Company News

Ford reclaims its heritage, logo and all

24 May 2012 | Bill Vlasic

PRINT: 24 May 2012 | PAGE 30 | Ford reclaims its heritage

The blue oval is back home. The Ford Motor Company received a second investment-grade rating on Tuesday, allowing the car maker to reclaim assets – including the iconic logo – that it pledged as collateral in 2006.

Woodside boss should brace for some Shell shock

24 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 24 May 2012 | PAGE 26 | Woodside boss should brace for some Shell shock

Woodside Petroleum boss Peter Coleman will be bracing for some tough questioning at Monday’s investor briefing in Perth, as curiosity builds over the fate of Shell’s leftover stake.

Ridley feels the heat on salts

24 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 24 May 2012 | PAGE 26 | Ridley feels the heat on salts

Ridley’s John Murray is feeling the heat. A savage 11 per cent slump in the salt and animal producer’s share price yesterday wiped off most of the takeover hype that had built since February 22.

Fraud case grows at Sino-Forest

24 May 2012 | Christopher Donville

PRINT: 24 May 2012 | PAGE 3 | Fraud case grows at Sino-Forest

Sino-Forest Corp and five executives engaged in a ‘complex fraudulent scheme’ that misled investors about the Chinese tree-plantation company’s assets and revenue, Canada’s top financial regulator says.

Myer’s loss is UK online’s gain

24 May 2012 | Sue Mitchell

PRINT: 24 May 2012 | PAGE 1 | Myer’s loss is UK online’s gain

Myer chief executive Bernie Brookes has painted a bleak picture of the Australian retail landscape, saying a combination of sharemarket turmoil and carbon tax concerns is keeping shoppers away.

Qantas redirects resources for the business of battle

24 May 2012 | Andrew Cleary

PRINT: 24 May 2012 | PAGE 2 | Qantas redirects resources for the business battle

Qantas chief executive Alan Joyce has signalled how the company will respond to Virgin Australia’s aggressive capacity expansion on core business routes, by retreating from leisure destinations such as the NT.

Brookes keeps eye on prize

24 May 2012 | Sue Mitchell

PRINT: 24 May 2012 | PAGE 29 | Brookes keeps eye on prize

Myer’s profit downgrade, the second in two years, demonstrates the difficulty of meeting earnings targets in the absence of sales growth.

What ails nation’s consumers

24 May 2012 | Tony Boyd

PRINT: 24 May 2012 | PAGE 72 | What ails nation’s consumers

Myer chief executive Bernie Brookes yesterday summed up the weight of woes keeping wallets and purses shut in Australia.

CFO | Divisional CEO role for Asciano finance head

23 May 2012 | Shaun Drummond

Rail and ports operator Asciano has appointed CFO Angus McKay as director of Pacific National Rail following the resignation of Chris Keats in January.

Less zircon, but Iluka upbeat on growth

23 May 2012 | Luke Forrestal

PRINT: 23 May 2012 | PAGE 1 | Less zircon, but Iluka stays upbeat

Mineral sands miner Iluka Resources says it expects to post ‘material’ growth in profits this year despite recent moves to cut production in response to softening demand.

Asciano CFO to head Pacific National Rail

23 May 2012 | Jenny Wiggins

PRINT: 24 May 2012 | PAGE 2 | McKay gets second chance at Asciano

Ports and rail group Asciano is searching for a new chief financial officer after putting Angus McKay in charge of its Pacific National Rail business.

Myer downgrades guidance as sales continue to slide

23 May 2012 | Sue Mitchell

Updated | Myer has downgraded its full-year earnings guidance and now expects net profit to fall as much as 15 per cent after sales continued to slide in the third and fourth quarters.

Qantas abandons NT routes

23 May 2012 | Jenny Wiggins

The Qantas Group is abandoning Qantas and Jetstar flight routes in the Northern Territory, citing lower demand from overseas tourists due to the strong Australian dollar.

Major pension fund to vote against Wal-Mart board

23 May 2012 |

The second largest US public pension fund plans to vote all of its Wal-Mart Stores shares against the entire board in the wake of allegations that Wal-Mart officials failed to fully investigate bribery claims in Mexico.

Myer downgrades earnings guidance

23 May 2012 | Sue Mitchell

Updated | Myer has downgraded its full-year earnings guidance and now expects net profit to fall as much as 15 per cent after sales continued to decline in the third and fourth quarters.

Messy merger tax reversal

23 May 2012 | Shaun Drummond

The federal government is winding back M&A tax changes which exposed it to billions of dollars of potential corporate tax deductions amid widespread confusion on how the revised laws will apply.

JPMorgan’s financial reporting under review

23 May 2012 |

Updated | The US Securities and Exchange Commission will look into the “appropriateness and completeness” of JPMorgan Chase & Co’s financial reporting, SEC chairman Mary Schapiro says.

Facebook shares slide as prospects questioned

23 May 2012 |

Facebook’s shares fell again on Tuesday, leaving them down more than a quarter from Friday’s highs as questions mounted over the company’s financial prospects.

Retravision Southern nears liquidation

23 May 2012 | Sue Mitchell

PRINT: 23 May 2012 | PAGE 2 | Retravision Southern nears liquidation

Retravision Southern, the consumer electronics buying group that went into voluntary administration on Monday owing creditors more than $30 million, appears to be heading towards liquidation.

