Local Insurers Escape AIG
News reports yesterday reported the first runs on offices of AIG, the stricken US insurer.
Companies in the News
Australian Economy
Aussie Banks Sound
The Reserve Bank says "there was never any doubt about the solvency of an Australian bank" during the credit crunch, which started in August 2007.
Alesco A Harbinger Of Other Woes?
Probably, because it had one of the earliest annual meetings this year because of its May 31 balance date, building and industrial products distributor Alesco, copped a caning when it 'fessed up at Tuesday's AGM to expectations of a first half slump in earnings.
Wheat Output Up, Price Boom Over
According to estimates from the US and Australian Governments, our wheat industry has a very good chance of resuming its key role as a major world wheat exporter because of better weather than a year ago.
RBA Governor Glenn Stevens Delivers Speech To Institute Of Company Directors
RBA Governor Glenn Stevens today delivered a keenly-anticipated speech to the Institute of Company Directors' luncheon in Sydney. Despite the onset of what the Governor described as a "storm" engulfing global financial markets, the Governor largely stuck to his original plan of speaking about four important long-run issues for Australia's economy.
Australia Market Report of September 17: Losses Smaller Than Expected
The share market dropped almost 2% yesterday after Wall Street dropped 4% to its lowest close since the September 2001 terrorist attacks. A late rally among major banks and gains in resources stocks kept the local damage from the fall out from the Lehman Brothers collapse to a minimum. The losses were not as bad as expected but the combined losses of the past two days were significant.
Midday Market Roundup 17/09/2008
Our market is doing OK after yesterday's heavy falls – up 40 – good result considering the SFE futures suggested a 16 point rise in the market this morning. Resources underperforming – down 0.2% and Financials making a bit of a recovery. All of the big four banks announced small exposures to Lehman's.
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