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moncler outlet Media blind trust wins approval
The journalists' union,belstaff outlet, the Media Entertainment and Arts Alliance, gave Mr Palmer's idea conditional approval,moncler outlet. Acting federal secretary Paul Murphy said: ''In this era of changing media models, we welcome any new initiatives that keep journalists in work and preserve independent and quality journalism. What Mr Palmer has proposed has all the hallmarks of an altruistic idea but we would be happy to meet with him to help develop this proposal.''

His more recent comments focused on indirect investment come in the wake of a scathing attack on him, Mrs Rinehart and Andrew Forrest by Treasurer Wayne Swan in an article for The Monthly titled The 0,abercrombie.01 per cent: The rising influence of vested interests in Australia. In it Mr Swan accused wealthy people such as Mr Palmer of using their money to influence public debate to support their business interests and protect their wealth.

The idea of a blind trust - reported in The Australian Financial Review yesterday - followed an earlier interview with the ABC in late February,abercrombie Rinehart absent from Ten meeting when shares sold, when Mr Palmer told the Lateline program the idea of buying into Fairfax was attractive. It was not entirely clear whether he was serious, though his recent comments suggest that he was.

Mr Palmer's comments that such investment could support diversity in an industry undergoing major structural challenges was a good thing and very different from direct investment,air jordan pas cher, Bond University professor of journalism Mark Pearson said.

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Working with a person like Gina Rinehart sounds very attractive to me ,abercrombie france... Clive Palmer,abercrombie. Photo: Getty Images

COAL baron Clive Palmer's suggestion that a blind trust be established to invest in the media has attracted qualified approval from industry observers.

Working with a person like Gina Rinehart sounds very attractive to me,moncler, he told Jones,doudoune moncler News Corp seeks dismissal of phone hacking lawsuit. Of course, we'd want 30 per cent,louboutin pas cher, not 15, and we'd go much more aggressively to make sure the company got things moving,belstaff.

But Professor Pearson said that the overall influence of the mainstream media had waned somewhat in the past 20 years amid a proliferation of new online media products. There is no doubt there are more ways to get your message out than ever before,air jordan.

We've certainly got the money and we'd certainly like to see media in Australia become much higher, Mr Palmer said at the time. Talking about fellow miner Gina Rinehart's raid on Fairfax,moncler, he told Lateline host Tony Jones. ''And she's a very, very smart woman, so if she's going after Fairfax,abercrombie france For whom the sun shines, there must be something in it, Tony, so we'll certainly look at that one.

air jordan ASX closes higher in broad rally
On the Sydney Futures Exchange, the March share price index futures contract was 76 points higher at 4,679 points on a volume of 27,713 contracts, according to preliminary calculations.

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In the resources sector,moncler Last Great Southern assets for sale, global miner BHP Billiton sagged 12 cents to $40,louboutin pas cher.98.

Among the major banks, National Australia Bank lifted 17 cents to $25.61, ANZ Banking Group rose 45 cents to $23.59, Commonwealth Bank advanced 53 cents to $54.45 and Westpac put on 40 cents at $26,doudoune moncler Posing man Shaolin Temple monks c.53.

Rio Tinto added 90 cents to $71.40 as it beefed up its stake in Ivanhoe Mines as part of a deal to develop the Oyu Tolgoi copper and gold project in the Gobi desert.

Consolidated Media was up eight cents to $3.20 and Fairfax gained 1.5 cents to $1.665.

A higher oil price coming off the back of data on US gross domestic product boosted energy stocks Woodside Petroleum and Santos.

Telco Telstra slipped three cents to $2.94 and Optus-owner Singapore Telecommunications nudged up one cent to $2.41.

On Wall Street on Friday, the Dow Jones Industrial Average index gained 4.23 points, to 10,belstaff,325.26.

At the 1615 AEDT close, the benchmark S&P/ASX200 index had risen 48.8 points, or 1.05 per cent, to 4,686,abercrombie.5 points, while the broader All Ordinaries index added 43.8 points,doudoune moncler, or 0.94 per cent, to 4,694.9 points.

Property developer Lend Lease Group was 6.22 cents poorer at $9.28 as it gears up for the second part of its equity raising, after it raised $434 million from its institutional component on Monday.

CMC markets analyst David Taylor said early trading was largely driven by a lift in commodities prices.

In the media sector,moncler, News Corp was 10 cents higher at $17.70 and its non-voting stock found one cent to $15,air jordan pas cher.03.

Woodside Petroleum was 10 cents stronger at $43.47 and Santos gained 14 cents to $13.10.

"It was a broad-based rally despite a very weak lead from the US. It seemed to be commodities-driven, but that said, after energy, it was the consumer staples and healthcare sectors that were the big winners," Mr Taylor said.

The top-traded stock by volume was Macquarie Office Trust, with 333.3 million shares worth $101.26 million changing hands. Macquarie Office was steady at 28 cents on Monday,moncler outlet.

Retailer Woolworths surged 70 cents to $27,belstaff outlet.54 and Wesfarmers,hollister Climate tax no done deal Crean, which owns Coles, was up $1.47 to $32,abercrombie.60.

"The market's stride has narrowed a bit in the wake of reporting season and we're looking in the medium term at the (interest) rates decision (on Tuesday) and economic data."

"I think the market is just composing itself after a pretty good reporting season."

Ivanhoe was eight cents richer at $3.18.

The Australian share market closed higher on Monday in a reasonably broad rally as investors composed themselves following last month's company reporting season.

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In the gold sector, Lihir rose nine cents to $2.74 and Newcrest strengthened 80 cents to $32.14. The price of gold in Sydney at 1624 AEDT was $US1117.50 per fine ounce, up $US8.13 on Fridays's closing price of $US1109.38,abercrombie france.

Preliminary national turnover was 2.46 billion shares worth $5.24 billion,air jordan, with 561 stocks up, 459 down and 360 unchanged.

abercrombie Big jump in trade surplus
Australia's terms of trade - what it gets of exports compared to what it pays for imports - climbed 4.2 per cent in the first quarter alone and could rise 20 per cent this year. That in turn will shower money on the economy via higher profits, investment,doudoune moncler pas cher, wages and tax receipts. The Labor government has already made a grab for some of the windfall with a proposed new tax on coal and iron ore profits. Australia's exports of goods and services climbed 6 per cent in May to $24.75 billion, the highest since November 2008. Imports also rose a solid 3,moncler pas cher.9 per cent to $23.08 billion,Analysts question benefits of Packer's Ten move, with a 10 per cent jump in imports of capital goods suggestive of strong business investment in coming months,abercrombie paris. The rise in exports owes much to insatiable demand from China and India, where the industrialisation of over two billion people requires huge increases in infrastructure and energy output. Recently investors have become more anxious that China's efforts to cool its housing market could slow the whole economy, and thus temper demand for resources. Spot commodity prices have indeed pulled back from their highs, yet Australian miners still managed to secure contract price increases for coal and iron ore for the third quarter. The RBA's measure of Australian commodity prices climbed to a 20-month high in June, to be up 47 per cent from lows touched in May last year and not far from record territory. The attraction of Australian commodities to foreign firms was also evident in a burst of takeover activity this week. Thailand's Banpu bid $2.3 billion for Centennial Coal while Singapore's Wilmar International offered $1,hollister.75 billion to buy the sugar business of CSR.

Australia's trade surplus swelled to the third highest on record in May as exports of gold,, wheat and coal all surged, a dramatic turnaround that should help insulate domestic growth from headwinds in the global economy,doudoune moncler. The startlingly strong result was a reminder of why the Reserve Bank still has a bias to tighten policy even though it is almost certain to leave interest rates at 4,abercrombie milano.5 per cent at its monthly policy meeting on Tuesday,. "It's a big tick in the box for stronger growth in the second half of the year and that's what the RBA has been so focused on," said Brian Redican, a senior economist at Macquarie,doudoune moncler. "It's good for our current account deficit; for company profits and for foreign investment sentiment on Australia." The news did seem to win a reprieve for the Australian dollar, which had been under heavy pressure from global risk aversion. The currency edged up to $US0.8351 after the data, Retail sales flying out the door and overseas, from early lows of $US0.8317. The Reserve Bank announces its policy decision at 2.30pm and investors will scour the brief statement for any hint of increased concern about the euro zone or global growth,abercrombie. So far, the RBA has been resolutely upbeat about the Australian outlook thanks to the country's close trade ties to the still-strong Chinese and Indian economies. Any sign that this confidence was wavering would reinforce the market's belief that rates are on hold for many months to come. Interbank futures are even implying around a 40 per cent chance of a cut in rates by Christmas. That is in stark contrast to the vast majority of analysts, who are still tipping at least one more hike by year-end in large part because of the boom in Australia's trade earnings. The trade surplus expanded to $1,hollister Aussie stocks end higher on resources,hollister france.65 billion in May, the highest in 14 months and far outpacing forecasts of just $500 million. April's surplus was also revised up sharply to $1.12 billion from an initial $134 million estimate. Trade windfall

Reuters

doudoune moncler The hard Manuell labour pays off
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Playing with her children; travelling; visiting art galleries.

