Australia

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Payless Shoes To Close 132 Stores After No Buyer Was Found For Collapsed Retail Chain

All 132 stores in the Payless Shoes network will close by February 2017, after administrators for the retail chain were unable to find a buyer for the business as a whole, SmartCompany.com.au reported. Administrators from Ferrier Hodgson said on Wednesda ...

Daily Headline - global.abi.org - 12/14/2016 - 22:42 - 0 comments

Australian Banks Admit Attempted Cartel Conduct

Two of Australia’s biggest banks have agreed to pay a combined fine of 15 million Australian dollars (€10.5 million) after admitting to attempted cartel conduct aimed at rigging the benchmark rate for the Malaysian ringgit, the Irish Times reported. ...

Daily Headline - global.abi.org - 11/27/2016 - 18:13 - 0 comments

Arrium's Moly-Cop Sold For $1.23 Billion To Private Equity Firm

Insolvent Australian industrial group Arrium Ltd's U.S. based Moly-Cop division has been sold to private equity firm American Industrial Partners for $1.23 billion, two sources close to the deal said, ending a drawn out sale process, Reuters reporte ...

Daily Headline - global.abi.org - 11/03/2016 - 20:34 - 0 comments

Australia Flags China’s Debt Mountain As Risk To Stability

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accoun ...

Daily Headline - global.abi.org - 10/31/2016 - 18:43 - 0 comments

Australia Flags China’s Debt Mountain As Risk To Stability

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accoun ...

Daily Headline - global.abi.org - 10/30/2016 - 17:10 - 0 comments

Australia Celebrates 25 Years Since Last Recession

Australia marked 25 years without a recession in the second quarter, another step closer to the Dutch record for the longest developed-economy expansion of recent decades, The Wall Street Journal reported. The economy grew 0.5% in the second quarter from the first and by 3.3% from a year earlier—the ...

Daily Headline - global.abi.org - 09/07/2016 - 20:50 - 0 comments

Clive Palmer Fell Out With Queensland Nickel Administrators When Jet Seized, Court Told

A breakdown in Clive Palmer’s relationship with administrators of his Queensland Nickel business was evident around the time a dispute flared over a private jet, the company’s former financial chief has told the federal court, The Guardian reported. ...

Daily Headline - global.abi.org - 09/06/2016 - 22:01 - 0 comments

Mater Private’s €300 Million Debt Refinancing Led By Macquarie

The owners of the Mater Private hospital, who recently pulled a sale of the business for the second time in 14 months, have secured a €300 million refinancing deal led by Australian bank Macquarie. The Sydney-based bank’s Macquarie Lending unit in London ...

Daily Headline - global.abi.org - 08/22/2016 - 18:41 - 0 comments

Woolworths Tipped To Report Heavy Loss On Back Of Restructuring, Masters Exit

When Woolworths reports its full-year results on Thursday, expect to see a loss of about $1 billion, analysts say, after restructuring costs and its exit from the disastrous Masters hardware business, The Sydney Morning Herald reported. Credit Suisse ...

Daily Headline - global.abi.org - 08/22/2016 - 05:19 - 0 comments

Global Miner BHP Billiton Slumps To Record Loss

BHP Billiton reported a record $6.4 billion annual loss on Tuesday, hammered by a bad bet on shale, a dam disaster in Brazil and a commodities slump, but said it expects its free cash flow to more than double this year. “While commodity prices are expect ...

Daily Headline - global.abi.org - 08/16/2016 - 21:41 - 0 comments

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