Today's News & Views
ASIC dances around the real questions
MICHAEL WEST 2:42pm Perhaps the most annoying tactic in the black art of public relations these days is to respond to questions, not by answering them, but by answering related propositions which were never put in the first place.
'Dumb Ways to Die' wins big at Cannes
Todd Wasserman 2:29pm Dumb Ways to Die, a catchy public service announcement from Metro Trains in Melbourne, Australia, won the Grand Prix in the public relations and direct marketing categories at the Cannes Lions festival, representing a world conquest for the little PSA.
Johnny Rockets burger chain sold
2:37pm Private equity firm Sun Capital Partners has bought the California-based 1950s-style burger chain, local media has reported.
Economic outlook boosted by share rally
2:05pm A measure of future economic growth has improved because of a rise in company profits and share prices in the early part of thia year.
More ANZ customers sign on to class action
2:37pm Fair Play of Fees say 3000 more ANZ customers have signed on to a class action against the bank over default fees.
WorleyParsons shares rise on Nigeria deal
2:37pm Mining engineer has secured a floating vessel contract in Nigeria, only a month after announcing a profit downgrade.
MacroBusiness
Paying the price for having it so good
David Llewellyn-Smith 3:12pm Just over two decades without a recession has made Australians too expensive to employ for global capital.
New News Corp in weak ASX debut
3:28pm Shares in New News Corp, which owns Rupert Murdoch's Australian newspapers and pay TV assets, have fallen after debuting on the local share market.
ASIC has let down CBA's victims: whistleblower
Jeff Morris 1:12pm Watching Nationals Senator John Williams and Labor Senator Doug Cameron questioning ASIC Deputy Commissioner Peter Kell in Senate Estimates over the agency's numerous failures in the Don Nguyen matter filled me, as one of the whistleblowers involved, with mixed emotions.
Transfield wins $366m in new NBN work
2:37pm Engineer Transfield Services has had its work on the NBN extended for several years under new contracts worth $366 million.
Brazil set to change mining rules
2:37pm Brazil's proposed new mining framework will allow new concessions of 40 years and include an emphasis on protecting the environment.
ASIC took the right action on CBA: deputy chairman
Peter Kell 1:22pm The media is right to shine a light on the conduct five years ago of Commonwealth Financial Planning (CFP) because it reminds readers how far we have come in changing financial planning.
Tinkler share sale a relief for Whitehaven
ELIZABETH KNIGHT 12:13pm Nathan Tinkler's main financial backers including Farallon Management have decided to cash in their chips and take Tinkler's biggest asset, his 19 per cent stake in coal miner, Whitehaven.
Legal
Lehman Brothers blocks settlement deal
CLANCY YEATES 1:14pm A proposal to return $210 million to Australian clients of Lehman Brothers has hit a snag, after the failed investment bank’s US arm blocked the plan at the last minute.
AMP Capital NZ lifts fee income
12:25pm AMP Capital Investors New Zealand is collecting more fee income after AMP acquired Axa Asia Pacific.
Tinkler on stake sale
10:56am Tinkler Group statement on the stake sale.
UK report urges jail for reckless bankers
10:54am A banking commission set up by the British parliament in the wake of a series of scandals has has recommended harsher penalties for reckless bankers.
Tinkler sells Whitehaven stake for $300m
10:42am Embattled entrepreneur Nathan Tinkler has sold about half of his stake in Whitehaven Coal to his financier Farallon Funds for $300 million.
New owners for Bankwest HQ, retail space
12:25pm A Perth precinct housing Bankwest's headquarters and the city centre's biggest retail space has been sold to property firm Charter Hall.
Markets
ASX to end the year 12% higher: poll
10:17am Australia's leading share index will end the year up almost 12 per cent, shaking off concerns about major central banks rolling back stimulus, a poll says.
SEC wants mea culpas in big settlements
Marcy Gordon 10:26am The US' Securities and Exchange Commission says companies and individuals will have to admit wrongdoing in some big settlements.
