| Australia Market Update Archive: |
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Qatnas Rises, Just Group Drops 12%
Jul 02, 12:03 AM EDT |
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| Australian stocks closed lower after a drop in retail and mining stocks. Qantas may sell a minority strike in its frequent flyer program. |
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| Stocks in Australia fell tracking global market weakness. Mining and retailers declined. Just Group lowered its earnings 10% and cited weaker than expected consumer spending. Separately, the company rejected buy ot offer from Premier Group and its stock fell 13%. mining stocks fell as metals prices declined. Fligh engineers at Qantas suspended the strike threat nor now as its union negotiates with the airline. Australian benchmark is the fourth worst performer in Asia. |
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RBA Left Rates Unchanged, Stocks Decline
Jul 01, 8:09 PM EDT |
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| Rio Tinto doubles its price of iron ore to Japanese customers and rival BHP is seeking similar price increase from its customers. |
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| The Reserve Bank of Australia left its key rate at 7.25% but noted that inflationary pressures are building in the economy. The CPI index for the year ending in March was at 4.2% and since then the inflation has been buidling. Australian stocks fell nearly 18% in the first half as global credit market worries dragged financials lower. Of the ASX 200 index stocks, Connecteast Group led the gainers with a rise of 11.1% and ABC Learning led the decliners with a fall of 16%. |
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Australian Dollar Surges, Macarthur Battle
Jun 30, 4:26 PM EDT |
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| ArcelorMittal and Posco take stakes in coal miner Macarthur. Australian stocks fell tracking losses in the U.S. |
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| The battle for Australian coal resources heat up after Posco and ArcelorMittal acquire stakes in the company. ArcelorMittal raised its stake to 20% and Posco took a stake of 10%. Steel companies from China, Korea and Europe are eying for Australian mineral resources as coal, iron ore and other raw materials rise in prices. Australian dollar surges. ANZ declined to take a majority stake in prime broker Chimera after initial review. Babcock agrees to pay higher interest and delays debt repayment. |
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Rio Doubles Ore Prices, BHP Raises Reserves
Jun 24, 12:56 AM EDT |
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| Australian stocks edge higher after BHP lifted its estimate of mineral reserves at its mines in Western Australia. |
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| Australian stocks edged higher after Rio Tinto and Chinese and Japanese steel companies agreed to a price hike of 100% for iron ore shipments. Separately, BHP increased its estimate of mineral reserves in Western Australia. Perilya rejects merger proposal with CBH after the company revised its estimate at Broken Hill mine and lack of support from note holders. |
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BG Launches $13.8 B Offer for Origin
Jun 23, 11:35 PM EDT |
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| The UK based BG Group took its offer directly to shareholders of the largest coal-to-seam gas producer, Origin Energy. |
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| BG Group, UK based energy company hopes that an offer taken directly to the shareholders of Origin Energy Limited may succeed better than the same offer rejected by the management earlier in May. BG offered $15.50 per share or A$13.8 billion for Origin in all cash. The fundamental difference between the current offer and the management expectations is in the valuation of the CSG reserves. Origin stock rose 5% to A$16.30 and has surged 60% in the last two months of trading. |
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Macarthur in Play, Valad Lowers Estimates
Jun 23, 10:45 PM EDT |
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| Rio Tinto may develop the first significant diamond mine in India. Australia stocks edhed lower as global financial markets weakness drag stocks. |
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| Macarthur may become a subject of takeover from ArcelorMittal after Ken Talbot, director with 19.76% stake resigned from the board and sold 4.3% stake in the company to the steel giant. Separately, Valad Property lowered its earnings and distribution guidance as a weakness in global property market squeeze the activities. |
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Mirvac Lowers Valuations, Indophil Higher Bid
Jun 21, 2:31 AM EDT |
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| Indophil receives 28% premium from a consortium led by its chief executive. Mirvac reaffirmed its earnings guidance and lowered its asset valuations. |
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| Australian stocks fell as global financial stocks declined. The weakness in the U.S. trading and persistent worries related to the health of the U.S. banks kept Australian banks in check. ASX 200 index fell 1.5% to 5,288.30. Xstrata abandoned its offer for Indophil after a bid led by its chief executive offered 28% more. Victoria Supreme Court gave its approval for the merger between Zinifex and Oxiana. The newly merged company will be renamed Oz Minerals. |
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Financials Decline, Woodside Gains
Jun 19, 2:11 AM EDT |
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| Queensland Gas Company increased its estimate of reserves of coal seam gas by 80%. |
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| Australian stocks fell after the worries related to credit market rises. Hedge fund manager Paul Johnson estimated credit market related losses to increase to $1.3 trillion. In additon, Morgan Stanley reported 61% decline in earnings. On the news, stocks of five retail banks in Australia fell between 2% and 4%. Babcok Brown Power cancels dividend for the six month period to lower its debt. |
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Fortescue, Rio Race for Pilbara Mines
Jun 18, 1:38 AM EDT |
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| Flight Cenre Ltd stock surged 6.5% after it said its pre-tax profit for the current year to exceed to $210 million. |
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| Fortescue and Rio Tinto race to develope Pilbara region rich in iron ore and unexplored. Fortescue Metals Group and Cazaly agreed on revenue split arragement if the Cazaly succeeds in gaining exploration and development rights. Rio Tinto approved expansion funding in the region to increase its annual capacity to 320 million tons by 2012. |
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RBA Holds Rates; Macarthur Talks Merger
Jun 17, 1:28 AM EDT |
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| Orica, explosives and chemicals maker approves $586 million investment in Indonesia. |
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| The Australian Reserve Bank board today left its key cash rate unchanged at 7.25%. The board members noted that most economic indicators in the past month continued to suggest moderation in the growth of domestic demand. The board anticipats economic growth to slow in months to come. Allco Group surged after it arranged a sale of its wind power subsidiary in California. Macarthur Coal and ArcelorMittal continue their merger talks. |
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