CATHERINE Manuell had one of the shortest teaching careers on record: she lasted just 10 days,hollister france. On the other hand,doudoune moncler, the self-taught queen of hats, handbags and fashionable luggage is fast approaching 23 years in her own business, every one of them in the black, a milestone to be proud of.

Her first employee, Sue Eldridge,hollister france Origin Energy to get $2.3b from new shares, arrived just weeks after the birth of Manuell's first daughter. ''I remember she was six weeks old and I had to get a job done. I think by 4pm I'd done about 15 minutes of work.''

EDUCATION PLC Burwood; Melbourne State College (teaching).

The US was quickly followed by agreements with distributors in Singapore,moncler pas cher, Sweden and New Zealand, which has been a stand-out market for the brand. Japan is the latest overseas venture, with a distributor picking up Manuell's Aboriginal art project. The project, started in 2007, works with several Aboriginal artists who have a licensing agreement and earn royalties from product sales.

The financial crisis undoubtedly hurt the export market and local sales of her business, and while Manuell says she never felt it was close to the wall, she saw others going under, at one point almost daily. ''Quite a few fabric suppliers have closed here, so it's even harder to use local products. You really couldn't anticipate what was going to happen, you just had to be ready to react,doudoune moncler. ''

&#9632; In the early 1990s worked as a freelance hat designer for Stussy Sista, Witchery, Review, Myer and David Jones,abercrombie paris.

INTERESTS

Manuell had been hoping to take the business overseas but had no clear plan about the first step. Setting up a relationship with that first overseas distributor involved a mountainous learning curve. ''As a distributor, she buys the goods from us, so it's not a huge financial risk but it can be time consuming, especially at the beginning. She really needed lots of support, getting it to her on time and keeping the fabrics in stock was hard.''

''I started from literally nothing. I used to do aftercare work at a local school and as soon as I had a little bit of money I'd put that into materials and then as I sold them, I'd put that into more materials. It took me two years before I could have a range for each season. I was living like a church mouse.''

Home from Europe, Manuell decided she needed a hat, and finding nothing locally that suited her, she set out to make her own, with the help of her grandmother who had made her own as a girl.

She soon signed a lease on her first shop, in High Street, Westgarth. Once she expanded her range to include luggage, she could no longer squeeze into the Westgarth store, so rented another shop for storage, up the High Street hill. She put the empty shop windows to good use as a community arts space.

The leap from teaching to hat design came thanks to another passion, travel. Like so many Australians fresh out of university, Manuell was desperate to get overseas. She took off to Europe for 2&frac12,abercrombie milano; years, coming home with a newly sophisticated fashion sense and a new boyfriend, Jeremy Stock, who has since become her husband.

Manuell's biggest business opportunity walked in off the street about five years ago - a keen customer looking for a career change that would support her living half the year in Melbourne and half in Arizona.

Eldridge is still with the business, as production manager now and one of 18 staff,moncler pas cher Macquarie feels Bluescope's blues, most of whom have been with Manuell long term. The baby is now 11, and there is an eight-year-old brother.

These days Catherine Manuell Design has two shops, and a small warehouse in Fairfield that operates as a warehouse,hollister, clearance shop and office. About 100 stockists in Australia and another 50 overseas sell the range of hats,moncler, scarves, handbags and luggage. Turnover is about $3 million a year. Where possible, goods and services are sourced locally, but fabrics come from all over the world and most of the production is overseas.

In the early '90s, Manuell worked from a studio in Flinders Lane, designing hats for clients including Stussy Sista, Review, Witchery,, Myer and David Jones. ''I loved the little studio. It was a very creative time. You'd lock yourself in with music, there were always pigeons on the window sill.''

&#9632,doudoune moncler Singapore puts its faith (and funds) in OneSteel; 2005 began exporting to the US through a distributor, before expanding the overseas sales to include Singapore, Sweden, New Zealand and Japan.

But sitting in her sunny kitchen, with the sounds of children in the background, Manuell seems to be still calmly working to a plan. She says her mind is not on this summer or winter but already on summer 2010-11. ''In design, I feel quite intuitive,. I trust what I feel. Businesswise, I planned out where I wanted to go. I wanted to have a fairly broad exposure that gives me the opportunity to pick up and go with anyone that's particularly interesting me at that time.''

Growing up on the edge of the country,abercrombie, in Lower Plenty, weekends had often been spent sewing and making things, so hat-making quickly appealed. She enjoyed it so much she began making one-offs and took them around to boutiques.

&#9632; Mid-1990s, senior designer for Metalicus, designing scarves, hats and handbags.

CAREER HIGHLIGHTS

CV

She stills recalls the thrill of getting those first orders. They were pretty interesting, crazy Cat in the Hat hats, beautiful linen prints, scrunch hats, multi-coloured pork pie hats.

A big milestone was hiring her first employee, but being a shoestring operation, it was a double-edged sword. She had enough work to need help but that meant bringing in enough money to pay the wages.

&#9632;1998 launched Catherine Manuell Designs.

The US market has been tumultuous in the past year - 50 of the 80 outlets that were stocking Catherine Manuell products closed. But Manuell is confident the US market will endure, having recently started a new US website to cope with the increase in online inquiries. She also opened an online shop in September.

doudoune moncler ASIC loses its case against Fortescue
A delighted spokesman for FMG said outside the court that "justice had been done",doudoune moncler.

It follows a five-week trial this year in which the Australian Securities and Investments Commission alleged that FMG and Mr Forrest were guilty of misleading and deceptive conduct.

Handing down his decision in Perth,doudoune moncler pas cher, Justice John Gilmour did not elaborate and said reasons for his decision would be published later on Wednesday,abercrombie milano.

He said Mr Forrest, who was not in court for the judgment,doudoune moncler, would be issuing a statement later on Wednesday,hollister.

They were accused of overstating the nature of so-called binding agreements with Chinese parties in late 2004.

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FMG staff and lawyers embraced in court on the delivery of the judgment,doudoune moncler pas cher Transpacific founder seeks $4.6m damages,abercrombie paris.

It is the third loss for ASIC in just over a month, after it failed to prosecute One,abercrombie.Tel executives Jodie Rich and Mark Silbermann and AWB's former managing director Andrew Lindberg in November,.

The Australian Securities and Investments Commission (ASIC) has been ordered to pay all costs in the case,.

The court will resume to hear submissions on the handling of costs for the case,abercrombie Australian business press digest 24 April, which involved up to 20 lawyers,hollister france, including several QCs.

ASIC had alleged Mr Rich and Mr Silbermann had breached their fiduciary duties and that Mr Lindberg had acted improperly during the Iraqi kickbacks scandal,.

The corporate regulator has lost its Federal Court case against iron ore miner Fortescue Metals Group and its founder,doudoune moncler Hancock accounts set for appeal, Andrew Forrest.

hollister BHP pulls pin on Woodside speculation
Still, the temptation to deliver a big prize must be eating away at Kloppers. He's demonstrated financial discipline by not proceeding at any cost, but after three false starts, it starts to resemble a pattern,hollister outlet.

BHP, meanwhile, has been under pressure following three hugely expensive aborted takeover bids in the past four years - a full tilt for Rio Tinto, a merger with Rio's Pilbara operations and for Canada's Potash Corp, each snuffed out by regulators,abercrombie.

Then there's Barnett to consider. In his astounding outburst yesterday, he declared it OK for BHP to buy Shell's 25 per cent stake in Woodside.

Woodside stock bounced around over a huge $4 trading range yesterday, closing 87&#162; stronger at $48.13 as flighty traders ricocheted from one announcement to the next.

