AGL Energy has already held $80 million in spending back this year and will cut its annual budget by about a third, largely because generous government rebates for solar hot water heater installation have soured the business case for investing in wind power. Australia’s biggest electricity ret... Read More

A majority of economists expect the Reserve Bank of Australia to resume tightening policy next week by raising its cash rate target by 25 basis points, a move that would indicate the central bank remains confident of Asia’s growth outlook. The central bank shocked markets earlier this month wh... Read More

The Australian sharemarket closed lower today amid broad-based selling spurred by fresh worries about Greece’s debt problems. At the same time, investors absorbed local earnings results that one broker said had mostly met the market’s expectations. The benchmark S&P/ASX 200 index closed... Read More

In the first hint of consolidation or cooperation among the big Queensland liquefied natural gas aspirants, Origin Energy has agreed to sell British gas giant BG Group feed coal seam gas for a rival plant. While they have more gas, Origin and partner ConocoPhillips are behind competitors BG and Sant... Read More

Insurance Australia Group said today that an improvement in the underlying performance of a number of its businesses, coupled with milder than usual weather, helped it more than double its key profit measures and its dividend in its first half. IAG’s net profit for the six months ended Decembe... Read More

OZ Minerals will review its no dividend policy in coming months as it holds on to $1 billion in cash and explores expansion opportunities. Chief executive Terry Burgess, announcing the company’s annual results today, said the Melbourne-based miner was still focussed on implementing the strateg... Read More

New Suncorp chief executive Patrick Snowball has flagged the bank’s intention to return excess capital to shareholders, even though the interim dividend was slashed on the back of a lacklustre profit today. The Queensland-based diversified bank recorded a $364 million net profit, up 41 per cen... Read More

The Australian sharemarket closed sharply lower today after resources heavyweights BHP Billiton and Rio Tinto lost ground on softer base metals prices. The benchmark S&P/ASX 200 index was down 69.8 points, or 1.48 per cent, at 4648.5 points, while the broader All Ordinaries index shed 65.1 poin... Read More

Woodside Petroleum said its giant Pluto liquefied natural gas project is on track to ship first gas in early 2011, although the company raised the spectre of labour pressures by adding that this is contingent “on a productive industrial relations environment”. Woodside reported a modest ... Read More

Australia’s second-largest airline, Virgin Blue, today echoed the cautious outlook of its larger rival Qantas after also recording around 80 per cent of its expected full-year earnings in a return to profitability during its fiscal first-half. The airline group also flagged plans to expand its... Read More

Shares in Telstra — the most widely held stock in Australia — slumped below $3 each today for only the second time since the company listed on the sharemarket more than a decade ago. The shares, which are held by more than 1.4m individual investors, touched a low of $2.97 this afternoon ... Read More

The Australian sharemarket closed flat today, with major banks holding up the market against the effect of profit-takers. The benchmark S&P/ASX 200 index was marginally inside positive territory, up 0.8 points, or 0.02 per cent, at 4718.3 points, while the broader All Ordinaries index slipped 1... Read More

BHP Billiton plans to update debt investors in Australia in coming weeks, people familiar with the matter said today. The mining giant, noted by analysts for its strong balance sheet, has been a frequent issuer of debt securities offshore but hasn’t accessed Australia’s bond market since... Read More

Troy Resources said today that armed robbers stole 2000 ounces of gold dore bars from its Andorinhas mine in Brazil after taking workers hostage. Troy said three workers were taken hostage but released unharmed after the theft on Monday and the loss is fully covered by the company’s insurance.... Read More

Bollionaire Kerry Stokes unveiled plans today to create a listed holding company for his major assets that will see the merger of media and investment group Seven Network and Mr Stokes’s privately-held heavy equipment group WesTrac Holdings. The deal will see Mr Stokes, through his private inv... Read More

The Australian share market closed firmly higher, led by stronger financial and resources stocks following better than expected corporate earnings results and a rise in base metal prices. The benchmark S&P/ASX200 index was up 82.4 points, or 1.78 per cent, at 4717.5 points, while the broader Al... Read More