Australian Economy

Situations: MCC, ERA

🕔7/16/2008 8:04:00 AM

The Macarthur Coal situation continues to get a more absurd with China's Citic Resources Holdings lifting its stake above 20% to become the coal producer's biggest shareholder.

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Basket Case Corner: Good News from Centro, AFG

🕔7/16/2008 8:02:00 AM

Some good news from basket case corner: specifically for the suffering holders of securities in Centro Properties and Allco Finance Group.

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Mirrabooka Books A Lower 2008 Profit

🕔7/16/2008 8:00:00 AM

Melbourne-based listed investment company; Mirrabooka Investments expects financial markets to remain cautious for some time, after posting a fall in annual operating profit in the year to June, a period described by the chairman as "turbulent".

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Midday Market Roundup 15/07/08

🕔7/15/2008 12:16:00 PM

The market is down 88. Financials down 3.3% after the biggest fall in financials in the US in eight years. Resources outperforming relatively, down 0.3%. Property down 3.4%.SFE Futures were down 37 this morning.

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Fannie and Freddie

🕔7/15/2008 8:34:00 AM

Too big to fail, and too big to completely nationalise, Freddie Mac and Fannie Mae, the errant twins of world finance remain stuck in a credit warp until the US Government can work out just what to do with these elephants.

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Markets

🕔7/15/2008 8:33:00 AM

The US government's plan to rescue Fannie Mae and Freddie Mac passed its first test overnight as big investors supported a $US3 billion short term debt issue from Freddie. But support remains fragile and will depend on reaction from the US Congress this week. That's why Fed chairman, Ben Bernanke's scheduled appearances this week on Capitol Hill in Washington will be of great importance and significance. The early rally in the stock market ran out of puff as investors worried about all financial groups, especially US commercial banks.

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