Icahn seeks $US16B Dell stock
10:26am Activist investor Carl Icahn proposes a $US16 billion Dell share buyback in a bid to stop the computer company's founder taking it private.
Energy
Mixed week for climate action
9:44am Week in review: Russia and its allies block progress at UN negotiations in Bonn as President Barack Obama is readies a US climate change plan.
NZ current account deficit narrows
10:26am Dairy exports and increased visitor spending has seen New Zealand's current account deficit narrow to $NZ663 million over three months.
Aust bonds weaken ahead of US Fed meeting
9:08am A deep rise in US housing inflation is weakening bond futures contract prices, with investors expecting the US Fed to dilute its bond buying program.
DreamWorks says TV revenue to hit $US200M
8:11am DreamWorks Animation says its deal to provide original TV shows to Netflix will help it double its TV show revenue by 2015.
Chevron secures Iraqi Kurdish oil deal
8:11am US oil giant Chevron has secured a deal with Iraq's Kurdish regional government to expand oil exploration in the Qara Dagh block.
Alpine Bau says it's insolvent
8:11am Austrian construction giant Alpine Bau says it is insolvent but hopes it can find a plan that will allow parts of it to continue functioning.
Stocks to watch at noon on Wednesday
12:04pm Stocks of interest on the Australian Securities Exchange at noon on Wednesday
Commodities markets summary
7:28am Commodities news from around the world
Wall Street
US stocks surge ahead of Fed decision
7:27am US stocks have risen decisively as investors bet the Federal Reserve will stay the course the next day on its economic stimulus policy.
Dollar weakens on US Fed bets
7:26am The Australian dollar is weaker as speculation of a scaling down in US stimulus measures boosts the greenback.
$A weakens as sellers expect rate cuts
12:24pm The Australian dollar is weaker as traders sell the currency on expecations of local rate cuts, ahead of an awaited US Fed meeting.
Market higher as investors look to US
10:49am Australian shares are stronger as investors look to the US Fed for its latest stimulus moves.
International markets roundup
6:37am News from the world’s major stock markets
need2know
Aussie stocks set for positive start
9:24am Australian shares are expected to rise in early trade after US equities pushed higher as investors grew more confident that the Federal Reserve will temper its statements on the future reduction of US monetary support.
Global Markets
US stocks rally as yen drops
5:53am US stocks climbed for a second day while the yen weakened as investors awaited clues from the Federal Reserve about its plans for monetary stimulus. UK and German government bonds dropped while European equities were little changed. The Swiss franc strengthened.
Comment
ASIC has far too much on its plate
MALCOLM MAIDEN The regulator has arguably become too big to operate efficiently.
Banking
Lenders slow to pass on rate cuts
CLANCY YEATES Big banks have passed on rate rises in less than half the time it takes them to deliver cuts.
Infrastructure
Investors back model to fund roads
Matt O'sullivan and Madeleine Heffernan Institutional investors have given the thumbs up to the NSW government's new funding model.
Time for plan B at Elders
Elizabeth Knight Elders is a bit like the rural services version of Billabong.
Infrastructure
Newcastle port sale to raise $700m
ANNA PATTY The NSW government is to sell off its largest remaining port to raise an estimated of $700m.
Economy
RBA content to see the dollar fall
GLENDA KWEK The Reserve Bank appears to talk down the Australian dollar to help stoke economic growth.
Comment
Study in state toll road funding
BRIAN ROBINS Without an election to fight, the NSW state budget was always going to be a low-key affair.
Reserve Bank happy to see dollar trend lower
GLENDA KWEK The Reserve Bank appears to continue talking down the Australian dollar to help stoke economic growth, while the latest board minutes released by the central bank suggests it is open to cutting the cash rate again.
Recycling
Gas salvage from cars would be win for air
PETER HANNAM Insurance industry criticised for blocking recovery of highly potent greenhouse gases.
Finance
Lehman lawyers move to block repayments
GEORGIA WILKINS A proposal to return $210 million to Australian clients of Lehman Brothers is in jeopardy.
