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Half-year results from Japan's 20 biggest banks show they have moved back into the black despite hefty write-offs of problem loans.
Analysts said figures released by 10 trust and credit banks Monday showed that all of Japan's big banks had continued actively writing off problem loans resulting from the collapse of Japa... | 10 |
Japan's Finance Ministry, which has long resisted calls from employers to reform the country's rigid corporate pension system, has finally decided to relax its tight grip.
However, industry sources say its proposals fall short of what is needed to cope with Japan's rapidly "greying" society and the poor financial state... | 10 |
Japan's financial industry is gradually recovering from the bad-debt hangover left by the economic "bubble" years, but the pain lingers on for smaller banks and loan institutions.
Analysts say the industry has got over the worst of the bad loan mess after vigorous efforts by the government and major banks over the past... | 10 |
The collapse of a major real estate company which borrowed heavily from Japan's "jusen" mortgage firms would be unlikely to have any major negative impact on the financial industry, analysts said on Tuesday.
Earlier on Tuesday, a semi-governmental body set up to collect problem loans run up by the "jusen" companies sai... | 10 |
Investors in Asian countries are turning to Tokyo's property market, formerly notorious for high prices, says Richard Mandel, managing director of the Japanese unit of U.S. real estate firm Kennedy-Wilson Inc.
Mandel told Reuters in a recent interview that his California-based company could bring foreign investors into... | 10 |
Investors in Asian countries are turning to Tokyo's property market, formerly notorious for its high prices, says Richard Mandel, managing director of the Japanese unit of U.S. real estate firm Kennedy-Wilson Inc.
Mandel told Reuters in a recent interview that his California-based company could bring foreign investors ... | 10 |
Japan's rule-bound markets must be fully deregulated to ensure that the nation does not fall further behind in the global finance business, an influential reform panel said on Thursday in an interim report.
Establishing markets to effectively manage 1,000 trillion yen ($8.92 trillion) of individual assets through dereg... | 10 |
The Tokyo stock market's recent falls offer a preview of the pain Japan's life insurance industry will face as a result of greater competition from planned "Big Bang" financial reforms, industry sources say.
The fall in share prices means some of the insurance companies may have to post losses in the business year to M... | 10 |
Japan's depressed real estate market is unlikely to get much immediate help for its problems despite market euphoria over possible state purchases of land once owned by troubled financial firms, analysts said.
Tokyo's key stock index surged on Thursday, led by property-related issues, after a newspaper report saying th... | 10 |
Major Japanese non-life insurance company Yasuda Fire & Marine Co Ltd announced on Monday that it plans to take a majority stake in the Japanese unit of U.S. life insurance giant CIGNA Corp.
Terms of the deal, which would be the first time a Japanese non-life insurance company has purchased a life insurance subsidi... | 10 |
Japanese banks, still struggling under the weight of massive problem loans, now face tough decisions on how to adapt to expected structural changes to the country's economy and financial system, analysts say.
They say it is inevitable the banks will need to shift their focus towards creating new business and offering s... | 10 |
A bill to lift a 50-year-old ban on holding companies is expected to be submitted to Japan's next parliament, with passage almost assured because of the government's "Big Bang" deregulation plans, economists say.
They added the financial industry would likely be the one which benefits first as the lifting of the ban wo... | 10 |
Japan's Finance Ministry pledged on Thursday to lift its controls on management of employee pension funds, a key member of an advisory panel to the prime minister said.
At a meeting of the Administrative Reform Council's subcommittee on deregulation, the ministry clearly stated it would abolish restrictions on where em... | 10 |
Japan's big securities houses have come to accept that deregulating commissions on stock transactions is essential if they are to keep their major customers, industry sources say.
"Many Japanese brokers oppose liberalisation, but it is unavoidable if they want to keep the status of the Tokyo stock market from falling,"... | 10 |
Japan's biggest life insurer, Nippon Life Insurance Co, plans to set up a joint venture in the Philippines, becoming the first Japanese company to sell life insurance policies abroad.
