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Sunday, December 23, 2007
Share market posts strong gains
THE stock market was higher at noon ahead of the Christmas break, spurred on by a strong Wall Street close on Friday and higher base metal prices.
At 12.10am AEDT, the benchmark S&P/ASX200 index was 60 points or 0.96 per cent higher at 6307, while the All Ordinaries had gained 59.4 points to 6368.8.
”I think the market has gone from beer to champagne for Christmas,'' CMC Markets senior dealer Dominic Vaughan said.
”We got a good lead out of the United States and metals were up. “The market is extremely positive today.''
The stock market will close early at 2.15pm AEDT and will remain closed for Christmas Day and Boxing Day before normal trading resumes on Thursday.
In the resources sector, BHP Billiton was up 73 cents, or 1.84 per cent to $40.38, while Rio Tinto had added $2.79 or 2.17 per cent to $131.34.
The UK Takeover Panel on Friday gave BHP until February 6 to either launch a takeover of rival Rio Tinto or walk away.
”It looks like Rio is trying to force BHP's hand to make a better commitment than they have coming in to post-Christmas,'' Mr Vaughan said.
The banking sector was also stronger, with Westpac finding 41 cents or 1.49 per cent to $27.94 at 12.12pm AEDT, National Australia Bank gaining 19 cents to $38.00, ANZ up seven cents to $27.47 and Commonwealth Bank gaining 18 cents to $57.95.
US stocks finished at the highest level in three weeks on Friday, as strong results from the company behind the BlackBerry boosted technology shares.
The Dow Jones Industrial Average shot up 205.01 points to 13,450.65. The Standard & Poor's 500 Index leapt 24.34 points to 1,484.46 and the Nasdaq Composite Index surged 51.13 points to 2691.99.
At 12.20pm AEDT, in energy, Woodside Petroleum gained 77 cents, or 1.63 per cent, to $47.88, while Santos increased 25 cents, or 1.93 per cent, to $13.17.
The spot price of gold was $US810.00, up $US9.00 from Friday's closing Sydney price of $US801.00.
Newcrest Mining gained eight cents to $30.42, Newmont rose 10 cents to $5.60 and Lihir gained nine cents to $3.42.
In the media sector, Consolidated Media Holdings lost two cents to $4.39. News Corp gained 22 cents to $24.74 and its non-voting scrip was up 21 cents to $23.93. Fairfax rose two cents to $4.61.
Telstra gained four cents to $4.75, while Optus-owner Singapore Telecommunications fell three cents to $2.99.
source: news.com
At 12.10am AEDT, the benchmark S&P/ASX200 index was 60 points or 0.96 per cent higher at 6307, while the All Ordinaries had gained 59.4 points to 6368.8.
”I think the market has gone from beer to champagne for Christmas,'' CMC Markets senior dealer Dominic Vaughan said.
”We got a good lead out of the United States and metals were up. “The market is extremely positive today.''
The stock market will close early at 2.15pm AEDT and will remain closed for Christmas Day and Boxing Day before normal trading resumes on Thursday.
In the resources sector, BHP Billiton was up 73 cents, or 1.84 per cent to $40.38, while Rio Tinto had added $2.79 or 2.17 per cent to $131.34.
The UK Takeover Panel on Friday gave BHP until February 6 to either launch a takeover of rival Rio Tinto or walk away.
”It looks like Rio is trying to force BHP's hand to make a better commitment than they have coming in to post-Christmas,'' Mr Vaughan said.
The banking sector was also stronger, with Westpac finding 41 cents or 1.49 per cent to $27.94 at 12.12pm AEDT, National Australia Bank gaining 19 cents to $38.00, ANZ up seven cents to $27.47 and Commonwealth Bank gaining 18 cents to $57.95.
US stocks finished at the highest level in three weeks on Friday, as strong results from the company behind the BlackBerry boosted technology shares.
The Dow Jones Industrial Average shot up 205.01 points to 13,450.65. The Standard & Poor's 500 Index leapt 24.34 points to 1,484.46 and the Nasdaq Composite Index surged 51.13 points to 2691.99.
At 12.20pm AEDT, in energy, Woodside Petroleum gained 77 cents, or 1.63 per cent, to $47.88, while Santos increased 25 cents, or 1.93 per cent, to $13.17.
The spot price of gold was $US810.00, up $US9.00 from Friday's closing Sydney price of $US801.00.
Newcrest Mining gained eight cents to $30.42, Newmont rose 10 cents to $5.60 and Lihir gained nine cents to $3.42.
In the media sector, Consolidated Media Holdings lost two cents to $4.39. News Corp gained 22 cents to $24.74 and its non-voting scrip was up 21 cents to $23.93. Fairfax rose two cents to $4.61.
Telstra gained four cents to $4.75, while Optus-owner Singapore Telecommunications fell three cents to $2.99.
source: news.com
Australian dollar rises towards US87 cents
THE Australian dollar was stronger at noon after recent liquidity injections from the world's central banks boosted demand for high interest-rate currencies.
The funds injection temporarily reduced worries about the global credit crunch on Friday night, improving risk appetite for high yielding currencies like the Australian and NA dollars.