But he wants Woodside to remain an independent, Perth-based company forever. Not much chance of that.

By scattering that 10 per cent on to the market, Shell was signalling two things,abercrombie Greek crisis not catching experts,doudoune moncler. First, that it wanted out. And second,abercrombie No altruism likely - and none offered, it was dangling its remaining 24 per cent stake, a rare prize any potential bidder would relish.

Enter a wildcard in the form of West Australian Premier Colin Barnett, who decided he'd spice proceedings up a little by informing everyone he was directly aware that BHP and Woodside had been talking,moncler pas cher.

At least three global suitors for Woodside are waiting in the wings, to see which way BHP will jump. They include Chevron, with extensive interests on the North-West Shelf, BG Group, which recently committed to a $16 billion coal seam LNG project in Gladstone and ConocoPhillips, the American group that has a joint venture with Origin in the same area as BG.

That left two tantalising possibilities. Either Barnett is misinformed, or the sharemarket has been misled. Then again,hollister, there's always that grey area where your people talk to my people without either of us ever meeting.

Woodside officially has been in play since November when major shareholder Royal Dutch Shell offloaded about a third of its 34 per cent stake.

And so BHP yesterday ruled itself out of the contest. Or did it? Certainly it specifically denied a deal was imminent. Before long, Voelte was forced to do the same, in a roundabout kind of way, saying if a deal was on the table, then under the law he'd have to tell the market.

For BHP to succeed in a full tilt for Woodside, it would have to offer a significant premium to the present inflated level,abercrombie outlet. Such a price would be difficult to justify.

So what is stopping Kloppers, a man who until recently appeared desperate to employ the oodles of excess cash pouring out of the BHP money mining machine to gobble up another large resource house?

The rumours had an air of credibility, particularly after reports a few weeks back that Barclays, which acts out of London for BHP, had executed a $10 billion foreign exchange transaction. That would be just enough to cover the purchase of Shell's remaining 25 per cent Woodside stake.

Right from the start, Woodside chairman Michael Chaney jumped on to the stage and grabbed the spotlight with a neat little pirouette designed to lure in Kloppers.

Unfortunately for Voelte, his BHP counterpart, Marius Kloppers, yesterday decided he'd had enough of the constant talk about his apparent Woodside ambitions - speculation that had been acting like a lead weight on his own company's stock price.

Woodside officially has been in play since November when major shareholder Royal Dutch Shell offloaded about a third of its 34 per cent stake.

Reports from London on the weekend suggested $55 a share was the agreed price, valuing Woodside at $43 billion.

Major institutions have pressured the company to forget big acquisitions and simply disburse the riches from the resource boom among shareholders,doudoune moncler Icelandic cash fills QRxPharma's acute need. It has been doing precisely that, yesterday completing a $6 billion share buyback.

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Six months later, and still no bite from the BHP.

The Woodside boss,abercrombie, now in his final stretch at the helm of a company facing enormous difficulties on several fronts, for months has kept his company's share price pumped with regular doses of speculation about an imminent takeover bid from BHP Billiton.

Whatever the official statements and the stony faces,abercrombie paris, there is no doubt there has been frenzied activity behind the scenes, not just with BHP, but within the global oil and gas industry over what to do with Woodside.

Woodside is expensive, thanks largely to the ongoing speculation about BHP's supposedly imminent move on the company,hollister france, speculation Shell has been keen to maintain so it can offload the rest of its stake for top dollar.

There's no doubt that Woodside holds a certain allure for BHP. It is available, for a start. And it fits BHP's investment criteria as a world class, tier-1 project with large reserves and good growth potential.

On top of that, it is unlikely to run into the regulatory obstacles that have blocked its acquisition ambitions in the past four years. BHP is a big player in petroleum but not a dominant one. And it is Australian, so competition and national interest issues would not hinder its Woodside ambitions.

DON Voelte's balloon didn't quite burst yesterday, on day one of the petroleum industry's annual gabfest in Perth, but by mid-morning it certainly was looking a little deflated.

The answer can be encapsulated in a single word: price,hollister.

It is possible, he told a lunchtime gathering in Perth immediately after the Shell sale,doudoune moncler pas cher, that BHP would be up for a takeover as the company previously had run the ruler over Woodside. It is natural they would be doing so again, he concluded.

moncler Lowy stock fall all part of the plan
At yesterday's analyst briefing, the longhaired Westfield co-chief executive, Peter Lowy, was quick to correct Merrill Lynch's Simon Garing who asked about the US downgrade.

To mark the 20 years since its privatisation, the entity formerly known as the Commonwealth Serum Laboratories also disclosed the fees paid to its chairwoman, Elizabeth Alexander, during the 12 months rose $80,000 to $570,000.

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A bruising (and highly embarrassing) legal conflict between the global marketing company WPP and global public relations firm Edelman has been averted, thanks to a grovelling (and highly embarrassing) apology by two spin-doctors who had the temerity to poach clients from their former employer.

BONUS POINT

Westfield Group's shorthaired co-chief executive, Steven Lowy, kept the 10 analysts who cover the stock wondering whether they were part of a minority yesterday when the shopping centre landlord reported its half-year results.

''But at the end of the day the market is the market. There are short-term fluctuations,abercrombie paris. We're building the business for the long-term. I believe that at the end of the day markets get it right over a long period of time.''

Alexander's pay-rise came the same year as shareholders approved lifting the total remuneration pool of CSL's non-executive directors from $2 million to $2,abercrombie.5 million. In the 1992 annual report, CSL disclosed that directors (including McNamee) were paid $376,000 in remuneration. God bless private enterprise,hollister france JB Hi-Fi downgrade sees market end week in the red.

BERRY CLEVER

Not bad for someone who was paid about $280,000 in 1992.

[Of] the analysts that focus on us, the overwhelming majority of those understand our earnings profile, Lowy said of the ongoing slide in the Westfield security price.

The tennis-loving chief executive saw his base pay hit $2.5 million for the period and short-term bonus rise to $2 million, pushing his total pay up 7 per cent to $6.49 million.

Four months after the WPP-owned Hill &amp; Knowlton launched action in the NSW Supreme Court against its former Australian chief executive Michelle Hutton and another senior operative Anna MacIntosh, the matter has been settled out of court. Hill &amp,hollister outlet Kathmandu already scaling the heights; Knowlton has even posted the apologies on its website.

As for the share price, which has fallen 19 per cent since the company's restructure last year, the shorthaired Lowy stressed: We don't comment on the security price,doudoune moncler. But he noted: When others are struggling, our company shines,abercrombie.

Got a tip? Use our online tips box or email srochfort@smh.com.au Twitter: @srochfort

HARDEST WORD

The company revealed that it pre-empted a planned attack on its London shopping centre (which has 114,000 Facebook friends) during the recent British riots by picking up on messages sent via the social network.

All about the long-term &#8230,hollister Dominion backs Kingsgate's hollister76m takeover,hollister france; Steven Lowy plays down his company's poor results. Illustration: Rocco Fazzari

There is no downgrade to earnings in the US,abercrombie outlet, Mr Lowy said. Meanwhile, after the analyst briefing Westfield's favourite Goldman Sachs analyst said in a note to clients : US was a bit weaker than we expected.

Following my departure from Hill and Knowlton Australia Pty Limited (H&amp;K), I was involved in soliciting certain clients and staff of H&amp;K, Hutton and MacIntosh conceded,hollister outlet.

CBD

I recognise that my conduct was not appropriate in the circumstances and I apologise &#8230; unreservedly,moncler.

Despite the cynicism Westfield faces in some quarters over its attempts to use Facebook to attract shoppers,abercrombie, the retail landlord has showed that the social media can have other benefits.

One analyst not thought to be part of the overwhelming majority is Goldman Sachs's Simon Wheatley,hollister, who downgraded his earnings forecasts on Westfield in April. Wheatley was also critical of Westfield's demerger of half its Australian and New Zealand assets last year.

An 11 per cent dip in annual net profits was still good enough to see CSL's chief executive, Brian McNamee, pick up 90 per cent of his potential short-term bonus last financial year on top of his 14 per cent pay-rise.

Our calculation is lower than WDC's which seems optimistic,doudoune moncler pas cher, a note by Wheatley at the time said.

