Fannie, Freddie CEOs get big pay rises

The chief executives of US government-backed mortgage giants Fannie Mae and Freddie Mac are getting large raises, to about $US4 million ($A5.23 million) a year, as the government relaxes rules that were imposed on the companies after they suffered big losses and were bailed out. In forms filed with the Securities and Exchange Commission, the companies disclosed that Fannie Mae CEO Timothy Mayopou…

  • Early blow for TFS action against analyst AAP - 4 hours ago

    Sandalwood producer TFS Corporation has stumbled at an early hurdle in its legal action against an equities analyst and his employer, Taylor Collison. TFS Corporation launched the action after Adam Paul Dellaverde authored a 57-page PowerPoint presentation about the company in September last year, that it believed was damaging. According to a document submitted to the West Australian Supreme Court, TFS Corporation said the presentation was "saturated with false and misleading statements" and omitted key information about its financial affairs and business operations.

  • Gold miners could extract gold in new way AAP - 4 hours ago

    Australia's gold miners may soon have access to a technique to extract gold without the environmental risks associated with cyanide. Highly toxic cyanide is used in mining to dissolve gold and ores, but the process is often banned in sensitive environments due to contamination concerns. CSIRO scientists and US gold mining giant Barrick Gold recently collaborated to produce a gold bar without using cyanide for extraction.

  • Retail data sends $A to two month low AAP - 4 hours ago

    The Australian dollar hit a two and a half month low after sluggish local retail spending figures disappointed the market. RBC foreign exchange strategist Keng Goh said the Aussie dollar's fall after the release of the retail figures was the day's big move. At 1700 AEST, the Australian dollar was at 93.35 Japanese yen, down from Thursday's close of 94.21 yen, and at 68.35 euro cents, down from 68.94 euro cents.

  • Economists sift through patchy data AAP - 4 hours ago

    Economic figures this week were patchy, leaving economists to weigh up the pluses and minuses facing the Australian economy. The headline of their analysis - "Housing boom bigger, but capex cliff steeper" - highlighted the Reserve Bank of Australia's dilemma. The number of visitor arrivals is growing more rapidly than resident departures from Australia, in part because of increasing numbers of visitors from China.

  • More rate cuts this year unlikely - survey AAP - 5 hours ago
    More rate cuts this year unlikely - survey

    The Reserve Bank is unlikely to cut rates again this year. All 14 economists surveyed by AAP expect the RBA to keep the cash rate unchanged at its July meeting on Tuesday, and only two expect another cut before the end of the year. HSBC Australia chief economist Paul Bloxham said the RBA is in a "wait and see" mode, assessing the impact of rate cuts before making further moves.

  • Aust bonds firmer ahead of Greek vote AAP - 5 hours ago

    The Australian bond market is stronger as traders play it safe, uncertain about the outcome of Greece's Sunday referendum on financial reforms needed to secure more bailout funds. Earlier in the week, ...

  • Childcare operators in $162m takeover bid AAP - 5 hours ago

    Australia's largest commercial childcare operator G8 Education is making a $162 million bid for rival Affinity Education as it continues a rapid expansion. G8 Education chair Jenny Hutson described the offer as "compelling value" for Affinity shareholders.

  • Aust shares down on Greek vote uncertainty AAP - 5 hours ago

    The Australian share market has slipped one per cent ahead of Greece's referendum on bailout conditions. IG market strategist Stan Shamu said investors were not interested in buying stocks heading into an uncertain weekend in Europe.

  • Drillsearch CEO departs immediately AAP - 5 hours ago

    Drillsearch Energy has explained chief executive Brad Lingo's sudden departure as necessary because the company needs fresh ideas to move forward. Mr Lingo will leave the oil and gas explorer and producer immediately, after more than six years in the job. Drillsearch chairman Jim McKerlie said the departure was by mutual agreement and that the board had decided new leadership was needed to take the business into its next phase of growth.

  • Murray Goulburn trust makes positive debut AAP - 5 hours ago

    A special purpose funding vehicle linked to Australia's largest dairy company, Murray Goulburn, has had a positive debut on the Australian share market. The MG Unit Trust is a special purpose funding vehicle that will allow external, non-farmer investors to invest in Murray Goulburn. Murray Goulburn has raised $500 million in new capital from non-farmer investors in the MG Unit Trust, and from an issue of more shares to supplier shareholders.

  • Stocks to watch at close on Friday AAP - 5 hours ago

    Stocks to watch on the Australian stock exchange at the close on Friday: DLS - DRILLSEARCH - up one cent, or 0.9 per cent, at $1.075 Oil and gas producer Drillsearch Energy says chief executive Brad Lingo's ...

  • Aust shares close lower AAP - 6 hours ago

    The Australian share market has closed one per cent lower ahead of the weekend Greek bail-out referendum. At the close on Friday, the benchmark S&P/ASX200 index was 61.5 points, or 1.1 per cent, lower ...

