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Business Breaking News

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Business Breaking News

Today

1:50am (AEDT)

Wall St shrugs off grim economic reports

WALL Street shrugged off a series of grim corporate and economic reports and swung higher in opening trade as the market awaited a likely cut in interest rates from the Federal Reserve.  Read more

Yesterday

6:17pm (AEDT)

Pratt victim of vendetta, lawyers claim

LAWYERS for Richard Pratt have demanded consumer watchdog boss Graeme Samuel be called before court to explain his "personal vendetta" against the cardboard king.  Read more

4:50pm (AEDT)

US clothing giant dumps Aussie wool

ONE of the world's largest retailers, Liz Claiborne, has banned Australian merino wool.  Read more

4:45pm (AEDT)

Shares down 1pc as heavyweights slump

THE share market has closed down 1 per cent, as heavy trading in Telstra stocks and a weaker resources sector pushed stocks into negative territory.  Read more

4:38pm (AEDT)

Macarthur Coal down 22pc after job cuts

MACARTHUR Coal shares fell 22 per cent today, after it downgraded its first half profit guidance, cut 180 jobs and suspended its interim dividend because of falling demand for coal used in steelmaking.  Read more

3:53pm (AEDT)

Rubber in chip packets forces recall

THE discovery of pieces of rubber in boxes of Smith's potato chips has triggered a national recall.  Read more

3:45pm (AEDT)

$15 hike 'a win' for commuters - Rees

NSW Premier Nathan Rees say an average 7.5 per cent fare hike from the beginning of next year for train travel is actually a "good win" for commuters.  Read more

3:38pm (AEDT)

PBL to get $335m cash boost

PBL Media's bankers have agreed to a $445 million recapitalisation package put forward by PBL Media's controlling owner, CVC, to ensure the company can withstand any further deterioration in economic conditions.  Read more

3:06pm (AEDT)

Isuzu shelves plans with Toyota

JAPANESE truck maker Isuzu has revealed it has shelved plans to jointly develop a clean diesel engine with Toyota as the global economic downturn hits the car industry hard.  Read more

3:00pm (AEDT)

Electrolux jobs to rely on Xmas sales

ELECTROLUX employees in Australia and New Zealand will have to wait until the new year to find out whether or not they will retain their jobs when the company trims its operational costs.  Read more

2:55pm (AEDT)

Oil drops ahead of OPEC meet

WORLD oil prices were slightly lower in Asian trade while the market awaited a likely cut in production by the OPEC cartel, dealers said.  Read more

2:44pm (AEDT)

$12bn wiped from Telstra shares

TELSTRA has lost $12 billion in market value in the past two days, after being excluded from the national broadband network bid.   Read more

2:02pm (AEDT)

Miners lay off 500 workers

MAJOR mining companies have started laying off more than 500 workers as the global financial crisis grips the resources sector.  Read more

1:50pm (AEDT)

Asia's economic woes to worsen next year

ASIA'S economic crisis will deepen in 2009 as exports slump to recession-hit Western nations, but the region should still outperform the United States and Europe, analysts say.  Read more

12:52pm (AEDT)

Dollar higher at noon on RBA boost

THE dollar was higher at noon after receiving a small boost from the reduced prospect of a January rate cut from the central bank.  Read more

12:34pm (AEDT)

Christmas spirit led to cut - RBA

THE Christmas holidays were a major factor in the Reserve Bank's decision to cut the official cash rate by 1 percentage point in December.  Read more

12:28pm (AEDT)

Miners drag stocks down 2pc at noon

BIG miners helped drag the share market down 2 per cent at noon, extending morning losses following a negative lead from Wall St overnight.  Read more

11:53am (AEDT)

Telstra's 'got no chance' of returning

TELSTRA'S chances of returning to the bidding process for the right to build the national broadband network are extremely low, analysts say.  Read more

11:38am (AEDT)

Betting on a recession? The odds are good

NOT all economists would punt on Australia falling into recession but betting agency Centrebet is offering good odds on the economy bottoming out.  Read more

11:34am (AEDT)

Hefty rate cut to last through summer - RBA

THE Reserve Bank cut the cash rate by 100 basis points in December to boost confidence in households and businesses and in anticipation that its board would not meet again until February.  Read more

11:09am (AEDT)

Madoff firm to be liquidated

US authorities have announced plans to liquidate Bernard L. Madoff Investment Securities, following his arrest for alleged fraud to the tune of $US50 billion ($74.9 billion).  Read more

10:48am (AEDT)

Workers cut as coal demand slumps

MACARTHUR Coal is set to cut up to 180 staff and says there is uncertainty about future coal demand, as the mining giant downgrades its first half profit guidance.  Read more

10:35am (AEDT)

Shares mixed in early trade

THE share market has opened slightly lower, led by falls on Wall Street, however most stocks were mixed at the open.  Read more

9:09am (AEDT)

Wall St falls on car bailout uncertainty

US stocks fell overnight as the market sought clarity over US President George W Bush's bid to rescue US carmakers and awaited outcome of a Federal Reserve meeting expected to cut interest rates.  Read more

8:21am (AEDT)

Banks face billions in Madoff losses

TOP banks in Europe and Asia revealed they could lose billions of dollars in a massive alleged fraud scam run by Bernard Madoff.   Read more

7:56am (AEDT)

Dollar down despite greenback weakness

THE dollar has opened lower after failing to benefit from a further bout of US dollar weakness during offshore trading.  Read more

6:23am (AEDT)

Italy's fashion sector fears crisis

EMPLOYERS and union leaders in Italy's fashion sector on Monday called for an "urgent" meeting with Prime Minister Silvio Berlusconi to discuss ways to limit the impact of the world financial crisis.  Read more

6:07am (AEDT)

Job cuts now 'will hurt business later'

EMPLOYERS should avoid shedding jobs in reaction to the financial crisis as they will be critical in rebuilding the firm after the downturn, research suggests.  Read more

4:41am (AEDT)

IMF chief 'shocked' by Madoff scandal

THE International Monetary Fund chief said overnight he is shocked that US regulators failed to identify and prevent the alleged Madoff fraud.  Read more

1:57am (AEDT)

Markets higher as hopes hold for bailout

US stocks opened higher on Monday on cautious trading amid hopes US President George W. Bush would order the rescue of US automakers from the brink of bankruptcy and ahead of an expected interest rate cut.  Read more

1:37am (AEDT)

Oil price soars on supply rumours

THE price of New York crude oil has soared above $US50 per barrel for the first time in two weeks as the market was driven by expectations that OPEC will cut crude output this week, traders say.  Read more

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Last updated: December 17, 2008

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