Clash of cultures at Boral

23 May 2012 | Tony Boyd

PRINT: 23 May 2012 | PAGE 1 | Clash of cultures at Boral

In a world in which management performance is mainly measured by financial ratios, it is easy to forget the importance of workplace culture.

Hard man too tough for Boral

23 May 2012 | Michael Hobbs

PRINT: 23 May 2012 | PAGE 1 | Hard man too tough for Boral

A tough manager with a forceful personality, Mark Selway set a cracking pace in overhauling Australia’s largest building materials group.

Super Retail hatches plan to stem bike losses

23 May 2012 | Sue Mitchell

PRINT: 23 May 2012 | PAGE 2 | Retailer has plan to end bike losses

Super Retail Group has hatched a plan to stem losses in its bicycle retail business by converting Goldcross stores into Amart sports stores.

Nikkei ends up 1.1pc on bargain pickers

22 May 2012 |

Japan's Nikkei share average rose 1.1 per cent on Tuesday, extending the previous session's technical rebound as investors picked up cheaper stocks after last week's sharp sell-off, triggered by concern over a deepening euro zone debt crisis.

It doesn’t have to be this nasty: BCA

22 May 2012 | Claire Stewart

PRINT: 23 May 2012 | PAGE 3 | It doesn’t have to be this nasty: BCA

Updated | BCA president and Transfield chairman Tony Shepherd has called for a return to a less-confrontational approach to industrial relations by unions and employers.

Thorn changes strategy to face challenges ahead

22 May 2012 | Trevor Hoey

While depressed consumer spending will present its challenges, Thorn’s sought after goods and financial products, as well as its brand awareness, should provide support.

Thorn profit rises 26 pc but outlook cautious

22 May 2012 | Sue Mitchell

PRINT: 22 May 2012 | PAGE 2 | Thorn

Retail and financial services company Thorn Group has delivered its sixth consecutive year of profit growth but has warned that the rate of earnings growth may slow in 2013 as subdued consumer spending and costs associated with new businesses take their toll.

BHP to fire up TEMCO operation

22 May 2012 | Jamie Freed

PRINT: 22 May 2012 | PAGE 1 | BHP to fire up TEMCO operation

BHP Billiton has decided to restart production at its TEMCO manganese alloy plant in Tasmania following a 90-day suspension while it reviewed the ongoing viability of the operation.

ASIC to take on liquidators

22 May 2012 | Patrick Durkin

PRINT: 23 May 2012 | PAGE 5 | ASIC to take on liquidators

The corporate regulator has launched 10 investigations into liquidators this year, as it pledges to step up its scrutiny of the industry in its annual review.

Oil startup hires first CFO

22 May 2012 |

Start-up resource company Incremental Oil and gas has hired its first permanent finance chief following its first big purchase post listing in January last year.

Qantas splits domestic and international wings

22 May 2012 | Andrew Cleary

PRINT: 23 May 2012 | PAGE 1 | Qantas splits domestic and international wings

Qantas has split its international and domestic operations as it seeks to stem losses from the struggling overseas arm by installing a dedicated management team charged with cutting costs and finding partners.

Leighton’s Johns rejects investor concerns

22 May 2012 | Jenny Wiggins

PRINT: 22 May 2012 | PAGE 1 | Leighton’s Johns rejects investor concerns

Leighton Holdings chairman Stephen Johns has dismissed investor concerns that majority shareholders Hochtief and Grupo ACS are strengthening their grip on the Australian contractor.

Boral CEO sacked but strategy stays

22 May 2012 | Michael Hobbs

PRINT: 22 May 2012 | PAGE 17 | Boral CEO sacked but strategy stays

Boral chairman Bob Every has declared business as usual at the building materials group, after the shock sacking of chief executive Mark Selway.

GrainCorp lifts guidance after bumper half-year

22 May 2012 | Julie-anne Sprague

PRINT: 22 May 2012 | PAGE 1 | GrainCorp sows shareholder bounty

Updated | Grain handler GrainCorp has lifted its full-year earnings guidance after beating market expectations with an interim net profit of $122 million, up 39 per cent.

Apple chief’s $385m pay day

22 May 2012 | Ben Woodhead

PRINT: 23 May 2012 | PAGE 1 |

Don’t let Apple chief Tim Cook’s slim build fool you, when it comes to US corporate pay checks he’s the fattest of fat cats.

JPMorgan suspends $US15bn stock buyback

22 May 2012 |

Updated | JPMorgan Chase boss Jamie Dimon is suspending plans to buy back the embattled company’s own stock, but it will still pay a dividend despite its $US2 billion trading loss.

Barclays to sell entire stake in BlackRock

22 May 2012 |

Updated | Barclays plans to sell its $US6.1 billion stake in the investment management firm BlackRock, moving before a new banking regulation framework takes effect.

Jackman takes the plunge

22 May 2012 |

PRINT: 22 May 2012 | PAGE 64 | Jackman takes the plunge

Even Australia’s toughest CEOs have their tipping point. Thanks to a nasty broken leg, Elders boss Malcolm Jackman had to dial in to the rural services group’s interim results briefing from his couch in Adelaide yesterday.

Technology One’s forecast fails to impress

22 May 2012 | Brendon Lau

PRINT: 22 May 2012 | PAGE 2 | Growth forecast fails to impress

Shareholders hoping that Technology One’s better than expected half-year result would give the stock a fresh leg-up would be disappointed.