A spokesman for Nippon Life said on Monday that it and the Yuchengco group of the Philippines' would sign a contract by the year-end to ... | 10 |
Japan's financial industry suffered another blow Tuesday when a court was asked to start bankruptcy proceedings against a major realtor that has estimated liabilities of almost $5.5 billion.
But analysts said that while the collapse of Osaka-based Sueno Kosan could affect some individual financial institutions, it was ... | 10 |
Japan's top banks are touting a plan to lift a 50-year-old ban on holding companies as the cure for what ails their industry, but analysts say it will take more than that to solve their problems.
"We doubt that a simple change in ownership structure will result in aggressive restructuring of financial institutions," sa... | 10 |
Share trading on the Tokyo Stock Exchange could more than triple to a billion shares a day, once deregulation is decided and implemented, a senior official of the Finance Ministry said.
Atsushi Nagano, director general of the ministry's securities bureau, said he is resolved to make Tokyo a more attractive place to do ... | 10 |
Japan's financial industry suffered another blow on Tuesday when a court was asked to start bankruptcy proceedings against a major realtor which has estimated liabilities of almost $5.5 billion.
But analysts said that while the collapse of Osaka-based Sueno Kosan could affect some individual financial institutions, it ... | 10 |
First-half results from Japan's 20 biggest banks show they have moved back into the black despite hefty write-offs of problem loans.
Analysts said figures released by 10 trust and credit banks on Monday showed that all of Japan's big banks had continued actively writing off problem loans resulting from the collapse of ... | 10 |
Japan's biggest brokerage, Nomura Securities, posted a hefty half-year loss on Tuesday but other "Big Four" brokers turned in handsome profits due to improving business on the nation's stock market.
Nomura suffered a net parent loss of around $3 billion in the six months to September 30 after ploughing large amounts of... | 10 |
An influential Japanese government panel on Thursday called for a fundamental change in the nation's land policies, arguing that the old concept of trying to hold down land values was out of date.
Real estate values have plummeted since the bursting in the early 1990s of Japan's "bubble" of inflated asset prices.
The p... | 10 |
Japan's biggest brokerage, Nomura Securities, posted a hefty half-year loss Tuesday, but other "Big Four" brokers turned in handsome profits due to improving business on the nation's stock market.
Nomura suffered a net parent loss of around $3 billion in the six months to Sept. 30 after ploughing large amounts of money... | 10 |
Weak Japanese regional banks face a scramble to clean up their bad loan problems before oversight standards are tightened next year, but their room for manoeuvre may be limited by a sagging stock market.
This squeeze on the struggling players in the banking sector could cause more financial collapses and forced liquida... | 10 |
Two Nomura Securities group asset management firms said on Wednesday that they would merge next October to create a top player with a competitive edge on rivals in Japan's rapidly growing market.
The planned merger of Nomura Investment Management (NIM) which manages corporate pension funds and other large funds, and No... | 10 |
Japan is expected to lift controls on stock-related derivatives as part of a drive to free up its financial markets, but industry sources have doubts about whether the products can really take off here.
The securities industry sources said Tokyo was lagging so far behind overseas rivals, including Singapore and Hong Ko... | 10 |
More Japanese finance firms braced for the bitter pill of court-protected liquidation on Thursday, but analysts said Japan's banking sector still faces a long road to recovery from its bad loan headaches.
The announcements were no surprise and more were considered likely as the banking sector struggles to get rid of tr... | 10 |
Two out of Japan's "Big Four" brokers, Nomura Securities and Daiwa Securities, are expected to regain their financial health in the current business year, analysts said on Friday.
Japan's second-biggest broker Daiwa Securities said on Friday that it was considering a restructuring programme for a non-bank affiliate.
Wh... | 10 |
The introduction of new accounting methods for Japanese banks will not have an immediate impact on their earnings, but it should help boost derivatives trading in Japan, analysts and banking sources say.
Major banks are preparing for the new accounting methods for derivatives and securities trade, which will be introdu... | 10 |
Prime Minister Ryutaro Hashimoto unveiled plans Monday for a five-year "Big Bang" to liberalise Japan's financial markets and catch up with reforms carried out more than a decade ago in Europe and North America.
