Pressure is building on Bluescope Steel, with JPMorgan downgrading the steelmaker on a tough coming 12 months and uncertainty around the Gillard government’s carbon tax. As Bluescope tries to fend off the soaring Australian dollar, JPMorgan today cut its rating to neutral from overweight in co... Read More

Retail sales were much weaker than expected in the first quarter, sending the Australian dollar to its lowest level in over a week and fuelling concerns the economy contracted sharply last quarter. Economists said the size of the fall shows the impact of devastating floods in Queensland in January a... Read More

Proposed changes to the health insurance rebate will encourage more than 1.6 million Australians to drop private hospital cover, a new survey shows. The report by market research company ANOP and consultant Deloitte surveyed health insurance members about the federal government’s plan to means... Read More

The share market slipped to a five-week low on a broad-based sell-off sparked by profit-taking in the oil and gas sector and the lack of good earnings news from banks. The benchmark S&P/ASX200 index was 44.5 points, or 0.93 per cent, lower at 4740.1, while the broader All Ordinaries index had d... Read More

China’s biggest gold miner, Zijin Mining Group, has been ordered to pay a criminal fine of $A4.21 million for a toxic mine spill that highlighted the challenges of policing heavy pollutors with close ties to local authorities. A company vice president and the manager, deputy manager and enviro... Read More

Virgin Blue’s boss and biggest shareholder are confident the rebranded Virgin Australia has the goods to take on and beat arch-rival Qantas. The group will combine its international and domestic operations under the new moniker and a striking new livery unveiled today unveiled with the arrival... Read More

Rio Tinto shareholders are set to lodge a protest vote against the proposed pay rise being sought for chief Tom Albanese, with ISS Risk Metrics recommending shareholders vote against the company’s remuneration report. The second leg of the mining giant’s annual meeting will be held in Pe... Read More

Sony has admitted it retained the personal details of hundreds of Australians even after their credit cards had expired. Organisations and governments usually adhere to strict data storage rules requiring the destruction of outdated personal information. But Sony did no such thing. It now says that ... Read More

The Reserve Bank of Australia warned today inflation would increase in the “longer term” after keeping interest rates on hold for a fifth straight meeting. The central bank today said recent information suggested the “marked decline” in underlying inflation from its peak in 2008 had ... Read More

Fairfax Media’s structural changes announced today might be just the start, with expectations growing of a partial sale of its New Zealand auctions and classified website TradeMe and the full divestment of its radio business. As Fairfax today announced it would outsource sub-editing at its fla... Read More

Moody’s Investors Service has reaffirmed Australia’s triple-A rating, despite the impact of natural disasters and softer economic conditions that will cause bigger budget deficits in the near-term, Treasurer Wayne Swan says. “Australia’s fundamentals remain strong with low un... Read More

Sharemarket volumes are expected to remain muted this month after trade fell in April on nervousness about the federal budget, the strength of the Australian dollar and public and school holidays. Total secondary trade on the sharemarket in April fell to $211.5 billion from about $282bn in March, an... Read More

A new global law firm has entered the Australian market after the integration of DLA Phillips Fox and DLA Piper became official. The new firm, DLA Piper, sees the integration of Australian lawyers into the firm’s global network. The firm said this would enhance the capacity of the Australian offic... Read More

Local fuel prices hit a 30-month high last week but a stronger Australian dollar has lessened the squeeze on motorists, an economist says. The national average Australian price of unleaded petrol rose by 0.5 cents a litre to 144.6 cents a litre in the week to May 1, data released on Monday from the ... Read More

Australia’s major economists are upgrading their forecasts for the surging Australian dollar, as the domestic currency strengthens its run above parity. The decision by the Federal Reserve to keep US interest rates on hold and chairman Ben Bernanke indicating the central bank would wind back q... Read More

Garry Linnell has stepped down as editor of one of the nation’s highest-circulating newspapers, The Daily Telegraph in Sydney, to be replaced by Paul Whittaker. Whittaker, 40, currently editor of The Australian, will be replaced by deputy editor Clive Mathieson. In a statement released moments... Read More