Record profit for Campbell Brothers

22 May 2012 | Dan Hall

PRINT: 21 May 2012 | PAGE 25 | Campbell reports record profit, bright outlook

Campbell Brothers managing director Greg Kilmister has rejected suggestions that the mining sector has come off the boil after reporting a record net profit after tax of $222.4 million for the year ended March 31.

Lloyd girds loins to face board of Perpetual

22 May 2012 | Sarah Thompson

PRINT: 22 May 2012 | PAGE 22 | Lloyd girds loins to face board of Perpetual

Perpetual’s poaching of well-regarded industry veteran Mark Smith from BT comes at an ideal time for the wealth management giant’s boss Geoff Lloyd.

AMP seeks pal for aged care opportunity

22 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 22 May 2012 | PAGE 22 | AMP seeks pal for aged care

AMP Capital Investors has been quietly sounding out possible investment partners for its flagship healthcare asset, Domain Principal Group.

Lend Lease spreads show credit rating under pressure

22 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 22 May 2012 | PAGE 22 | Lend Lease spreads show credit rating under pressure

The jitters have returned to credit markets and, as ANZ chief Mike Smith reminded us, bank funding markets are slamming shut. It’s worth paying attention to the pressure being applied to industrial corporate spreads implied by rising credit default swap spreads. A notable underperformer in a week when the cost of insuring every Australian corporate increased was construction firm Lend Lease.

Doubters give up on Leighton

22 May 2012 | Jenny Wiggins

PRINT: 22 May 2012 | PAGE 2 | Doubters give up on Leighton

Some of Leighton Holdings’ biggest investors have been selling shares in the troubled contractor, which has appointed a former Grupo ACS executive, Marcelino Fernández Verdes, as an alternate board director.

World briefs

22 May 2012 |

PRINT: 22 May 2012 | PAGE 19 |

British bank Barclays plans to sell its entire 19.6 per cent stake in BlackRock for $US6.1 billion. BlackRock will buy back as much as $US1 billion of the shares.

Emirates’ altitude slips, attitude holds up

22 May 2012 | Andrew Cleary

PRINT: 22 May 2012 | PAGE 1 | Altitude slips, attitude holds up

Emirates has suffered a sharp profit fall but the gulf carrier’s president isn’t about to take his foot off the accelerator when it comes to adding destinations – including out of Australia.

PanAust (PAN)

21 May 2012 | Luke Forrestal

PRINT: 21 May 2012 | PAGE 39 | PanAust (PAN)

Copper producer PanAust has lost about a quarter of its value since the start of February as concerns about a slowdown in China and the European crisis weigh on commodity prices.

Nikkei ends up 0.3pc on G8 reassurances

21 May 2012 |

Japan's Nikkei average inched up on Monday, with short-covering prompting a recovery from the sharp losses of the previous session, and a call from world leaders for Greece to remain in the euro zone helping to soothe investors' jitters.

Dulux tweaks Alesco takeover bid

21 May 2012 | Michael Hobbs

DuluxGroup has made a number of minor changes to its bidder’s statement for Alesco, including the addition of a paragraph about the performance of the Alesco share price since the bid was announced.

Minemakers to reject UCL bid

21 May 2012 | Sarah Thompson and Anthony Macdonald

The impasse between the partners in the $400 million-plus Sandpiper phosphate project in Namibia is expected to continue today with Minemakers set to rebuff UCL Resources’ $51 million takeover offer.

James Hardie can’t hide the facts

21 May 2012 | Sarah Thompson and Anthony Macdonald

Analysts were not blinded by James Hardie’s positive headline figures.

Campbell Brothers reach record profit

21 May 2012 | Dan Hall

PRINT: 21 May 2012 | PAGE 1 |

Analytical testing and commercial services company Campbell Brothers has reported a record net profit after tax of $222.4 million for the year ended March 31, following strong growth in mineral exploration activity.

Orica must keep capital cost below $1bn

21 May 2012 | Sarah Thompson and Anthony Macdonald

UBS says Orica will need to keep the capital cost of its planned Pilbara ammonium nitrate plant below $1 billion to achieve the targeted 15 per cent rate of return on investment.

Retravision buyer appoints administrators

21 May 2012 |

The company that purchases white goods and electronics for more than 100 Retravision stores in Victoria, southern NSW and Tasmania has gone into voluntary administration.

Elders result fails to impress

21 May 2012 | Sarah Thompson and Anthony Macdonald

CBA retains a ‘sell’ on Elders even after the company says its first-half underlying net profit came in above expectations of $6.1 million.

Greek euro exit won't wreck UK banks, says BoE

21 May 2012 |

Britain's banks are strong enough to withstand a Greek exit from the euro zone, but they need to keep bolstering their financial strength in the face of the escalating crisis, says a Bank of England expert.

CFTC said to open inquiry into JPMorgan loss

21 May 2012 |

A federal investigation into JPMorgan Chase’s multibillion-dollar trading loss has widened as regulators pursued a new line of inquiry.

New CFO for Berkeley follows string of exits

21 May 2012 | Shaun Drummond

Troubled uranium explorer Berkeley Resources has replaced its Spain-based CFO of five months and its company secretary with one person based in Australia.

