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Destiny Abalone Expanding SA Operations: Australian-grown abalone fish are destined to end up on Asian plates, fuelling the expansion of commercial fish farming, a company says.Adelaide-based Destiny Abalone Group DAG said on Wednesday it is expanding its South Australian land-based operations to meet growing demand in the Asian market.To satisfy the surging Asian appetite...; Tags: Abalone, Sales Strategy, Corporate Governance, Sales Force Management, Sales, Business Operations, Corporate Law, AAP; News items 2008-07-23
AGL Buys Allco's Wind Assets For $12m: AGL Energy Ltd AGL said it has snapped up the Australian wind farm interests of Allco Finance Group Ltd for $12.5 million.Australia's largest gas and electricity supplier said under the agreement it will acquire Allco's seven development projects in Queensland, New South Wales and South Australia.AGL managing director Michael...; Tags: Asset, Geothermal Energy, Renewable Energy, Australian Associated Press Pty Ltd., Queensland, AGL, Telecom & Utilities, AAP; News items 2008-07-23
CBA Working Exclusively to Acquire Amro: Commonwealth Bank of Australia Ltd CBA says it has entered exclusive talks to acquire the local arm of investment bank ABN Amro.CBA was already widely speculated to be interested in ABN Amro Australia Holdings while Tuesday night National Australia Bank Ltd announced it had pulled out of the race...; Tags: ABN AMRO, Bank, Financial Services, Investment, Free Trade, Finance, AAP; News items 2008-07-23
Allco Shares Up After Wind Assets Sale: Shares in Allco Finance Group gained almost nine per cent in early trading after the company announced the sale of its Australian wind farm interests to AGL Energy for $12.5 million.By 1051 AEST Allco shares rose two cents, or 3.96 per cent, to 52.5 cents, having earlier reached 55...; Tags: Asset, Australian Associated Press Pty Ltd., Asset Management, Operational Planning, Business Operations, AAP; News items 2008-07-23
Crown Casino Won't Invest in Philippines: Casino operator Crown Ltd has abandoned plans to invest in a casino project in the Philippines due to rising borrowing costs.Crown chief executive Rowen Craigie said on Wednesday that global credit crunch made it harder to develop projects needing significant capital."The recent and ongoing events in world credit markets...; Tags: Casino, Games, Personal Technology, AAP; News items 2008-07-23

Issues Over St G-Westpac Merger: ACCC: The Australian Competition and Consumer Commission ACCC says competition issues have emerged from its initial inquiries into the proposed $16 billion takeover of St George Bank Ltd by Westpac Corp.The watchdog is now calling for further submissions from the market about the deal, after releasing a statement of issues...; Tags: Australian Competition And Consumer Commission, Mergers & Acquisitions, Financial Services, Investment, Finance, AAP; News items 2008-07-23
Borrowers Baulk at Fixed Rate Loans: The demand for fixed rate home loans fell sharply in June as borrowers don't want to be locked into high interest rates that may begin to ease again, a new study finds.Only 13 per cent of all mortgage approvals were for fixed rate home loans in June, down from...; Tags: Borrower, Rate, Home Loan, June, Financial Planning, Financial Services, Finance, AAP; News items 2008-07-23
CPI Up 1.2% in June Quarter: Australia's trimmed mean consumer price index CPI rose 1.2 per cent in the June quarter, for an annual growth rate of 4.3 per cent, the Australian Bureau of Statistics ABS said on Wednesday.The weighted median CPI rose 1.0 per cent in the June quarter, with an annual rise of...; Tags: Consumer Price Index, June, AAP; News items 2008-07-23
OZ Target Companies as Share Prices Fall: OZ Minerals, the cashed-up group created by the merger of Oxiana Ltd and Zinifex Ltd, says share price volatility has made some potential takeover targets more attractive.The drop in some commodity prices such as zinc and nickel, along with turbulence in credit markets worldwide have combined to drive the...; Tags: M&A, Zinc, Mergers & Acquisitions, Investment, Finance, AAP; News items 2008-07-22
TV Networks Upbeat After Revenue Figures: The Seven Network says it's confident of holding its number one position in television advertising revenue in the second half of the year and into 2009.According to figures released by the industry body Free TV Australia on Tuesday, Seven captured 39.13 per cent of ad revenue across the five...; Tags: Revenue, Australian Associated Press Pty Ltd., Network, Operational Accounting, TVs, Sales Strategy, Tv & Home Theater, Finance, Personal Technology, Home Entertainment, Sales, AAP; News items 2008-07-22
