MIAMI - President George Bush has declared four Florida counties hit hardest by Tropical Storm Fay as major disaster areas, making them eligible for federal aid.
NEW YORK - If the gauge of Wall Street’s confidence in Lehman Brothers is its stock price, then the shares’ gyrations this past week indicate investors are both petrified of a collapse and encouraged about a possible buyout.
WELLINGTON - Sky City Entertainment Group has posted a 49 per cent fall in full year net profit to $49.9 million.
WELLINGTON - Small Dunedin-based finance company St Kilda Finance has stopped taking new investments after reinvestment levels fell from 65 per cent to 15 per cent.
LOCAL NEWS
SYDNEY - The federal government has approved Aluminium Corporation of China Ltd’s proposal to acquire a stake in miner and takeover target Rio Tinto Ltd.
SYDNEY - NSW Opposition Leader Barry O’Farrell is facing increasing pressure to take a stance on the state government’s proposed electricity sell-off which goes to a parliamentary vote this week.
SYDNEY - Caltex Australia Ltd says the Australian public has started to focus more on the crude oil price when it considers the cost of petrol.
SYDNEY - ANZ Banking Group Ltd said it would have to wait and see whether it would create an individual provision for troubled investment house Babcock & Brown Ltd.
CANBERRA - The federal government has rejected claims that plans by a number of major companies to axe hundreds of jobs in the coming months is evidence the economy has slowed too much.
MELBOURNE - A review of Melbourne’s transport system has called for a congestion tax and tolls on public roads.
MELBOURNE - Secret information from business partner Malcolm Turnbull torpedoed media tycoon Kerry Packer’s bid to take over the Fairfax group 17 years ago, the ABC will reveal tonight.
STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE TODAY:
SKC - SKY CITY ENTERTAINMENT GROUP LTD - up two cents to $2.81
Sky City has posted a 49 per cent fall in full year net profit to $NZ49.9 million ($A40.97 million).
RIO - RIO TINTO LTD - up $2.10 to $121.00
The federal government has approved Aluminium Corporation of China Ltd’s proposal to acquire a stake in miner and takeover target Rio Tinto Ltd.
ASL - AUSDRILL LTD - up one cent to $2.30
MAH - MACMAHON HOLDINGS LTD - up 8.5 cents to $1.71
Mining services company Ausdrill has posted a record full year profit, reflecting strength in its client base, and says it expects to deliver earnings growth of at least 20-30 per cent in the 2009 year.
BBW - BABCOCK AND BROWN WIND PARTNERS GROUP - up 9.5 cents to $1.245
A delay in commissioning the second stage of turbines at the Te Rere Hau windfarm near Palmerston North caused NZ Windfarms Ltd to miss its prospectus revenue forecast.
QAN - QANTAS AIRWAYS LTD - up one cent to $3.49
Qantas has reiterated pre-tax profit guidance for 2008/09, saying the result is expected to be broadly in line with analyst consensus forecasts. Qantas will inevitably merge with another major carrier sooner rather than later, outgoing chief executive Geoff Dixon says.
AWE - AUSTRALIAN WORLDWIDE EXPORATION LTD - up 19 cents to $3.30
Australian Worldwide Exploration, which is merging with Arc Energy Ltd, says it will pursue gas opportunities in Europe after delivering a rise in profit for the year.
CTX - CALTEX AUSTRALIA LTD - up 20 cents to $11.95
Caltex has reported a 33 per cent fall in first half earnings, due to lower refinery production, but says refiner margins are expected to remain robust in the period ahead.
IAG - INSURANCE AUSTRALIA GROUP LTD - up six cents to $3.75
IAG has reported a $261 million loss for the year, but says the current financial year would bring an improved performance. IAG says the process of divesting UK assets was on track and likely to accelerate after the northern summer holidays.
BBG - BILLABONG INTERNATIONAL LTD - up 55 cents to $11.30
Global surfwear retailer Billabong International is confident it will book good growth in the current year after posting a 5.5 per cent lift in its 2008 bottom line.
ANZ - ANZ BANKING GROUP LTD - up eight cents to $15.67
A review of ANZ Banking Group’s securities lending operations has found risk controls were inadequate in the period leading up to the Opes Prime crisis and that some employees breached the bank’s code of conduct.
GMG - GOODMAN GROUP - up 11 cents to $2.82
Integrated industrial property giant Goodman Group expects earnings per security (EPS) growth of six per cent in the current financial year but says market conditions are the worst for some time.
GNS - GUNNS LTD - untraded at $1.675
Timber company Gunns is unlikely to meet a deadline for providing environmental information for its proposed $2 billion Tasmanian pulp mill, federal Environment Minister Peter Garrett says.