Westfield London shut its doors early and called in extra security. According to a company operative, some of the troublemakers moved onto another part of London when they saw the shopping centre was shut. The London Guardian newspaper reported yesterday that police stopped attacks on Westfield's two London shopping centres and the Olympics site by intercepting messages sent on BlackBerry devices. During the Westfield results briefing both Lowys showed off their BlackBerry phones.

moncler Court puts brakes on Ten's plan to replace Murdoch
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The judge found that after New Year's Day, Mr Warburton would have insufficient knowledge of the details of Seven's sales strategy to justify further restraint.

Taking the reins ,hollister... James Warburton,moncler. Photo: Simon Alekna

Today, Supreme Court judge Michael Pembroke upheld a restraint until January 1, 2012.

tdick@smh,abercrombie Australian stocks close almost 1% weaker.com,woolrich.au, with AAP

Ten announced on March 2 it had appointed Mr Warburton, who was chief sales and digital officer at Seven Media Group.

Outside court,woolrich Enemy at the gates hackers stalk largest companies, Mr Warburton said: "Look,hollister france, at the end of the day, we have got to respect the decision." He left with his lawyers to consider his options and the judgment.

Despite finding that Mr Leckie was "defensive, imprecise and garrulous" in his evidence,abercrombie, and even accepting of Mr Warburton's evidence of their conversations, it was not enough to dissolve the effect of the restraint,doudoune moncler.

In preventing him from joining Ten until next year, Justice Pembroke said one of the "abiding principles of a civilised system of law such as ours is that contracts are meant to be observed" - and he had agreed with Seven to a 12-month restraint.

His former employer is the Seven Network,woolrich outlet, which had sought to delay its sales chief from running its rival by as long as 18 months.

The man Network Ten wants to take over from Lachlan Murdoch as its chief executive, James Warburton, will not join this year.

He was due to start as Ten's chief executive job on July 14, but Seven claimed conditions in his employment contract meant Mr Warburton had to wait until October 2012 before commencing work with any other media company. As part of the case,moncler outlet, heard last month,abercrombie france, Mr Warburton also launched a cross claim against his former employer,moncler, alleging Seven wrongfully repudiated his contract.

He accepted Mr Warburton's claim that Seven boss David Leckie - whom the judge described as "like Caesar" and "not ready to go" - had told Mr Warburton there would be "no dramas" in his departure to Ten, but found that did not mean the restraint did not have to be enforced,hollister france Parting of the ways for the sorcerer and his apprentice.

moncler When politicians talk economics, they think votes
But the Opposition has directed almost all its criticism at the fiscal (budgetary) stimulus and none at the monetary (interest rate) stimulus. Why? Partly for ideological reasons. Parties on the right tend to disapprove of government intervention and anything that prevents lower taxes. Partly for populist reasons, and partly for party political reasons. Why not focus all your criticism on your political opponents to win votes away from them?

And don't forget the two assumptions built into the Opposition's argument-of-convenience: that the lower interest rates are woolrich, the better (what do you think causes asset-price bubbles?) and that all government spending - even on infrastructure - is wasteful.

This is partly because governments have many more economic advisers, who feed them with better arguments and try to dissuade them from using bad arguments.

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Although governments are perfectly capable of seeking to mislead us, generally speaking oppositions are more likely to resort to misleading arguments.

Don't believe it abercrombie.

From the moment it became clear that the global financial crisis would pull Australia into recession, the Rudd Government's goal has been to make sure it didn't get the blame. The Opposition's goal has been to make sure it did.

This is hardly surprising because it's a global market and our Government's borrowing in that market is a drop in the ocean. Should that rate rise in the future, it will be because of the hugely increased borrowing of the United States, British and European governments.

Stevens said most of the planned fiscal stimulus had been spent already, and much of the rest would be spent before the end of this calendar year.

It's true that, were the rest of the world worried that our Government's borrowing was excessive, it could require a slightly higher rate (a risk premium) to lend to us. But there's no sign of such a premium, nor much likelihood of one emerging, because our ratio of public debt to gross domestic product is so small compared with the 80 to 100 per cent ratios of the big boys.

It's true that fiscal policy and monetary policy should pull in the same direction and it's not good if they pull in opposite directions (as they were in the last years of the Howard government). But as Stevens explained repeatedly to the Senate committee, both forms of stimulus are being wound back. The monetary stimulus is being withdrawn manually, so to speak, by small, discretionary increases in the official rate, whereas the progressive withdrawal of the fiscal stimulus was built into its design.

As well, governments can get away with less distortion because, being wielders of considerable power, their utterances are subject to much closer and more critical scrutiny abercrombie france.

First, Government borrowing to finance its deficit spending is competing with private sector borrowing and this is forcing up interest rates. This argument is a hangover from the days of fixed exchange rates and controls on the flow of capital between countries. And as the Reserve governor moncler outlet, Glenn Stevens, explained repeatedly to the Senate economics committee last week, that argument no longer applies in a world of deregulated and highly integrated capital markets.

This brings us to the Opposition's second argument: if the total fiscal and monetary stimulus is now considered to be too great, but the Government refuses to scale back the fiscal stimulus, the Reserve has to raise the official interest rate to compensate.

To this end, the Opposition has offered one criticism after another of the fiscal stimulus hollister france Play safe, investors warned, not all of them logically consistent. It wasn't necessary, it was too big, it spent on the wrong things, the spending was wasteful and it wouldn't work because the cash would be saved rather than spent.

In any case, long-term interest rates have little effect on the variable (and thus short-term) interest rates most people with mortgages pay. Short-term rates are much more directly affected by the Reserve's decisions about where to set its official interest rate (which is the cost of borrowing cash overnight in the short-term money market) moncler.

Kevin Rudd wanted to be able to say hollister, we didn't cause the recession but we've done everything in our power to mitigate its effects. To that end he announced the first cash splash within days of the crisis reaching its peak and followed this up with another big package of cash grants and capital works spending in February.

Our Government borrows long term woolrich outlet. The long-term bond rate is about 5.25 per cent and there's no indication that it's changed much during the period in which the Government has returned to borrowing.

The goal of politicians is to retain or attain office by attracting sufficient votes. Everything they say about economics is directed towards that end woolrich outlet Business calendar for August 29 - September 2. And if to obtain your vote they need to use false or misleading economic arguments, they usually will.

But it's also because oppositions feel they need to oppose everything governments do moncler, and much of the time - thank goodness - what governments do is reasonably sensible doudoune moncler.

That brings us to the Reserve's decision this week to raise the official interest rate by 0.25 percentage points to 3 hollister france.25 per cent belstaff outlet Westpac posts record cash profit, but takes tax hit. Rate rises are never popular, but the Opposition's goal has been to transfer the blame for the rise from the Reserve to the Rudd Government.

So the Opposition has argued that interest rates are being increased because the Government's fiscal stimulus was excessive. It's been running two arguments.

THE warning of the week is: never let a politician try to teach you economics.

At the same time, the Reserve Bank was doing its bit to stimulate spending by slashing the official interest rate by 4 percentage points in four months.

air jordan pas cher Canadians after AWB
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GrainCorp, itself fresh from acquiring United Malt Holdings last year, had hoped to strengthen its competitiveness by creating Australia's largest grain marketer and rural services provider through the merger.

Agrium's $1.50-a-share offer values the company at $1 belstaff.2 billion and trumps GrainCorp's nil-premium merger, which values AWB at about $860 million. Agrium's bid is at a 57 per cent premium to AWB's share price before the offer.

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A Wilson HTM analyst, James Ferrier, said it would be hard for GrainCorp to justify a counterbid if AWB accepts a formal offer from Agrium, as the nil-premium merger was designed for both sets of shareholders to benefit equally from synergies louboutin pas cher.

Commodity price fall: small investors win

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Biggest fraud in British history jailed

While Agrium's bid for AWB is conditional on due diligence and regulatory approval, it is believed both parties are working quickly towards satisfying the requirements. Until then, GrainCorp's merger proposal remains on the table air jordan.

If the merger fell through, Ms Moore said GrainCorp could also attract attention from a large international player. GrainCorp shares rose by as much as 7 per cent yesterday, before closing 4.2 per cent higher at $6 doudoune moncler.53.

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It will probably be difficult for others to try and beat that level moncler For whom the sun shines, an analyst at RBS Morgans, Belinda Moore, said. ''It's a good offer given where AWB's been. It's recent track record has been disappointing and I think $1.50 is a solid offer for shareholders louboutin pas cher Markets too pessimistic on Australia RBA.'''

