Australia & New Zealand
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.
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.