HEARD 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
Read moreUPDATE: Australia's New PM Calls For Truce With Miners In Battle Over Tax
24th Jun 2010 04:17
(Adds background and comment from mining industry source) By Alex Wilson Of DOW JONES NEWSWIRES MELBOURNE (Dow Jones)--Australia's new Prime Minister Julia Gillard Thursday called for a truce in the battle between the mining industry and the government over its planned new tax but said
Read moreCoal & Allied Assessing Potential Oaklands Deposit Sale
24th Jun 2010 04:02
MELBOURNE (Dow Jones)--Coal & Allied Industries Ltd. (CNA.AU) said Thursday it was assessing the possible sale of its Oaklands deposit in New South Wales state. The Rio Tinto Ltd. (RIO.AU) subsidiary said in a statement that it had engaged corporate advisers to assist in the process. It did not
Read moreMARKET TALK: Australian Miners CDS Tighten On Gillard - Trader
24th Jun 2010 03:50
0250 GMT [Dow Jones] Cost of insuring against bond default by Australian mining companies modestly tighter early on new PM Gillard-led government's hint of compromise on mining tax resource, outperforming wider index, notes credit strategist. Rio Tinto (RIO.AU) 5-year CDS last 120-124 bps, 3 bps tig
Read moreAustralia's New PM Victory Changes Little On Resource Tax -Miner
24th Jun 2010 01:53
SYDNEY (Dow Jones)--The removal of Kevin Rudd as Australia's prime minister is unlikely to change the prospects for the government's mining tax, one of the more vocal critics of the plan said Thursday. Tony Sage, chief executive of Cape Lambert Resources Ltd. (CFE.AU), said that Labor's new lead
Read moreMARKET TALK: S&P/ASX 200 Up 0.5%; Miners Jump On Rudd Dump
24th Jun 2010 01:49
0049 GMT [Dow Jones] S&P/ASX 200 up 0.5% at 4509.8, hits 4516.7 as resources jump after Federal Government replaces Kevin Rudd with Julia Gillard as Prime Minister, damping perceived regulatory and sovereign risk in Australia. BHP (BHP.AU) up 2.0%, Rio (RIO.AU) up 2.4%, Fortescue (FMG.AU) up 3.6%, O
Read moreMARKET TALK: S&P/ASX 200 Leads Mostly Bearish; SPI Down 1.3%
24th Jun 2010 00:39
2339 GMT [Dow Jones] S&P/ASX 200 offshore leads mostly bearish, with overnight SPI 200 futures down 59 points, or 1.3%, at 4428.0 as Wall Street was hit by uncertainty over the financial overhaul bill and disappointing earnings from Bed Bath & Beyond and Nike. DJIA down 1.4% at 10152.80, S&P 500 dow
Read moreMARKET TALK: Gillard Has Numbers To Take Out Australia PM-Reports
23rd Jun 2010 22:46
2146 GMT [Dow Jones] With it looking more likely that Julia Gillard will succeed in her leadership challenge against Australia's Prime Minister Kevin Rudd, with reports that she has the numbers locked in, eyes likely to turn to Labor's chances of winning an election against Tony Abbott's Liberal Nat
Read moreMARKET TALK: Investors Mull Implications Of Rudd/Gillard Showdown
23rd Jun 2010 22:26
2126 GMT [Dow Jones] As Australia's Prime Minister Kevin Rudd faces a leadership showdown with his deputy Julia Gillard at 2300 GMT, equity investors will be considering implications of both potential outcomes. Reports last night suggested that Gillard had the support of the Labor Party's Right fact
Read moreADR Report: Shares Close Mostly Flat On Cautious Outlook
23rd Jun 2010 22:11
By Victoria Finkle Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--International companies trading in New York ended close to flat Wednesday, following a fitful session during which the U.S. Federal Reserve kept interest rates low and took a cautious stance on the economic outlook. The Bank
Read moreLondon close: US housing data hits shares
23rd Jun 2010 17:03
Disappointing housing data from the US endured that London's leading share index finished firmly in the red. Shares were already sluggish, but turned sharply lower after new home sales in the US dropped 32.7% in May to 300,000 annual rate, the lowest level since recordkeeping began. In the mining
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