09 March 2004 12:09
Summary of AAP Finance Wire at 1404 AEDT, Mon, March 9, 2004
MELBOURNE - The Australian stock market recovered from a soft open to gain ground by noon, supported by a stronger
banking sector. SYDNEY - The Australian dollar remained in consolidation mode and was slightly stronger at noon as it
awaited more local data for further direction. SYDNEY - The acquisition of the classified advertising business of the
Trading Post Group by Telstra Corp for $636 million is a good fit for Telstra's Sensis business, analysts said.
SYDNEY - Standard & Poor's said today that Telstra Corp Ltd's acquisition of the Trading Post Group will
have no impact on the ratings on the company. SYDNEY - Australia business conditions partly recovered in February,
following a surprisingly large fall in January, according to the National Australia Bank's Monthly Business survey.
SYDNEY - Shares in drug company Novogen Ltd jumped more than seven per cent today after an announcement that its
subsidiary Marshall Edwards began a study in Sydney testing its investigational anti-cancer drug, phenoxodiol. SYDNEY -
The number of Australian job advertisement in major metropolitan newspapers recorded their strongest increase in nine
months, climbing 6.4 per cent in February to a seasonally adjusted 22,119 a week. SYDNEY - Aristocrat Leisure Ltd said
today that Aristocrat Technologies Inc has received key product approvals in three of the largest gaming jurisdictions
in the United States. SYDNEY - An extra day brought by the leap year helped Australian retail spending levels nudge
higher in February but the shortest month in the calendar remains the lowest one for turnover, research found. SYDNEY -
Unions and small coal producers have described as anti-competitive a competition watchdog interim measure to reduce the
queue of coal vessels off the port of Newcastle. SYDNEY - The release of February job advertisement figures illustrated
the increasing reliance by job hunters on online advertising, Seek Ltd chief executive Paul Bassat said today. MELBOURNE
- A Powerlan Ltd subsidiary has contracted its international monetary software to The Royal Bank of Scotland plc.
MELBOURNE - Explosives and chemicals firm Orica Ltd said today it is buying SMI Technology's electronic detonator
technology. SYDNEY - Private equity firm RMB Ventures has merged supermarket refrigeration company Austral refrigeration
into Australia's largest air conditioning contractor Hastie Group. SYDNEY - Macquarie Bank Ltd shares surged to a
two-month high today, as analysts backed its acquisition of ING Group's Asian share trading arm. SYDNEY - Office
products group WC Penfold Ltd has appointed Deloitte Touche Tohmatsu as voluntary administrators. SYDNEY - Australian
business expectations have fallen in February, with the outlook for sales, profits and employment growth the weakest in
12 months, a survey has shown. SYDNEY - Amcor Ltd launched a 350 million euro, 4.25 per cent seven-year bond issue,
Nomura said today. SYDNEY - The Reserve Bank of Australia said $299 million in 6.25 per cent April 15 2015 Treasury
bonds sold at tender today went at a weighted average yield of 5.5089 per cent. SYDNEY - Australian singer John Paul
Young will produce and present a twice weekly program on National Radio 2 commercial broadcast network, media company
WorldAudio Ltd said today. SYDNEY - Standard & Poor's said today that Santos Ltd's proposed acquisition of
Novus Petroleum's Indonesian and Cooper Basin assets for about $US200 million would result in only a modest
exposure to the higher risk Indonesian gas markets, while the possible deepening of Santos' market share in the
Cooper Basin is consistent with the company's prevailing business strategy. SYDNEY - Shares in Queensland-based
metals producer Austin Engineering Ltd debuted on the ASX at 23 cents, a 3.5 cent premium to the offer price and were
still rising early afternoon. SYDNEY - German bank KfW Bankengruppe has today launched an October 2007 $A500 million
Kangaroo bond issue. CANBERRA - Labor was not proposing to demand a switch to permanent employment for casual workers,
opposition workplace relations spokesman Craig Emerson said today. CANBERRA - Labor admitted today it would increase
taxes if it won this year's election because no government had avoided raising at least one tax. CANBERRA - The
head of the Australian Greenhouse Office (AGO) today defended its massive underspending of a $1 billion package to
reduce greenhouse gas emissions. CANBERRA - A major economic think-tank has been given less than a month to carry out
the economic modelling and analytical work to assess Australia's 1,000-page free trade deal with the United States.