Finance Minister Hiroshi Mitsuzuka told reporters the three main pillars of the reforms would be to make mar... | 10 |
One year after its dramatic expulsion from the United States, scandal-hit Daiwa Bank is finding its misfortune may in some ways have been a blessing in disguise, analysts say.
The painful fall-out from its $1.1 billion bond-trading loss in the United States, they say, forced the bank to take some of the bitter but nece... | 10 |
The tentative deal with the United States to open Japan's insurance market will create some convulsions in the industry, but will help pave the way for the financial sector deregulation both sides say is vital.
A basic agreement was reached on Saturday, ending a dispute that U.S. President Bill Clinton had called the b... | 10 |
A loan-collecting body said on Tuesday it was seeking the involuntary bankruptcy of a major real estate firm, the latest shock to the country's financial system from the long-running "jusen" mortgage firm scandal.
If Osaka-based Sueno Kosan were declared bankrupt it would be one of the biggest Japanese business failure... | 10 |
A small securities house has cracked open Japan's highly regulated stockbroking commission system in a move which industry sources say should accelerate plans to deregulate the stock market.
Matsui Securities Co Ltd said on Friday it would cut its brokerage fees for stocks and convertible bonds traded over the counter ... | 10 |
Japan's major commercial banks on Friday said they had returned to the black in the first half of the current business year after many of them posted losses in the previous fiscal year.
Analysts said that aggressive problem loan write-offs in the second half of the previous fiscal year which ended in March led to the l... | 10 |
A deal with the United States to open Japan's $400 billion insurance market will create some convulsions in the industry, but analysts said Sunday it will help make way for the deregulation of Japan's financial sector.
A final agreement was reached on Sunday, ending a dispute that President Clinton had called the bigge... | 10 |
Undeterred by the woes of Japan's debt-laden finance industry, foreign investors have flocked to a new share offering by the nation's fourth-biggest bank.
The strong interest in the preferred shares issued last month by Sakura Bank Ltd, despite the institution's relatively weak financial strength rating, points to grea... | 10 |
Japan's ruling Liberal Democratic Party (LDP) and its allies agreed on Tuesday to lift a ban on holding companies put in place by U.S. Occupation forces shortly after World War Two.
The repeal of the ban will help Japanese firms restructure and boost their international competitiveness, party members said.
"The three p... | 10 |
One year after the peak of Japan's banking crisis, financial institutions are still reeling from the shock, and some have not escaped bankruptcy, analysts say.
Bankers say the worst of the bad loan nightmare is over, but analysts believe Japan's financial industry remains vulnerable.
"It will take some time for confide... | 10 |
Japan will set up a panel on Tuesday to tackle the after-effects of the nation's problem loans -- collection of bad loans in the form of land collateral, government sources said on Monday.
The panel will discuss wide-ranging steps to increase liquidity in the real estate market to facilitate collection of such problem ... | 10 |
Japan faces a number of regional bank failures over the next few years but the nation's financial system should not suffer any major damage, a leading U.S. rating agency said on Tuesday.
Senior executives from Standard & Poors Corp said weaker Japanese regional banks will go to the wall as liberalisation triggers a... | 10 |
Faced with persistent market rumours that it is on the verge of collapse, Nippon Credit Bank Ltd went public on Wednesday to say that any such talk is "totally groundless".
"In the markets, unsourced rumours such as the suggestion that our bank is practically on the verge of collapse are circulating and are prompting s... | 10 |
Overseas subsidiaries of Japan's top brokerage, Nomura Securities Co Ltd, virtually doubled their combined profits in the half year to September, energised by strong earnings in Europe.
An official of Nomura told Reuters its 66 subsidiaries abroad made a total of 17.7 billion yen ($158 million) in pre-tax profit in the... | 10 |
Japan's third biggest securities house, Nikko Securities Co, will focus on cutting personnel and other costs as it braces for "Big Bang" financial reforms, executive vice president Masao Yuki said on Friday.
"The Big Bang reforms will mean the survival of the fittest," he told Reuters in an interview.