At 12 noon AEDT, the Australian dollar was trading at $US0.8677/82, up from Friday's close of 0.8624/32.
During the morning session, the Australian dollar traded between a low of $US0.8674 and a high of 0.8689.
Bank of New Zealand head of foreign exchange Mike Symonds said the co-ordinated action from the central banks of the US, Europe and the United Kingdom had helped high-yielding currencies like the Australian dollar begin the week in the stronger position.
”We've seen improved confidence in terms of investors ... certainly equity markets ended (last) week on a positive note ... that's reflected in the positive start to the week for the Aussie dollar,'' he said.
But Mr Symonds said that in the lead-up to Christmas, the domestic currency was unlikely to set new records.
”To be honest, with the Christmas holidays, it's unlikely we'll be breaking new ground on Christmas Eve,'' he said.
”At the moment, ranges are likely to be tight through the early part of the Christmas break. Clearly, sentiments seems to have improved from last week.''
Mr Symonds said the Australian dollar was likely to finish today's local session at $US0.8690.
Last week, the US Federal Reserve pumped $US20 billion ($23.35 billion) pumped into the banking system in a bid to ease credit shortages.
The action coincided with the European Central Bank's decision to withdraw up to 150 billion euros ($251.76 billion) from eurozone money markets in an overnight operation to help balance conditions under which banks lend to each other.
Meanwhile, the Bank of England lent 10 billion pounds ($23.46 billion) in three-month loans.
source: news.com
The funds injection temporarily reduced worries about the global credit crunch on Friday night, improving risk appetite for high yielding currencies like the Australian and NA dollars.
At 12 noon AEDT, the Australian dollar was trading at $US0.8677/82, up from Friday's close of 0.8624/32.
During the morning session, the Australian dollar traded between a low of $US0.8674 and a high of 0.8689.
Bank of New Zealand head of foreign exchange Mike Symonds said the co-ordinated action from the central banks of the US, Europe and the United Kingdom had helped high-yielding currencies like the Australian dollar begin the week in the stronger position.
”We've seen improved confidence in terms of investors ... certainly equity markets ended (last) week on a positive note ... that's reflected in the positive start to the week for the Aussie dollar,'' he said.
But Mr Symonds said that in the lead-up to Christmas, the domestic currency was unlikely to set new records.
”To be honest, with the Christmas holidays, it's unlikely we'll be breaking new ground on Christmas Eve,'' he said.
”At the moment, ranges are likely to be tight through the early part of the Christmas break. Clearly, sentiments seems to have improved from last week.''
Mr Symonds said the Australian dollar was likely to finish today's local session at $US0.8690.
Last week, the US Federal Reserve pumped $US20 billion ($23.35 billion) pumped into the banking system in a bid to ease credit shortages.
The action coincided with the European Central Bank's decision to withdraw up to 150 billion euros ($251.76 billion) from eurozone money markets in an overnight operation to help balance conditions under which banks lend to each other.
Meanwhile, the Bank of England lent 10 billion pounds ($23.46 billion) in three-month loans.
source: news.com
Centro appoints advisors for review
CENTRO Properties Group has appointed three advisors to help with a review of its business, after the company recently was unable to refinance some of its maturing debt.
The advisors are Lazard Carnegie Wylie, KPMG and Freehills.
”That review will consider options available to secure the long term capital structure of Centro and its managed funds to reduce gearing levels,'' Centro said.
Australia's second largest shopping centre operator also reiterated that it could sell assets to pay down short-term maturing debt, as well as issue equity.
Centro must by February 15 come up with a plan to refinance the debt.
source: news.com
The advisors are Lazard Carnegie Wylie, KPMG and Freehills.
”That review will consider options available to secure the long term capital structure of Centro and its managed funds to reduce gearing levels,'' Centro said.
Australia's second largest shopping centre operator also reiterated that it could sell assets to pay down short-term maturing debt, as well as issue equity.
Centro must by February 15 come up with a plan to refinance the debt.
source: news.com
Telstra offloads e-insurance business
TELSTRA has decided its general insurance transaction processing subsidiary, Telstra eBusiness Services Pty Ltd (TeBS), is excess to requirements, offloading it to a US firm for $50 million.
The decision to sell the business to the Nasdaq listed Ebix came after the Telstra board concluded the business was not part of its core operations and would be better suited to Ebix, which already operates in the field.
”This is a good result for Telstra and, also, a positive move for TeBS as the core business of Ebix is insurance industry transaction processing and software,'' Telstra Enterprise and Government Group Managing Director, Mr David Thodey said.
”Bringing the two businesses together will create opportunities to extend the range of e-commence facilities available for the insurance industry.''
”Telstra and Ebix will work together to ensure a seamless transition of the business.''
Ebix provides software for the insurance industry, with applications for underwriting and broking systems that allow general insurance policies to be electronically transacted.
Under the deal, Telstra will continue to provide telecommunication services and hosting to Ebix. Telstra bought the business in two stages in 1999 and 2000.
source: news.com
The decision to sell the business to the Nasdaq listed Ebix came after the Telstra board concluded the business was not part of its core operations and would be better suited to Ebix, which already operates in the field.