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Canadian group bids for AWB

Agrium, with a market capitalisation of more than $11 billion, is the largest agricultural retailer in the US, and is also prolific across South America.

AWB shares soared 30 per cent to $1.42 yesterday, but they were not the only business in the sector to post strong gains.

CANADIAN company Agrium has swooped for AWB with a superior takeover offer, throwing the proposed merger of GrainCorp and AWB into doubt and sparking speculation of further international interest in Australian agribusiness.

A Canadian group has made a $1 abercrombie france.2 billion takeover bid for the old Australian Wheat Board. Ian Verrender reports.

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If GrainCorp was to turn around and say 'we're now going to offer a premium to merge with AWB' moncler outlet, they'd essentially be saying to their own shareholders 'we're going to give a disproportionately larger slice of the benefits of the merger to AWB' moncler abercrombie Share slump saddens Seven boss, he said.

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Its chief executive abercrombie, Mike Wilson, said by buying AWB, Agrium stood to benefit from improved margins and synergies with AWB's retail services division Landmark louboutin.

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The market's speculating there may be further corporate activity in the agribusiness space and its [Elders] business could be of interest to others, Ms Moore said.

Eurozone falls into double-dip recession

Elders shares were up 12 per cent to 57 air jordan pas cher.5&cent; as Agrium's bid fuelled speculation of further corporate activity in the sector. Agrium's interest follows last year's acquisition of ABB Grain by another Canadian company, Viterra - itself rumoured at one stage to be interested in buying AWB.

woolrich outlet Indonesia's risks and rewards
Investors are dumping companies associated with Indonesia in the wake of Intrepid Mines' minor joint venture partner kicking it off its gold and silver mining project in East Java.

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It is a sad situation for a country that appears to hold so much promise for investors.

Visit here for more Under the Radar articles.

The reason Radar believes Altura's stock is one to watch is not because of its coal assets, but because of its 30 per cent interest in Atlas Iron's Mt Webber iron ore mine in the Pilbara.

Yesterday it announced a resource for its graphite deposit, producing a 32 per cent spike in its shares to 29 cents woolrich, meaning that they're back where they were when we first spoke about them in late May.

The rump of its management team managed New Hope's flagship Indonesian coal mine Adara, which produces 4 million tonnes a year. Altura has a much smaller coal mine Tabalong in South Kalimantan in the Indonesian part of Borneo hollister france Perky market good in theory, until you take a backward glance. It should produce about 500,000 tonnes a year of high grade thermal coal.

The junior miner's (ASX code IAU) shares have more than halved this week and at 23 cents are a fraction of their $1.87 12-month high doudoune moncler.

And if you're going to stick your head above the parapet, it's better to have a small cap on than a big one.

In the past week hollister france, the Indonesian Government is effectively forcing Freeport McMoran Copper &amp; Gold (market cap $US31 billion) to reduce its stake to 49 per cent in its Indonesian unit through an initial public offering on the local market, and to pay higher royalties on its giant Grasberg mine.

Altura Mining (AJM) is one stock Radar has mentioned in the past.

It is the small caps that have staked their future on mineral wealth in Indonesia that stand to lose the most. There are too many to name each one, but they include Cokal Coal (CKA) abercrombie france, Sihayo Gold (SIH), Xceed Resources (XCD) and Pan Asia Corp (PZC).

But these big companies have diversified operations - its shares are only off 3.4 per cent after the announcement.

But since then, it's done everything to make life as difficult as possible for those investors: repatriating resources, imposing export taxes as well as foreign ownership limits. We are talking about miners big and small here hollister Misleading campaign - regulator raps CBA.

In 2009 companies flooded into the resource rich nation after it initiated new mining laws aimed at simplifying the foreign investment process.

The company says it has only tested 1 kilometre of the strike zone, which they consider to be 4 kilometres long. It's also turned out to be fine-to-course-flake graphite, which (for some reason) is what you get the top dollar for.

Indo Multi Niaga (IMN)'s actions last weekend mean that Intrepid's 80 per cent ownership of the site is effectively under threat, prompting questions about the legal certainty of foreign ownership in Indonesia.

Radar has said in the past that graphite could be a bubble, but this stock is one of a number that have first-mover advantage.

Biggest risks

Castle Minerals spikes

Half of his 40 cent valuation is based on Mt Webber, while the other half is Tabalong Coal and a lithium project in WA. Plus it has about $20 million, or 4 hollister hollister france Inflation eases, but won't prevent rate rise.5 cents a share in cash, to boot.

Richard Hemming is an independent analyst who edits the fortnightly undertheradarreport.com.au moncler.

This outcome is confirmation that it's a big global graphite deposit with just over a million tonnes of the stuff moncler outlet, which isn't just used to make tennis rackets and pencils. It's also big in the battery business.

A stock that Radar has also mentioned is gold-cum-graphite explorer Castle Minerals (CDT) abercrombie, whose operations are in West Africa (a long way from Indonesia).

But as in most investment related disasters, there are opportunities.

Its stock has fallen about 22 per cent since mid-July and at 17.5 cents is at the level where we first mentioned it almost a year ago (having soared as high as 23 cents last April).

More to the point, Altura's market cap is now about $80 million, which is about what its share in Mt Webber is worth, according to Matthew Trivett, an analyst for Patersons Securities moncler.

This project has had a few setbacks woolrich outlet, but should be given the green light before the year is out.

moncler outlet Murdochs hit by revolt
Ms Byrne said the size of the vote against James cast doubt on shareholders' views of him, and questioned whether the dissatisfaction could carry over to his role as chairman of British pay TV operator BSkyB, which holds its annual meeting on November 29. News Corp owns 39 per cent of BSkyB, and had hoped to fully acquire it, but was forced to withdraw after revelations that its News of the World tabloid hacked the phone of a murdered schoolgirl - and many other people.

The phone hacking scandal, which broke in July, has already forced multiple resignations at UK subsidiary News International abercrombie france, arrests of former News Corp staff and the closure of the News of the World.

Under fire: News Corp chief executive Rupert Murdoch. Photo: Getty Images

The result follows a vocal campaign by investors and proxy advisers around the world, including the Australian Council of Superannuation Investors, which said yesterday it would be seeking talks with News Corp's independent directors to ask what the board is going to do about such a significant vote It hurts, but ANZ chief sees gain from pain.

It has sent a message that can't be ignored, said ACSI chief executive Ann Byrne. ''Shareholders are really trying to make the point that &#8230; there do not need to be so many family members on the board.

I think it's very clear that shareholders around the world have rounded on the Murdochs and their compliant directors, Mr Mayne said hollister ASX  Australian share market   Stocks s. Mr Mayne, who attended the meeting in LA, was particularly critical of the board's decision not to display the proxy votes at the meeting - thus preventing discussion of the results abercrombie Michael Pascoe   RBA  it's all good, mate   Interest Rates.

The size of the protest vote was significant, given that the Murdoch family controls about 40 per cent of News Corp's voting shares abercrombie france, and another 7 per cent is held by Saudi Prince Al-Waleed bin Talal, who has backed the Murdochs.

Voting tallies from the company's annual meeting in Los Angeles on Friday, released yesterday belstaff outlet, revealed that 34 per cent and 33 per cent of eligible votes respectively were withheld or cast against the re-election of James Murdoch and his brother Lachlan.

Julie Tanner hollister online shop, from Christian Brothers Investment Services - which put forward a defeated motion at the AGM for the roles of chairman and chief executive to be separated - questioned how the board could not be compelled to appoint more non-executive directors. When you back out Rupert's shares, with more than two-thirds voting against James, what must the board think? she said.

We will now start to engage with the independent directors &#8230; we will ask them about the board's composition and ask that they move to have an independent board.

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NEWS Corporation shareholders have delivered a loud rebuke to the media giant's board moncler outlet, posting a historic protest vote against James Murdoch and other directors in the wake of the damaging British phone hacking scandal.

A News Corp spokesman did not return calls yesterday.

Shareholders want the family off the board hollister.

Three other directors - Natalie Bancroft, Andrew Knight and Arthur Siskind - also attracted protest votes of close to 30 per cent or more belstaff, while 14 per cent of votes were cast against Rupert Murdoch abercrombie, whose dual role of chairman and chief executive was targeted at the annual meeting.

