Kill the competition: Taxpayer bank stake ... Wall Street shudders ... Iceland freeze
October 8, 2008
Welcome to today's round-up of business news from The Times: what we're
saying, what they're saying
Australia's Commonwealth Bank eyeing BankWest: report (Reuters)
Reuters - Commonwealth Bank of Australia (CBA) , the country's No. 2 bank by assets, may offer over A$6 billion ($5.2 billion) to British bank HBOS for its Australian unit BankWest, the Australian newspaper reported on Monday.
Babcock & Brown shares dive on fee flow fears
Babcock & Brown, the worst- performing stock on the MSCI Asia-Pacific Index, fell on concerns that credit market turmoil may cut proceeds from asset sales to reduce debt.
Westpac's ray of light
Westpac has so far managed to avoid big problem credit exposures, and should it successfully swallow St George, will become Australia's biggest bank.
Alumina H1 profit drops 84.6%
Alumina Ltd, minority partner of the Alcoa World Alumina & Chemicals (AWAC) group, has delivered an 84.6 per cent drop in first half profit.
07/31/08
Similar news about Alumina Ltd.
Australia's St. George agrees to...
St. George Bank Ltd., Australia's fifth-largest bank, agreed to a revised 17.3 billion Australian dollar ($14.4 billion) takeover proposal by larger rival Westpac Banking Corp....
Telstra to outdo profit guidance
Telstra is expected to do better than its guidance when it reveals its annual profit results this week, as it increases revenue from its Next G mobile services.
Westpac beats gloom
WESTPAC yesterday ruled out any need to ration lending in the global credit crisis, revealing that it had so far escaped the worst of the domestic economic slowdown.
Qantas passenger revenues up 4.3%
Qantas says its May group passenger numbers increased by 3.9 per cent over the previous year.
Alumina to hit funds trail
ALUMINA Ltd has chosen to maintain its 12c a share fully franked dividend - and its dividend reinvestment plan - despite the need for up to $500 million to cover capital cost blowouts at its Brazilian expansion projects.
BHP Billiton abandons bid for Rio Tinto
BHP Billiton Ltd., the world's biggest mining company, abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices.
Orica to demerge consumer products
Orica Ltd plans to demerge its consumer products business into a separate company and raise up to $900 million through an entitlement offer.
Rio Tinto posts record half-year profit
Rio Tinto Ltd., the world's third-largest mining company, said Tuesday that half-year profit more than doubled to a record on strong demand from China for iron ore and other...
Wesfarmers expecting solid growth
Coles owner Wesfarmers has delivered a 33.6 per cent rise in annual profit and expects solid growth again this year despite a tougher economic environment.
ASX closes lower after financials fall
The Australian share market closed lower after falls from the financial sector, with Babcock & Brown suffering a heavy loss amid a drop in interim profit.
Babcock's jig is up
The writedowns have begun, corporate finance has been axed, and a fire sale of assets is now on. Babcock's survival hinges on this.
Babcock CEO, Chairman Step Down
Babcock & Brown unveiled a major overhaul of its board and management but failed to stem the drop in its share price due to continued concerns about its financial position.
Rio Tinto says it is comfortable with debt level
Mining giant Rio Tinto on Wednesday sought to allay concerns about its debt levels a day after bigger rival BHP Billiton abandoned a takeover bid for that reason, sending Rio's share price plummeting.
CSL to acquire Talecris for $3.4b
Blood products and vaccine firm CSL will acquire Talecris Biotherapeutics Holdings for $3.48 billion to boost its presence in the plasma therapeutics market.
Qantas profit up but outlook uncertain
Qantas expects a 41 per cent fall in profit this financial year as the airline faces the headwinds of rising fuel costs and a slowing global economy.
Crown reports $370.1m in profit
Casinos operator Crown Ltd says its Australian casinos have been trading satisfactorily since the start of the 2008/09 financial year.
ASX lower led by financials, resources
The Australian share market closed more than two per cent lower, dragged down by the resource and financial sectors and a weak lead from Wall Street overnight.
Telstra make $24.8b in sales revenue
Telstra's profit grew 13.3 per cent in the year to June 30, on a jump in mobile phone revenue as customers took up services with the Next G network.
Telstra jumps Optus in mobile revenue
Telstra Corp Ltd's mobile phone revenue has surged, extending Australia's biggest telecommunications company's lead over rival Optus in the segment.
ASX marginally in the red
The ASX was marginally in the red at noon, with gold stocks heavily sold off for the second consecutive day on the back of a falling gold price.