Whitehaven cuts coal guidance

Whitehaven cuts coal guidance

Whitehaven Coal shares have fallen after the miner cut its full year production guidance by up to eight per cent due to operational problems. Whitehaven shares dropped 4.5 cents, or 2.8 per cent, to $1.56. Whitehaven had some good news last week when the Commonwealth Department of the Environment found the company's biodiversity offsets package for its controversial flagship Maules Creek project…

  • Heineken returns to growth in Europe AAP - 5 hours ago
    Heineken returns to growth in Europe

    Heineken says it has returned to growth in its crucial Western Europe market in the first quarter, after a long period of stagnation. Organic sales - a figure which strips out the effects of currencies and acquisitions - grew by 3.4 per cent. Heineken said that like-for-like sales in Western Europe, where it is the largest brewer, were up 1.8 per cent to 1.51 billion euros.

  • $A steady after falling on CPI data AAP - 6 hours ago

    The Australian dollar has recovered only some of the losses suffered after the release of lower than expected inflation figures. Lower than expected inflation figures on Wednesday dampened speculation of a cash rate hike in the near future, weighing the Australian dollar lower. National Australia Bank global co-head of FX strategy Ray Attrill said the inflation figures were still weighing on the currency on Thursday, although trading volumes were thin ahead of the Anzac Day long weekend. "The Australian dollar had very much a nothing day," Mr Attrill said.

  • Shares achieve sixth straight day of gains AAP - 6 hours ago

    The share market closed firm at near six year highs following a sixth consecutive day of gains. Despite overnight weakness in global stock markets and political instability in Ukraine, the local market ...

  • ERM Power downgrades profit forecast AAP - 6 hours ago

    ERM Power has secured $1 billion in new contracts to supply electricity to the federal and NSW governments. But the business-focused power supplier has downgraded its profit forecasts for the 2014/15 financial year, which is prior to the commencement of the new contracts. ERM Power will provide electricity to large sites owned by NSW Health and the state's departments of education, justice and attorney-general from July 2015, in a three-year deal worth $900 million. ERM has also secured a $100 million, 12-month extension of an existing deal to supply electricity to more than 80 federal government agencies, at sites including federal parliament house, Government House and the National Gallery.

  • ResMed lifts quarterly earnings AAP - 6 hours ago

    Medical technology group ResMed has lifted its third quarter earnings by six per cent, despite flat sales from its key US market. Australian-listed ResMed, which makes sleep disorder equipment, achieved ...

  • Aust bond market strong on CPI data AAP - 6 hours ago

    Australian bond futures prices remain strong after lower than expected inflation dampened speculation of a cash rate hike any time soon. Figures on Wednesday showed the consumer price index rose 0.6 per cent in the March quarter, lower than the 0.8 per cent economists had been expecting, reducing the likelihood of an imminent rate hike, Westpac senior market strategist Damien McColough said. "The market is still mulling over the fact that after yesterday's CPI, the Reserve Bank of Australia will probably sit on its hands for longer than was expected," Mr McColough said. At 1630 AEST on Thursday, the June 2014 10-year bond futures contract was trading at 96.045 (implying a yield of 3.955 per cent), up from 96.035 (3.965 per cent) on Wednesday.

  • Transurban expands into Qld for $7b AAP - 6 hours ago
    Transurban expands into Qld for $7b

    Toll roads operator Transurban has extended its reach, leading a consortium that has bought several Brisbane toll roads from the Queensland government for around $7 billion. The consortium beat other bidders to acquire Queensland Motorways' 73.5 kilometres of roads and bridges for $6.67 billion, plus stamp duty of $384 million and transaction costs of $447 million. The Queensland Motorways portfolio comprises the Logan and Gateway motorways, CLEM7 tunnel, Go Between Bridge and Legacy Way, which is expected to begin operating in June 2015. Transurban chief executive Scott Charlton said the Brisbane toll roads were high quality assets that would help grow earnings for Transurban securityholders.

