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Business

Breaking news business

RBA warns against overdoing lending rules

Stephen Johnson 7:58pm The deputy governor of the RBA has indicated potential changes to property lending rules in response to growing investor activity will be modest.

Rich are worried about property bubble

Stephen Johnson 5:58pm Wealthy Australians are world leaders when it comes to property investment, but record low interest rates may be stirring worries of a bubble.

Myer CEO pay rises while profit falls

3:41pm Myer boss Bernie Brookes' pay package has risen slightly despite his failure to stop the department store chain's profit slide.

Economists praise Whitlam legacy

Evan Schwarten 2:42pm Economists have hailed Gough Whitlam as a visionary who opened Australia to the world and helped lay the foundations for future growth.

Stocks to watch at close on Tuesday

4:24pm Stocks of interest on the Australian Securities Exchange at close on Tuesday

Rates to stay low despite housing surge

Jason Cadden 3:33pm The RBA is going to keep its interest rate at a record low of 2.5 per cent despite a booming housing market.

Cabcharge rebuffs Fleetcor approach

4:26pm Cabcharge has rebuffed an approach by US fleet car giant Fleetcor about buying its taxi payments business.

Southern Cross wants media laws reformed

Evan Schwarten 4:20pm Southern Cross Austereo chairman Max Moore-Wilton has called on the Abbott government to reform media ownership laws.

Fannie, Freddie in deal with US banks

Marcy Gordon 9:49am Fannie Mae and Freddie Mac have reached a deal that clarifies conditions in which banks could be required to buy back mortgages they sell.

Fletcher Building expects profit lift

9:47am Fletcher Building expects earnings to be flat in the first half of this financial year but recover in the second half.

Rising house prices lift spirits

9:41am Rising house prices are helping give consumer confidence a leg up, ANZ's chief economist says.

Newcrest cuts costs but gold output falls

Greg Roberts 4:18pm Newcrest Mining's gold production fell 12 per cent in the September quarter but that was offset by strong gains in cost cutting.

Facebook sues law firms, claims fraud

Barbara Ortutay 10:01am Facebook sues law firms, including one of the world's largest business law firms, that represented a man who claimed he owned half of the social network.

US airlines raise domestic fares

David Koenig 10:01am Despite a fall in the price of oil, US airlines are lifting base fares on many domestic flights.

FIRB approves Goodman Fielder takeover

8:51am The Foreign Investment Review Board has approved the $1.4 billion takeover of Goodman Fielder, but the deal still needs approval from Chinese authorities.

Bonds firmer as ECB restarts stimulus

4:59pm Bond markets are rallying after the European Central Bank reignited its bond purchase program to stimulate the region's economy.

Orion Health confirms float details

Fiona Rotherham 10:01am Global healthcare software solutions provider Orion Health Group is looking to raise between $NZ120m and $NZ150m in a share offer.

Commodities markets summary

7:55am Commodities news from around the world

International markets roundup

7:19am News from the world’s major stock markets.

Electrolux buoyed by US growth

10:01am Home-appliance maker Electrolux's third quarter profit is up 42 per cent to 933 million kronor and revenue is up six per cent to 28.8 billion kronor.

Aust shares recover to post more gains

Greg Roberts 5:09pm Despite a slump during Tuesday's trading session, the Australian share market has closed higher for a sixth consecutive day.

China data supports $A rise

Jason Cadden 5:51pm The Australian dollar rallied after the release of better than expected Chinese economic growth figures.

IKEA makes online push

Anne D'innocenzio 10:01am The world's largest furniture chain, IKEA, is pushing for sales growth by expanding its online business around the globe.

Lorillard CEO to get $US44m after merger

8:06am Lorillard CEO Murray Kessler will receive a $US44.7 million compensation package following the cigarette maker's planned merger wth Reynolds American.

China's growth likely to slow: US research

8:06am A US business group is predicting a slowdown in China growth over the next decade, which the researchers say could benefit foreign companies.

Toyota recalls 247,000 vehicles

8:06am Toyota is recalling 247,000 vehicles amid concerns their air bags could rupture and cause metal fragments to fly out.

IBM misses Wall Street 3Q forecasts

8:06am IBM has missed US analysts expectations with a third-quarter net income of $US18 million.

US pay raises rarer despite strong hiring

8:06am Only 24 per cent of US companies increased wages and salaries in the July to September quarter, a survey shows.

Philips posts $A142m 3rd quarter loss

Dutch electrical giant Philips has reported a 104 million euro ($A142.82 million) loss for the third quarter.

