It could be at least a year before struggling families benefit from a federal government scheme to ease soaring rental costs.But welfare and housing groups say it is a much-needed step in the right direction to help low-income households which are being "hammered" by big rent increases.The government on...
BlueScope Steel Ltd, Australia's largest steelmaker, has stopped production at its New Zealand slab-making operation after a failure in the water cooling system.The company said it is expected to take seven to 10 days to complete the repair work, which will result in the loss of about 12,000 to...
Oz Minerals Ltd has hired Paperlinx Ltd chief financial officer David Lamont as its new CFO.Oz Minerals is the newly formed entity created by the merger between metal miners Oxiana Ltd and Zinifex Ltd.Paperlinx announced that Mr Lamont had resigned from his post at the paper merchant and that...
Molopo Australia Ltd shares surged close to nine per cent after the company unveiled a fivefold increase in the gas potential for its Queensland assets.The company estimates that its Qld acreage contains 7.5 trillion standard cubic feet Tscf of gas-in-place, with 2.3 Tscf to 3.6 Tscf gas-in-place potentially commercial...
OZ Minerals Ltd, the group created by the merger of Oxiana Ltd and Zinifex Ltd, has produced the first nickel concentrate from its Avebury mine in Tasmania.The company said the operation would ramp-up to full production of 8,500 tonnes of nickel-in-concentrate a year over the next quarter, with the...
Crescent Gold shares have sunk to a 12-month low after the gold producer suspended its Laverton operation in Western Australia following problems with the processing plant.The company has been forced to slash its workforce and implement a six month review of the processing plant, with resumption of production not...
Australia has lost almost 90,000 full-time jobs in the June quarter - a worrying sign for families struggling to pay bills, according to pollster Gary Morgan.The Roy Morgan unemployment estimate for the quarter showed a slight drop in unemployment, down 0.1 per cent to 5.9 per cent.But more and...
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...
Explorer APAC Coal Ltd has listed at a discount on the Australian stock exchange after raising $7 million through an initial public offer IPO for a thermal coal mine in Indonesia.APAC Coal opened at 16 cents, or 20 per cent, lower than the IPO price of 20 cents per...
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...
Adelaide Energy Ltd has bought the Katnook gas fields and processing plant at the Otway Basin in South Australia from Origin Energy Resources Ltd and SAGASCO South East Inc.Adelaide Energy said it had entered an agreement to buy the resource near Penola in the south-east of South Australia.The company...
Teck Cominco Ltd and Xstrata Zinc have announced the closure of their joint venture Lennard Shelf Pillara mine in Western Australia because it has become uneconomic to operate.Operations are expected to cease by early August."The Pillara mine has become uneconomic, primarily due to the sharp decline in zinc and...
Australian Ethical Investment Ltd AEI expects a flat to five per cent fall in its fiscal 2008 annual profit amid continued tough conditions in equities markets.In fiscal 2007, AEI reported a net profit of $1.82 million, up 34 per cent.Its earnings for the 2008 first half were $1.08 million,...
The prudential regulator will demand that superannuation funds justify year-end revaluations of unlisted assets in their portfolios in response to the slowing global economy and plunging stockmarkets.The Australian Financial Review says retirement funds lost an average of 2.4 per cent in the 11 months to May 31, but the...
Australia's producer price index at the final stage of production rose 1.0 per cent in the June quarter, with an annual rise 4.7 per cent, the Australian Bureau of Statistics said on Monday.This compares with a 1.9 per cent rise in the March quarter.In the June quarter, at the...
National Australia Bank Ltd is in discussions to buy ABN Amro in Australia and New Zealand.The bank said it's participating in a process conducted by Royal Bank of Scotland.There is no certainty that a transaction will happen, and any acquisition will be subject to due diligence and regulatory approval,...
Junior oil and gas producer Tap Oil Ltd has made an oil discovery near Varanus Island in Western Australia, which will not commence production until the gas processing facilities on the island are repaired.Tap is a 12.22 per cent participant in the Apache Energy Ltd-operated Harriet joint venture, which...
Brewer Lion Nathan Ltd is confident of its ability to step up earnings in fiscal 2009 and expects net profit to be between $295 million and $315 million.The company also confirmed its profit guidance for the 12 months to September 30 will be $265 million to $275 million, which...
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...
Listed bamboo flooring company Style Ltd says it is confident of capitalising on a "green wave" of consumers sourcing sustainable products.The company makes flooring using strand woven bamboo as an alternative to hardwood but its product looks and feels like traditional timber.It claims to be half the price of...