CBA sees gloomy outlook for Fairfax

21 May 2012 | Sarah Thompson and Anthony Macdonald

CBA analyst Alice Bennett notes Fairfax Media is trading on a 12-month forward price to earnings ratio of 7.1 times, compared with a historical average of 10.1 times.

Elders in black, but forest selloff lags

21 May 2012 | Julie-ann Sprague

PRINT: 22 May 2012 | PAGE 3 | Elders in black, but forest sell-off lags

Updated | Elders MD Malcolm Jackman has conceded the struggling rural services group may not be able to sell its entire forestry portfolio, forcing it to consider winding up some timber projects in order to exit the industry fully.

Improving housing market boosts James Hardie

21 May 2012 | Michael Hobbs

PRINT: 22 May 2012 | PAGE 2 | Hardie gains on signs of US upturn

Updated | James Hardie has reported a 20pc increase in full-year operating profit to $US140 million, beating consensus expectations, as the US housing market starts to exhibit signs of stability.

Pay drama takes the limelight

21 May 2012 |

PRINT: 21 May 2012 | PAGE 52 | Pay drama takes the limelight

Other than the pallet pooling beat, Rear Window can’t think of any industry more titillating than the cement and lime business. And so it was that the Adelaide Brighton AGM served up some drama when it came to the pay of chief Mark Chellew.

Share buyback fails to ease News doubts

21 May 2012 | Ben Holgate

PRINT: 21 May 2012 | PAGE 4 | Buyback fails to ease News doubts

News Corp’s strong cash flow and plan to double its share buyback program to $US10 billion has buoyed the bulls but bears are in the woods.

Cash-flow trouble hits Retravision

21 May 2012 | Sue Mitchell

PRINT: 21 May 2012 | PAGE 2 | Cash flow

A five-year plan to merge Australia’s three Retravision licensees has been thrown into doubt by cash-flow problems at the consumer electronics retailer’s southern division.

Google approval

21 May 2012 |

PRINT: 21 May 2012 | PAGE 3 | Google approval

Google won approval from Chinese regulators for its $US12.5 billion purchase of Motorola Mobility Holdings, clearing a final hurdle for a deal that boosts its patents portfolio and steps up competition with Apple.

Leighton chair: Mid-East joint venture a mistake

21 May 2012 | Jenny Wiggins

PRINT: 21 May 2012 | PAGE 1 | Leighton chair: Mid-East joint venture a mistake

Leighton chairman Stephen Johns says the contractor should never have formed a joint venture with the Al Habtoor Group in the Middle East, warning the troubled partnership has become a “long-term problem”.

Facebook IPO marred by trading glitches

19 May 2012 |

PRINT: 19 May 2012 | PAGE 1 | UPDATE 3-Facebook fizzles in debut, shares skirt IPO price

Updated | For a company that is dramatically upending business strategies and social relationships around the world, shares in Facebook made a surprisingly modest debut on Friday.

BHP, Rio shareholders advised to stay calm

19 May 2012 | Ayesha de Kretser

PRINT: 19 May 2012 | PAGE 3 | BHP, Rio shareholders advised to stay calm

It’s been a rough ride for shareholders invested in mining stocks this week but there’s no sign yet that anyone should be racing for the exits.

Way clear for Wilton project as millionaires end dispute

19 May 2012 | Dan Hall

PRINT: 19 May 2012 | PAGE 2 | Way clear for project as millionaires end dispute

The Teoh family of telecommunications entrepreneurs has settled a dispute with Paul Williams in a move that will give them a larger stake in Coal of Queensland.

Billabong founder backs chairman

19 May 2012 | Carrie LaFrenz

PRINT: 19 May 2012 | PAGE 2 | Support for Kunkel

Billabong founder and major shareholder Gordon Merchant has thrown a lifeline to chairman Ted Kunkel, publicly backing him on Friday in order to squash rumours that he is on his the way out the door.

Round two buoys BMA

19 May 2012 | Matthew Stevens

PRINT: 19 May 2012 | PAGE 2 | Round two buoys BMA

Stevens | BMA management has reason to be quietly content with the result in its second ballot of the unionised half of its Bowen Basin coal-mining workforce.

Why Australia’s at risk?

19 May 2012 | Robert Guy

PRINT: 19 May 2012 | PAGE 1 | Why Australia’s at risk

Far from being a safe haven, Australia is priced for risk – so the markets and the dollar are being walloped.

Nikkei falls 3pc as investors cut exposure

18 May 2012 |

Japan's Nikkei average shed 3 per cent on Friday to log a seventh straight week of losses, its longest such run since the third quarter of 2001, as investors cut exposure to risky assets on concerns over slowing growth and a deepening euro zone crisis.

ASX slumps 2.7pc on Europe fears

18 May 2012 |

Updated | Australian shares tumbled 2.7 per cent on Friday on growing concerns about the global economic outlook, fanned by an escalating banking crisis in Spain, political turmoil in Greece and sluggish US data.

Woolley stalks US property trust

18 May 2012 | Sarah Thompson and Stephen Shore

Former Macquarie banker Greg Woolley has bounced back from a tussle with the Takeovers Panel and launched a cash takeover bid for the Real Estate Capital Partners USA Property Trust.

ResMed to cough up

18 May 2012 | Carrie LaFrenz

PRINT: 18 May 2012 | PAGE 19 | ResMed to cough up

ResMed has flagged plans to pay a dividend for the first time next financial year and says CEO Peter Farrell will remain head of the company until the end of 2013.

