Financial Services

Metals dive as recession fears defy Wall St bailout; Banks warned on loan exposure; Centro gets reprieve; Garnaut has bush answer to climate; Hardie 'misleading' on compo

Subiaco-based seafood processor Sam's Seafood Holdings Ltd has branched out into the coal sector after agreeing to acquire a company that holds a majority interest in an Indonesian coal project.

Gold company Apex Minerals NL has entered into a subscription agreement with brokerage Goldman Sachs JBWere Pty Ltd to raise over $60 million.

Moly Mines Ltd has executed full financing documentation for the provision of a $US150 million interim debt financing facility with various funds associated with the Trust Company of the West.

The corruption watchdog has suspended the services of Western Australian financial service business Concentric Wealth Management Pty Ltd.

Wesfarmers Ltd has unveiled a new remuneration package for managing director Richard Goyder in a step to better reflect the increased responsibilities stemming from the Coles acquisition.

Gold miner St Barbara Ltd has signed a $20 million agreement with lender GE Commercial Finance to fund ongoing development at its Gwalia mine in Western Australia.

An injunction preventing Cape Lambert Iron Ore Ltd from acquiring a stake in an African iron ore project has been dropped following mediation talks with a disgruntled shareholder.

Emerging Perth-based base metals company Bass Metals Ltd has confirmed a maiden $1.78 million net profit for fiscal 2008 financial, underpinned by strong high-grade production from the Que River operation in Tasmania.

Found: Firepower chief in London, denies hiding; Double gas trouble as Inpex quits WA and oil tax is passed; Monetary shot 'a necessity'; Rio faces strike as train drivers fire up test case; Timber firms plan writs over Varanus gas crisis

The tax on condensate passed the Senate today, despite fierce opposition from WA Senators who compared the bill to a 'drive-by shooting' on Western Australians.

Treasurer Troy Buswell has announed the newly elected government will need to reign in excessive spending growth, inherited from the previous Labor government, following the release of the Annual Report on State Finances (ARSF) this afternoon.

The Australian dollar finished marginally firmer today after US President George W Bush's comments the US economy was "in danger" sparked a US currency sell-off.

Bentley-based waste recycling company AnaeCo Ltd has won its second major contract after being commissioned by a regional council in Victoria to process their mixed and green waste.

ANZ Banking Group Ltd chief executive Mike Smith says Australian banks are looking very strong, despite the current financial market turmoil.

Vulcan Resources Ltd, a base and precious metals development and exploration company working in Finland, has become the latest in a string of companies to feel the pinch thanks to the financial crisis affecting markets around the globe.

Avalon Minerals Ltd has announced a one for four Entitlement Issue at a price of 15 cents per share, to raise up to $1.95m.

Private Chinese company Shagang International Holdings will emerge with a 45 per cent stake in Grange Resources Ltd as a result of a merger deal announced today between Grange and Australian Bulk Minerals.

Perth-based CopperCo Ltd has announced their first full year profits, with revenue topping $81m and a net profit after tax of more than $5m

Pressing urgently for a massive financial bailout, President George W. Bush has warned "our entire economy is in danger."

Western Australia's residential market has been hit with the biggest drop in new homes sales in the country, according to a survey from the HIA.

State hit by $731m blowout: Buswell; 'Morale' cash quietens builders; Only 'faint glimmer' WA will retain Inpex gas project, says Barnett; Strike move sees NW union revival; Turbulence forces Qantas to delay $2bn float

LITIGATION funder IMF Australia believes the worst of the sub-prime crisis impact in Western Australia is yet to come, with "a simmering pile" of non sub-prime collateralised debt obligations potentially adding to investors' woes.

Calling the bottom of the market is fraught with danger for real estate agents and developers, but many in the industry are hopeful that the tide is beginning to turn.

THREE Perth entrepreneurs have established a $40 million venture capital fund to invest in new technologies.

DESPITE tightening global credit markets, property analysts remain optimistic that the residential sector in Western Australia is headed for a growth phase in the near future.

CHIDLOW-BASED property developer Greenedge Projects Pty Ltd is seeking to raise $12 million through an ASX-listing for its sustainable development vehicle, Greenedge Ethical Investments Ltd.

WESTERN Australia's long-term outlook remains bright, despite the upheaval on global financial markets, with labour shortages continuing to be one of the biggest challenges.

THE next stop for the Australian All Ordinaries Index now looks likely to be 4,300 points, which will be a 61.

THERE are many things likely to change following the recent state election, not just as a result of a new government but also due to the circumstances in which it took power.

Perth-based agricultural investment manager Great Southern Ltd may go back to the drawing board on its $438 million restructuring plans after the market meltdown slashed its share price.

World leaders have called for urgent steps to tackle the global financial crisis saying the time had come for sweeping reforms of multilateral institutions, including the UN Security Council.