Australia & New Zealand
Financial News
BHP Subpoenaed by South African Competition Regulators on Rio Tinto Bid BHP Billiton Ltd., which has made a $142 billion hostile bid for Rio Tinto Group, was subpoenaed by South African antitrust regulators to provide information it declined to give relating to the biggest mining takeover.
SEC May Ease Restrictions on Stock Sales in the U.S. by Australian Brokers The U.S. Securities and Exchange Commission may let Australian stock brokers sell shares to Americans without SEC oversight, as part of the regulator's push to encourage global investing.
Contact Energy Profit Drops as Gas Costs Rose, Hydro-Electric Output Falls Contact Energy Ltd., New Zealand's biggest publicly traded energy company, said full-year profit fell 1 percent as gas costs rose and a lack of rain reduced output from the company's South Island hydro-electric dams.
Host Hotels, GIC Name Meyer to Head Venture to Invest in Australia, Asia Host Hotels & Resorts Inc., the owner of 117 properties in the U.S. and Europe, and the Government of Singapore Investment Corp. appointed Peter Meyer to head their Asian property joint venture.
Japan's Kirin Agrees to Acquire Australia's Dairy Farmers for $583 Million Kirin Holdings Co Ltd., Japan's largest beverage maker, agreed to buy Australia's Dairy Farmers for A$675 million ($583 million) in cash to expand outside of its shrinking home market.
Commodities Hint of Bottom on Closing Mines, Crop Supplies at 5-Year Lows Corn and soybeans have rebounded as reduced crop yields push U.S. stockpiles to near five-year lows. Oil has reversed on U.S.-Russian tensions. Nickel has turned after Xstrata Plc closed a Dominican Republic plant.
Wheat Falls as Rain Improves Outlook For Winter Crops in Kansas, Oklahoma Wheat fell for a second straight session on speculation rain in the southern U.S. Great Plains will help build soil moisture for plants that will be seeded starting next month.
Challenger Financial Chief Executive Officer to Step Down Following Loss Challenger Financial Services Group Ltd.'s Mike Tilley became the ninth chief executive officer this year to step down from a listed Australian financial or property company that's been battered by the global credit crunch.
Worldwide
Financial News
Stocks in U.S. Drop Most in a Month on Credit Loss Speculation; AIG Falls U.S. stocks fell the most in a month as a Kansas bank's failure and speculation American International Group Inc. will post a loss heightened concern that credit writedowns will keep rattling the financial system.
Home Resales in U.S. Increase 3.1%; Inventory of Unsold Properties Expands Sales of previously owned homes in the U.S. rose 3.1 percent in July, a gain that masked further housing weakness as inventories of unsold properties increased.
Treasuries Climb the Most in Two Weeks Amid Credit Market `Horror Movie' Treasuries rose the most in almost two weeks on speculation credit-market turmoil may be widening.
Housing Rebound Unlikely Before `Well Into' 2009, HUD Chief Preston Says A recovery in the U.S. housing market from the worst slump since the Depression is unlikely until ``well into 2009,'' Housing and Urban Development Secretary Steve Preston said today.
Freddie Mac Rises After $2 Billion Note Sale Bolsters Investor Confidence Freddie Mac rose 17 percent in New York trading after a $2 billion sale of short-term debt stoked confidence the second-largest U.S. mortgage-finance company can still attract investors.
Griffin's Citadel Seeking $1 Billion for Macro Hedge Fund Run by Alamouti Citadel Investment Group LLC, the Chicago-based asset-management firm founded by Kenneth Griffin, is seeking about $1 billion for a new global macro hedge fund, according to a person with knowledge of the matter.
Citigroup Says Rubin to Give Up Executive Committee Role, Remain on Board Citigroup Inc. said former U.S. Treasury Secretary Robert Rubin will give up the title of chairman of the board's executive committee, while keeping his role as senior counselor at the biggest U.S. bank by assets.