"The (Japanese) f... | 10 |
A Japanese regional bank said on Wednesday that it could lose up to $26 million due to suspected misuse of bank funds by an employee.
Before Biwako Bank Ltd's announcement, rumours had swirled in Tokyo's markets that the bank was having financial problems, jolting stock and bond prices.
The bank allayed these fears som... | 10 |
Japanese banks, already groaning under problem loans, are dangerously exposed to the volatile Tokyo stock market and a further drop in the market may finally force them into a blood-letting reorganisation, analysts say.
They say that if the weaker banks are to survive, they must trim the size of their less-profitable a... | 10 |
The vulnerability of Japan's banking sector shares to rumour-led selloffs shows that investor confidence in the sector is still thin, brokers and analysts said on Wednesday.
Bank shares tumbled after vague market talk, later denied, that Nippon Credit Bank Ltd (NCB) would hold an emergency news conference reignited wor... | 10 |
The deal with the United States to open Japan's insurance market will create some convulsions in the industry, but analysts said it will help make way for the deregulation of Japan's financial sector.
A final agreement was reached on Sunday, ending a dispute that U.S. President Bill Clinton had called the biggest trade... | 10 |
Japan, worried about being isolated in global capital markets, is working to harmonise its domestic accounting standards with international methods.
Finance Ministry (MOF) officials and analysts say Japan must comply with international accounting methods amid growing criticism that it is difficult to calculate how much... | 10 |
Seven of Japan's eight biggest life insurers said on Wednesday that they experienced a drop in assets in the first half of the current fiscal year, the first such fall in many years.
Executives attributed the decline to a cancellation of pension fund management contracts after the firms cut their guaranteed rate of ret... | 10 |
Optus Communications Ltd said on Tuesday its Optus Vision pay-television venture was considering whether to continue to support the Australian Rugby League (ARL) after its court defeat against News Corp last week.
"The decision we have to make is how long we continue to support that, and I think right now our people an... | 30 |
Australian furniture, whitegoods and computer retailer Harvey Norman said on Wednesday it was trailing behind its target for 15 percent annual sales growth and that cool summer weather had impacted on December sales.
Managing director Michael Harvey told Reuters that December sales again grew by "double digit figures" ... | 30 |
Australia's biggest company, resources and steel group The Broken Hill Pty Co Ltd (BHP), said on Friday it has agreed to pay its domestic steel workers a 10 percent pay rise over two years.
The Australian Workers Union (AWU), which claims to represent about 80 percent of BHP Steel's 15,000 unionised steel workers, also... | 30 |
Base-metals producer Pasminco Ltd forecast on Tuesday another tough year of cost-cutting, warning that a weak zinc market and a strong Australian dollar would make its last annual profit hard to beat.
"We are going to have a difficult year," chief executive David Stewart told reporters after delivering a subdued earnin... | 30 |
Diversified manufacturer Pacific BBA Ltd said on Tuesday trading conditions in the second half of calendar 1996 had been softer than expected and it now expected 1996 profits to be around the same level as 1995.
"I've only seen July's results and verbal figures for August, but it will depend on how the rest of the year... | 30 |
The Broken Hill Proprietary Co Ltd's steel division expects to increase its earnings in the current 1996/97 year due to lower costs and improved operations, BHP Steel chief executive Ron McNeilly told Reuters on Thursday.
But BHP Steel sees no major improvement in its home Australian market until possibly the second qu... | 30 |
Major Australian banks have blown the dust off their Asian strategies and are moving quickly into the region as life gets tough at home.
Three of Australia's biggest banks have publicly renewed their Asian ambitions in the past few months as competition hots up for the local market and earnings begin to suffer. "It's n... | 30 |
Australian life office National Mutual Holdings Ltd will finally put an indicative value on its own shares on Wednesday, removing much of the guesswork that has surrounded the pricing of the group's A$2 billion-plus float.
The group's net tangible asset backing of A$2.36 billion or A$1.39 per share is expected to serve... | 30 |
Australian resources and steel group The Broken Hill Pty Co (BHP) posted a 9.8-percent fall in first-half profits on Friday, further disappointing the share market after a difficult year.
