Territory Stories

The Northern Territory news Sat 6 Nov 2010



The Northern Territory news Sat 6 Nov 2010

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NT news


The Northern Territory news; NewspaperNT




This publication contains may contain links to external sites. These external sites may no longer be active.




Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

Publisher name

Nationwide News Pty. Limited

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Copyright. Made available by the publisher under licence.

Copyright owner

Nationwide News Pty. Limited



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www.ntnews.com.au Saturday, November 6, 2010. NT NEWS. 35 P U B : NTNE-WS-DA-TE:6-NGE:35 CO-LO-R: C-M Y-K ntnews.com.aul l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l BUSINESS Rolls pays price LONDON: The share price of Rolls-Royce divedmore than 4.0 per cent on Thursday after a plane enginemade by the British group caught fire in mid-air, forcing a Qantas Airbus superjumbo tomake an emergency landing. Rolls-Royce slumped to 626 pence, down 4.35 per cent. It recovered slightly to stand at 629.5 pence. Suncorp-Metwaymumon rates SYDNEY: Queensland-based bank Suncorp-Metway has offered no clues on a possible home loan interest rate rise. Speaking at the financial companys annual meeting in Brisbane on Thursday, chief executive Patrick Snowball said the boardwas considering its position after the Reserve Bank of Australias 25 basis point rate rise on Tuesday. It is something the board is watching very closely, he said. It caters predominantly to regional Queensland. Interest rise held LONDON: The Bank of England has held interest rates steady at a record low of 0.5 per cent for the 20th straight month as the British economy shows signs of unexpected strength. The British central bank also kept its STG200 billion ($A320.44b) pound ($323b) asset-purchase program on hold. Dollar excuse for failure I predicted three years ago that the Labor Partywould never deliver a surplus budget By COLIN BRINSDEN CANBERRA: The Federal Opposition has accused the Government of walking away from its pledge to bring the budget back to surplus in three years time by blaming the strength of the Australian dollar. Senior ministers, including Treasurer Wayne Swan, have warned that the strong currency, which was holding comfortably above parity against the US dollar yesterday, will impact on company tax receipts. Obviously its a matter of logic that when you have a higher dollar ... that impacts on a range of things, Finance Minister Penny Wong told ABC Radio. It also has an impact on government revenue. She refused to say whether that impact amounted to millions or billions of dollars, but said the government remained committed and determined to return the budget to surplus in 2012-2013. Opposition treasury spokesman Joe Hockey said the government was using the dollar as an excuse and was walking away from deliver ing a surplus in 2012-13. I predicted three years ago that the Labor Party would never deliver a surplus budget and I am being proven right, Mr Hockey told DMG Radio Australia in Adelaide. Assistant Treasurer Bill Shorten said the high dollar would have to be factored into the Mid-Year Economic and Fiscal Outlook, which he expected to be released very soon. Media reports suggest it could be released as early as next week. The Reserve Bank of Australia made some modest adjustments to its economic growth forecasts in its quarterly monetary policy statement yesterday, predicting a slightly higher gross domestic product outcome. Oil prices gush up to reach six-month highs High-priced gasoline is displayed at a Chevron gas station in Los Angeles. Oil jumped to US$86 a barrel on Thursday as the dollar weakened NEW YORK: Oil prices hit fresh six-month peaks on Thursday as the dollar slumped on the back of the US Federal Reserves new huge stimulus package aimed at boosting the American economy. New Yorks main contract, light sweet crude for December, surged to $US86.49. It had earlier reached its highest price since early May at $US86.78. In London, Brent North Sea crude for December de livery rallied as high as $US88.21, also reaching a level last seen on May 4. A weak greenback makes dollar-priced crude cheaper for buyers using stronger currencies. That stimulates demand and prices. Sphere battle builds MELBOURNE: Sphere Minerals is expected to announce it has received a funding proposal from Sin-Tang Development that could potentially thwart a $514 million takeover move from mining giant Xstrata. Sphere, currently the centre of a takeover offer by Swiss miner Xstrata Plc, said yesterday there was now an unsolicited potential competing proposal and went into a trading halt. The iron ore developer did not say who was behind the rival offer. But a spokesman for SinTang confirmed the Chinese development company had on Thursday night put forward a financing proposal to the Sphere board. Although the proposal is not a takeover bid, it is understood to involve an equity raising of $130 million, priced at $3.25 per share, along with a substantial debt provision. In its (Sin-Tangs) view, it believes it to be superior to the Xstrata bid, the SinTang spokesman said, without revealing details of the proposal. On Wednesday, Xstratas wholly-owned bidding vehicle, Sidero Pty Ltd, increased its offer for Sphere from $2.50 per share to $3 in an attempt to close out the friendly takeover. On Thursday, Sphere said it had not been contacted by Sin-Tang regarding any potential equity raising, which it said was rumoured to have included a $350 million debt provision in order to develop Spheres Askaf project. The Sphere board has unanimously backed the Xstrata offer. If the capital raising went ahead, it would be at a premium to Spheres current market price, which is unusual for such offerings. Back in the black ZURICH: Insurance giant Swiss Re, one of the worlds biggest insurers, has reported a near doubling of its third-quarter net profit, allowing it to repay crisis funding from US billionaire Warren Buffett. Yesterday, Swiss Re said that third-quarter net profit reached $US618 million ($A616.06m), a 97 per cent increase over the same period last year and above expectations. The company, a pillar of the global reinsurance industry, has gradually been rebuilding its capital base in a business turnaround since it shed the risky investment policy that left it trembling two years ago. In 2008, Swiss Re was forced to turn to Wall Sts Warren Buffett for funds. Tens board bulges James Packer SYDNEY: Ten Network Holdings Ltds second-largest shareholder, media owner Bruce Gordon, has secured the appointment of an additional director to the board. He also welcomed the boards offer of seats to James Packer and Lachlan Murdoch, after Mr Packer spent $280 million to buy 18 per cent of Ten stock to become the broadcasters largest shareholder. Media lawyer Paul Mallam will take his seat as Mr Gordons representative following next months annual general meeting. Mr Packer and Mr Murdoch have yet to confirm if they will accept their seats. Hoisting new name Graham Twartz SYDNEY: Shareholders in the company that created iconic Hills Hoist clothes line have voted to change its name from Hills Industries to Hills Holdings Ltd. Hills Holdings Ltd managing director Graham Twartz said shareholders voted overwhelmingly to change the firms name to reflect the changing nature of its business. Hills Holdings more accurately reflects the diverse range of businesses under the Hills group umbrella, including market-leading interests in businesses not industrial, Mr Twartz said after Hillss annual meeting in Adelaide yesterday. Emeco at high end MELBOURNE: Earthmoving equipment provider Emeco says forecast first half earnings are on track, after strong demand. Earnings for the company, which provides equipment for miners, in the first half of fiscal 2011 were expected to be in the range of $27 million to $29m, it said. Emeco chief executive Keith Gordon said earlier the company had expected its $27.5m net profit after tax (NPAT) in the second half of fiscal 2010 would have been a reasonable guide for fiscal 2011. We have been able to confirm that after four months of trading and now having certainty around some of the risk factors to earnings, Mr Gordon said.

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