WASHINGTON - US retail sales declined 0.1 per cent in July in the face of slumping car and truck sales as Americans cut back on large purchases.
NEW YORK - Macy’s Inc’s saw its second-quarter earnings drop slightly and warned on Wednesday that full-year profits will be below Wall Street expectations as shoppers are more cautious about spending.
WASHINGTON - Government data show US businesses added to their inventories in June at the fastest pace in five months, a bigger gain than had been expected.
NEW YORK - Oil prices rallied today after a weekly US Government snapshot showed a surprisingly sharp drop in petrol stockpiles amid the peak demand season.
LONDON - The head of the Bank of England forecast today that Britain faced increased risk of recession, with economic growth set to slow further and inflation expected to spike.
LONDON - British mining company Lonmin PLC ramped up its defence against a hostile STG5 billion ($A10.88 billion) takeover approach from Anglo-Swiss miner Xstrata PLC on Wednesday, telling shareholders that the offer does not recognise its potential for growth.
TOKYO - Japan’s economy shrank for the first time in a year in the second quarter, the government said Wednesday, but officials - joined by many economists - denied the downturn heralded a return of the “lost decade” economy of the 1990s.
AMSTERDAM - Dutch banking and insurance group ING reported on Wednesday a 28.8 per cent fall in net profit for the second quarter, but performed far better than analysts’ forecasts.
FRANKFURT - The Axel Springer group, the biggest newspaper publisher in Europe, reported on Wednesday a six-fold rise in first-half net profit on a strong second-quarter performance.
NEW YORK - Biotechnology giant Genentech Inc rejected a $US43.7 billion ($A50.21 billion) buyout offer from Swiss drug developer Roche, its majority owner, on Wednesday but said it is open to a higher takeover bid.
NEW DELHI - India said it will return to global trade talks if the United States signals it believes a log-jam over safeguards for poor farmers in developing countries can be broken.
BRUSSELS - Brussels Airport returned to normal on Wednesday after a two-day strike by luggage handlers caused delays and cancellations of hundreds of flights and separated 20,000 pieces of luggage from their owners.
WELLINGTON - After plunging to its lowest level in about a year against the greenback yesterday afternoon, the New Zealand dollar has rebounded strongly.
WELLINGTON - The two candidates for Telecom’s board of directors nominated by United States hedge fund Elliott International say they are standing to be independents representing all shareholders, not just their sponsor.
WELLINGTON - Auckland Airport has dropped plans to cut the number of duty free retailers from two to one, rather than face the prospect of an extended dispute with the Commerce Commission, which had been investigating the proposal.
LOCAL NEWS
CANBERRA - Speculation remains rife that the RBA will cut its key cash rate next month, despite figures showing stronger than expected wage growth and a large rebound in consumer sentiment.
SYDNEY - Telstra is preparing to offer its staff non-union enterprise agreements in a secret strategy aimed at saving the company $50 million over the next three years.
SYDNEY - Qantas grounded one of its Boeing 747 jets because a crucial screw, which could lead to the aircraft’s tail breaking away if it failed.
SYDNEY - The competition watchdog says it won’t oppose the proposed $18.2 billion takeover of St George Bank Ltd by Westpac Banking Corp.
PERTH - Qantas Airways Ltd is adding new services between Perth and Western Australian regional destinations of Kalgoorlie, Newman, Paraburdoo and Port Hedland to support the state’s booming resources sector.
CANBERRA - Nationwide planning reforms will be fast-tracked to try to improve housing affordability. Local government and planning ministers from state and territory governments have formed a sub-group to work on greater national consistency in planning decisions.
STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE TODAY:
CBA - COMMONWEALTH BANK OF AUSTRALIA LTD - down 46 cents to $44.05
Commonwealth Bank has lifted reported profit by seven per cent and said volatility in financial markets is putting pressure on its funding costs. The bank has withdrawn from talks with Royal Bank of Scotland to acquire ABN Amro Australian Holdings.
TLS - TELSTRA CORPORATION LTD - down 18 cents to $4.32
Telstra Corp has posted a 13.3 per cent rise in annual profit after its broadband and mobile revenue lifted and the telco slowed declines in its traditional fixed line earnings.
OST - ONESTEEL LTD - down 36 cents, or 5.75 per cent, to $5.90
OneSteel, Australia’s second biggest steel maker, says it expects to book interest, depreciation and amortisation expenses of $355 million for the 2008 fiscal year.
CPU - COMPUTERSHARE LTD - down 53 cents, or 5.31 per cent, to $9.46
Share registry provider Computershare expects to grow its earnings per share (EPS) by 10 per cent in the current year after booking 20 per cent growth in fiscal 2008 profit.
CSL - CSL LTD - in trading halt at $39.00
Blood products and vaccine firm CSL will acquire Talecris Biotherapeutics Holdings Corp for $3.48 billion to boost its presence in the plasma therapeutics market.
SFH - SPECIALITY FASHION GROUP LTD - down six cents to 82.5 cents
Specialty Fashion Group has reported a fall in annual profit due to a slowdown in consumer spending, and said trading for the first month of the new year has met expectations.
GFF - GOODMAN FIELDER LTD - steady at $1.51
The breads and spreads company has announced a $170 million impairment charge attributable to its New Zealand-based Fresh Dairy division, but has maintained guidance for profit and dividends in fiscal 2008.
QAN - QANTAS AIRWAYS LTD - up three cents to $3.53
Qantas said it will temporarily pull six aircraft from service after discovering irregularities with paperwork during a routine check. Another jet, a jumbo, has been grounded due to a faulty tail bolt.
FBU - FLETCHER BUILDING LTD - up 24 cents to $5.24
Fletcher Building reported a four per cent fall in net profit to $NZ467 million ($A370.0 million), even as earnings before interest and tax (ebit) rose 10 per cent to $NZ768 million ($A608.49 million).
MAP - MACQUARIE AIRPORTS - down four cents to $2.91
Brussels Airport, 20 per cent owned by Macquarie Airports, returned to normal on Wednesday after a two-day strike by luggage handlers caused delays and cancellations of hundreds of flights and separated 20,000 pieces of luggage from their owners.
SGB - ST GEORGE BANK LTD - down 87 cents, or 2.78 per cent, to $30.43
The ACCC says it won’t oppose the proposed $18.2 billion takeover of St George Bank Ltd by Westpac Banking Corp. The Australian Competition and Consumer Commission said a merger was unlikely to substantially lessen competition in the banking sector.
BOL - BOOM LOGISTICS LTD - steady at 96 cents
Crane hire company Boom Logistics Ltd has posted a sharp drop in annual profit due to several million dollars in asset writedowns.
AIA - AUCKLAND INTERNATIONAL AIRPORT LTD -
Auckland Airport has dropped plans to cut the number of duty free retailers from two to one, rather than face the prospect of an extended dispute with the NZ Commerce Commission, which had been investigating the proposal.