BHP, whose shares have been hammered since its key markets in steel and copper turned sour six months ago, posted a A$790 million (U... | 30 |
Australian resources and steel group The Broken Hill Pty Co (BHP) disappointed the share market on Friday with a weaker than expected second-quarter profit to post first-half net earnings of A$683 million before abnormals.
BHP, whose shares have been hammered since its key markets in steel and copper turned sour six mo... | 30 |
Australian life office National Mutual Holdings Ltd is expected to make a firm, historic debut on the Australian and New Zealand bourses on Tuesday after its institutional offer closed six times oversubscribed last week.
The final price of A$1.60 per share was higher than indicative bidding range of A$1.35 to A$1.55 in... | 30 |
Australian-based Foster's Brewing Group Ltd reported on Monday a small rise in interim net profit, but the bottom line result hid a strong performance from the group's home brews.
Foster's posted a 2.4 percent increase in net earnings to A$169.4 million, after booking a A$5.6 million abnormal loss.
The loss was due mai... | 30 |
Australia's Foster's Brewing Group Ltd signalled on Monday that it was thirsty for expansion and said it was eyeing possible joint ventures in India and Vietnam to add to its international stable of breweries.
Foster's executives told shareholders at the group's annual meeting in Melbourne that despite hiccups at its C... | 30 |
Global paper and packaging group Amcor Ltd announced on Monday a rare slide in annual profit, blaming weak world paper prices and flat economic growth at home, but its shares held firm on the promise of recovery.
The result, which was Amcor's first fall in pre-abnormal profit in over a decade, failed to rock the blue-c... | 30 |
Australia's biggest retailer, Coles Myer Ltd, reported on Wednesday a firm rise in sales revenue, signalling the worst may be over for the country's long-suffering merchants.
Coles announced a 5.4 percent rise in sales revenue to A$9.9 billion (US$7.5 billion) for the six months to January 26, sounding a rare note of o... | 30 |
Australian life office National Mutual Holdings Ltd is tipped to make a strong, historic debut on the Australian and New Zealand bourses on Tuesday after its institutional offer closed six times oversubscribed last week.
The final price of A$1.60 per share was higher than the indicative bidding range initially set for ... | 30 |
Chemicals and plastics group ICI Australia Ltd posted on Wednesday a steep fall in annual net profit, blaming it in part on sharply lower plastics prices, but said the company was poised for major new expansion in Asia.
Managing director Warren Haynes said the group's net profit after abnormals of A$197 million reflect... | 30 |
Over half a million people insured with Australian life office National Mutual Holdings Ltd have rushed to buy shares in the group in what the insurer said on Wednesday was a "fabulous" start to its stock market debut.
National Mutual, which plans to list on the Australian and New Zealand exchanges next month, announce... | 30 |
Australian retailers are heading for a grim round of sharply lower profit results as one by one the major chains announce they have fallen casualty to a sluggish economy and tight-fisted consumers.
Homeware retailer Harvey Norman Ltd added its voice on Wednesday to the chorus of woe, revealing it was trailing its goal ... | 30 |
Institutional investor National Mutual Holdings Ltd has arranged to meet St George Bank Ltd to discuss its merger with Advance Bank Australia Ltd in a sign of growing disquiet over the deal.
National Mutual's funds management arm, a top-20 shareholder in St George, wants to discuss the bank's decision not to put the me... | 30 |
Australian-based industrial group Pacific Dunlop Ltd painted on Friday a dour outlook of intense competition and low margins, and said it would look to cost cutting and acquisitions to help reignite its share price.
Faced with shareholder anger at the group's weak share price, chairman John Gough fended off suggestions... | 30 |
Australia's Foster's Brewing Group Ltd. said Monday it was thirsty for expansion and eyeing possible joint ventures in India and Vietnam to add to its brewery holdings around the world.
Foster's executives said at the group's annual meeting in Melbourne that despite hiccups at its Canadian and Chinese operations, the c... | 30 |
Australia's most profitable casino operator, Crown Ltd, said on Wednesday its long-term ambition lay in Asia where it planned to continue its winning streak with the region's high-rollers.