Mining
Newcrest dragged down
PETER KER Market watchers say speculation on Newcrest Mining's disclosure is hurting the share price.
Retail
Renowned wine leader to carry out US crusade
ELI GREENBLAT John Geber, owner of Chateau Tanunda has decided to pull up stumps and move to the US.
Shandong acquires mining firm
Resources Chinese energy company has raised funds to buy a subsidiary of Stonewall Resources.
Retirement
AusSuper acquires Queensland fund
Madeleine Heffernan The country's largest superannuation fund has quickened the pace of consolidation.
Retail
Target offers to settle claim over 'fake' make-up
ELI GREENBLAT Embattled retailer Target has all but run up the white flag and offered to settle its court battle.
ASIC has far too much on its plate
MALCOLM MAIDEN Under Greg Medraft, ASIC has become more open about how it spends its limited budget.
Thanks but no thanks, says Elders, now it's time for plan B
ELIZABETH KNIGHT Elders is a bit like a rural version of Billabong - bought the wrong assets, in too much debt.
Agribusiness
Elders digs in after sale plan shelved
PHILIP WEN Elders chief Malcolm Jackman says the debt-laden company can trade itself out of trouble.
Auto
Holden warns of exit if pay cuts rejected
CLAY LUCAS Holden will ask employees at its Adelaide plant to accept a pay cut, in a bid to slash its labour costs.
CBD
Lawsuit no more on Curtis's mind
BEN BUTLER Is there no limit to the magnanimity of Nick Curtis? On Tuesday the kindly rare-earth miner he chairs, Lynas, decided to drop defamation action against a Malaysian protest group.
Manufacturing
PacBrands airs five-year plan
ELI GREENBLAT Pacific Brands boss John Pollaers committs to only modest net sales and earnings growth.
Resources
Tinkler calls Singapore home
BEN BUTLER Embattled coal magnate Nathan Tinkler has moved to set up a new company in Singapore.
Property
History to the fore in redesign of elite college
Stephen Crafti Architects remain true to the heritage of Ormond College, writes Stephen Crafti.
ASIC dances around the real questions
MICHAEL WEST 2:42pm Perhaps the most annoying tactic in the black art of public relations these days is to respond to questions, not by answering them, but by answering related propositions which were never put in the first place.
'Dumb Ways to Die' wins big at Cannes
Todd Wasserman 2:29pm Dumb Ways to Die, a catchy public service announcement from Metro Trains in Melbourne, Australia, won the Grand Prix in the public relations and direct marketing categories at the Cannes Lions festival, representing a world conquest for the little PSA.
Johnny Rockets burger chain sold
2:37pm Private equity firm Sun Capital Partners has bought the California-based 1950s-style burger chain, local media has reported.
Economic outlook boosted by share rally
2:05pm A measure of future economic growth has improved because of a rise in company profits and share prices in the early part of thia year.
More ANZ customers sign on to class action
2:37pm Fair Play of Fees say 3000 more ANZ customers have signed on to a class action against the bank over default fees.
WorleyParsons shares rise on Nigeria deal
2:37pm Mining engineer has secured a floating vessel contract in Nigeria, only a month after announcing a profit downgrade.
MacroBusiness
Paying the price for having it so good
David Llewellyn-Smith 3:12pm Just over two decades without a recession has made Australians too expensive to employ for global capital.
New News Corp in weak ASX debut
3:28pm Shares in New News Corp, which owns Rupert Murdoch's Australian newspapers and pay TV assets, have fallen after debuting on the local share market.
ASIC has let down CBA's victims: whistleblower
Jeff Morris 1:12pm Watching Nationals Senator John Williams and Labor Senator Doug Cameron questioning ASIC Deputy Commissioner Peter Kell in Senate Estimates over the agency's numerous failures in the Don Nguyen matter filled me, as one of the whistleblowers involved, with mixed emotions.
Transfield wins $366m in new NBN work
2:37pm Engineer Transfield Services has had its work on the NBN extended for several years under new contracts worth $366 million.