  • Atlas Iron optimistic despite price falls AAP - 6 hours ago

    Iron ore prices might be falling but Atlas Iron is still committed to expansion, declaring its north Pilbara iron ore assets as good as BHP Billiton's. "To give you some idea of the scale ... over the last 40 years BHP has mined in the order of 200 million tonnes in that area," managing director Ken Brinsden told reporters. Mr Brinsden made the comments while announcing the company achieved record shipments of 2.73 million tonnes in the March quarter, up from 2.70 million tonnes in the December quarter. A development would include a railway line to replace its current use of trucks, and a hub where all of its iron ore would be processed.

  • Labor-Greens inquiry doesn't like audit AAP - 7 hours ago

    A Labor-Greens dominated Senate committee has a whole lot of advice the government is likely to ignore ahead of its first budget. It wants the Renewable Energy Target retained and services for low-income and vulnerable groups quarantined from spending cuts. Any changes to funding social services should be discussed with the community sector while the McClure review into the welfare system should be made public. Unsurprisingly, coalition senators on the committee accuse their Labor-Greens colleagues of being in denial over the state of the federal budget.

  • Stocks to watch at close on Thursday AAP - 7 hours ago

    Stocks to watch on the Australian stock exchange at close on Thursday: AGO - ATLAS IRON - up two cents, or 2.1 per cent, at 97.5 cents Western Australian iron ore producer Atlas Iron achieved record shipments ...

  • Healthcare magnate in serious condition AAP - 7 hours ago
    Healthcare magnate in serious condition

    One of Australia's richest men, Paul Ramsay, is in a serious condition in a European hospital. The Ramsay Health Care chairman and founder's admission to hospital was announced to the ASX on Thursday morning but no further details were given. "On behalf of all Ramsay staff and doctors, we express our deep concern for Mr Ramsay," the company said. "We will keep the market informed of Mr Ramsay's condition."

  • Tribo-electric, the buzzword of the future AAP - 7 hours ago

    It is an alluring goal of clean, reliable power free from geo-political risks -- and scientists in the United States say it lies within reach, thanks to a smart way to harvest energy called tribo-electricity. Researchers at the Georgia Institute of Technology say they have built a simple prototype device that converts stop-start movement into power. Zhong Lin Wang, a professor of materials science and engineering, described the invention a "breakthrough". Its electricity is created from friction between two substances causing a charge of electrons to be transferred from one to the other.

  • MARKET CLOSE NZ stocks rise on energy rally; MRP, Meridian … BusinessDesk - 8 hours ago

    By Suze Metherell April 24 (BusinessDesk) - New Zealand stocks rose, energy stocks extended a rally for a second day as turmoil in the Labour Party fuelled speculation the incumbent National-led government ...

  • From the Farm: China tightens controls BusinessDesk - 8 hours ago

    Last year the owner of a New Zealand infant formula brand sold in China was doing some serious legwork at home.

  • NZ dollar gains as RBNZ lifts rates, sees faster economic … BusinessDesk - 8 hours ago

    The New Zealand dollar gained against other currencies after Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while lifting his estimate for economic growth in the March year to 3.5 percent. The kiwi rose to 86.24 US cents at 5pm in Wellington from 85.92 cents at 8am and 85.94 cents yesterday. Noting the strength of the kiwi dollar was unsustainable and holding back tradable inflation, the central bank raised its estimate for gross domestic product growth to 3.5 percent in the year ended March 31 from a previous forecast of 3.3 percent last month. At least they're not half-heartedly trying to jawbone the currency down when everyone knows it's going to have a very muted impact," said Stuart Ive, senior client adviser at OMF in Wellington.

