Ian Lewis News
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Telstra Corp. will hold off on returning extra cash to shareholders until at least 2014 as it starts receiving A$11 billion ($11.4 billion) from the state- owned company building Australia’s broadband network.
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Moody’s Investors Service raised its rating of Foster’s Group Ltd. by one level to Baa1, its third-lowest investment-grade, following the acquisition by SABMiller Plc.
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Australian and New Zealand consumers are showing signs of resilience as slower growth in Asia and Europe’s debt crisis inhibit a global expansion.
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Qantas Airways Ltd., Australia’s biggest carrier, said it may lose its investment-grade credit rating and be forced to sell its Jetstar unit if Australia changes laws affecting the company.
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Woodside Petroleum Ltd. , Australia’s second-largest oil producer, said its Pluto liquefied natural gas venture will cost A$900 million ($867 million) more and start about six months later than previously projected.
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Australia’s liquefied natural gas industry faces “serious challenges” such as labor shortages that may force energy companies to delay, merge or cancel their projects, Moody’s Investors Service said.
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Telstra Corp., Australia’s biggest phone company, agreed to hand over its fixed-line assets in exchange for A$11 billion ($11.6 billion) to clear the way for the rollout of a government-owned high speed internet network.
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