CANBERRA - The Australian Shareholders' Association (ASA) today demanded Telstra give details of how it reached the
$636 million price tag for the Trading Post Group. CANBERRA - The minor parties and independents are expected to
announce today they will not support the full privatisation of Telstra. CANBERRA - Labor had no plans to sell Telstra if
it won government, opposition communications spokesman Lindsay Tanner said today. CANBERRA - Opposition Leader Mark
Latham is continuing to rule out a tax increase by a Labor government. CANBERRA - Australian terror suspects David Hicks
and Mamdouh Habib may serve any jail sentences back in Australia rather than in the United States. SYDNEY - Opposition
Leader Mark Latham today gave an ironclad guarantee a Labor government would not raise capital gains tax or company tax
rates. MELBOURNE - Car manufacturer Toyota Australia has described reports that it has been involved in shifting profits
overseas to avoid tax as "speculative". CANBERRA - Unions would lobby Labor to adopt a policy of 15 per cent
contribution to workers' superannuation, ACTU secretary Greg Combet said today. CANBERRA - Labor today accused
Biosecurity Australia of producing an inadequate defence of its handling of the revised draft import risk assessment of
bananas before the all-party Senate committee. MELBOURNE - Melbourne's The Age newspaper was today ordered to cease
action to terminate the jobs of 86 printers at its Spencer Street plant. CANBERRA - Defence today signed a $6.2 million
contract which will bring the Australian navy closer to the day when warships can navigate without paper charts.
ADELAIDE - Winemakers could suffer from a continuing oversupply of grapes in South Australia's McLaren Vale, an
industry spokesman said today. MELBOURNE - Victoria 25,000 public servants will get a three per cent pay rise from this
month and a further three per cent in October under a new wages deal announced today. MELBOURNE - Grain exports would
not be delayed despite the loss of 400 tonnes of grain following a train derailment in Victoria's south-west on
Sunday, Freight Australia said today. LOS ANGELES - Surfwear company Quiksilver Inc. has agreed to buy skateboard shoe
maker DC Shoes Inc for about $US87 million ($A115 million) in cash and stock. LOS ANGELES - Texas Instruments Inc, the
largest maker of chips for cell phones, on Monday revised its first-quarter earnings and revenue targets to the higher
end of its previous forecast, reflecting broad product strength. LONDON - Publisher Conrad Black, involved in a struggle
over his newspaper empire, has been removed as chairman of Telegraph Group, the group's owner said today. ZURICH -
Nestle Chief Executive Peter Brabeck reiterated on Monday that an improvement in profit margins was the priority for the
world's biggest food group this year and investors should not expect major acquisitions. NEW YORK - Eastman Kodak
Co. on Monday said it would buy two companies that make digital printing systems, a move that will reduce its 2004
operating earnings by up to 9 percent. MADRID - Spain's top carrier Telefonica secured a $5.85 billion
cash-and-debt deal on Monday to buy the Latin American assets of U.S. carrier BellSouth and become the leading mobile
operator in the fast-growing market. WELLINGTON - Shares in Whiteware manufacturer Fisher & Paykel Appliances were
trading at an all time high of $4.30 by noon today after the company lifted its profit forecast for the year to March.
NEW YORK - After five months of testimony, jurors began hearing closing arguments today in the trial of two former top
executives at Tyco International who are accused of looting the conglomerate of $US600 million ($A790.77 million). NEW
YORK - Martha Stewart made her first public remarks today since being convicted of lying about a stock sale, thanking
viewers of her television shows and readers of her magazines and websites. NEW YORK - The board of directors of Martha
Stewart Living Omnimedia Inc. was set to hold an emergency meeting on Monday following its namesake founder's
criminal conviction, according to a newspaper report. LONDON - Gold prices held steady on Monday as analysts gave a
cautious welcome to news that 15 European central banks had agreed a new pact to restrict sales of the precious metal.
BRUSSELS - Haggling over who should fill a vacant seat on the European Central Bank board looks set to continue for
another month, with the decision by European Union finance ministers complicated by the choice over a new boss of the
International Monetary Fund. BAGHDAD - Iraqi political leaders took a major step towards a return to national
sovereignty today as they finally signed a new provisional constitution in a move hailed by Britain, Russia, France and
neighbours Saudi Arabia, Iran and Jordan. PORT-AU-PRINCE - Exiled Haitian leader Jean-Bertrand Aristide appealed to his
supporters to peacefully resist an "occupation" of Haiti today, a day after blazing gunfire killed at least
six people in a huge Port-au-Prince demonstration celebrating his ouster. WASHINGTON - Cosmetic surgery and related
procedures in the United States jumped 32 per cent last year to 8.7 million, led by a surge in injections of Botox
anti-wrinkle treatments, a medical group said today. BOSTON - The five Britons earmarked for release from Guantanamo Bay
will fly home within 24 hours, British Home Secretary David Blunkett said tonight. AAP
[AAP News] |
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