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Australian Business News

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

Zapruder’s Other Films, ABC Commercial sell Gruen Transfer format to Fox LOOK

ANDREW Denton’s production company has sold the original format for Gruen Transfer to an international distributor. A division of the Fox Networks Group, Fox LOOK, has bought the entertaining show about advertising from Denton’s Zapruder’s Other Films and co-producer ABC Commercial. “We... Read More

Australia vulnerable to economic change in China, says Philip Lowe

Australia is highly exposed to economic change in China just as India’s influence looks more likely to grow, the RBA’s Philip Lowe said. The domestic economy is more exposed than ever to the vagaries of Chinese economic growth, and little can be done to guard against uncertainties in th... Read More

Australian sharemarket falls amid profiteering in banking, mining sectors

The Australian sharemarket shed more than 1 per cent at the close today as investors in mining and bank stocks booked profits. The benchmark S&P/ASX 200 index lost 56.2 points, or 1.21 per cent, at 4605.3 points, while the broader All Ordinaries index dipped 52.7 points (1.12 per cent) to 4650... Read More

Foreign banks hit hurdles as they jostle for profits in China

FOREIGN banks are flocking to China because of its fast-growing economy. But their financial performance there so far isn’t pretty. Profits in China for banks based in other countries fell sharply last year, according to a report by accounting firm KPMG. At HSBC, the largest foreign bank in Ch... Read More

$45bn-plus of companies in play: RBS

Australian companies are about to enter into an investment/mergers and acquisitions cycle, says Royal Bank of Scotland. The UK bank said balance sheets are lowly geared and asset values are off their peaks, which would drive activity. RBS identified more than $45 billion worth of stocks that are... Read More

Australian dollar hits new high

The Australian dollar has hit its highest point since the global financial crisis, and traders see the local currency holding its gains. The local currency this morning opened almost half a US cent stronger after reaching a two year high overnight as the US dollar slumped on concerns the US Fed will... Read More

BHP boss warns government not to alter mining tax

BHP boss Marius Kloppers sent a clear signal to Julia Gillard to resist calls to change the structure of the mineral resources rent tax. BHP Billiton, along with major mining houses Rio Tinto and Xstrata, brokered an agreement with Labor prior to the election that replaced Kevin Rudd’s resources s... Read More

NAB downgraded after Axa exit

JPMorgan has downgraded National Australia Bank after being freed from its restrictions after NAB quit its pursuit of Axa APH. JPMorgan had been advising NAB and was unable to advise clients of its recommendation due to the potential conflict of interest. But the US bank today moved its rating to u... Read More

Charles Graham appointed managing director at Gresham

Gresham has recruited Charles Graham, the son of co-founder James Graham, for the firm’s Sydney office. The younger Graham has been appointed managing director in the firm’s corporate advisory business, effective immediately. Charles Graham recently relocated to Australia from New York, wher... Read More

Labor won’t raise mining tax, says Resources Minister Martin Ferguson

The Federal Government has no intention of raising the mining tax to appease the Greens, Resources Minister Martin Ferguson says. The Greens, who will gain the balance of power in the Senate from July 2011, want the tax rate raised to 40 per cent from its revised level of 30 per cent. But Mr Ferguso... Read More

Australian sharemarket up slightly, positive sentiment strengthens

The stockmarket stayed in the black on the strength of the resources sector today, though it lost some ground after a strong start. At the close of trade, the benchmark S&P/ASX 200 index was 0.25 per cent (11.6 points) higher at 4,626.5 points; the index began the day about 0.5 per cent up. The... Read More

Confidence boost unlikely to sway RBA: NAB survey

Australian business confidence rose strongly in August, despite a period of political uncertainty, a survey showed. The solid business confidence also masked still patchy business conditions, with employment and retail sales weak, amplifying concerns that recovery in the economy is not reaching all ... Read More