Brazil set to change mining rules
2:37pm Brazil's proposed new mining framework will allow new concessions of 40 years and include an emphasis on protecting the environment.
ASIC took the right action on CBA: deputy chairman
Peter Kell 1:22pm The media is right to shine a light on the conduct five years ago of Commonwealth Financial Planning (CFP) because it reminds readers how far we have come in changing financial planning.
Tinkler share sale a relief for Whitehaven
ELIZABETH KNIGHT 12:13pm Nathan Tinkler's main financial backers including Farallon Management have decided to cash in their chips and take Tinkler's biggest asset, his 19 per cent stake in coal miner, Whitehaven.
Legal
Lehman Brothers blocks settlement deal
CLANCY YEATES 1:14pm A proposal to return $210 million to Australian clients of Lehman Brothers has hit a snag, after the failed investment bank’s US arm blocked the plan at the last minute.
AMP Capital NZ lifts fee income
12:25pm AMP Capital Investors New Zealand is collecting more fee income after AMP acquired Axa Asia Pacific.
Tinkler on stake sale
10:56am Tinkler Group statement on the stake sale.
UK report urges jail for reckless bankers
10:54am A banking commission set up by the British parliament in the wake of a series of scandals has has recommended harsher penalties for reckless bankers.
Tinkler sells Whitehaven stake for $300m
10:42am Embattled entrepreneur Nathan Tinkler has sold about half of his stake in Whitehaven Coal to his financier Farallon Funds for $300 million.
New owners for Bankwest HQ, retail space
12:25pm A Perth precinct housing Bankwest's headquarters and the city centre's biggest retail space has been sold to property firm Charter Hall.
Markets
ASX to end the year 12% higher: poll
10:17am Australia's leading share index will end the year up almost 12 per cent, shaking off concerns about major central banks rolling back stimulus, a poll says.
SEC wants mea culpas in big settlements
Marcy Gordon 10:26am The US' Securities and Exchange Commission says companies and individuals will have to admit wrongdoing in some big settlements.
Icahn seeks $US16B Dell stock
10:26am Activist investor Carl Icahn proposes a $US16 billion Dell share buyback in a bid to stop the computer company's founder taking it private.
Energy
Mixed week for climate action
9:44am Week in review: Russia and its allies block progress at UN negotiations in Bonn as President Barack Obama is readies a US climate change plan.
NZ current account deficit narrows
10:26am Dairy exports and increased visitor spending has seen New Zealand's current account deficit narrow to $NZ663 million over three months.
Aust bonds weaken ahead of US Fed meeting
9:08am A deep rise in US housing inflation is weakening bond futures contract prices, with investors expecting the US Fed to dilute its bond buying program.
DreamWorks says TV revenue to hit $US200M
8:11am DreamWorks Animation says its deal to provide original TV shows to Netflix will help it double its TV show revenue by 2015.
Chevron secures Iraqi Kurdish oil deal
8:11am US oil giant Chevron has secured a deal with Iraq's Kurdish regional government to expand oil exploration in the Qara Dagh block.
Alpine Bau says it's insolvent
8:11am Austrian construction giant Alpine Bau says it is insolvent but hopes it can find a plan that will allow parts of it to continue functioning.
Stocks to watch at noon on Wednesday
12:04pm Stocks of interest on the Australian Securities Exchange at noon on Wednesday
Commodities markets summary
7:28am Commodities news from around the world
Wall Street
US stocks surge ahead of Fed decision
7:27am US stocks have risen decisively as investors bet the Federal Reserve will stay the course the next day on its economic stimulus policy.
Dollar weakens on US Fed bets
7:26am The Australian dollar is weaker as speculation of a scaling down in US stimulus measures boosts the greenback.
$A weakens as sellers expect rate cuts
12:24pm The Australian dollar is weaker as traders sell the currency on expecations of local rate cuts, ahead of an awaited US Fed meeting.
Market higher as investors look to US
10:49am Australian shares are stronger as investors look to the US Fed for its latest stimulus moves.
