Australia's Swan: Government Committed To Profits Based Mining Tax
24th Jun 2010 23:17
MELBOURNE (Dow Jones)--The Australian government is genuine in its call for negotiations with the resources industry over a new taxation regime but remains committed to applying a profits-based tax to the sector, Treasurer and newly-appointed Deputy Prime Minister Wayne Swan said Friday. "We are
Read moreADR REPORT: Shares Fall As Miners, European Banks Weigh
24th Jun 2010 21:52
By Shara Tibken Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--International companies trading in New York dropped Thursday as worries about European debt problems and uncertainty about a regime change in Australia weighed on shares. The Bank of New York index of ADRs declined 1.8% to 117.
Read moreLondon close: Footsie sinks to two-week low
24th Jun 2010 16:42
An afternoon rally fizzled as Wall St opened lower sending Footsie close to its low for the day. Miners were a poor market all day and ENRC, Kazakhmys, Lonmin, Fresnillo and Xstrata were the big losers on fears of a double-dip recession. Elsewhere in the resource sector oil giant BP said the low
Read moreLondon afternoon: Utilities in demand
24th Jun 2010 14:23
Leading shares continued to pare losses over the lunch time session and though the Footsie remains in negative territory, much of that us due to the weakness of mining stocks. ENRC, Kazakhmys, Lonmin, Fresnillo and Xstrataare the big losers in the sector as concerns about Europe's debt crisis resu
Read moreSector movers: Miners in the red
24th Jun 2010 12:51
The mining sector is in the red today despite some apparently good news for miners exposed to Australia. The mining industry is hoping for a more conciliatory approach from Australia's new prime minister after the increasingly unpopular Kevin Rudd was ousted by Labour Party rivals last night. Rudd
Read moreLondon midday: Stocks off the bottom
24th Jun 2010 12:06
Leading stocks are off their lowest levels but the Footsie remains in the red with little hope of a boost in sentiment from Wall Street, where US stocks are expected to open moderately lower. Mining stocks are out of favour after an initially bright start. Early enthusiasm for miners was engendere
Read more4th UPDATE: Australia Mining Tax Battle Truce Unlikely To Last
24th Jun 2010 10:06
(Adds comments from Rio Tinto, Newcrest Mining CEO.) By Alex Wilson and David Fickling Of DOW JONES NEWSWIRES MELBOURNE (Dow Jones)--New Australian Prime Minister Julia Gillard has for now taken some of the heat out of the government's bitter battle with the mining industry over a plan
Read moreAussie coup casts doubts on mining 'super tax'
24th Jun 2010 09:38
The mining industry is hoping for a more conciliatory approach from Australia's new prime minister after the increasingly unpopular Kevin Rudd was ousted by Labour Party rivals last night. Rudd was responsible for a planned 'super tax' on the mining sector, much-hated by those with big operations d
Read moreRio Tinto Suspends Mining Tax Advertising Campaign, Encouraged By New PM's Comments
24th Jun 2010 09:12
MELBOURNE (Dow Jones)--Rio Tinto Ltd. (RTP) said it has suspended its advertising campaign against the Australian government's proposed mining tax and is encouraged by new Prime Minister Julia Gillard's offer to engage with the industry on the tax. "While it is a positive first step, we need to
Read moreLondon open: Stocks in the red
24th Jun 2010 08:49
Having posted quick gains at the start, London's top stocks have reversed into the red. Miners are the main instigators for the decline with 9 out of the top ten fallers from the sector. Kazakhmys, Rio Tinto, Eurasian Natural Resources and Fresnillo are the biggest decliners so far. BP said the lo
Read moreHEARD ON THE STREET: Rudd's Downfall Hasn't Locked Victory For Miners
24th Jun 2010 08:13
By Andrew Peaple A DOW JONES COLUMN As anyone who's played sport against Australia knows, it's a country that likes a winner. Kevin Rudd, Australia's outgoing prime minister rescued his Labor party from 12 years of opposition and steered Australia through the global financial crisis wit
Read moreMinerals Council Of Australia Halts Advertising Against Mining Tax
24th Jun 2010 07:39
MELBOURNE (Dow Jones)--Australia's peak mining lobby group said Thursday it has halted its advertising campaign against the government's planned mining tax in response to a request by new Prime Minister Julia Gillard. Minerals Council of Australia Chief Executive Mitch Hooke said the board of th
Read moreThursday's newspaper round-up: BP, postal service, airlines
24th Jun 2010 06:12
Oil was gushing largely unchecked from BP's stricken Gulf of Mexico well on Wednesday night - after an accident dramatically increased the flow, reports the Telegraph. Problems involving a subsea robot force the oil company to remove a containment cap, sending a further 27,000 barrels of oil into t
Read more2nd UPDATE: Australia Appoints First Female PM After Labor Mutiny
24th Jun 2010 05:29
(Adds comments by opposition leader, BHP) By Rachel Pannett Of DOW JONES NEWSWIRES CANBERRA (Dow Jones)--Australia swore in its first female prime minister, Julia Gillard, on Thursday after the once-popular Kevin Rudd was forced to step down following a mutiny in the governing Labor Pa
Read moreCORRECT: FOCUS: Australian Miners Hopeful New PM Will Budge On Tax
24th Jun 2010 04:22
("=FOCUS: Australian Miners Hopeful New PM Will Budge On Tax," at 0058 GMT, misspelt the name of Julia Gillard in the first paragraph. The correct version follows:) By Alex Wilson and David Fickling Of DOW JONES NEWSWIRES MELBOURNE (Dow Jones)--Australia's mining industry is cautiousl
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