New Zealand Markets

Company Finances

  • Reynolds American 1Q profit falls more than 28 pct Associated Press - Thu, Apr 24, 2014 12:01 AM NZST
    Reynolds American 1Q profit falls more than 28 pct

    Reynolds American Inc.'s first-quarter profit fell more than 28 percent as the company sold fewer cigarettes and spent more on expanding its electronic cigarette brand and legal costs. The nation's second-biggest ...

  • Procter & Gamble 3Q profit edges up, revenue slips Associated Press - Wed, Apr 23, 2014 11:59 PM NZST
    Procter & Gamble 3Q profit edges up, revenue slips

    Procter & Gamble Co.'s fiscal third-quarter net income rose 2 percent as it cut costs to offset sluggish sales in categories like beauty and family products. The world's largest consumer product maker's ...

  • How These 10 Marketing Campaigns Became Viral Hits Entrepreneur - Wed, Apr 23, 2014 11:30 PM NZST
    How These 10 Marketing Campaigns Became Viral Hits

    Any company can create word-of-mouth ad -- all it takes is a clever idea and skillful execution.

  • Tech boom presents new wrinkles for Wrigley Field Associated Press - Wed, Apr 23, 2014 11:04 PM NZST
    Tech boom presents new wrinkles for Wrigley Field

    During a recent game at Wrigley Field, John Weber was using a pencil and scorecard to expertly track the game between his hometown Cubs and the Pittsburgh Pirates. The 86-year-old retired transit worker ...

  • Toyota sells 2.58 million vehicles AAP - Wed, Apr 23, 2014 7:58 PM NZST
    Toyota sells 2.58 million vehicles

    Toyota has kept its position at the top in global vehicle sales for the first quarter of this year, outpacing rivals General Motors and Volkswagen. Toyota Motor said on Wednesday that it sold a record 2.583 million vehicles in the January-March period, putting the Japanese carmaker ahead of Detroit-based GM at 2.42 million and Volkswagen of Germany at 2.4 million. Toyota's first quarter sales rose by more than 6 per cent from the same period the previous year. GM's sales grew 2 per cent, while Volkswagen's added nearly 6 per cent.

  • Advocates vow to revive Navajo junk-food tax Associated Press - Wed, Apr 23, 2014 11:27 AM NZST
    Advocates vow to revive Navajo junk-food tax

    Facing a high prevalence of diabetes, many American Indian tribes are returning to their roots with community and home gardens, cooking classes that incorporate traditional foods, and running programs ...

  • Harley-Davidson 1Q earnings roar ahead Associated Press - Wed, Apr 23, 2014 7:06 AM NZST
    Harley-Davidson 1Q earnings roar ahead

    Harley-Davidson reported an 18.7 percent rise in first-quarter earnings, saying motorcycle sales grew 5.8 percent worldwide and efficiency efforts took hold during the quarter. The results beat Wall Street ...

  • How 'Sail' sold: Story of Awolnation's Aaron Bruno Associated Press - Wed, Apr 23, 2014 3:41 AM NZST
    How 'Sail' sold: Story of Awolnation's Aaron Bruno

    He has the second longest-running song in the history of the Billboard Hot 100 chart. You've likely heard the song — but not the name of the man who created it. Aaron Bruno is the musician behind "Sail," ...

  • 'Modern Family' dad opens beer restaurant in Utah Associated Press - Wed, Apr 23, 2014 3:12 AM NZST
    'Modern Family' dad opens beer restaurant in Utah

    He plays a bumbling dad on ABC's "Modern Family," but in Salt Lake City Ty Burrell is trying out for a role as restaurateur. Burrell has just opened Beer Bar, a beer garden-like eatery that serves ...

  • A Small Smartphone Startup Is Going Guerilla to Get Some Big-Time Attention Entrepreneur - Wed, Apr 23, 2014 3:00 AM NZST
    A Small Smartphone Startup Is Going Guerilla to Get Some Big-Time Attention

    You might not have heard of this company before. But that might soon change. It’s using guerilla-style marketing to aggressively get the word out about its forthcoming Android-based smartphone.