International markets roundup
6:37am News from the world’s major stock markets
need2know
Aussie stocks set for positive start
9:24am Australian shares are expected to rise in early trade after US equities pushed higher as investors grew more confident that the Federal Reserve will temper its statements on the future reduction of US monetary support.
Global Markets
US stocks rally as yen drops
5:53am US stocks climbed for a second day while the yen weakened as investors awaited clues from the Federal Reserve about its plans for monetary stimulus. UK and German government bonds dropped while European equities were little changed. The Swiss franc strengthened.
Comment
ASIC has far too much on its plate
MALCOLM MAIDEN The regulator has arguably become too big to operate efficiently.
Banking
Lenders slow to pass on rate cuts
CLANCY YEATES Big banks have passed on rate rises in less than half the time it takes them to deliver cuts.
Infrastructure
Investors back model to fund roads
Matt O'sullivan and Madeleine Heffernan Institutional investors have given the thumbs up to the NSW government's new funding model.
Time for plan B at Elders
Elizabeth Knight Elders is a bit like the rural services version of Billabong.
Infrastructure
Newcastle port sale to raise $700m
ANNA PATTY The NSW government is to sell off its largest remaining port to raise an estimated of $700m.
Economy
RBA content to see the dollar fall
GLENDA KWEK The Reserve Bank appears to talk down the Australian dollar to help stoke economic growth.
Comment
Study in state toll road funding
BRIAN ROBINS Without an election to fight, the NSW state budget was always going to be a low-key affair.
Reserve Bank happy to see dollar trend lower
GLENDA KWEK The Reserve Bank appears to continue talking down the Australian dollar to help stoke economic growth, while the latest board minutes released by the central bank suggests it is open to cutting the cash rate again.
Recycling
Gas salvage from cars would be win for air
PETER HANNAM Insurance industry criticised for blocking recovery of highly potent greenhouse gases.
Finance
Lehman lawyers move to block repayments
GEORGIA WILKINS A proposal to return $210 million to Australian clients of Lehman Brothers is in jeopardy.
Mining
Newcrest dragged down
PETER KER Market watchers say speculation on Newcrest Mining's disclosure is hurting the share price.
Retail
Renowned wine leader to carry out US crusade
ELI GREENBLAT John Geber, owner of Chateau Tanunda has decided to pull up stumps and move to the US.
Shandong acquires mining firm
Resources Chinese energy company has raised funds to buy a subsidiary of Stonewall Resources.
Retirement
AusSuper acquires Queensland fund
Madeleine Heffernan The country's largest superannuation fund has quickened the pace of consolidation.
Retail
Target offers to settle claim over 'fake' make-up
ELI GREENBLAT Embattled retailer Target has all but run up the white flag and offered to settle its court battle.
ASIC has far too much on its plate
MALCOLM MAIDEN Under Greg Medraft, ASIC has become more open about how it spends its limited budget.
Thanks but no thanks, says Elders, now it's time for plan B
ELIZABETH KNIGHT Elders is a bit like a rural version of Billabong - bought the wrong assets, in too much debt.
Agribusiness
Elders digs in after sale plan shelved
PHILIP WEN Elders chief Malcolm Jackman says the debt-laden company can trade itself out of trouble.
Auto
Holden warns of exit if pay cuts rejected
CLAY LUCAS Holden will ask employees at its Adelaide plant to accept a pay cut, in a bid to slash its labour costs.
CBD
Lawsuit no more on Curtis's mind
BEN BUTLER Is there no limit to the magnanimity of Nick Curtis? On Tuesday the kindly rare-earth miner he chairs, Lynas, decided to drop defamation action against a Malaysian protest group.
Manufacturing
PacBrands airs five-year plan
ELI GREENBLAT Pacific Brands boss John Pollaers committs to only modest net sales and earnings growth.
Resources
Tinkler calls Singapore home
BEN BUTLER Embattled coal magnate Nathan Tinkler has moved to set up a new company in Singapore.
Property
History to the fore in redesign of elite college
Stephen Crafti Architects remain true to the heritage of Ormond College, writes Stephen Crafti.
