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ASB Securities Morning Brief for Monday, 26 July 2010
New Zealand Headlines Reserve Bank governor Alan Bollard will probably raise interest rates this week, despite recent data, particularly on the housing market, retail spending and inflation, being softer than expected... Read more Financial markets regard it as virtually certain that the Reserve Bank will raise the official cash rate from 2.75 to 3 per cent on Thursday... Read more The New Zealand dollar is slightly undervalued, according to the Economist 's latest Big Mac index... Read more Security specialist Gallagher is on the prowl again for agricultural product maker Tru-Test, seeking a friendly takeover that would create a group with revenues of $280 million a year... Read more It's make or break time for the meat industry with the launch of an initiative to create a strategy for the sector, says Federated Farmers Meat & Fibre chairman Bruce Wills... Read more New Fonterra Shareholders' Council chairman Simon Couper spent many years working in banking, but the land pulled him home... Read more Would-be liquor merchants are flooding the country with applications for new bottle shops before an expected law tightening, a national liquor chain says... Read more Consumers are becoming wary of interest-free deals as past mistakes come back to bite, despite the lure of longer time periods... Read more China's growing number of technology-savvy consumers provides a real opportunity for New Zealand technology companies prepared to work hard and take their time getting deals done... Read more Trade commissioner and consul general Pat English has had enough of talking about opportunities for Kiwi firms in China.... Read more British officials say investment in Britain by Kiwi companies is up, with Canterbury companies like HotRot Organic Solutions helping lead the charge... Read more A pioneer of live bee exports says keeping New Zealand disease-free is the key to success of an export industry valued at $97 million a year.... Read more Former All Black stars Andy Haden and Ian Jones are among 240 investors in the Fiji Hilton owed an estimated $5.5 million in unpaid rent.... Read more GNS Science business unit Globe Claritas is on the brink of signing a significant international contract as it gears up to launch a new version of its seismic data imaging software... Read more When the chairman of your young company is John Hood, former Chancellor of Oxford University, people tend to take notice. But Matakina is not your average Wellington start-up.... Read more The Inland Revenue Department's focus on the property market has not let up due to the recession... Read more The Green Party is looking to impose more costs on landlords by having minimum standards for insulation and heating in rental properties... Read more Daily Sharechat. If Singapore-based Olam International's takeover offer for New Zealand Farming Systems Uruguay succeeds, PGG Wrightson could realise $15.5 million of cash for its 11.5% stake... Read more NZ Market Report. New Zealand stocks rose for the third time in four sessions, as a slew of positive corporate results on Wall Street helped bolster sentiment for equities worldwide. Rakon, AMP, and Air New Zealand led the market up... Read more
Australian Headlines Australian Market Report. The sharemarket is expected to open in positive territory this morning after a positive lead from Wall Street, as Europe breathes a collective sigh of relief over its banks' financial stress test results... Read more Australian banks will push ahead with debt fund-raising efforts in global markets, spurred on by the benign results emerging from a key test of the health of Europe's banks... Read more The central bank is set to go on the warpath over inflation pressures as concerns over Europe's debt subside and the economy strengthens... Read more The association representing small to medium-sized mining companies will relaunch its advertising campaign against the Federal Government's proposed mining tax by mid-next week... Read more Corporate advisers Korda Mentha called in to agribusiness group Willmott after investors shun its latest managed investment scheme... Read more Beleagured shopping centre giant Centro Properties Group is stepping up its rehabilitation efforts.... Read more Another BHP Billiton executive has been given a top job at the CSIRO, raising concerns over deepening links between the miner and the government agency under its chief executive, Megan Clark... Read more The emergence of Babcock & Brown's former chairman as a central figure in the Federal Court hearings into the group's multi-billion dollar collapse has yet to persuade its liquidator of the need to call him as a witness.... Read more It may not have the deep pockets of the powerful mining lobby, but small business may yet have a big say in who leads the country.... Read more Business has dismissed a plan by the opposition to slash immigration numbers if it wins the next election... Read more The world is heading for another round of tough times and investors are being "conned" about it, ABC chairman Maurice Newman has warned... Read more The war of words between the major banks shows no sign of easing... Read more As RHG Limited celebrates a surprise earnings upgrade due to a one-off tax windfall, pressure is mounting on the company to decide what to do with its growing cash reserves.... Read more Super Cheap Auto Group is on track to post a record full-year profit next month on the back of strong sales and improved margins... Read more Fears of widespread shocks in the forthcoming profit reporting season are overly pessimistic, says the head of Australian equities for UBS Global Asset Management, Simon Shields... Read more Fortescue Metals has been accused of "declaring war" on a WA Aboriginal group, after negotiations for a heritage survey turned sour... Read more Expect to hear a lot more about Peter Meurs. Already one of the nation's richest men, the long-time, but low-profile, Worley