  • MARKET CLOSE: NZ shares fall on Greek worries; A2, … BusinessDesk - 6 hours ago

    ![CDATA[ By Suze Metherell July 3 (BusinessDesk) - New Zealand shares fell as uncertainty over Greece's debt default sapped risk appetite and demand for equities. A2 Milk Co, Xero and Fletcher Building ...

  • NZ dollar heads for 1.8% weekly decline as Greek referendum … BusinessDesk - 7 hours ago

    The New Zealand dollar is heading for a 1.8 percent weekly decline as financial markets remain volatile ahead of Greece's referendum on whether to accept a bailout package from its European creditors, and as the wheels start coming off the local economy. The trade-weighted rose to 70.57 from 70.31 yesterday, and is heading for a 1.8 percent weekly decline. A BusinessDesk survey of 13 currency advisers on Monday predicted the kiwi would trade between 66 US cents and 70.50 cents this week.

  • Budget, rate cut fails to boost spending AAP - 7 hours ago

    The May interest rate cut and federal budget measures to loosen small business pursestrings failed to provide a significant boost to retail spending in the month. Australian retail spending rose 0.3 per cent in May, official figures show, short of economists' expectations of a 0.5 per cent rise. Commonwealth Bank of Australia economist Diana Mousina said the retail figures have been disappointing over the past few months despite what should have been positive influences for consumers.

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  • FDA weighs new restrictions on liquid nicotine products Associated Press - Wed, Jul 1, 2015 7:58 AM NZST
    FDA weighs new restrictions on liquid nicotine products

    Federal health officials are considering whether to require new warnings and child-resistant packaging on liquid nicotine formulas used with e-cigarettes and other emerging tobacco products. The Food and ...

  • The Legal Lowdown on Starting a Brewery or Distillery Entrepreneur - Wed, Jul 1, 2015 3:30 AM NZST
    The Legal Lowdown on Starting a Brewery or Distillery

    Find out what legal hoops you'll need to jump through in your state before starting a craft alcoholic beverage business.

  • What's driving Detroit's manufacturing turnaround? CNBC - Tue, Jun 30, 2015 3:45 AM NZST
    What's driving Detroit's manufacturing turnaround?

    No longer in bankruptcy, Motor City is busy nurturing 1,400 next-gen advanced manufacturers to rekindle its legacy as a production hub.

  • Discovery secures European Olympic TV rights through 2024 Associated Press - Tue, Jun 30, 2015 2:14 AM NZST
    Discovery secures European Olympic TV rights through 2024

    U.S.-based media giant Discovery Communications Inc. secured the European broadcast rights for four Olympics through 2024 on Monday in a landmark deal worth 1.3 billion euros ($1.45 billion). The parent ...

  • Number of 'American-made' autos drops to new low CNBC - Mon, Jun 29, 2015 4:30 PM NZST
    Number of 'American-made' autos drops to new low

    It's getting tougher to find cars and trucks built in the U.S. that meet an industry index measuring which vehicles are the most "American-made".

  • Many options, no single solution to nation's traffic snarls Associated Press - Sun, Jun 28, 2015 3:52 AM NZST
    Many options, no single solution to nation's traffic snarls

    The problem is clear: Traffic congestion will become significantly worse and more widespread without big changes in how people and products get around. Build more roads. Build more public transit. Rely ...

  • USDA proposes healthier fare for child, adult day cares Associated Press - Sun, Jun 28, 2015 2:46 AM NZST
    USDA proposes healthier fare for child, adult day cares

    As teachers lament seeing toddlers too large to fit in playground swings, a federal program that feeds millions of low-income children may be overhauled for the first time in almost 50 years, aiming to ...

  • You face on your espresso? Highlights from tech show Associated Press - Sun, Jun 28, 2015 2:20 AM NZST
    You face on your espresso? Highlights from tech show

    Imagine staring deep into the foam of your favorite espresso drink and seeing a face looking back at you. Or how about using the charge in your fingers to clean your teeth? At the CE Week gadget show in ...

  • To Improve Productivity Tell Your Team to Go Take a Hike Entrepreneur - Sat, Jun 27, 2015 1:15 AM NZST
    To Improve Productivity Tell Your Team to Go Take a Hike

    Giving employees exercise breaks benefits their wellbeing and your bottom line.

  • Group gets green light for Vic wind farm AAP - Fri, Jun 26, 2015 2:05 PM NZST
    Group gets green light for Vic wind farm

    A deal has been struck to construct a $450 million wind farm in Victoria, just days after the renewable energy target finally passed parliament. A consortium of five companies, including America's GE and Australian contractor Downer EDI, has agreed to finance and build the 75-turbine Ararat wind farm in southwest Victoria. Project leader Renewable Energy Systems says the wind farm will be the country's third largest when construction is completed in 2017.