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News Feeds

• Shares close 4pc lower as miners hit
  THE share market has closed more than 4pc weaker, with heavy losses for the big miners.
• RBA spends $3.1bn propping up dollar
  THE Reserve Bank spent a whopping $3.15bn propping up the Australian dollar when it plunged towards US60c.
• Ford to keep engine plant open
  FORD Australia has reversed a decision to close its Geelong engine plant - saving up to 1300 jobs.
• Babcock teeters on the brink
  BABCOCK & Brown’s future is hanging in the balance as banks meet to decide its fate.
• It’s OK to go into red, says RBA boss
  THE RBA has given the green light for federal and state governments to go into deficit to support economic growth.

• RBA spends $3b to prop up dollar
  THE Reserve Bank spent $3.15 billion propping up the Australian dollar in another sign of its concern about the state of the economy.
• Battered market sinks even lower
  THE Australian share market closed more than 4 per cent weaker today, with significant losses in all sectors.
• Ford to keep engine plant open
  WORKERS at Ford Australia’s Geelong engine plant have been thrown a lifeline with the company announcing the plant will stay open.
• Recession good for sex business
  A RECESSION would stimulate demand for sex toys and porn films as Australians seek cheaper pleasures, the nation’s newest political party says.
• We’re buying more on credit
  THE amount of money racked up on credit and charge cards rose almost 8 per cent in September, figures from the Reserve Bank of Australia show.

• $3.15b spend to steady dollar
  THE Reserve Bank spent a whopping $3.15 billion propping up the Australian dollar when it plunged towards 60 US cents, showing its concerned about the economy.
• ASX closes down 4 per cent
  THE share market has closed more than four per cent weaker following Wall St, with losses in all sectors particularly among the major miners and energy stocks.
• Green goes faster for Ford
  FORD’S Victorian manufacturing plant will switch to making more environmentally friendly cars with a $21 million refit, saving about 1300 jobs in Geelong.
• Wall St sinks on grim data
  US stocks sank overnight after gloomy data underlined deepening troubles with the Federal Reserve admitting the potential for a long recession.
• Super to ‘double’ in 10 years
  AUSTRALIANS’ superannuation funds have taken a direct hit from the global financial crisis, but should at least double in value in another 10 years.

• RBA slashes interest rates to 5.25pc
  THE Reserve Bank cut interest rates by 75 basis points today, reducing borrowing costs to the lowest level in more than five years.
• Iron price fears pull stocks down 2pc
  MINERS dragged down Australian shares this afternoon amid fears iron ore prices will fall sharply next year.
• Oz credit markets out of deep freeze
  KEY Australian credit markets today thawed to levels not seen since before the collapse of US investment bank Lehman Brothers.
• Hardie plants hit by weak US housing
  JAMES Hardie Industries has suspended production at two US plants due to further deterioration in the American housing market.
• Vale will not drop iron ore price
  BRAZILIAN mining giant Vale said it will not reduce the price of its iron ore to push sales volumes higher.

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