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Business news | ninemsn Money


Business news | ninemsn Money
  • Philippines swimming in rice
    The world's biggest rice importer, the Philippines, is now "swimming" in the staple grain because of massive imports by the previous government that drove world prices to record highs and possibly enriched corrupt officials.With government-run warehouses full and some flood-damaged rice stocks rotting, the National Food Authority, the state-run grain importer, has stopped new import orders for this year and asked Vietnam to delay its shipments until September, the agency's administrator Lito Banayo said on Friday.

  • Disney sells Miramax for $US660m
    The Walt Disney Co has agreed to sell its Miramax Films to an investor group for about $US660 million ($A732.56 million), ending a 17-year association with the studio and a six-month bidding process.The New York Times and Los Angeles Times reported that Disney signed the agreement late on Thursday with Filmyard Holding, an investor group led by construction magnate and Hollywood outsider Ronald Tutor.

  • China second largest economy: bank chief
    China has moved ahead of Japan to become the world's second-largest economy, a senior central bank official said in an interview published on Friday.Yi Gang, a vice-governor of the People's Bank of China and also the head of the State Administration of Foreign Exchange (SAFE), did not explain how he had arrived at the figures, according to the comments posted on the SAFE website.

  • Another gas contamination scare
    Tests will be carried out at a second underground coal gasification (UCG) trial in Queensland.Local farmers fear that UCG trials have contaminated the waters in Kogan Creek, near Dalby in southwest Queensland.

  • Telstra incurs $170m charge on HK telco
    Telstra Corporation Ltd says it will incur a non-cash impairment charge of $170 million on the carrying value of its Hong Kong-based mobile phone telco CSL New World.Telstra said in a statement on Friday that it retains February guidance for the full year but earnings before interest, tax, depreciation and amortisation, as well as earnings before interest and tax will decline slightly for the fiscal year because of the impairment charge.

  • British Airways posts $STG122m Q1 loss
    British Airways PLC on Friday said its losses widened 15 per cent to STG122 million ($A211.4 million) in the three months ending June 30 as operations were disrupted by cabin crew strikes and a cloud of volcanic ash from Iceland.However, the airline said that underlying revenue increased and it achieved further cost reductions. Chief executive Willie Walsh said he still expected the carrier to break even for the full year.

  • Programmed shares fall after Q1 update
    Programmed Maintenance Services Ltd says its unlikely to replace all work won last year from the federal government's stimulus package.The recruitment, property management and engineering company also said volumes and margins in its property services division had fallen and year-to-date renewal of traditional maintenance programs remained lower than average.

  • Origin says sales revenue is up
    Origin Energy Ltd says annual sales revenues at its exploration and production business posted a record high in fiscal 2010 and met expectations.Sales revenues on a proportionately consolidated basis increased 10 per cent to a record $632 million.

  • AWB, GrainCorp set to merge
    GrainCorp Ltd and AWB Ltd will merge to form Australia's biggest grains marketer and rural services provider, with a market capitalisation of about $2 billion.Under the merger proposal, which will be implemented via a scheme of arrangement, GrainCorp will issue to AWB shareholders one GrainCorp share for every 5.75 AWB shares.

  • Macquarie says annual earnings may fall
    Macquarie Group Ltd's shares slid sharply on Friday after it warned that its core earnings divisions will not meet 2010 results in fiscal 2011 unless market conditions improve.Macquarie's three largest businesses, Macquarie Securities, Macquarie Capital and Fixed Income, Currencies and Commodities, all posted lower first quarter revenues than in the same period last year.