Nikkei drops sharply, weighed down by troubled Spanish banks

18 May 2012 |

Japan's Nikkei share average dropped sharply on Friday morning with securities hammered by fears of contagion from Spain's ailing bank system and a strong yen pushed down exporters.

Nice job, there’s more to do

18 May 2012 | MICHAEL SMITH

David Thodey only has 38 “likes” on a Facebook public figure page dedicated to the Telstra chief executive.

South Africa ‘confident’ of solution to Iran oil ban

18 May 2012 |

South Africa, which receives a quarter of its crude from Iran, is holding almost daily discussions with the US, EU Union and Iran about reducing its purchases.

Gap beats Wall Street's profit estimates

18 May 2012 |

Gap Inc raised its profit forecast, prompted by first-quarter earnings that topped Wall Street and by rising sales.

Institutions snap up SP AusNet shares

18 May 2012 | Angela Macdonald-Smith

PRINT: 18 May 2012 | PAGE 1 |

Energy infrastructure owner SP AusNet has raised $342 million in the institutional part of its entitlement offer and says it expects to raise a further $92 million in the underwritten retail part.

Gold rallies from rout on technicals

18 May 2012 |

Spot gold rallied more than 2pc on Thursday for its largest one-day gain since January, as technical buy signals and a decline in regional US factory activity more than offset deepening despair over the euro zone.

Ackman wins proxy fight at Canadian Pacific

18 May 2012 |

The activist investor William Ackman won his proxy battle for control of Canada’s oldest railway, Canadian Pacific, on Thursday after the company’s chief executive and several board members resigned.

Wal-Mart profit trumps bribery probe concerns

18 May 2012 |

Wal-Mart Stores’s quarterly profit and sales surpassed expectations as more people shopped its established US stores and spent more too.

Traffic forecaster in a dark tunnel

PRINT: Capital | 17 May 2012

Exclusive | Traffic forecaster Aecom is being sued by the receivers of RiverCity Motorway for making overly optimistic traffic forecasts in a landmark damages claim worth up to $2 billion.

Reviews can hit too close to home

18 May 2012 | Tony Boyd

PRINT: 18 May 2012 | PAGE 4 | Reviews can hit too close to home

When a chief executive utters the words “strategic review”, as Mike Wilkins at Insurance Australia Group did yesterday, you know a board of directors is no longer willing to live with a mess created by past managers.

Bizoids put ’em on the table

18 May 2012 |

PRINT: 18 May 2012 | PAGE 48 | Bizoids put ’em on the table

Greenhill Caliburn’s inaugural Poker Cup last year was such a hit they’re doing it again.

Kloppers, Nasser have misjudged resource cycle

18 May 2012 | Phil Henty

PRINT: 18 May 2012 | PAGE 47 | Kloppers, Nasser have misjudged cycle

BHP chairman Jac Nasser and his chief executive Marius Kloppers think Australia is an expensive place to do business ( “BHP salvo on IR, tax”, May 17).

Listings suffer in a capsizing market

18 May 2012 | Tony Featherstone

PRINT: 18 May 2012 | PAGE 3 | Listings suffer in a capsizing market

The latest sharemarket rout is battering the initial public offerings market. More companies have withdrawn their listing applications and some prominent floats have been crunched.

Company briefs

18 May 2012 |

PRINT: 18 May 2012 | PAGE 4 | briefs

Australian Infrastructure Fund is selling its 50 per cent stake in the Port of Portland to Palisade Ports for $66.5 million.

Safety first after one crack too many

18 May 2012 | Andrew Cornell

PRINT: 17 May 2012 | PAGE 22 | It’s safety first after one crack too many

Cornell | The humiliating trading debacle at JPMorgan Chase has winded those who have been arguing regulators should back off.

Inner-city IGA stores to go upmarket

18 May 2012 | Sue Mitchell

PRINT: 18 May 2012 | PAGE 19 | IGA stores to go upmarket

Move over Thomas Dux. Metcash plans to give Woolworths’ gourmet grocery format a run for its money by transforming inner-city IGA supermarkets into upmarket food stores stocking up to 25,000 products.

Coles deal boosts bioplastics maker

18 May 2012 | Sue Mitchell

PRINT: 18 May 2012 | PAGE 2 | Coles deal boosts bioplastics maker

Gordon Merchant’s bioplastics packaging company Plantic Technologies is anticipating a fivefold increase in sales and hopes to turn a profit for the first time in nine years after clinching a new supply contract with Coles.

Ernst & Young on Leighton watch

18 May 2012 | Jenny Wiggins

PRINT: 18 May 2012 | PAGE 2 | Leighton bows to ASIC demands

Leighton Holdings has appointed Ernst & Young as an external consultant to review its continuous disclosure practices after being fined $300,000 by the Australian Securities and Investments Commission earlier this year.

JPMorgan losses mounting fast

18 May 2012 | Nelson Schwartz

PRINT: 18 May 2012 | PAGE 2 | Bank’s losses mounting fast

The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $US2 billion estimate by at least $US1 billion, according to people with knowledge of the losses.

New laws to halt Hardie-style shyness to pay tax

17 May 2012 | Katie Walsh

PRINT: 18 May 2012 | PAGE 1 | New laws to halt Hardie-style shyness to pay tax

The ATO’s special tax adviser Des Maloney has warned that changes to the tax laws should rule out the kind of argument that allowed James Hardie to trump the ATO in a dispute over a $248 million bill.