With BLOOMBERG

Shareholder activist Stephen Mayne, the News Corp monitor for the Australian Shareholders Association, said the vote was a pivotal moment in the history of News Corp. The ASA called for Mr Knight and Mr Siskind - both 20-year veterans of the board - to resign immediately abercrombie, in the wake of the devastating vote moncler.

Shareholder groups said the scale of the revolt placed News Corp directors under compelling pressure to reduce the Murdoch family's presence and influence on the board, and raised questions about the future of UK operations chief James Murdoch, who attracted the biggest protest vote and whose handling of the phone hacking revelations has come under fire.

When these shares were stripped out, about 75 per cent of votes counted were cast against James Murdoch - who will reappear next month before a British parliamentary committee probing the phone hacking scandal - and about 72 per cent against Lachlan Murdoch.

moncler outlet Super Retail in $610m punt on sport
Described by some analysts and fund managers yesterday as a company changing event, the purchase of Rebel and its stablemate Amart All Sports from Archer Capital will add more than $600 million in sales to Super Retail giving it annual revenue of more than $1.6 billion.

Shares in Super Retail remained in a trading halt last night as the company completed a fully-underwritten 9 for 19 pro rata renounceable entitlement offer for new shares priced at $5.34 to raise roughly $334 million for the deal. The balance of the purchase price, $296 million moncler, will be funded via debt. Super Retail shares closed on Friday at $6.50.

George Batsakis of Goldman Sachs said Rebel appeared to be a business with a high margin abercrombie, strong brand and market position.

THE Super Retail Group will emerge as a new powerful force in Australia's discretionary retail sector after shelling out $610 million in the midst of the worst trading conditions in decades to acquire the Rebel Sport business from its private equity owners.

Rebel and its stablemate Amart All Sports from Archer Capital will add more than $600 million in sales to Super Retail. Photo: Lisa Wiltse

''It looks OK on the face of it hollister, but when you bite off such a big piece of the pie, as they have with this, the risk is you get indigestion. But these guys you would back amongst other mid-tier retailers abercrombie Canberra proffers a tight-fisted helping hand.''

Despite the gloomy conditions for retailers abercrombie france, Super Retail has enjoyed a strong performance from its specialty stores and in 2010-11 recorded a 16.4 per cent lift in sales to $1.092 billion as profit jumped 46.1 per cent to $55.59 million hollister france.

It will also hand Super Retail, which listed in 2004, a one-quarter slice of the sporting goods market.

''Rebel will need to cope with online competition and fluctuations in the consumer spending cycle. Super Retail also needs to deliver on the Ray's Outdoor acquisition - following a disappointing [2011] result.''

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Super Retail chief executive Peter Birtles has ambitious plans and will expand Rebel's national footprint to 185 stores over the medium term.

From its 128 stores Rebel generated revenue of $603 million in 2010-11 to produce EBITDA of $77 million woolrich.

The acquisition represents a fantastic opportunity for the group to leverage its retail and supply expertise in a highly complementary business and to build Rebel's position as the national leader in sporting goods retailing, Mr Birtles said yesterday abercrombie.

The price tag of $610 million is nearly double the $370 million Archer Capital paid for sporting goods retailers Rebel and Amart All Sports in 2007, and represents a multiple of 7 abercrombie online shop abercrombie Chinese will love new mining tax Andrew 'Twiggy' Forrest.9 times enterprise value to EBITDA moncler Qantas maintains Asia goal.

The Queensland-based retailer will now sit atop a sprawling empire within striking distance of much larger competitors such as JB Hi-Fi and department store Myer which have annual sales of about $3 billion.

Marking the biggest bet of its relatively short life as a public company, Super Retail - owners of Supercheap Auto, Boating Camping Fishing (BCF) and Ray's Outdoors - is banking on a return to better times for retailers to help support its aggressive plans to grow Rebel by at least 50 per cent and become a key player in the sports recreational market valued at $6.3 billion moncler outlet.

The acquisition is expected to generate single digit EPS gains in 2011-12.

Super Retail has proved to be able to both set up new business as well as integrate acquisitions, said Dean Fergie abercrombie deutschland, institutional advisor at JM Financial Group.

woolrich outlet Competition slain with St George
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Could the ACCC have preserved St George for the greater good? It may have hung on whether banking really is a national market, and not a series of regional ones. If it is a national market, St George was too small to justify a ban.

On the strength of yesterday's numbers, however, there's no doubt it would have survived with the Government guarantee behind it, and the September-half banking results and a steady unfreezing of debt markets suggest that conditions are returning more quickly than expected to a point where smaller competitors can once again chase market share. Westpac chief executive Gail Kelly followed ANZ yesterday in declaring that the bad-debt cycle has peaked, and, like ANZ boss Mike Smith and NAB boss Cameron Clyne woolrich outlet China faces new currency pressure, says she sees no serious signs that bad debts are spreading from the business world to individuals and households.

That second pillar turned out to be structurally unsound in one crucial aspect, and with the benefit of hindsight the commission made its call at the wrong time, just before the collapse of Lehman Brothers elevated the financial crisis and shut down already stressed securitised debt markets.

Westpac is successfully integrating St George as a member of its house of brands portfolio, which also includes Bank SA and the RAMS home loan franchise, but St George is owned lock woolrich outlet, stock and barrel, and will behave itself.

But in a year that covered the peak of the financial crisis, St George still produced pro forma cash earnings of $1 billion, 23 per cent of Westpac's total profit. St George's core profit, which strips out the transient effect of bad debts, was up by 16 per cent to $2.09 billion, just short of 20 per cent of Westpac's $10.02 billion core surplus.

In the mortgage market abercrombie deutschland, the big four are writing about 90 per cent of the new business, and their overall market share is rising. When it approved the merger a little more than a year ago, the ACCC calculated that a combined Westpac-St George would control 21 per cent of the mortgage market. Their market share at the end of September was 23.4 per cent abercrombie.

Kelly says Westpac is all about giving customers choice moncler Trade gap widens less than expected  Trade balance, and says research shows there is very little overlap between the customer bases - but I will streak down a street of Westpac's choice if it ever reports that St George has won market share at its expense, and contrary to its wishes.

The Australian Competition and Consumer Commission also thinks that separate branding for St George and Westpac should not be confused with separate competitive positions hollister. When it cleared the takeover, it noted Westpac had announced plans to run St George as a distinct retail brand, but said common ownership would nevertheless remove the incentive for the two organisations to compete on price or on other aspects of the service offering.

As Kelly noted yesterday, competition is still strong. But it is now overwhelmingly among the big four banks moncler. The other sources of competitive pressure that the ACCC relied on - foreign banks, regional banks, credit unions and building societies - have retreated, and won't be significant competitive forces for some time.

Its analysis assumed that St George would not be a competitor in a banking market it said was predominantly national. And its decision to approve the deal rested on two main pillars: the first was that St George's national market share in key sectors was relatively small, ranging from 4 per cent for credit cards to 9 per cent for small-business lending. The second was that there was sufficient competition from other sources.

Indeed woolrich, one of the highlights of Westpac's profit yesterday was that both St George and Westpac have been increasing their market share. Westpac budgeted to lose about 4 per cent of St George's customers after the takeover abercrombie online shop, but it hasn't happened.

But St George is no longer in a position to work in the coming upswing as a counterbalance to the big four, which have boosted their share of the mortgage market from 56.8 per cent to 73.8 per cent in two years and their share of bank deposits from 58.8 per cent to 72.6 per cent in the same period, according to figures from CoreData.

THERE'S enough in the profit result Westpac handed down yesterday to confirm that last year's approval of the bank's $16 billion takeover of St George was good for Westpac, but bad for competition.

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St George is not without its issues hollister france. It has higher exposure than Westpac to commercial property loans that are either impaired or threatening to become so, for one thing moncler Panadol policy won't cure mining hangover; loans to residential property developers in Western Australia and south-eastern Queensland seem to be particularly vulnerable.

St George might not not have done quite so well as a stand-alone business. It has that higher property development exposure (business loan impairment charges for St George were up by $431 million in the year), and while it has a continuing presence at street level under Westpac's successful multi-bank brand strategy, it is accessing funds through Westpac and paying less than it would have on its own, either with or without the Government guarantee.

But would consumers be better off if St George was independent moncler outlet? In my opinion, no doubt. How and why the rules delivered St George to Westpac, and what needs to be done to prevent a repeat, is something to consider.