Parsons executive has taken on the most important role at Fortescue Metals Group next to that of its driving force, billionaire Andrew "Twiggy" Forrest... Read more There are few better qualified to speak to the commercial relationships between Australia and its Asian neighbours than Rob Rankin. The Deniliquin-raised Deutsche Bank chief executive for the Asia-Pacific is one of the highest ranking Aussie exports in global financial markets and holds passionate views on why Australians have "the best tag-along rights" of any nation in the region to the China growth story... Read more Labor promises business $1 billion in tax breaks on investments in energy-saving measures for commercial building under its latest climate change election promise... Read more Coalition policy to cancel the national broadband network would ''take Australia back to 2004'' and prolong Telstra's monopoly, according to Telstra's competitors... Read more One of China's largest diversified groups, the HNA Group, will officially open shop in Australia through its Hong Kong Aviation Company... Read more Gold miner Ramelius Resources has reported record production at its high grade Wattle Dam mine near Kambalda in Western Australia... Read more A year after learning to its cost just how much Australians love their Vegemite, the company is reviving the 50-year-old television ad to market the spread to a new generation... Read more Commercial property rents will double and residential property prices will rise by up to 30 per cent over the next three years, a respected economist has said in a bullish forecast for the economy.... Read more Mirvac will release the latest stage of its $1.6 billion Yarra's Edge precinct in Docklands next month - a series of homes that overlook the waterfront, plus terraces and home offices... Read more Matthew Stevens. Andrew Forrest's new call to arms on the minerals resources rent tax is likely to fall on heavily muffled ears outside Western Australia... Read more Stuart Washington. Some rather large stones were turned over last week in coming to a better understanding of why a cash-strapped Babcock & Brown extended a $35 million loan to Tricom... Read more Adele Ferguson. In the past three weeks the Bendigo and Adelaide Bank gave its community banking model a boost by issuing three prospectuses to fund three new community bank branches. This follows 22 new community branches opening last year and 20 in 2008... Read more Jennifer Hewett. It's no wonder Fortescue Metals is leading the drive against the revamped mining tax... Read more Andrew Main. Australia's iron ore exporters are going to have to start dealing quite soon with the implications of the upgrade to the Panama Canal... Read more Barry Fitzgerald. The big north American gold producers, and our own Newcrest, have cottoned on to the idea that investors will allow them to derive as much as 30 per cent of their revenue from copper before removing the cherished gold premium applied to their shares... Read more Christopher Webb. Jeremy Grantham, who heads up GMO, who looks after $118 billion of other people's money, says the sharemarket is exhibiting characteristics that have not been seen before... Read more Terry McCrann. The "populate or our future fortunes will perish" cry is the ultimate national pyramid scheme... Read more
International Headlines U.S. Market Report. An updated report of the latest action on Wall Street... Read more World Market Report. An updated report of the worlds' latest market movements... Read more BP chief Tony Hayward, widely criticised for his handling of the US oil spill, is negotiating his exit, with an announcement expected within 24 hours.... Read more BP is set to begin drilling off Libya amid safety concerns over the Gulf of Mexico spill and accusations over the Lockerbie bomber... Read more BP is set to report its second-quarter financial results on Tuesday, and by anyone's measure it's been a bruising period for the company... Read more As a strong July draws to a close, the earnings reporting period is just heating up, with 157 of the biggest companies in the U.S. due to open their books in the week ahead... Read more US conglomerate General Electric has said it is raising its quarterly dividend by 20% because of its improving financial performance... Read more US Treasury Secretary Timothy F. Geithner said U.S. companies scarred by the financial crisis remain “very cautious” and are trying to get more productivity from current employees before hiring new ones... Read more Former UK Prime Minister Gordon Brown says he wishes his government had spotted the financial crisis earlier, in his first interview since leaving office... Read more The European Union stress tests on banks vindicated Spain’s push to have the results published, even though five of the country’s lenders didn’t pass, Finance Minister Elena Salgado said... Read more Ernst & Young will cut its U.K. economic growth forecasts for the next three years and predict the Bank of England probably won’t raise interest rates until 2014 because of the government’s budget squeeze... Read more Conrad Black, the media mogul freed on bail from a Florida prison last week, may be sent back to jail if he cannot persuade an appeals court that a Supreme Court ruling requires that his fraud and other convictions be set aside... Read more Dalian Port Co., operator of China’s largest crude-oil terminal, said two oil berths resumed operations after a pipeline explosion caused a spill... Read more Even as the petroleum industry continues drilling in the Gulf of Mexico at considerable expense and risk, a single field in central Asia stands ready to produce two-thirds as much oil each day as the entire gulf does, with less danger to the environment... Read more Hollywood's faith in the power of 3D movies to deliver a bright future of packed cinemas and spectacle-wearing audiences has been jolted by figures that show the format may already be floundering... Read more
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