BUSINESS

IG Markets - Afternoon thoughts

Across the region, Asian markets are mixed following a complete lack of leads overnight and in very thin, holiday-affected trade.

Local market bounces back; RBA holds fire

The Australian market has today shrugged off weak leads, bouncing off the "flash crash" lows to make strong gains following Reserve Bank commentary this afternoon.

Xstrata announces restart of shelved Queensland projects

Xstrata renewed its earlier commitment of spending up to $186 million in canned exploration projects following the government’s decision to dump its proposed resources super profit tax in exchange for the tax deal it forged with giant mining companies.

Holden set to locally produce the best-selling Cruze

While Holden has yet to start local assembly of the four-cylinder Cruze model, the company said on Monday that its imported version is already a hit with Australian buyers and in June alone, the becomingly popular car pushed 3000 units out of dealers’ stations, en route to the more than 14,400 units snatched up for the first six months of the year.
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Sigma says no formal offer yet from Aspen

Sigma Pharmaceuticals Ltd, Australia’s major drug manufacturer, says it has not been given any formal offer by Aspen Pharmacare of South Africa as of yet, as the latter intends to continue carry out due diligence.

Uranium Awaits The DOE

The spot uranium market was quiet last week ahead of the final US Department of Energy inventory sale for 2010.

AIR Midday Market Roundup

The market is down 11. The SFE Futures were down 13 this morning. It looks as if the market will close down for the 10th...

Canegrowers shocked on CSR’s Sucrogen sale

Canegrowers, the sugar lobbyist group, says it is ‘surprised’ about the sale of CSR’s sugar and renewables arm, Sucrogen, to Wilmar International Limited, a company based in Singapore.

Weaker dollar before RBA decision

The Australian dollar opened weaker early today as shareholders wait for the interest rate decision of the Reserve Bank of Australia during the domestic session.

Canberra housing prices get worse

A new research points out that Canberra housing affordability is getting worse, and it is getting more difficult for first time buyers to enter the housing market.

Macarthur ups profit guidance

Macarthur Coal has upped its 2009-10 profit guidance today following its post of better-than-forecast sales of coal for the fiscal year.

Brown pledges to scrutinise new tax

Senator Bob Brown on ABC television last night pledged to put the revised tax through a ''very close Senate scrutiny'' with a purpose of studying the repercussions on small business.

Bilfinger postpones Valemus IPO

Germany's Bilfinger Berger has suspended the initial public offering of its Australian business recently named Valemus, citing a weak market.

Assets: CSR Sells To Singapore

CSR has sidestepped a political touchy deal with a big Chinese food group and plumped for a Singaporean company as the b...

World Market Overview

European shares ended slightly lower Monday after struggling for direction amid lingering worries about growth and with U.S. markets closed for a holiday, although oil giant BP managed to gain ground.

Market to start flat

The Australian bourse is expected to start flat this morning after taking mostly flat to negative leads from major Asian and European markets yesterday as Wall Street stayed closed for the US July 4 Holiday.

Bright snubbed: CSR's Sucrogen goes to Wilmar International

CSR Limited has announced the sale of its newly spun-off sugar business, Sucrogen, to Singaporean agribusiness giant Wilmar International, for A$1.75 billion, rejecting previous offers from China's Bright Food Group, including a conditional offer at the same amount. The company has also rejected its...

Controversy over 'free range' redefinition

Plans by the Australian Egg Corporation Ltd to review the standards of free range egg production have caused a schism in the industry, with free-range producers refusing to agree to changes that could see the maximum number of 'free range' birds per hectare increase from 1500 to as many as 20 000, a...

Nestlé to invest in the Philippines

Swiss food giant Nestlé is to invest PHP 4.3 billion (A$110.5 million) in the construction of a Coffee-mate and Bear Brand factory in the Philippines.Construction on the 27-hectare site in Tanauan, Batangas will begin this month and is expected to be completed in March 2012, John Miller, chairman a...

Birds Eye UK launches sustainability initiative

UK frozen foods business Birds Eye Iglo is launching a company-wide sustainability plan called 'Forever Food'.The group has committed to sourcing 100% of wild and farmed fish from certified fisheries by 2012, reduce packaging by 15% by 2012, reducing water consumption used in manufacturing by 20% by...

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