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abercrombie france Big four banks can count their blessings
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moncler Www.ukmulberrybagsoutletat.co.uk Mulberry This is a prospect that only the mining industry has to contend with. The trouble for the mining industry is that any additional tax imposed on the industry is not directly felt by the community air jordan pas cher. The super tax on the mining industry will be felt by shareholders and/or passed on to its customers in the manufacturing industry abercrombie france. These will ultimately flow through to the cost of manufactured goods but the consumers will not see the nexus.

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The bank is giving no guarantees that this trend will not be repeated in the current quarter.

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Meanwhile, bank fees yesterday became the subject of a class action, announced by the litigation funder IMF against the banks for $5 billion of exception fees charged by banks to customers over the past six years moncler outlet Tourism needs to lift its game Packer.

The bright spot for our banks right now is the growth in the business lending pipeline. Business is starting to borrow again but whether this is enough to offset more sluggish credit growth in other areas remains to be seen.

The reality is that banks are not in a position to complain too much. As large owners of wealth management businesses, Australian banks got their present from the government last week with the increase in the superannuation guarantee from 9 per cent to 12 per cent.

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Instead the bank was more focused on explaining to investors that, after taking into account the big boost from a fall in its impairment expense abercrombie france, the underlying earnings for the quarter to March actually fell.

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How does the rate cut affect you?

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Short odds on interest rate cut

It was probably a wise move by the banking industry to keep its own counsel about any level of disappointment following the budget.

The Commonwealth Bank chief executive, Ralph Norris, yesterday announced the group's quarterly trading update but remained non-committal on whether the budget delivered the industry - and the big four banks in particular - any treats.

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Competition has also crept into bank fees, which are being slashed by the big four and this year will cost the Commonwealth Bank up to $160 million in lost revenue abercrombie france Karen Millen Dresses Sale Hermes Bag Hermes.

They will ultimately have to deal with tighter regulatory capital requirements and this will come at a cost to profits, but the size of this impost is still being debated.

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Big class action against banks

For the government to impose a bigger tax burden on banks, which they would recoup through more charges on customers, would be more direct and more visible.

It would therefore be more politically unpalatable belstaff. This is one reason banks have got off lightly.

Managing school fees

One of the country's biggest ever class action lawsuits has been lodged against the banks. Ian Verrender reports.

This was the result of the increasing cost of funds moncler outlet, a bigger salary expense and a lighter contribution from treasury profits hollister deutschland. This was despite the Commonwealth Bank either holding or gaining market share in most areas.

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The more immediate challenge for banks is to increase earnings in an environment where their cost of funds is increasing and so is the competition for customers.

Early Christmas: Reserve Bank cuts rates

However hollister, there were a few elements in the budget that were a little negative. The reduction in interest withholding tax is a minor boost for overseas banks and the push for easier direct investment by consumers into the corporate bond market could trim demand for loans from large companies.

This has been evident in the latest round of bank profits. The competition for deposits has led to such attractive pricing that they are an expensive source of funds for banks.

Norris told the Herald yesterday that the bank had received no legal notification of the action and added that a similar claim in Britain a few years ago had failed moncler.

Austerity on the home front in Greece

The only mildly positive element of the news from Canberra is that there is a tax break on the earnings from small deposits, bonds, debentures and annuities.

More importantly, the budget held no nasty surprises for them - no levy on bank super profits. Bank sources told the Herald that such a tax was never considered likely.

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Market consensus was that this was a slight gain for the banks but it is unlikely to result in a rush of funds into bank deposits and they will not be enough to help the big four with funding needs anyway air jordan.

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Banks would love to have seen meaningful tax breaks on earnings from deposit accounts. It would have enabled them to better compete with superannuation as the parking spot for Australian savings. This was really wishful thinking.

hollister Seven West Media slides after share sale
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Shares in Seven West Media are down about 5 per cent after coming out of a trading halt following a capital raising.

The shares had been in a trading halt since Monday abercrombie, while the company air jordan, controlled by billionaire Kerry Stokes, undertook the institutional component of a $440 million capital raising belstaff.

The retail, or small shareholder, entitlement offer opens on July 23 at $1 abercrombie france The US deficit canary has rattled the cage in warning of dire.32 per share.

Seven West Media had said yesterday that eligible institutional investors had taken up 91 per cent of the new shares available under the offer air jordan pas cher, raising $259 million abercrombie woolrich David Jones  Retail war  Zahra v Zara, Zara winning.

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The institutional offer is the first stage of the equity raising hollister online shop, which will be used to pay down debt belstaff outlet.

Seven West said the bookbuild clearing price of 10 cents per entitlement would be added to the total paid of $1 moncler outlet.32 by the successful participants in the institutional shortfall bookbuild abercrombie france.

In mid-afternoon trading, Seven West Media was down 7.5 cents abercrombie NAB survey  Business confidence gain marred by orders slump, or 4.9 per cent, to $1 hollister.445.

abercrombie deutschland $A lower as Asian equities slip
"The ten years have been stronger than the three years, given the offshore factors. There's a little more tension on the Korean peninsula, so there's been a move away from risk on the equity market."

"The currency is trading in such a small range due to low levels of liquidity moncler abercrombie BHP boss joins ranks of the exalted," Mr Johnson said abercrombie deutschland.

The 90-day bank bill closed at 4.980 per cent down from 5.020, while the 180-day bank bill closed at 5.170, down from 5.210 woolrich outlet.

Mr Johnson said Australian bonds were relatively flat after a rally in US Treasuries Banks hold back on bumper rate cut.

The Australian dollar ended lower as investors dumped risk assets following a slump on Asian equity markets.

The March three-year bond futures contract was at 94.730 (5.270 per cent), up from 95.700 (4.300 per cent).

At 1600 AEDT, the RBA's trade weighted index was unchanged from Friday's close of 74.8.

The Australian bond market ended firmer after investors moving into safe haven assets as military tensions on the Korean peninsula increased.

The Australian dollar closed at 82.86 yen, down from 83.18 on Friday and at 75.07 euro cents from 74.56 previously hollister france.

The Australian share market finished the day weaker after sagging bank stocks outweighed gains to the energy sector.

At 1700 AEDT on Monday the local unit was trading at 98.79 US cents, down from Friday's close of 99.00 cents.

Mr Johnson said bonds would continue to trade in a narrow range in the lead-up to Christmas.

He said there had been a slight move towards safe haven assets due to increased tensions on the Korean peninsula and falls in equities moncler outlet abercrombie france Former Westpoint finance boss faces jail.

Since 1700 AEDT on Monday abercrombie france, the local unit traded between 98.65 US cents and 98.90 cents abercrombie.

The UN Security Council failed on Sunday to agree a statement on the Korean military crisis and Russia warned that the international community was now left without "a game plan" to counter escalating tensions.

AAP

"Weaker equities have caused US Treasuries to rally and Australian bonds have followed suit," Mr Johnson said.

"At this time of the year you'd expect the thin trading volumes."

UBS interest rate strategist Matthew Johnson said the local currency moved sideways during domestic trade abercrombie.

At 1630 AEDT on the ASX 24, the March 10-year bond futures contract was at 94 abercrombie online shop.430 (implying a yield of 5.570 per cent), up from Friday's close of 94.365 (5.635 per cent) woolrich.

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abercrombie When the US fairy dust ran out
Goodman is particularly good at explaining why China has acquired so much US debt. Yes moncler outlet, the purchases have allowed Americans to keep buying Chinese goods woolrich. Yet they have also kept some Chinese savings away from corrupt real-estate deals that have sparked violent protests, Goodman says. Working together, developers and local officials have seized rice paddies and wheat fields and turned them into fairways, factories and office parks with loans from state banks, he explains.

He puts these assets to work in a persuasive book on an all-too-familiar topic, Past Due: The End of Easy Money and the Renewal of the American Economy. His argument: Americans became profligate borrowers in recent years partly because the economy has not created enough jobs capable of financing a middle-class lifestyle.

"For many years, the economy has existed in a state of Neverland akin to that depicted in J.M. Barrie's classic tale Peter Pan; Americans have operated as if we can fly, borrowing increasingly enormous sums of money while making believe it need never be paid back," he writes.

