Australia & New Zealand

Financial News

Australia Faces `Full Brunt' of Global Recession as Exports, Lending Drop Australia’s economy, which has so far skirted the global recession, may stall after reports showed exports dropped to a 14-month low, bank lending fell and home- building approvals declined by the most since 2002.

BHP Sells Queensland Yabulu Nickel Refinery to Billionaire Clive Palmer BHP Billiton Ltd., the world’s largest mining company, sold the Yabulu nickel refinery in Australia after writing down its value by $675 million, in a retreat from production of the metal.

Australian Services Index Expands for First Time in 15 Months on Rate Cut An index of Australia’s services industry expanded for the first time in 15 months in June as government cash handouts and lower interest rates stoked consumer spending.

National Australia Rating Raised, Commonwealth Bank Cut at Merrill Lynch National Australia Bank Ltd. had its rating raised to “neutral” and Commonwealth Bank of Australia was cut to “underperform” by Bank of America Corp.’s Merrill Lynch & Co.

Telstra Facing Board Change Call From Australia's Future Fund, Review Says Telstra Corp.’s largest shareholder, the Australian government’s Future Fund, wants further changes to the telephone company’s board after the departure of its chairman and chief executive, the Australian Financial Review reported, without citing anyone.

Australian, New Zealand Dollars Strengthen as Asian Stocks Reduce Losses The Australian and New Zealand dollars advanced as Asian equities pared declines, raising speculation investors will buy higher-yielding assets.

Rio Tinto Completes $15.2 Billion Share Sale, Cuts Growth-Threatening Debt Rio Tinto Group, the world’s third- largest mining company, completed this year’s second biggest share sale, reducing the high level of debt that forced it to consider selling stakes in its most valuable assets.

Asian Stocks Fall on U.S., Europe Jobs Data, Seven & I Results; Orix Jumps Asian stocks fell for a third day as a drop in profit at Seven & I Holdings Co., Japan’s largest retailer, and worsening job markets in the U.S. and Europe fanned doubts the global economy will recover soon.

General News

Australia, New Zealand Stocks: BHP, Equinox, Santos, Sundance, Woodside Australia’s S&P/ASX 200 Index fell 1.3 percent to 3,828.20 as at the close in Sydney. New Zealand’s NZX 50 Index dipped 0.2 percent to 2,761.50 in Wellington.

Free-Range Goats Promise 12 Percent Private-Equity Gains in Australia Free-range goat farming in rural Australia is a low-cost investment that may offer annual returns of as much as 12 percent, said Peter Hannen, chairman of private-equity firm MG Capital Plc.

Australia Braces for Swine Flu Outbreak in Jails as Inmates Test Positive Australian authorities said as many as 70 prisoners in the northeastern state of Queensland may have contracted swine flu, after five inmates in two jails tested positive for the H1N1 virus in a week.

S&P/ASX 200 

Asia/Pacific Equity Indexes 

Asia/Pacific Currencies 

Futures