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One of the major Australia based financial institution Australia and New Zealand Banking Group (ANZ) is currently crunching the numbers of AXA Asia Pacific operations in Australia and New Zealand. Mike Smith, the chief executive of the bank is facing a massive challenge to rebrand his ING wealth business along with dealing with the big expenditure in the technology sector in an attempt to improve back office system and platforms for investment. Advertisement: read more

Australia based Qantas Airways (QAN) has claimed that the industrial action staged by the engineers of the airline will not lead to grounding aircrafts as out of hours call-outs and a ban on over time will be made effective today. The professional engineers of the airline are going to stage industrial action as they claimed that the working condition may put the operation of Qantas under threat. Advertisement: read more

Westfield Group (WDC) has reported that the sales growth is in decline in Australia for the third quarter of the year despite a stable condition in the United States and UK. Steven Lowy, the managing director of the company stated that he is looking forward to see the operating earnings and distributions to be within the range of 94 cents and 97 cents for each stapled security for calendar 2009. Advertisement: read more

Akio Mimura, the chairman of Nippon Steel have expressed his concerns regarding the future market condition which might see significant developments due to an iron ore merger deal which is expected to be signed among Rio Tinto (RIO) and BHP Billiton (BHP), two internationally renowned mining giants. Mr. Advertisement: read more

Ryan Stokes, son of Kerry Stokes has survived from being thrown out of the Seven Network (SEV) board due to his father’s dominant position in the company. Kerry Stokes is the executive chairman of the company and is currently holding 92.8 million shares there. Ryan Stokes managed to get re-elected in the board by securing 70 percent of the proxy votes. However, his father’s huge share in the company is the major factor that helped Mr. Stokes to remain in the Seven board. Mr. Advertisement: read more

One of the leading players of the insurance, retirement funds, investment funds and individual savings plans industry AXA Asia Pacific Holdings (AXA), have declined an $11 billion takeover bid which was submitted by its rival AMP. However Rick Allert, the chairman of AXA Asia Pacific didn’t completely close down his door for the bidder saying that his side is looking forward for a better deal from AMP. Advertisement: read more

Transurban Group (TCL), the company that operates toll roads in Australia and United States has declined a $6.7 billion takeover bid offered by two Canadian pension funds. However, the group has kept its door open for a better deal. According to some experts, the takeover bid could hit $7.5 billion mark. The two Canadian pension funds are currently looking forward to restart talks with the toll road giant regarding the takeover. Advertisement: read more

The Australian company Woodside Petroleum (WPL), which focuses on operation and management of hydrocarbon exploration, production, marketing, development, and transportation, operation and execution of the North West Shelf Gas Project has taken further initiatives to secure funds for the investments in a number of Australian gas assets by issuing $US700 million worth of corporate bonds in the United States. Advertisement: read more

One of the largest banks of Australia, Westpac Banking Corporation (WBC) has appealed last month’s High Court ruling in New Zealand regarding the structured financial transactions which might cost it as much as $NZ918 million plus penalties. Westpac stated that it had reviewed Judge Rhys Harrison's ruling termed the transaction as an attempt to avoid paying tax. Advertisement: read more

Australia based commercial broadcaster Seven Media Group has reduced the value of its television network by $1.5 billion putting the company into a total loss of $1.9 billion in annual accounts which was published on Monday. The alliance of Seven Netwrok and private equity firm KKR dropped to a negative equity of $1.7 billion due to Seven Network’s (SEV) liabilities which outstripped its assets by as much as $1.7 billion. Advertisement: read more

Rio Tinto (RIO), the renowned global mining company is planning to double its capital expenditure for the next year. The company has recently announced its budget of up to $US3.5 billion which it is planning to spend to pursue the growth projects. Rio chief executive Tom Albanese stated that strategic decisions taken by the company during the financial crisis has put Rio into a stronger position to utilize the present market opportunities. Advertisement: read more

The Australia based gold mining company Lihir Gold (LGL) has posted a 20 percent decline in production for the third quarter offset by an unexpected increase of reserves and commitment to go for paying out regular dividend. According to Arthur Hood, the managing director of the company, Lihir would make a payment of US1.5c dividend at the end of November; the first dividend the company would be paying since 2003. It is to be mentioned that Lihir made a 2c payout per share in 2003. Advertisement: read more

The Australia based gold mining company Lihir Gold (LGL) has posted a 20 percent decline in production for the third quarter offset by an unexpected increase of reserves and commitment to go for paying out regular dividend. According to Arthur Hood, the managing director of the company, Lihir would make a payment of US1.5c dividend at the end of November; the first dividend the company would be paying since 2003. It is to be mentioned that Lihir made a 2c payout per share in 2003. Advertisement: read more

Mirvac Group (MGR), a company that is involved in the real estate business is currently talking with two US based companies regarding the sale of Mirvac Industrial Trust. Among these two companies, one is privately owned while the other one is a listed company. These two groups have come forward to hold talks with Mirvac Group as the company called for expressions of interest in the portfolio of 66 warehouse assets located in Chicago previously in the current year. Advertisement: read more

Mirvac Group (MGR), a company that is involved in the real estate business is currently talking with two US based companies regarding the sale of Mirvac Industrial Trust. Among these two companies, one is privately owned while the other one is a listed company. These two groups have come forward to hold talks with Mirvac Group as the company called for expressions of interest in the portfolio of 66 warehouse assets located in Chicago previously in the current year. Advertisement: read more

Renowned Australia based skate, snow and surf apparel and accessories manufacturer and distributor Billabong International (BBG) has claimed that the financial tide is turning in United States with the company performing marginally better than the expectation. Billabong is expecting to see a weaker fast half followed by a strong second half. The company repeated its annual net profit growth forecast based on constant currency terms. Advertisement: read more

Renowned Australia based skate, snow and surf apparel and accessories manufacturer and distributor Billabong International (BBG) has claimed that the financial tide is turning in United States with the company performing marginally better than the expectation. Billabong is expecting to see a weaker fast half followed by a strong second half. The company repeated its annual net profit growth forecast based on constant currency terms. Advertisement: read more

The worldwide diversified financial service provider Macquarie Group (MQG) has faced renewed pressure in the value of its holdings in debt-laden infrastructure funds after it saw the sale of a stake in one of the company’s flagship European funds with almost 15 percent discount to the valuation which was conducted just a few months earlier. Advertisement: read more

The worldwide diversified financial service provider Macquarie Group (MQG) has faced renewed pressure in the value of its holdings in debt-laden infrastructure funds after it saw the sale of a stake in one of the company’s flagship European funds with almost 15 percent discount to the valuation which was conducted just a few months earlier. Advertisement: read more

Australia based Babcock & Brown Infrastructure Group (BBI), which is engaged in the business of acquisition, management and operation of quality infrastructure assets in Australia and some other countries has warned the rebellious exchangeable preference shareholders that it might go for taking legal actions against them for the damages that the company might face if wrong information leads to a turn down of a $1.8 billion worth of recapitalisation. Advertisement: read more