WASHINGTON - A pair of troubling US economic reports released today showed wholesale prices had spiked dramatically in the past year while new home construction slumped heavily last month.
NEW YORK - Crude oil prices spiked higher after OPEC member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continues.
LONDON - British oil and gas giant BG Group said that its 8.2 billion euros ($A13.89 billion) hostile takeover bid for Origin Energy represented “full and fair value”.
TOKYO - Japan’s central bank chief said on Tuesday that he expects the world’s second-largest economy to stay stagnant for the time being but denied it was headed toward the sort of deep slump that crippled the country in the 1990s.
TOKYO - Japan will start an aggressive push to market abroad its mobile technology, especially the nation’s popular “wallet phone,” a government official said.
SHANGHAI - China’s auto imports grew rapidly in the first half of 2008, underlining its increasing importance as a market for carmakers, but export growth slowed, state media said Tuesday.
BERLIN - German investors do not expect a recession in Europe’s biggest economy, a key indicator suggested Tuesday, as cheaper oil and a weakening euro ease some of the pressure on firms and consumers.
CARACAS - The Venezuelan government has locked up control of more than 90 per cent of the domestic cement industry with its nationalisation of one foreign-owned plant and pressured buyout of two others.
LOCAL NEWS
MELBOURNE - The Victorian opposition has become the latest state conservative party to close the gap on a Labor government - a trend that is occurring Australia-wide, according to the latest Newspoll.
SYDNEY - The securities of Babcock & Brown Ltd have been placed in a trading halt at the request of the company, pending an announcement by it, the Australian stock exchange (ASX) said last night.
PERTH - The Chinese government and Australia’s Foreign Investment Review Board have approved a proposed share placement by iron ore explorer Golden West Resources Ltd to China’s Hunan Valin Steel Tube & Wire Co Ltd.
STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE TODAY:
CMJ - CONSOLIDATED MEDIA HOLDINGS LTD - up seven cents to $3.27
Consolidated Media Holdings says it is well positioned to capitalise on growth in the pay television market after booking a pro-forma full year net profit of $105 million.
VBA - VIRGIN BLUE HOLDINGS LTD - down 32.5 cents, or 27.9 per cent, to 84 cents
Australia’s second biggest airline, Virgin Blue, has posted a 54.7 drop in annual profit, after its earnings were hit by surging jet fuel costs.
OSH - OIL SEARCH LTD - down 16 cents to $4.99
Oil Search has produced a massive leap in first half profit, driven by record high oil prices and stable operating costs, and says it is on track to meet its production guidance for the full year.
ORG - ORIGIN ENERGY LTD - down five cents to $16.10
Origin Energy has formally rejected a $13.8 billion takeover offer from Britain’s BG Group and says it has short-listed candidates to help develop its coal seam gas (CSG) reserves.
BLD - BORAL LTD - down eight cents to $6.03
Boral’s full year net profit has dropped 18.6 per cent as the construction materials group suffered falling sales amid the worsening housing slump in the US, its largest market.
OST - ONESTEEL LTD - up 42 cents to $6.21
OneSteel, Australia’s second biggest steelmaker, says the outlook for the resources sector and steel prices remain strong, after delivering a rise in annual profit.
NCM - NEWCREST MINING LTD - up 42 cents to $25.00
Newcrest Mining, Australia’s biggest gold company, says it is well positioned for future growth after delivering an increase in profit for 2007/08.
LGL - LIHIR GOLD LTD - down four cents to $2.20
Lihir Gold has reported half year net profit up 178 per cent, with the miner predicting a “solid improvement” in profit for the full year.
PRY - PRIMARY HEALTH CARE LTD - up 23 cents to $5.40
Primary Health Care has entered into an agreement with Zuellig Australian Pharmacy Services Pty Ltd to sell the Symbion pharmacy business for $505 million.
JBH - JB HI FI LTD - up 21 cents to $12.59
Electronics retailer JB Hi-Fi has delivered an upbeat outlook on its sales growth for the current year after its 2007/08 net profit exceeded its own guidance.
MLB - MELBOURNE IT LTD - up three cents to $3.10
Online services provider Melbourne IT says it is on track to deliver a sixth consecutive year of growth in revenue and profit, after booking a 20 per cent lift in half year profit.
GWT - GWA INTERNATIONAL LTD - down 19 cents to $2.91
Bathroom fixtures and homewares company GWA International says its annual profit has fallen by 18.5 per cent and that, until economic conditions improve, it expects demand to remain flat.
AMP - AMP LTD - down 35 cents to $6.40
Rising rental income helped the AMP NZ Office Trust lift full year operating profit after current tax 27 per cent to $NZ52.2 million ($A42.7 million).
MAP - MACQUARIE AIRPORTS - down eight cents to $2.82
Macquarie Airports has been identified by analysts as a potential bidder for airports in the UK should British authorities force current owner BAA Ltd to divest one or more of the seven airports it owns now. BAA owns Heathrow, Gatwick and Stansted in London, Glasgow, Edinburgh and Aberdeen airports in Scotland, and Southampton in southern England.