Crown chairman Lloyd Williams told shareholders in Melbourne, where the company's new casino and hotel complex is nearing completio... | 30 |
Australian resources and steel group The Broken Hill Pty Co. (BHP) posted a 9.8-percent fall in first-half profits Friday, disappointing the share market but avoiding another mauling by investors.
BHP, whose shares have been hammered since its key markets in steel and copper turned sour six months ago, posted a A$790 m... | 30 |
Over half a million people insured with Australian life office National Mutual Holdings Ltd have rushed to buy shares in the group, in what the insurer said on Wednesday was a "fabulous" start to its stock market float.
National Mutual, which plans to list on the Australian and New Zealand exchanges next month, announc... | 30 |
Resources and steel group The Broken Hill Pty Co Ltd is expected to report a fall in half year net profit on Friday, but share analysts say Australia's biggest company is likely to be spared another stock market mauling.
BHP, still licking its wounds with sellers having wiped around A$5 billion off its market value sin... | 30 |
Australian industrial conglomerate Pacific Dunlop Ltd reported a heavy fall in net profit on Friday but said the group was now ready to "take off".
Pacific Dunlop posted a 28 percent drop in net profit to A$84 million for the six months to December 31, within stock market forecasts, and its bullish outlook encouraged i... | 30 |
Australia has been warned it risks losing face in Asia if it takes its overseas radio and television services off air, as mooted in an official report.
The report's recommendation that the government close its state-owned short-wave service, Radio Australia, and sell off its fledgling satellite broadcaster, Australia T... | 30 |
Australian gambling group Tabcorp Holdings Ltd is praying for Melbourne Cup fever to grip the betting public next Tuesday and give the company a chance of winning back some lost turnover from its wagering division.
Tabcorp managing director Ross Wilson told the firm's annual meeting here on Tuesday that total turnover ... | 30 |
Australian aluminium producer Comalco Ltd is expected to report a nose-dive in net profit for calendar 1996 after prices and exchange rates turned against it.
Comalco, owned 67 percent by RTZ Corp Plc-CRA Ltd, is predicted on average to post a pre-abnormal net profit of A$33 million, a fraction of the A$264.8 million i... | 30 |
Australia's biggest aluminium producer, Comalco Ltd, plunged into the red on Monday, blaming weak prices, a strong local dollar and higher smelting costs.
Comalco announced a loss of A$16.8 million (US$12.9 million) in calendar 1996, compared with a net profit after abnormals of A$232.3 million in 1995.
Before abnormal... | 30 |
Australia's century-old steel maker, The Broken Hill Pty Co Ltd (BHP), has been warned it risks falling behind global rivals unless it restructures its big, ageing plants and maps out a clear offshore strategy.
BHP Steel's long-term strategy came under the spotlight on Monday after credit rating agency Standard and Poo... | 30 |
Australia's Foster's Brewing Group Ltd said on Monday it was thirsty for expansion and eyeing possible joint ventures in India and Vietnam to add to its international stable of breweries.
Foster's executives told shareholders at the group's annual meeting in Melbourne that despite hiccups at its Canadian and Chinese op... | 30 |
The computer software and instruction kit for the death machine used in the world's first legal mercy killing will soon be available on the Internet, the Australian doctor who developed it said on Tuesday.
Dr Philip Nitschke, who last month connected cancer sufferer Bob Dent to the machine in Australia's outback Northe... | 30 |
Australia's biggest retailer, Coles Myer Ltd, reported on Wednesday a firm rise in sales revenue, signalling the worst may be over for the country's struggling merchants.
Coles announced a 5.4 percent rise in sales revenue to A$9.9 billion for the six months to January 26, sounding a rare note of optimism in an industr... | 30 |
Australian casino company Crown Ltd said on Tuesday its earnings were likely to suffer due to lost time at its new casino complex in Melbourne.
Crown, which has seen its share price fall as doubts emerge over its profit outlook, confirmed that a recent heatwave forced workers at the site to down tools for a number of d... | 30 |
The world's biggest mining house, RTZ Corp Plc-CRA Ltd, is set to report a sharp fall in annual profit this week after shouldering a slide in metal prices during the year and battling problems with its U.S. copper smelter, mining analysts said.
