Australia & New Zealand
Financial News
Allco, Centro Post Biggest Australian Losses in Five Years on Writedowns Allco Finance Group Ltd. and Centro Properties Group posted Australia's biggest losses in five years as credit turmoil forced fire sales of assets to pay debt.
Australian, New Zealand Dollars Head for Monthly Decline on Rate Outlook The Australian dollar headed for its biggest monthly loss in 22 years, on speculation the nation's interest-rate advantage over the U.S. will narrow. New Zealand's dollar was poised for a third monthly loss.
Australia's New Home Sales Decline to Two-Year Low, Lending Growth Slows Australian new home sales fell to a two-year low in July and lending to consumers and businesses rose at the slowest annual pace since 2002, reinforcing speculation the central bank will cut interest rates next week.
Harvey Norman's Second-Half Operating Profit Falls as Sales Growth Slows Harvey Norman Holdings Ltd., Australia's largest furniture and electronics retailer, posted a 5 percent decline in second-half operating earnings on slowing sales growth at home and losses in Ireland.
Sims Fourth-Quarter Profit Triples on Higher Scrap Prices, Acquisitions Sims Group Ltd., the world's biggest recycler of scrap metal, said fourth-quarter profit rose more than threefold to a record, boosted by acquisitions and higher prices.
Babcock & Brown Power Loss Widens; Chief Executive, Finance Head Step Down Babcock & Brown Power, Australia's biggest publicly traded electricity producer, said its full-year loss widened after asset writedowns. The company will replace its chief executive and chief financial officer.
New Zealand Oil & Gas Second-Half Profit Surges on Output From Tui Field New Zealand Oil & Gas Ltd., the country's biggest publicly traded explorer, posted an eightfold gain in second-half profit because of production from a new field and record prices.
Fortescue Metals to Sell Preference Stock For First Time to Fund Expansion Fortescue Metals Group Ltd., an iron ore producer controlled by Australia's richest man Andrew Forrest, plans to sell preference shares for the first time to help fund expansion
Worldwide
Financial News
U.S. Stocks Drop as Consumer Spending Slumps, Dell Earnings Miss Estimates U.S. stocks fell, paring the biggest monthly gain since April, as consumer spending slumped and lower- than-estimated earnings from Dell Inc. dragged down technology companies.
Consumer Spending in U.S. Slowed in July as Prices Rose Most in 17 Years U.S. consumer spending grew at a slower pace in July as the impact of the tax rebates faded and a pickup in inflation eroded Americans' buying power.
Boeing Union Urges Workers to Reject Labor Offer, Go On Strike Next Week Boeing Co.'s largest union urged members to reject the planemaker's contract offer next week and walk off the job in a strike that would shut down production and may further delay the 787 Dreamliner.
Merrill's Mallach Quits After Being Demoted as Head of Fixed-Income Sales Merrill Lynch & Co.'s Doug Mallach, one of two executives heading the securities firm's U.S. bond division when the subprime mortgage crisis struck last year, is stepping down three months after being shifted to a lesser role, people familiar with the matter said.
Asian Stocks Post Weekly Gain as U.S. Economy Grows, Profit Concerns Ease Asian stocks rose this week, snapping a four-week losing streak, after the U.S. economy grew faster than estimated and commodity producers reported higher profits.
Vanguard Managers Invested Client Money in Illegal Web Gambling, Suit Says Executives of Vanguard Group Inc., the second-biggest U.S. manager of stock and bond mutual funds, illegally invested client assets in companies running Internet gambling businesses banned in the U.S., according to a lawsuit.
Malaysia Puts Ratings at Risk Amid Political Battles, Ballooning Deficit Malaysia's government said it will post its biggest deficit since 2003 as it cuts taxes