 2013.
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AACL nails harvest contract

Australia’s largest grain growing corporation, AACL, has struck a pre-purchase deal with dealer Glencore for the upcoming harvest.

Chevron finds gas deposits at WA

Chevron Asia Pacific Exploration and Production Co said it had found deepwater natural gas deposits off the coast of Western Australia, putting in a new potential to the company’s Clio development.

Sigma to consider lower Aspen offer

Sigma Pharmaceuticals Ltd is considering an updated acquisition offer of 55 cents cash per share, from South African bidder Aspen Pharmacare Holdings Ltd.

Builders’ activity drops in June

A widely monitored construction activity private index takes a turn for the worse this June, ending three straight months of progress.

Telstra focuses on new revenue channels

After a year of NBN talks with the Government, Telstra chief executive David Thodey says he now has its sights set on diversifying the business and satisfying unhappy customers.

Xstrata mining projects resume

Xstrata Coal's $186 million of investment in early works and exploration in Queensland, including the $6 billion Wandoan coal project, has resumed after the announcement of a revised resource rent tax, according to the company.

IG Markets Morning Prices

On Wall St overnight, stocks opened sharply higher after a three day break, with the S&P 500 rising from a 10-month low amid speculation earnings growth in the upcoming reporting season will help equities rebound from their cheapest valuations since the March 2009 bear market low.

World Market Overview

U.S. stocks closed higher Tuesday, with Microsoft, Alcoa and Bank of America among the gainers, although continued concerns about global growth sapped some of the market's earlier gains.

The Economy: RBA On Hold

As expected, no rate rise from the Reserve Bank yesterday and indeed, rates could be on hold for an indeterminate time i...

Trade: Surplus Soars In May

The other side of the current economic paradox, referred to in yesterday's story on car sales, was shown in the May trad...

Central bank maintains rates

As economists predicted, the Reserve Bank of Australia has kept cash rates on hold, giving debtors another month of regular payment costs amid rising inflation pressure.

International experts limit Melamine levels in food

The maximum amount of melamine allowed in powdered infant formula is 1 mg/kg and the amount of the chemical allowed in other foods and animal feed is 2.5 mg/kg, according to new rulings from the United Nations' food standards body, Codex Alimentarius Commission.Melamine is a chemical used in a varie...

Unsuccessful Valemus sale slams IPO market

The life of public floats for the rest of the year has been cast into uncertainty after volatile equity markets claimed the $1.3 billion offer of Bilfinger Berger's Valemus, Australia's second-biggest civil construction company.

NAB Chief Says Open To Debate Over Bank Super Tax

Cameron Clyne, chief executive of Australian banking major NABsays he is not opposed to having a debate on whether the government imposing a super-profits tax on Australian lenders.Speaking at a business lunch, Mr. Clyne said that banks suffered perception of "large numbers". Australian banks posted...

Financial Planning Associations Rail Against Cooper Review Proposals

Financial planners are fiercely opposing the proposal by the Cooper Review, which would ban commissions on insurance in superannuation, fearing that many clients will not be able to afford a fee which is charged upfront. The Association of Financial Advisers has leveled the accusation against many o...

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