Nikkei ends up 0.9pc as investors hunt bargains

17 May 2012 |

The Nikkei share average rose 0.9 percent on Thursday as upbeat Japanese economic growth data trumped worry about Europe and investors shopped for bargains after Wednesday's market tumble left the benchmark down 14 percent this quarter.

Rule out James Hardie tax argument, says ATO official

17 May 2012 | Katie Walsh

Companies should not be able to dodge tax on a restructure or merger by claiming that if they knew they faced a tax bill they would have done nothing, a senior official of the Australian Taxation Office has said.

Adelaide Brighton in buying mode

17 May 2012 | Michael Hobbs

PRINT: 17 May 2012 | PAGE 1 | Adelaide

Building materials producer Adelaide Brighton is evaluating a number of bolt-on acquisitions to expand its aggregates business in key markets because it expects sales of cement products to be slightly higher this year than in 2011.

HSBC cuts costs by target $US2bn

17 May 2012 |

HSBC CEO Stuart Gulliver said in a strategy update on Thursday that Europe's biggest bank is still on track to meet his return on equity (RoE) target of above 12 per cent.

Copper rises after four-day slide

17 May 2012 |

London copper edged higher for the first time in five sessions on Thursday with a firmer euro aiding its bounce from four-month lows in the previous session amid a deepening debt crisis in Europe.

JB Hi-Fi (JBH)

17 May 2012 | Sue Mitchell

PRINT: 17 May 2012 | PAGE 27 |

JB Hi-Fi’s days of being a must-have stock are over after last month’s profit downgrade, the second in the space of six months.

IAG’s UK business under review

17 May 2012 | Ruth Liew

PRINT: 18 May 2012 | PAGE 2 | IAG to review unprofitable UK unit

Updated | IAG is to put its loss-making UK business under review for potential sale after considering options including improving the existing business and focusing more on motor insurance.

Dewey loses last member of top management team

17 May 2012 |

For Dewey & LeBoeuf, the time may have come for last rites. It has laid off hundreds of employees, been hit with lawsuits for not paying its bills and continues to shed partners.

Greece fears hit funding costs: CBA

17 May 2012 | George Liondis

PRINT: 18 May 2012 | PAGE 1 | Greece fears hit funding costs: CBA

Commonwealth Bank of Australia has revealed it was forced to make contingency plans in case of Greece’s exit from the euro as the debt-raddled country’s political crisis sends shockwaves around world.

Macquarie-led group to buy Open Grid Europe

17 May 2012 |

E.ON, Germany’s largest utility, said it has sold its Open Grid Europe gas distribution network to a consortium led by Macquarie for $4.1 billion, raising cash to pay down debt and fund expansion.

Facebook insiders, early investors selling more shares

17 May 2012 |

Insiders and early Facebook investors will be unloading more of their shares in the initial public offering, the company said on Wednesday, as they take advantage of investor demand.

Billabong founder’s green punt coming up red

17 May 2012 | Sue Mitchell

PRINT: 17 May 2012 | PAGE 25 | Green punt coming up red

It’s not easy being green, as Billabong founder and environmentalist Gordon Merchant found after he outlaid $10 million in 2010 to gain control of Plantic Technologies, which makes plastic packaging from corn.

Foster’s soft drinks may taste right to CCA’s Davis

17 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 17 May 2012 | PAGE 24 | Foster’s soft drinks may taste right to CCA’s Davis

Coca-Cola Amatil chief executive Terry Davis may have turned up his nose at Foster’s $150 million Australian spirits business but the brewer’s soft drink brands may still tickle his fancy.

FBI investigates blunder

17 May 2012 |

PRINT: 17 May 2012 | PAGE 20 | FBI investigates blunder

The Federal Bureau of Investigation is examining potential wrongdoing surrounding JPMorgan Chase‘s $US2 billion trading loss.

US regulators should act on banks

17 May 2012 | Ben Potter

PRINT: 17 May 2012 | PAGE 2 | Regulators can’t risk inaction on banks

Potter | Regulators should use the powers they’ve been given by Congress to do what Congress lacks the courage to do.

Business upset at phoenix law plans

17 May 2012 | Patrick Durkin

PRINT: 17 May 2012 | PAGE 2 | Business upset at phoenix law plans

The federal government is pushing ahead with reforms to crack down on phoenix companies, despite an outcry by directors and business groups.

Toll’s Kruger must tackle ‘bigger’ issue

17 May 2012 | Jenny Wiggins

PRINT: 17 May 2012 | PAGE 2 | Kruger must tackle ‘bigger’ issue

Brian Kruger has been running Toll for less than six months, but already the honeymoon is over.

Investors brace for profit warnings

17 May 2012 | Michael Smith

PRINT: 17 May 2012 | PAGE 2 | Investors brace for profit warnings

Australian investors are preparing for another round of profit downgrades before the end of the financial year as deteriorating consumer confidence, asset writedowns and rising costs undermine hopes for a second-half recovery.

The problem with BHP

17 May 2012 | Tony Boyd

PRINT: 17 May 2012 | PAGE 1 | The problem with BHP Billiton

A speech in Sydney by BHP Billiton chairman Jac Nasser and an earlier presentation by CEO Marius Kloppers in Florida, did nothing for the stock.