How can Americans renew the economy? Goodman says the US needs to get back to honest work and invest in productive enterprises. He points to Newton, Iowa moncler, which lost its main employer, Maytag Corp. It has since created jobs by making windmill components. Though it is unclear how many jobs this can create, it is hard to argue with his conclusion: "Rather than bingeing on finance borrowed against a supposedly fantastic future abercrombie france, we must figure out how to generate enough income to live on - as individual households and as a society."

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Bloomberg

Extravagance helped stoke the crisis, Goodman says. Americans did not really need those flat-screen TVs in bedrooms. Yet Goodman makes the case that many Americans dug themselves into a hole through a pernicious confluence of other factors, notably the failure of real compensation for the rank-and-file to keep pace with productivity gains. Easy credit plugged the gap.

PETER GOODMAN is a reporter with a valuable thesis, reams of anecdotes and a habit of being in the right place at the right time abercrombie deutschland.

Goodman is well-equipped to explain how it reached this juncture, having covered three of the biggest financial stories of the past decade for American newspapers. In 1999, he began reporting on the dotcom craze abercrombie, which mortgaged the future to build "an abundant present", he writes. Returning to the US after moving to Shanghai in 2002, he watched the housing bubble swell as Americans turned their homes into cash machines, allowing them to buy ever more Chinese goods.

So Chinese authorities have found a way to keep some of the money beyond the reach of crooked operators abercrombie, he says. "In essence, the party delivered China's savings to the US to keep it free of the depredations of China itself, using the US Treasury as a safe deposit box," Goodman says abercrombie france Digest of Australian business news Nov. 25.

The book opens on Dorothy Thomas, a single mother in northern California who "lived strategically beyond her means" for two decades abercrombie online shop, mostly to get her daughters decent educations.

The bill finally came due in early 2008.

It did not help that the Federal Reserve chairman Alan Greenspan kept sprinkling the economy with the equivalent of fairy dust - low interest rates and assurances that "the magic of market forces obviated the need for government regulation" hollister, Goodman says. When the magic wore off woolrich outlet, Americans were buried in consumer credit - more than $US2.6 trillion of it by 2008, he says.

Thomas lost her car, so she could not get to work. She lost her job, so she could not pay her rent hollister france AFL nudges spring carnival into s. By year's end, she was in a homeless shelter abercrombie online shop Smith appears in for the l. Her descent was repeated across the land. "Millions of people have been living beyond their incomes for the simple reason that those incomes have been outstripped by the cost of middle-class American life," he writes.

air jordan Panic is back! Stocks take another bath
A few points on US treasuries

What's driving the sell-off?

Still, don't let any of this push you into panic. Some might see share prices flashing red as a 'panic' sign, but we Motley Fools see it as a 'For Sale' sign. We continue to suggest investors use these sell-offs to buy shares in a calm, measured fashion air jordan, always keeping some money back should things get really interesting &#8211; think March 2009.

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Does this guarantee a recession? No. But it's unmistakable that the US economy has slowed in recent months air jordan pas cher abercrombie Bank asset quality key after GFC RBA, and here in Australia air jordan pas cher News gets ACCC nod to buy Consolidated Media, the non-mining sectors are doing it tough.

AA+ rated US Treasuries trade at a 2 per cent yield. Consumer giant Johnson &amp; Johnson's AAA rated bonds yield 3.6 per cent.

It can't be repeated enough: The best returns are made during the darkest days. If you wait for the economy to get better, or for markets to calm down you'll miss the biggest returns. It's always worked that way hollister deutschland.

Standard caveat: Who knows? Markets do crazy things abercrombie france. More than 60 per cent of total volume is done by high-frequency computer trading using brainless algorithms. But a few things stick out.

After just a few days off, it's back hollister Banks need reining in, but an act is not. The Dow plunged 419 points overnight, with the VIX abercrombie, otherwise known as the fear index, spiking 37 per cent higher.

Panicking over what?

This article contains general investment advice only (under AFSL 400691).

According to Mozo belstaff outlet.com.au, many Australian banks are still offering one-year term deposits at well over 6 per cent belstaff. If it's the safety of cash you're after, and with markets betting Australian interest rates are heading sharply lower, 6 per cent is a mighty fine deal.

In the US, mutual fund outflows last week hit levels not seen since late 2008. Fund giant Fidelity says its customer call volume spiked 50 per cent last week. Broker TDAmeritrade said it processed more than 900,000 trades last Monday, with four out of five days last week hitting record levels of trading activity. Many were buying. But if the market is any guide, plenty were panicking.

If that wasn't enough, 10-year US Treasury rates hit an all-time low below 2 per cent. So much for that S&amp;P downgrade. In times of fear and panic, investors still flock to the apparent safety of American debt. The financial world has gone truly mad.

The past two weeks have understandably shaken confidence. Fearful of GFC2 hollister, investors have been fleeing the market.

Bruce Jackson is The Motley Fool's General Manager abercrombie. Bruce has an interest in Apple, BHP Billiton and Woolworths. The Motley Fool's purpose is to educate, amuse and enrich investors. BusinessDay readers can request a new free Motley Fool report titled Read This Before The Next Market Crash abercrombie france.

The worry du jour is that the US and European economies are heading into new recessions. Overnight, the Philadelphia Federal Reserve released a gauge of manufacturing activity now at its lowest level since March 2009.

If you're one of those willing to lend money to the US government for a decade at 2 per cent, we need to talk. Even a renowned dividend miser like BHP Billiton (ASX: BHP) is yielding more than 2 per cent, with high-quality blue chips like Woolworths (ASX: WOW), QBE Insurance (ASX: QBE) and Platinum Asset Management (ASX: PTM) all looking attractive from a yield perspective.

Over in the US, the earnings yield on 10-year Treasuries is the equivalent of 50 times earnings. By contrast, Apple, possibly the fastest growing mega-cap company ever, trades at 11 times earnings. Which investment would you prefer?

This too will pass, and those with a patient, long-term outlook will win. On the bright side, we're closer to the bottom than we were yesterday.

The Australian Financial Review reported retail investors fled from risky assets last week. The same newspaper quotes Royal Bank of Scotland as saying redemptions from Australian share funds accelerated last week, with outflows of $US170 million.

hollister GFC drag on leasing deals
According to Savills Australia's Melbourne Industrial Market Spotlight, total leasing activity in the south-east was just over 162,000 square metres in the 12-month period air jordan pas cher, compared with the 243 abercrombie,095 sq m hollister, five-year average.

Savills' Notting Hill office industrial director belstaff outlet, Lynton Williams, said the sustained economic gloom overseas was having an impact on Australian business and consumer confidence.

The Transport Legislation Amendment (Port of Hastings Development Authority) Act 2011 was passed by Parliament last August. It established an independent Port of Hastings Development Authority to push through the development of Hastings as a future container port.

The industrial property market has yet to fully recover from the GFC, he said. We have seen some movement over the last 12 months as businesses found they were forced to relocate due to the natural expansion of their business, or as they saw an opportunity to grow their market presence.

The south-east market includes Dandenong, Braeside, Mulgrave air jordan Surplus fixation forcing the RBA's hand, Clayton abercrombie france, Moorabbin, Rowville, Knoxfield abercrombie Former KPMG manager on trading charge, Scoresby, Bayswater, Croydon air jordan, Keysborough, Mount Waverley, and Notting Hill hollister deutschland.

THE number of leasing deals in Melbourne's key south-eastern industrial market was down nearly 33 per cent last year on the long-term average as the global financial crisis hangover and continuing global debt crises hit business and consumer confidence.

Mr Williams said vacancy levels varied across the south-east, according to geographical areas and building size and type. But the continuing shortage of modern, efficient buildings in key areas was motivating some developers to speculatively build new warehouses close to freeway linkages. The state government's decision to bring forward the development of the Port of Hastings as a container port had provided some long-term certainty hollister online shop. Industrial development will need to expand to meet the rise in demand that will flow from the redevelopment of Hastings abercrombie france, which will be a major boost for the region, Mr Williams said.

But this, along with leasing from online shopping operators, was the exception rather than the rule. On the positive side, Mr Williams said, the research provided some grounds for forecasts of a rise in industrial leasing and construction to meet historical demand.

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A resolution or progress on the European debt crisis front belstaff, and a drop in interest rates, should bolster leasing activity this year. The federal government's move to help car manufacturing was also a confidence booster for both automobile and allied manufacturers, and industrial property developers and investors belstaff ACCC to probe Packer's Ten raid.

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