News archive from 1 March 2013

German inflation slows to 1.5%

INFLATION in Germany, Europe's biggest economy, slowed to its lowest level in two and a half years in February, official figures show. The cost of living in Germany increased by 1.5 per cent on a 12-month basis this month, down from 1.7 per cent in...

 

British American Tobacco profit soars

BRITISH American Tobacco, the world's second-biggest maker of cigarettes, has announced a 24 per cent hike in annual net profit. Earnings after tax grew to STG3.84 billion ($A5.73 billion) in 2012 from net profit totalling STG3.1 billion a year...

 

US stocks dip on disappointing growth

US stocks have edged mostly lower after a fresh government estimate on economic growth in the fourth quarter came in lower than expected. Five minutes into trade on Thursday, the Dow Jones Industrial Average fell 17.11 points, or 0.12 per cent, to...

 

US economy grew slightly at end of 2012

THE US economy grew slightly in the fourth quarter last year, the government says, revising its prior estimate of a small contraction. Gross domestic product grew at an annual rate of 0.1 per cent in the October-December period, the Commerce...

 

US weekly jobless claims rise

NEW claims for US unemployment benefits fell last week to 344,000, in line with the recent trend after the previous week's spike higher, government figures show. Claims, an indicator of the pace of layoffs across the country, fell by 22,000 in the...

 

Woolies hits the pokies jackpot

The supermarket giant looks to have booked a one-off earnings kick of between $10 million and $20 million after the monopoly once run by Tabcorp and Tatts was replaced by an owner-operator model. The extra cash flooding Woolworths coffers makes it the...

 

Overvalued dollar won't influence RBA on rates

The Bureau of Statistics survey showed mining investment slipped 2.9 per cent in the three months to December, manufacturing investment fell 2 per cent and investment by services firms slid 7.5 per cent. When asked about their plans for the coming...

 
As Asia grows, exports change

As Asia grows, exports change

AUSTRALIA will have a fundamental shift in its export profile in coming decades with the expanding middle class in Asia driving demand for a new range of supplies. This will lift demand for gas and base metals - copper and nickel - from Australia,...

 

Lowy family to sell its entire stake in Westfield Retail Trust

The broking house UBS has been instructed to sell 214.8 million securities in WRT, at $3.09 apiece. It is currently being undertaken by way of a fixed-price bookbuild. The sale comes only 24 hours after the joint chief executives, Steven and Peter...

 

Vale takes hit as coal prices fall

On Wednesday, Sao Paulo time, Vale reported a net loss for the December quarter and a 76 per cent slump in net earnings to $US5.5 billion in 2012, dragged down by $US5.7 billion in impairments, including the charge against the Australian coal assets...

 
Virgin, Air NZ may eye island routes

Virgin, Air NZ may eye island routes

AIR New Zealand will consider extending its trans-Tasman alliance with Virgin Australia to include the Pacific Islands when it reapplies to regulators late this year for a continuation of the existing deal. Declaring the Kiwi airline in ''growth...

 

Job cuts help Perpetual boost profits

After announcing it would cut hundreds of jobs last year as part of a move to rationalise the business, Perpetual said on Thursday it had cut costs more deeply than it expected during the past six months. Amid heavy job-shedding in the financial...

 

Rio Tinto hires former Transurban CEO

Mr Lynch, a non-executive director of Rio since September 2011, was CEO at Transurban from 2008 until 2012 and before that worked six years as CFO at BHP Billiton and 20 years in senior roles at Alcoa. Rio announced in July that Mr Elliott, a 30-year...

 

All Too Hard a media metaphor for Harvey

He reckons on any given day he gets mixed messages about how the broader economy, and the retail market he inhabits, are faring. This folksy kind of anecdotal talk is how Harvey - a retail operator of 40 years - discusses the performance of his...

 

Nine in talks with Southern Cross Media on regional affiliate deal

Sources close to the two media companies confirmed that Nine and Southern Cross recently began talks on a potential affiliate deal that would see Nine dump long-term regional partner, Bruce Gordon's WIN Corp, and Southern Cross drop its embattled...

 
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