Woolies executive defrauded $3.75m, court told

16 May 2012 |

A former top executive at Woolworths worked with two others to "cheat and defraud" the company of millions of dollars before laundering money abroad, a Sydney jury has been told.

Nikkei ends down 1.1pc on China data

16 May 2012 | Reuters

The Nikkei share average slid 1 per cent on Wednesday, as data showing flat bank lending in China chilled already tepid sentiment for risk assets although the benchmark managed to end a whisker above a key support level.

Jumbo Interactive (JIN)

16 May 2012 | David Ramli

PRINT: 17 May 2012 | PAGE 37 |

Online lottery group Jumbo Interactive has been enjoying a streak of good luck since late last year. Where it was selling at 36¢ a share on December 30 2011, it now trades around $1.40 a per share. The company runs the Ozlotteries.com website, which lets customers buy tickets over the internet.

Whitehaven Coal (WHC)

16 May 2012 | Qaiser Malik

PRINT: 17 May 2012 | PAGE 37 |

Shares of Whitehaven Coal fell by almost 8 per cent on Wednesday amid fears of a China slowdown and its attempted takeover of small-cap coal miner Coalworks.

Copper falls to 4-month low on Greece

16 May 2012 | Reuters

London copper fell to a four-month low on Wednesday, extending losses to a fourth consecutive session, as investors continued to shy away from riskier assets with the Greek political malaise threatening to plunge Europe into a deeper financial mess.

News in shake-out of senior editorial staff

16 May 2012 | Joe Aston

PRINT: 16 May 2012 | PAGE 2 | Shake-out of top magazine editors

News Limited’s magazine arm News Magazines has announced senior management changes, including the departure of Vogue editor Kirstie Clements and Vogue and GQ publisher Mark Kelly.

PwC boss bans staff meetings

16 May 2012 | Agnes King

PRINT: 16 May 2012 | PAGE 2 | PwC cracks down on staff meetings

PwC Australia’s new chief executive, Luke Sayers, has put internal meetings to the sword for most of the working day, claiming they distract employees from important work, such as attending to clients.

Iron ore demand to drop: Kloppers

16 May 2012 |

PRINT: 17 May 2012 | PAGE 1 | Iron ore demand to fall: BHP chief

BHP Billiton chief executive Marius Kloppers has warned that commodity prices are set to fall as demand growth slows, forcing the company to scrutinise investment decisions more closely.

Cabcharge Australia (CAB)

16 May 2012 | Joanna Heath

JPMorgan and Credit Suisse have increased their 12-month target price on Cabcharge Australia after the company announced first-quarter results for its two associates.

CSR remains upbeat on home starts

16 May 2012 | Michael Hobbs

PRINT: 17 May 2012 | PAGE 2 | CSR still upbeat on home starts

Building materials group CSR has reported net profit of $76.3 million and said it expected fewer housing starts this year, however housing alteration activity should improve.

Westfield Retail flags centre revamps

16 May 2012 | Zoë Fielding

PRINT: 17 May 2012 | PAGE 3 | Westfield Retail flags centre revamps

Shopping centre redevelopments will be a key driver of growth for Westfield Retail Trust over the next three to five years regardless of the challenging trading conditions that face retailers, managing director Domenic Panaccio told shareholders at the trust’s first meeting.

GE offers $470m for Industrea

16 May 2012 | Luke Forrestal

PRINT: 16 May 2012 | PAGE 25 | GE makes $470m bid for Industrea

Industrea has been given approval to seek buyers for its contracting business after agreeing to a $470 million takeover from giant US conglomerate General Electric.

Westfield on track for target

16 May 2012 | Zoë Fielding

PRINT: 16 May 2012 | PAGE 2 | Westfield on track for target

Retail giant Westfield Group has taken a hit on new and renewed leases in its Australian shopping centres as poor consumer sentiment hampers retail sales growth.

SP AusNet to raise $434m

16 May 2012 | kevin chinnery

Victorian-based power transmission and distribution company SP AusNet is to raise around $434 million with a non-renounceable entitlement offer of stapled securities.

Carlyle’s profit falls in first quarter

PRINT: Capital | 16 May 2012

In its first earnings report as a public company, the Carlyle Group reported a 26 percent drop in profit but it said it saw growth in its investments and plenty of opportunities for deal-making.

JPMorgan: what the SEC should look for

16 May 2012 | Peter Henning

PRINT: 16 May 2012 | PAGE 1 | SEC faces hard yards

Doing a bad job of managing risk does not violate US securities laws but there’s more than one way to skin a cat.

JPMorgan denies ignoring risks

16 May 2012 | Jessica Sliver-Greenberg

PRINT: 16 May 2012 | PAGE 51 | JPMorgan denies ignoring risks

In the years leading up to JPMorgan Chase’s $US2 billion trading loss, risk managers and some senior investment bankers raised concerns that the bank was making increasingly large investments involving complex trades that were hard to understand. But even as the size of the bets climbed steadily, these former employees say, their concerns about the dangers were ignored or dismissed.

Company briefs

16 May 2012 |

PRINT: 16 May 2012 | PAGE 21 |

Alternative exchange operator Chi-X Australia says its market share has broken through 3 per cent for the first time.

