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Australian Business News

Willmott Forests falls, Commonwealth and St George terminate waivers

One of the last of the listed managed investment schemes has fallen over, with receivers and managers appointed to Willmott Forests. The board of the troubled Willmott today said that its syndicate of banks – including Commonwealth Bank and St George Bank – had appointed Mark Mentha and ... Read More

RBA interest rates on hold despite inflation risks

Inflationary concerns are rising in Australia, two surveys showed today, but the RBA is not expected to raise interest rates tomorrow. Global economic uncertainty and a rising Australian dollar should keep the Reserve Bank of Australia from acting quickly, economists said. The ANZ’s job advertisem... Read More

Lynas set to become world’s No 2 producer of rare earths

Lynas shares jumped sharply after it lifted resource estimates today and said it could become the world’s No 2 producer of rare earths. A 19.4 per cent lift in the resource estimate for its Mount Weld project in Western Australia was announced today, and Lynas said it now expected to deliver 1... Read More

Australian stockmarket rises, dollar flat in Asia

The sharemarket ended the week with a third straight gain today despite a weak banking sector. The Australian dollar was flat ahead of a US jobs report overnight. The benchmark S&P/ASX 200 index was up 8.5 points, or 0.19 per cent, at 4541.2 points, while the broader All Ordinaries index rose 1... Read More

Strong week for share market

The Australian share market on Friday ended the week with a third successive gain. THE Australian share market on Friday ended the week with a third successive gain. At 4:15pm (AEST), the benchmark S&P/ASX200 index was up 8.5 points, or 0.19 per cent, at 4,541.2 points, while the broader All Or... Read More

Andean board backs Goldcorp bid, Eldorado offer trumped

Andean Resources has recommended a $C3.6 billion bid from US giant Goldcorp that trumped Canada’s Eldorado Gold. As the gold sector undergoes further consolidation, the board at Andean – Australia’s second-largest gold miner – today recommended Goldcorp’s cash and scrip off... Read More

Nufarm likely to face class action

Agricultural chemicals supplier Nufarm Ltd is likely to face a class action from shareholders alleging it engaged in misleading conduct relating to profit forecasts. Law firm Slater & Gordon said on Friday it was nearing completion of an investigation into Nufarm’s profit guidance. The in... Read More

Trade surplus narrows as exports fall and Defence imports Super Hornets

The trade surplus fell well short of forecasts in July on lower coal and iron exports and the purchase of Super Hornet fighter jets. A rise in commodity prices during the month was outweighed by the falling export levels, the Australian Bureau of Statistics report showed today. Still, economists sai... Read More

Australian stockmarket rises with broad-based gains

The Australian sharemarket today posted a second successive day of strong gains, with all sectors showing strength. Today’s rise reflected the positive mood on Wall Street after its best day in eight weeks. The benchmark S&P/ASX 200 index was up 37 points, or 0.82 per cent, at 4532.7 points, ... Read More

Rio to double capacity at $US1.5bn Brockman mine, says Walsh

Rio Tinto expects iron ore prices to fall more than 13 per cent in the fourth quarter to more “sustainable” levels after several price-hikes. The free-on-board price for iron ore fines – excluding freight costs – will slip to about $US127 a metric ton, said Sam Walsh, the chi... Read More

Australian manufacturing growth slows

Australian manufacturing growth stalled in August as output and new orders expanded at a slower pace, according to a recent survey. The Australian Industry Group performance of manufacturing index dipped 2.7 points to 51.7 in the month, though it remained above the 50 level marking the threshold bet... Read More

GDP growth rate fastest in three years

The Australian economy has grown at its fastest pace in three years in the second quarter, fuelled by a surprise bump in household spending. The 1.2 per cent GDP quarter boost was quicker than the latest 0.7 per cent average. “Today’s data provides further evidence that a broad-based sel... Read More

Australian stockmarket rises 2pc as GDP growth speeds ahead

The sharemarket closed at its highest finish in three weeks today after a 2 per cent gain, and the dollar surged in Asian trade. As investor sentiment was buoyed by the GDP growth data, the benchmark S&P/ASX 200 index rose to close higher by 91.5 points, or 2.08 per cent, at 4495.7 points. The ... Read More

GDP growth rate fastest in three years

The Australian economy grew at its fastest pace in three years in the second quarter, fuelled by a surprise jump in household spending. The much better than expected 1.2 per cent rise in gross domestic product in the June quarter was quicker than the latest 0.7 per cent average of OECD members. In a... Read More

ACCC clears Jetset-Stella deal

Shares in Jetset Travelworld have taken off after the competition watchdog said the tour operator could buy Stella Travel Services. The Australian Competition and Consumer Commission said today it won’t oppose the merger of two of Australia’s largest travel agency businesses, after rulin... Read More

Nufarm confirms sharp fall in profit amid burgeoning debt

Nufarm shares plunged today after it confirmed a sharp fall in profit and said its debt would be 38 per cent higher than estimated. Preliminary and unaudited analysis of numbers for the year ending July 31 confirmed net operating profit at the Australian crop chemicals company will be within the $55... Read More