Watchdog targets financial planners

ASIC has made particular mention of its focus on the financial advice industry in an outline of its priorities in the year ahead.

Stokes embraces multicultural Australia

Kim Christian Media magnate Kerry Stokes has opened up about his tough upbringing and embracing multicultural Australia in a new book.

Merger rumours lift Fairfax and Ten shares

Petrina Berry Fairfax Media and Network Ten's shares have risen on rumours the two media organisations are looking at a potential merger.

Longer lives might lead to risk taking

Jason Cadden Longer lives and working careers may encourage more people to be more adventurous with their life paths, says an RBA assistant governor.

Arrium lifts iron ore shipments

Arrium shares have ticked higher on news the miner shipped a record amount of iron ore in the September quarter.

Ausdrill takes hit from mining downturn

Evan Schwarten Shares in mining services firm Ausdrill have slumped after the company flagged a 13 per cent slide in earnings.

Medibank says float price is fair

Greg Roberts Retail investors will pay between $1.55 and $2 a share in the Medibank float, boosting federal government coffers by up to $5.5 billion.

Downer EDI buys Tenix $300m

Downer EDI has bought contractor Tenix for $300 million, in a deal that will give it exposure to the electricity, gas and water sectors.

India fuel reform puts diesel under market

Katy Daigle India has deregulated diesel prices, removing one of the government's costliest subsidies, as it seeks to boost the country's economy.

NZ services sector remains buoyant

Paul McBeth Increseas in the performance of New Zealand's services and manufacturing indices are "consistent with above-trend economic growth".

Transfield shares surge after takeover bid

Stephen Johnson Transfield Services has rejected a $1 billion takeover bid from Spanish building giant Ferrovial but plans to hold further talks.

Stronger domestic traffic at Syd Airport

Total passenger traffic through Sydney Aiport increased in September, driven by growth in domestic passenger numbers.

Bonds weaken as stock makets bounce back

Australian bond futures prices are lower as the market's mood recovers from a bout of pessimism last week.

Stocks to watch at close on Monday

Stocks of interest on the Australian Securities Exchange at close on Monday

Commodities markets summary

Commodities news from around the world

International markets roundup

News from the world’s major stock markets

Shares rise for fifth straight session

Stephen Johnson The banks and miners have driven the share market higher, with investors upbeat despite recent turbulence.

$A edges higher ahead of economic news

Kim Christian The Australian dollar is higher but trading in a narrow range ahead of the release of major economic news this week.

Medibank sale set to launch

The complete details of the federal government's sale of Medibank Private will be revealed in its prospectus to be launched on Monday.

NSW topples WA as strongest economy

Petrina Berry NSW has overtaken WA as the nation's strongest economy as the mining boom fades, according to CommSec research.

Morgan Stanley's income nearly doubles

Morgan Stanley earned $US1.71 billion in the third quarter, up from $US889 million in the same period a year earlier.

GE 3Q profit rises on oil strength

Jonathan Fahey Profit at General Electric's oil and gas division, which makes and services drilling equipment, rose 27 per cent in the third quarter.

Flotation goes ahead for Jimmy Choo

Roger Baird Jimmy Choo, the seller of high-heeled shoes for the stars, is pressing ahead with its stock market flotation.

ANZ boss confident in China's growth

Greg Roberts China continues to grow at a phenomenal rate, meaning Australians should not worry about a slowdown, ANZ CEO Mike Smith says.

Inflation stays benign in Sept quarter

Jason Cadden Inflation is expected to have eased a little following the repeal of the carbon tax and falls in commodity prices.

Biotech firm shares rise on takeover

Petrina Berry Biotech firm Virax is set to acquire a US company that's conducting clinical trials into a new treatment for cancers resistant to chemotherapy.

OZ Minerals farewells its CEO

Oz Minerals has named an interim CEO, as Terry Burgess is leaving six weeks before his replacement joins the company.

Virgin pays $1 for Tigerair

Evan Schwarten Virgin Australis is paying just $1 for full ownership of Tigerair Australia, which experts say is probably a fair price.

Santos lifts production and sales

Santos' production and sales grew nine per cent in the September quarter, thanks to its stake in the PNG LNG project.

BHP seeks London listing for NewCo

BHP Billiton will seek a London listing for its planned $US15 billion spinoff, following a shareholder backlash.

Aust bonds weaken after recent rally

Australian bond futures prices are lower, partly reversing the large gains made in recent days.

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