Brierley may lose GPG seat

16 May 2012 | Carrie LaFrenz

PRINT: 16 May 2012 | PAGE 2 | Brierley may lose GPG seat

Ron Brierley, former chairman of Guinness Peat Group, looks like he may be voted off the board at next week’s annual meeting with several shareholders indicating they are not in favour of his re-election.

Myer wants to fill exclusive men’s gap

16 May 2012 | Edited by Sarah Thompson and Anthony Macdonald

PRINT: 16 May 2012 | PAGE 18 | Myer wants to fill exclusive men’s gap

Myer may be “running its ruler” over potential acquisitions to bolster its portfolio of private label apparel brands, but Arthur Galan is not one of them. Myer has identified a gap in its menswear offer and wants to fill it with private label or “exclusive brands”.

Debt wrangle sinks St Hilliers’ building arm

16 May 2012 | Mathew Dunckley

PRINT: 17 May 2012 | PAGE 1 | Debts sink St Hilliers’ building arm

Trouble at a Victorian prison site has downed the construction arm of Sydney property company St Hilliers, putting at risk 30 projects around the country and up to $300 million in work.

FBI probes JPMorgan trading losses

16 May 2012 | David Henry

The FBI has opened a probe into trading losses at JPMorgan Chase & Co, stepping up the pressure on the bank after wrong-way bets led to more than $US2 billion in losses.

Facebook lifts IPO range to $US34-38 a share

16 May 2012 |

Facebook has increased the price range on its IPO an average of 14 per cent to raise more than $US12 billion, giving the world’s No. 1 social network a valuation potentially exceeding $US100 billion.

Dollar-exposed corporations get off lightly

16 May 2012 | Joanna Heath

PRINT: 16 May 2012 | PAGE 5 | Dollar-exposed stocks get off lightly

The Australian dollar’s brief dive below parity has not been enough to boost currency-exposed stocks, as executives argue the short-term movement will have little impact on company bottom lines.

Call to cut banks down to size

16 May 2012 | Ben Potter

PRINT: 16 May 2012 | PAGE 51 | Regulation debate is ‘banking hell’

Potter | Nancy Bush has covered Wall Street banks for 30 years. The debate over regulation is so unlike anything she’s seen she calls it “banking hell”.

Woolies recruit stocks up on ideas

16 May 2012 | Sue Mitchell

PRINT: 16 May 2012 | PAGE 4 | Woolies recruit stocks up on ideas

After a 20-year career with one the world’s largest food companies, former Kellogg’s global chief executive David Mackay is bringing unique insights to the board of grocery retailer Woolworths.

Nikkei ends down 0.8pc on Greece fears

15 May 2012 |

Japan's Nikkei share average fell to a 3½-month closing low on Tuesday, weighed down by exporters with exposure to Europe after Greece struggled to form a coalition government, increasing fears that it may have to leave the euro zone.

Brooks to be charged over phone hacking scandal

15 May 2012 | Paola Totaro

Updated | The former News International executive, Rebekah Brooks, and her husband, Charlie, a race horse trainer and friend of British Prime Minister David Cameron, are to be charged with perverting the course of justice over the News of the World phone hacking scandal.

Yellow Brick Road (YBR)

15 May 2012 | Jane Searle

PRINT: 16 May 2012 | PAGE 39 |

Wealth manager Yellow Brick Road’s share price has settled back to lower levels after a jump following the release of its half year report in February.

Pacific Brands (PBG)

15 May 2012 | Brendon Lau

PRINT: 16 May 2012 | PAGE 39 |

Pacific Brands tumbled 5.7 per cent on Tuesday to a more than one-month low of 58.5¢ after it told investors not to expect a definitive takeover bid for the company in the near-term.

Yield puts industrials to work

15 May 2012 | Brendon Lau

PRINT: 16 May 2012 | PAGE 2 | Yield puts industrials to work

The sharp drop in government bond yields is drawing the spotlight on stocks that offer a generous dividend payment.

The numbers behind Canada’s Caisse

15 May 2012 | Sarah Thompson and Stephen Shore

So who is Caisse de dépot et placement du Québec, the Canadian bidder that has teamed up with the Utilities Trust of Australia to bid for Hastings Diversified Utilities Trust?

Brambles succeeding in ‘low-growth’ world: Gorman

15 May 2012 | Michael Hobbs

PRINT: 16 May 2012 | PAGE 1 | Brambles to adapt to low-growth world

Brambles chief executive Tom Gorman said the group is preparing for a “low growth world” particularly in the United States and western Europe by searching for additional ways to service customers.

Natural disasters take toll on Suncorp

15 May 2012 | Ruth Liew

PRINT: 15 May 2012 | PAGE 3 | Natural disasters take toll on insurer

Last year’s natural disasters continue to plague Suncorp’s general insurance operations as the insurer reported $714 million in claims costs for the 10 months to April, $253 million above its long-run expectation.

Mirabela Nickel takes first strike on executive pay

15 May 2012 | Luke Forrestal

PRINT: 16 May 2012 | PAGE 2 | Mirabela takes first strike on pay

Mirabela Nickel has suffered a big protest vote against its remuneration practices as it seeks to alleviate funding pressures with a capital raising.

Gunns sells hardwood business for $28m

15 May 2012 |

Woodchipper Gunns has struck a deal to sell part of its business for $28 million. The sale of the Heyfield hardwood sawn timber business is expected to wrap up late this month.