NAB Walks Away From ABN Amro Takeover: National Australia Bank Ltd NAB has ditched its plans to buy the local arm of Dutch investment bank ABN Amro, without giving any reasons.In a blunt, two-sentence announcement to the Australian stock exchange issued an hour after trading concluded, NAB said it had "now withdrawn from the sale process".It...; Tags: ABN AMRO, Citigroup Inc., NAB, Banking, Financial Services, AAP; News items 2008-07-22
Vodafone Gains 70,000 Customers: Vodafone Australia added about 70,000 customers in the June quarter for a total of 4.1 million, as users were attracted to the mobile carrier's cheaper plans.But Vodafone's revenue increased 6.3 per cent from the year before despite a reduction in the termination rate to nine cents from 12 cents...; Tags: Vodafone Group Plc., Mobile, Advertising & Promotion, Marketing, AAP; News items 2008-07-22
Arrest in India Over AWB Scandal: A US citizen accused of helping to launder a $US2.5 million ($A2.56 million) commission from the then Australian Wheat Board AWB is the latest arrest in a trade scandal in India.The laundering is alleged to have been done by floating companies in the Cayman Islands and Bahamas.Los Angeles-based Nirajan...; Tags: India, Commission, Arrest, Sales Force Management, Sales, AAP; News items 2008-07-22
Nine Predict 'solid' Advertising Revenue: Nine Network, part-owned by Consolidated Media Holdings Ltd, says new advertising revenue figures show the broadcaster is turning the corner on its performance.The network captured 31.78 per cent of free-to-air commercial television advertising revenue in the first half of calendar 2008, figures released by the industry body Free TV...; Tags: Revenue, Advertisement, Network, AAP; News items 2008-07-22
Peak Oil Arrives in Australia: Report: Oil production in Australia has already peaked and the alternative fuels industry needs to be dramatically ramped up in response, an expert research group says.After years of a stop-start approach to ethanol production, Australia is fast running out of time to end its love affair with crude oil, much...; Tags: Australia, Alternative Fuel, AAP; News items 2008-07-22
Citigroup Slash Bank Earnings Forecasts: A vicious cycle of tightening global credit availability, slowing economic growth and rising bad debts could erase earnings growth at Australia's major banks in fiscal 2009, a brokerage says.Citigroup slashed its earnings per share EPS estimates on Tuesday for local banks by up to 12 per cent, citing a...; Tags: Bank, Growth, Earnings Per Share, Citigroup Inc., Financial Services, AAP; News items 2008-07-22
Russia Bans Four Australian Meat Plants: Four Australian meat processing plants temporarily banned from exporting their products to Russia have been singled out because of "microbial contamination", an industry body says.Russian authorities have placed a ban on three kangaroo meat processing plants and one beef plant, Meat and Livestock Australia MLA said.But it stressed the...; Tags: Meat, Russia, Plant, Strategy, Quality, Management, Business Operations, AAP; News items 2008-07-22
OAMPS Appoints Austbrokers Manager: OAMPS Insurance Brokers have appointed Martin van Rhoon as its head of corporate broking for Australia.OAMPS Insurance Brokers chief executive Peter Blackmore said Mr van Rhoon would help build the company's medium to large client sector of Australia."Martin will help us harness the wealth of expertise within OAMPS, and...; Tags: Australian Associated Press Pty Ltd., Australia, Mr., Van, OAMPS, Insurance, Financial Planning, Business Operations, Corporate Insurance, Finance, AAP; News items 2008-07-22
Qantas Passenger Revenues Up 4.3%: Qantas Airways said its May group passenger numbers increased by 3.9 per cent over the previous year.Revenue per passenger kilometre RPKs increased by 4.3 per cent, while available seats per kilometre ASKs were up 3.7 per cent, resulting in a revenue seat factor of 74.3 per cent, which was...; Tags: Revenue, Qantas Airways Ltd., Financial Accounting, Finance, AAP; News items 2008-07-22
WorleyParsons Wins $5.3b Coal Project: Waratah Coal has appointed engineering company WorleyParsons as lead consultant and project manager for its proposed $5.3 billion mine, rail and port development in central Queensland.Waratah Coal proposes a large-scale thermal coal mine near Alpha, west of Emerald, linked by a new 495km heavy haul rail line to a...; Tags: Australian Associated Press Pty Ltd., Coal, Waratah Coal, Engineering, AAP; News items 2008-07-22