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Australian Business News

Technical glitch hits NAB net banking

National Australia Bank credit card customers were shocked to learn that their funds had gone “missing” for a few hours today. Customers raised the alarm when funds transferred to their NAB credit card facility — from another account — disappeared from the transaction screen.... Read More

Troubled iSoft ripe for takeover

Predators could be sizing up struggling iSoft Group following the 84 per cent slump in its share price this year, analysts say. Following major shareholder Oceania Capital Partners, formerly known as Allco Equity Partners, yesterday lashing the company’s performance under former boss Gary Cohe... Read More

Australian dollar rises as banks drag sharemarket into red

The Australian dollar reached a fresh 26-month high against the greenback today, but the sharemarket fell despite a positive start. A strong performance on Wall Street overnight boosted the currency – at 0600 GMT, the Australian dollar was at US96.78 cents, up from US95.85c late yesterday and ... Read More

ASX Ltd chief executive Robert Elstone to resign in 2011

The CEO of the ASX, Robert Elstone, will quit despite the stock exchange looking to form an alliance with a global rival exchange. ASX chairman David Gonski told the company’s annual meeting in Sydney today the CEO will leave when his contract expires in July next year. Mr Elstone will receive... Read More

Qantas CEO Alan Joyce worries about strong Australian dollar

Qantas says it is seeing higher international yields but cautioned that business still remains challenging for the industry. “We’re seeing it patchy in different markets,” chief executive Alan Joyce told a business forum today. Australia’s largest carrier is seeing internatio... Read More

Australian sharemarket closes higher after volatile trading

The stockmarket closed slightly higher today after some volatility and as profit-taking ate into gains made on offshore sentiment. The benchmark S&P/ASX 200 index was up 7.7 points, or 0.17 per cent, at 4625.2 points, while the broader All Ordinaries index gained 9.8 points (0.21 per cent) to ... Read More

Australian dollar soars with higher interest rates on horizon

The Australian dollar maintained its momentum today, trading at US95.61 cents after gaining more than US7c in one month. The local currency was also tracking towards a fresh two-year high against the greenback. In afternoon trade, the Australian dollar had extended its gains to be trading at US95.61... Read More

Bhushan joins India’s Aussie coal push

New Delhi-based Bhushan Steel has launched an $8.16 million takeover bid for exploration minnow Bowen Energy, sending its shares higher. Australian coal companies are currently red-hot takeover targets amid improving global markets and despite the bulk commodity being included in the federal gover... Read More

Pace of economic growth cools, Westpac-Melbourne Institute survey shows

Australia’s  economic growth rate slowed to 6.8 per cent in July to mark the fourth consecutive monthly fall in the pace of expansion. Nevertheless, the economic growth rate in July remains well above the long-term trend of 3.2 per cent. Today’s data from the Westpac-Melbourne Institute lea... Read More

Reserve Bank senses urgency as mining boom adds to economic momentum

The RBA is poised to lift interest rates soon as the mining and energy boom adds fuel to “solid momentum” in the economy. According to the minutes of its September 7 policy meeting, published today, the Reserve Bank of Australia said that if its current central scenario for the economy w... Read More

Mining boom to lift exports 26pc to $214bn

Australia’s chief commodities forecaster has modestly lowered its forecast for economic growth despite predicting a jump in commodity exports. n the Australian Bureau of Agricultural and Resource Economics latest quarterly outlook, it said economic growth for the fiscal year which began July 1... Read More

HSBC tips five rate rises by 2012

HSBC has upgraded its growth forecasts for Australia, but predicted interest rates could rise by at least 100 basis points in 2011. The global investment bank said today the economy would grow at 4.1 per cent next year. The buoyant outlook, however, was coupled with the prediction that interest rate... Read More

Fortescue Metals chief executive prefers carbon tax over ETS

Andrew Forrest has weighed into the political debate over a carbon tax, cautiously backing the idea over an emissions trading scheme. The chief executive of Fortescue Metals Group today mildly supported the call by BHP Billiton boss Marius Kloppers for Australia to  introduce a  tax on carbon... Read More

Australian stocks claw back some losses

The local sharemarket clawed back most of its early losses to close marginally lower after a broad-based sell down led by profit takers. The benchmark S&P/ASX200 index was down 7.6 points, or 0.16 per cent, at 4,631.3 points, while the broader All Ordinaries index had eased eight points, or 0.17... Read More

Australian sharemarket stabilises after early sell-off

The stockmarket was in the red by early afternoon as investors pulled out of mining and financial stocks. The benchmark S&P/ASX 200 index was down 24.1 points, or 0.52 per cent, at 4614.8 points, while the broader All ordinaries index was down 22.6 points (0.48 per cent) at 4662.5 points. Th... Read More

Passengers hit record at airports in Copenhagen, Sydney

Passengers numbers at Sydney and Copenhagen airports hit a record in August, MAp said, as Kingsford-Smith managed 3 million people. The record high came as more and more flights from East Asia and the Gulf, as well as on transatlantic routes added traffic, MAp Group said today. Sydney airport saw a... Read More