BUSINESS

Standard & Poor's discloses change to U.S. Index

Ratings agency Standard & Poor's on Friday announced a change to U.S. index. The agency said that Tibco Software Inc. would replace Brink's Home Security Holdings Inc. in the S&P MidCap 400 index after the close of trading on Friday, May 14. Brink's Home Security Holdings is being acquired by Tyco International Ltd. in a deal expected to be completed on or about that date, pending final approvals.

Kraft Foods gains with Cadbury integration

Kraft Foods Inc. reported strong first quarter 2010 results bouyed by good operating momentum in every geography. Volume/mix improved sequentially from the fourth quarter 2009 and contributed significantly to income growth and margin expansion for Kraft Foods' base business.

Simon Property Group offers $6.5bn for General Growth

U.S. real estate giant Simon Property Group (SPG) is proposing what is described as its "best and final offer," $6.5 billion or $20.00 per share to acquire General Growth Properties, Inc. (GGP) in a fully financed deal.
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Feds say Telstra will cooperate with NBN project

The federal government has expressed confidence that Telstra would eventually become a partner for its national broadband network project which should reduce its mammoth cost once the rollout begins.

Alumina upbeat on better market outlook for 2010

Alumina Ltd has reported Friday that market outlook for 2010 is far better though still falling short on levels seen in 2008, as chief executive John Bevan told shareholders gathered for a general meet in Melbourne that company outlook this year is much more positive for the market.

Survey reports a busier construction sector in April

With an onslaught of new orders and flat building increase, the construction sector turned into a beehive again in April as a new survey by the Australian Industry (Ai) Group-Housing Industry Association (HIA) performance of construction index (PCI) surged from 4.8 points in April to a seasonally adjusted 55.8 points.

NBN study says project is viable and doable

The $25 million study on the national broadband network commissioned by the federal government has revealed on Thursday that the project is doable within the allocated $43 billion budget and should be up and running within its eight year time frame.

Vodafone taps Nokia-Siemens for its network operations

Mobile company Vodafone Hutchison Australia (VHA) has announced Thursday that it has acquired the services of Nokia Siemens Network to run the company’s network operations which covers equipment supply and service management.

ACT opens up more land for retail competition

In a bid to encourage healthier competition in its territory, the ACT government has recently released land for five supermarkets in a move that adheres to its Supermarket Competition Policy Implementation Plan recommended last year by former ACCC commissioner John Martin.

Job vacancies shrink a bit in May

Available jobs in Australia shrunk a bit in May amidst the uncertainties still faced by many companies as more job opportunities could further disappear should the mining industry continue its plans to cancel lined up projects in light of the planned resource rent tax by the federal government.

AMP gained 12% on cash flows

Sydney-based AMP has seen a slight improvement as released its cash flows for the March quarter with a 12 per cent increase.

NAB slips to 21.4% on net profit

Melbourne-based National Australia Bank dropped its first half net profit to 21.4 per cent due to the bank's exposure to volatility on financial instruments.

Greek crisis will have no impact on Asia’s bonds, S&P

Credit ratings agency Standard & Poor's on Wednesday dismissed speculations the ongoing Greek crisis may hit Asia and said Asia's government-issued bonds appear to post positive growth from low debt levels and developing economies. It said Asia would perform better compared with its Western counterparts which are weakened by the debt default crisis in Greece.

Holden’s Cruze model buoys company’s April sales figures

Australian car maker Holden has reported on Tuesday that total sales for its Cruze compact car peaked to 2,514 units in April, the company’s best monthly turnover so far since the new model was introduced last year and as the company aspires to eventually locally-assemble the increasingly popular model by next year.

ABS reports first quarter rise in building approvals

The Australian Bureau of Statistics (ABS) has reported on Wednesday that building approvals in Australia has increased by 15.3 percent to 16,383 units in March from the 14,208 units in February, which economists attributed to rushes of acquisition in flats and townhouses.

Westfield reaffirms 2010 guidance and embarks on new projects

Shopping centre giant Westfield Group has reconfirmed its 2010 guidance on Tuesday and revealed of new development projects in Australia and the US that could reach $1 billion even as slowed down sales and lacklustre growths were seen on the company’s local and worldwide operation.

Westfield face lifts its global properties for $1B

Shopping center Westfield will enter into an upgrade by developing a $1 billion on its global properties. The upgrade will involve US centers mirroring Australian centers once the retail issues are solved and improved in the US.

Power and Water remains afloat due to taxpayers’ money

Critics are accusing the Northern Territory government of using taxpayers’ money to keep the Power and Water Corporation afloat as budget papers showed that the government has agreed to series of debt equity swaps with the corporation amidst the major upgrades that the company is currently undertaking.

Westpac delivers half-year $3B profit

Westpac did not fail on its latest half-year net profit forecast as it rose to $3 billion but still worries over the effects of the global financial crisis that will continue over the years.

Rio troubled over resource tax grab

Mining company Rio Tinto expressed its worries on the Federal Government's move for a new resource tax stating that it would make the mineral industry as the highest taxed in the world.

Macarthur worries over Peadody's move on mining tax

In the aftermath of the federal government's proposal for a mining tax on super profits released on Sunday, US miner Peabody Energy will review the impact of the new tax as it costs up to $US 3.8 billion or $A4.1 billion offer for Macarthur Coal

Vodafone reveals solid performance for 2010

Vodafone Hutchison Australia (VHA) is upbeat that its stellar performance since the company’s formation in June 2009 will be sustained down the line in 2010, as the country’s third largest telco announced on Tuesday that it has started working on long-term branding and network strategies.

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