Australia & New Zealand

Financial News

RBA Says Australia's Economy to Grow Faster Than Forecast, Rate Will Rise Australia’s central bank said the nation’s economy will expand at more than three times the pace forecast in August, and signaled it will continue to lead the world in raising interest rates.

Australian Dollar Advances as RBA Says Economic Growth Expected to Quicken The Australian dollar strengthened, advancing almost 2 percent for the week, as the central bank signaled it will add to two interest-rate increases over the past month because the economy’s expansion will accelerate.

Rupert Murdoch Would Like One of His Children to Succeed Him at News Corp. News Corp. Chairman Rupert Murdoch, who began building his media group with the Adelaide News in 1953, said he’d like one of his children to succeed him, amid regular discussions about who will take over at the U.S. company.

Tyranny of Distance Curbs Australian Hedge Fund Revival in Post-Madoff Era After a decade running Sydney-based hedge fund Commodity Strategies Ltd., founder Rob Holroyd is planning a move to New York or Switzerland in search of cash.

Rudd Attacks `Do Nothing' Climate-Change Skeptics, Says It's `Crunch Time' Australian Prime Minister Kevin Rudd said “do-nothing” skeptics, deniers and a “gaggle of conspiracy theorists” are among opponents impeding efforts to tackle climate change and pass a carbon pollution reduction plan.

Qantas Sydney-Los Angeles Flight Diverted to Melbourne on Fault, ABC Says A Qantas Airways Ltd. flight on its way to Los Angeles from Sydney turned back to Australia because of a faulty fuel pump, the Australian Broadcasting Corp. reported.

Australia Awards $214 Million for Development of Renewable Energy Projects The Australian government has awarded A$235 million ($214 million) to four companies to spur the development of renewable energy technologies as it seeks to reduce carbon pollution.

James Hardie Gets $393 Million State Loan to Boost Asbestos Fund, ABC Says James Hardie Industries NV, the building materials company, received a A$320 million ($293 million) state loan to ensure the company can pay compensation to asbestos victims, the Australian Broadcasting Corp. reported on its Web site.

Peabody CEO Sees Up to 40% of Profit From Australia as Coal Exports Double Peabody Energy Corp., the U.S. coal producer planning to double Australian exports over the next five years, said the country will likely contribute 30 percent to 40 percent of future earnings.

ResMed Profit Rises 50% on Demand for Sleep Disorder Treatment Equipment ResMed Inc., the world’s second- biggest maker of equipment for breathing-related sleep disorders, posted a 50 percent jump in first-quarter profit, helped by demand in the U.S.

General News

New South Wales Declares Disaster Areas After Flooding on Mid-North Coast Australia’s New South Wales state declared a natural disaster following flooding on the state’s mid-north coast.

Indonesian Fishermen Face Ruin Because of Timor Sea Oil Spill, ABC Says Indonesian fishermen are going bankrupt because the oil spill from the Montara field off northwestern Australia has ruined fish stocks, ABC News reported on its Web site, citing an environmental lawyer.

Lachlan Murdoch's $21 Million Outbids Crowe for Six-Bedroom Sydney Estate Lachlan Murdoch paid A$23 million ($21 million) to buy France’s former consulate in Sydney’s eastern suburbs, setting an Australian auction record for a single house and beating out actor Russell Crowe.

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