The group, which has operations spanning the globe, is on average expected ... | 30 |
Australian paper and packaging group Amcor Ltd is expected on Monday to post a heavy slump in annual profit, due to lower paper prices and weak demand in its home market, but analysts feel the worst may soon be over.
The group, which recently warned the stock market its 1995/96 (July/June) results would be down on its ... | 30 |
Australia's biggest company, The Broken Hill Pty Co Ltd (BHP), has agreed to pay its local steel workers a 10-percent pay rise over two years in a wage deal which could set the tone for other labour negotiations.
The deal, which covers over 13,000 workers at BHP steel plants around the country, falls short of pay rises... | 30 |
Australian steelmaker, The Broken Hill Pty Co Ltd, on Thursday raised the prospect of the world's steel giants forging alliances and together building huge steel mills in Asia to meet the region's increasing demand.
BHP Steel, Australia's biggest producer of raw steel, said companies might be tempted to jointly build m... | 30 |
Australian industrial conglomerate Pacific Dunlop Ltd is set to announce a steep drop in first half earnings on Friday, due to plant problems and tough trading conditions, share analysts said on Wednesday.
The analysts are forecasting the group to report a net profit before abnormals of around A$85 million for the six ... | 30 |
Australia's biggest aluminium producer, Comalco Ltd, plunged into the red on Monday, blaming weak prices, a strong local dollar and higher smelting costs.
Comalco announced a loss of A$16.8 million (US$12.9 million) in calendar 1996, compared with a net profit after abnormals of A$232.3 million in 1995.
Before abnormal... | 30 |
Australian publisher Pacific Magazines and Printing Ltd told its shareholders on Tuesday to expect a small rise in earnings as paper prices came back to earth and a recent cost-cutting drive started to pay dividends.
At an annual meeting which unanimously approved the group's name change to PMP Communications Ltd, chai... | 30 |
Australia's Foster's Brewing Group Ltd toasted local beer drinkers on Monday for a strong rise in pre-tax earnings, but losses in Canada and China took some fizz out of the half-year result.
Foster's announced a 13 percent rise in pre-tax earnings to A$185 million (US$140.6 million) for the six months to December 31, d... | 30 |
A former chief executive of Australian retail giant Coles Myer Ltd spent millions of dollars of the company's money to renovate his home in a case of 1980s greed and excess, a court heard on Monday.
Brian Quinn, 60, who rose from a junior store assistant to run the country's biggest retailer, went on trial on Monday in... | 30 |
Australian insurance group National Mutual Holdings Ltd targeted China and Thailand as key markets on Tuesday as it fleshed out its role as the Asian arm of one of the industry's global heavyweights.
National Mutual, owned 51 percent by the recently expanded French insurance giant Axa SA, unveiled plans to double its r... | 30 |
A former chief executive of Australian retail giant Coles Myer Ltd spent millions of dollars of the company's money to renovate his home in a case of 1980s greed and excess, a court heard on Monday.
Brian Quinn, 60, who rose from a junior store assistant to run the country's biggest retailer, went on trial on Monday in... | 30 |
The world's biggest mining house, RTZ Corp Plc-CRA Ltd, is set to report a sharp fall in annual profit this week after shouldering a slide in metal prices during the year and battling problems with its U.S. copper smelter, mining analysts said.
The group, which has operations spanning the globe, is on average expected ... | 30 |
Australia's biggest aluminium producer, Comalco Ltd, plunged heavily into the red on Monday, blaming its loss for calendar 1996 on weak aluminium prices, an adverse exchange rate and higher smelting costs.
Comalco's net profit before abnormals slid to A$32.9 million in 1996 from A$264.8 million in 1995, in line with ex... | 30 |
Australian resources and steel group The Broken Hill Pty Co (BHP) posted a 9.8-percent fall in first-half profits on Friday, disappointing the share market but avoiding another mauling by investors.
BHP, whose shares have been hammered since its key markets in steel and copper turned sour six months ago, posted a A$790... | 30 |
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