”This is a good result for Telstra and, also, a positive move for TeBS as the core business of Ebix is insurance industry transaction processing and software,'' Telstra Enterprise and Government Group Managing Director, Mr David Thodey said.
”Bringing the two businesses together will create opportunities to extend the range of e-commence facilities available for the insurance industry.''
”Telstra and Ebix will work together to ensure a seamless transition of the business.''
Ebix provides software for the insurance industry, with applications for underwriting and broking systems that allow general insurance policies to be electronically transacted.
Under the deal, Telstra will continue to provide telecommunication services and hosting to Ebix. Telstra bought the business in two stages in 1999 and 2000.
source: news.com
Qantas seeks new staff as strike looms
QANTAS is offering its former engineers, some made redundant as little as a year ago, jobs as strike breakers with a $100,000 salary for just six months work, a union says.
The former workers were also being told they would be paid even if the strikes threatened by the Australian Licensed Aircraft Engineers Association (ALAEA) do not eventuate, the ALAEA says.
The news comes ahead of crucial talks between the airline and the ALAEA on January 4 over a protracted pay dispute, and threats of nationwide four-hour stop work meetings from January 9 if the union's pay rise demand is not met.
An ALAEA spokesman today said the airline was preparing to pay out millions of dollars to strike breakers, offering more than double pay for six months work, while denying its existing workforce a five per cent raise.
The airline has a rival offer of three per cent on the table.
"Qantas has been contacting people who were retrenched last year," ALAEA spokesman Steve Re said today.
"A (engineer) mate of mine rang me up on Friday saying he had been contacted by an agency who has work in Sydney for ... $100,000 for six months.
"Then I had a phone call on our answering machine this morning from another ex-Sydney heavy maintenance employee who was retrenched last year.
"He said 'I've just been offered $100,000 to work for Qantas for six months and they said they will pay even if they're not used'."
Mr Re also confirmed news reports (Eds: Fairfax) which today revealed Qantas was scouting for aircraft engineers in New Zealand.
The airline did not deny that it was drafting an alternative engineering workforce, or the union's claims of the $100,000 salaries on offer.
"We are pursuing a variety of contingency arrangements to ensure our passengers can travel with confidence in January," a company spokesman said.
"We have nothing further to add at this stage."
Mr Re said a ballot of ALAEA members showed an overwhelming 87 per cent were in support of the phased industrial action if there was no resolution at the January 4 meeting.
It would involve up to 1700 aircraft engineers nationwide, he said, starting with a ban on overtime when engineers would also not work outside of their normal duties.
"The (four-hour) stop works are only if Qantas takes adverse action against any of our members for partaking in that protected industrial action," Mr Re said.
The nationwide stop work meetings have the potential to temporarily ground all Qantas flights, as their jets can only take off once they have been cleared by a licensed engineer.
It threatens to be largest disruption to the nation's air travel since the 1989 pilots' strike, which threw thousands of holiday makers' plans into chaos.
source: news.com
The former workers were also being told they would be paid even if the strikes threatened by the Australian Licensed Aircraft Engineers Association (ALAEA) do not eventuate, the ALAEA says.
The news comes ahead of crucial talks between the airline and the ALAEA on January 4 over a protracted pay dispute, and threats of nationwide four-hour stop work meetings from January 9 if the union's pay rise demand is not met.
An ALAEA spokesman today said the airline was preparing to pay out millions of dollars to strike breakers, offering more than double pay for six months work, while denying its existing workforce a five per cent raise.
The airline has a rival offer of three per cent on the table.
"Qantas has been contacting people who were retrenched last year," ALAEA spokesman Steve Re said today.
"A (engineer) mate of mine rang me up on Friday saying he had been contacted by an agency who has work in Sydney for ... $100,000 for six months.
"Then I had a phone call on our answering machine this morning from another ex-Sydney heavy maintenance employee who was retrenched last year.
"He said 'I've just been offered $100,000 to work for Qantas for six months and they said they will pay even if they're not used'."
Mr Re also confirmed news reports (Eds: Fairfax) which today revealed Qantas was scouting for aircraft engineers in New Zealand.
The airline did not deny that it was drafting an alternative engineering workforce, or the union's claims of the $100,000 salaries on offer.
"We are pursuing a variety of contingency arrangements to ensure our passengers can travel with confidence in January," a company spokesman said.
"We have nothing further to add at this stage."
Mr Re said a ballot of ALAEA members showed an overwhelming 87 per cent were in support of the phased industrial action if there was no resolution at the January 4 meeting.
It would involve up to 1700 aircraft engineers nationwide, he said, starting with a ban on overtime when engineers would also not work outside of their normal duties.
"The (four-hour) stop works are only if Qantas takes adverse action against any of our members for partaking in that protected industrial action," Mr Re said.
The nationwide stop work meetings have the potential to temporarily ground all Qantas flights, as their jets can only take off once they have been cleared by a licensed engineer.
It threatens to be largest disruption to the nation's air travel since the 1989 pilots' strike, which threw thousands of holiday makers' plans into chaos.
source: news.com
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