General Motors announces $148m investment in Spring Hill manufacturing The future of approximately 200 workers at GM’s Spring Hill manufacturing plant looks to be set after the car maker announced that it will invest $148 million to repurpose flexible machining and assembly equipment at the plant to build V8 engines. General Motors’ Spring Hill manufacturing plant Image credit: media.gm.com The investment – part of the $709.4 million investment package GM has announced since the ratification of the UAW-GM national agreement in 2015 – is designed to help the company meet market demand for the Small Block 6.2L V8 engine in the truck and SUV segment. Arvin Jones, GM North America Manufacturing Manager, said the move will see Spring Hill become the third site that builds the 6.2L V8 for trucks after Tonawanda in New York and St Catharines in Ontario. “This investment will position GM and its workforce to promptly respond to consumer demand for this engine in the popular truck and SUV segment,” Mr Jones said. He said having flexible equipment and machining is allowing the company to add capacity in a timeframe faster than the typical two to three years required to add a new engine line. “The flexibility of Spring Hill’s engine machining and assembly equipment is allowing GM to respond deftly when additional engine variant capacity is needed.” According to GM, equipment repurposing will begin immediately with Small Block 6.2L V8 production scheduled to begin during the fourth quarter of 2016. “Spring Hill and its employees have a reputation for producing award-winning 4-cylinder engines,” said UAW Local 1853 Chairman Mike Herron. “We appreciate GM recognising these outstanding skills with the opportunity to build V8 engines for some of GM’s most popular full-size trucks and SUVs.” Australian Manufacturing

ASC welcomes release of Defence White Paper Australian shipbuilder ASC has welcomed the release of the Government’s Defence White Paper which revealed plans for a larger fleet of future warships and submarines for the country’s Defence forces. Image credit: www.asc.com.au Commenting on the release of the White Paper, ASC Interim CEO Stuart Whiley said the company was “willing to assist” the Government in achieving the objectives outlined in the document. “As Australia’s builder of complex warships and the home of Collins Class submarine expertise, ASC welcomes the Defence White Paper as providing greater clarity to industry on future Defence requirements,” Mr Whiley said. “ASC is ready to help the Government achieve its goal of an expanded navy fleet of warships and submarines, leveraging ASC’s highly skilled workforce, specialised facilities, lengthy experience and links to thousands of Australian supplier companies.” ASC Shipbuilding Chief Executive Officer Mark Lamarre said the Offshore Patrol Vessel project and the Future Frigates project were key priorities for the company. “ASC has built a highly capable and efficient shipbuilding workforce with the skills, expertise and knowledge required for future shipbuilding projects,” Mr Lamarre said. Mr Whiley said ASC was already contributing to the navy’s plans for submarines, having seconded more than 20 ASC submarine experts to the Future Submarine Program. According to him, ASC’s ongoing role as builder of the Air Warfare Destroyers and builder and maintainer of the Collins Class submarine fleet makes it a “key interface with Australian industry”. “ASC employs more than 2,600 people in South Australia and Western Australia and draws on a network of thousands of Australian, or Australian-based suppliers,” Mr Whiley concluded. Australian Manufacturing

Fonterra opens four new manufacturing capacities in New Zealand Global dairy giant Fonterra has once again demonstrated its commitment to New Zealand’s dairying communities with the opening of four new plants across the South Island that will create approximately 60 new full time jobs between them. Image credit: www.fonterra.com The company has officially opened the new mozzarella plant at its Clandeboye site near Timaru along with three new plants at its southernmost site at Edendale. Fonterra Managing Director Global Operations Robert Spurway said the new manufacturing capacities would prove to be beneficial not only for the Co-operatives 10,500 farmers but also for rural and regional economies. “The buoyancy of New Zealand’s rural economies has long been the backbone of our national economy,” Mr Spurway said, adding that the expansions would also help Fonterra deliver on its strategy to shift milk into more products that deliver higher returns. “Investing in dairy processing in towns like Clandeboye and Edendale supports the local dairy workforce, brings opportunities for trades, consultants and contractors and has a flow-on effect for a range of local businesses.” Fonterra Director Leonie Guiney said the site expansions had already contributed to Fonterra’s improved results in the first quarter of the current financial year. “Our new plants enabled our Co-op to avoid incurring additional costs at the peak of the current season. We are achieving higher yields and quality, and the flexibility to vary our product mix is enabling us to earn margins above the prevailing market prices,” Ms Guiney said. Australian Manufacturing

Giant Lulo diamond sold for A22.5m Australia’s Lucapa Diamond Company Limited, Angola’s national diamond mining company and private local partners Rosas & Pétalas have announced the sale of the 404.2 carat diamond that was recently discovered at the Lulo Diamond Project in Angola’s Lund Norte province. Image credit: Lucapa Diamond’s ASX release Lucapa said in an ASX release that the Lulo alluvial diamond sold for A$22.5 million, which represents an average price of A55, 585 per carat – a record price for a white diamond recovered from Lulo. The company’s Chief Executive Stephen Wetherall said Lucapa and its partners were thrilled to have achieved a record sale price for the biggest recorded diamond ever found in Angola. “The sale of a single diamond for US$16 million underlines the huge potential of the Lulo diamond field to regularly produce gems which are both large and of world-class quality,” Mr Wetherall said. “We look to the future with tremendous excitement at Lolo as we continue mining these exceptional alluvial diamond areas, growing our alluvial mining capability and advancing the kimberlite exploration program to locate the primary source of sources of these gems.” Lucapa, which operates the Lulo project, has a 40% interest in the alluvial mining operations, with Endiama holding a 32% interest and private Angolan partners Rosas & Pétalas holding the remaining 28%. Mining operations at Lulo began in 2015 following the awarding of a mining licence in November 2014. Australian Manufacturing

Australia’s submarine fleet must be built locally, Minister D’Ambrosio says

Orora’s $42m investment to boost glass bottle manufacturing capacity and generate new jobs in SA

Holden announces end of Cruze production, hundreds of jobs to go

Boeing patents 3D printing technology that prints levitating objects

Mars Chocolate issues voluntary recall of products manufactured in the Netherlands

2016 Defence White Paper increases Defence spending by $29.9bn over the next decade

Toyota HiLux SR5 crowned Australia’s best UTE

BlueScope unveils solar thermal rooftop, capable of heat and solar electricity production.

A small terrace house in the suburb of Glebe, Sydney has been fitted with BlueScope’s innovative PV thermal rooftop system — the world’s first system which combines thin film solar panels with thermal capabilities to generate both heat and electricity.

According to the article on PV Magazine, the array combines typical building integrated photovoltaics (BIPV) with building integrated photovoltaic-thermal (BIPV-T) materials to create a roofing system that can produce both heat and solar electricity.

The landmark rooftop generates electricity in the same way as solar PV modules, while the heat is trapped and distributed between the two layers for use in water and space heating.

Hailed as a product of the future which could one day be sold on Australian rooftops, the PV thermal rooftop system has cost BlueScope A$5 million (US$4.7 million), with the Australian Renewable Energy Agency (ARENA) contributing to the project with a $2.3 million grant and expert assistance.

“Today we are witnessing an exciting new technology solution moving from the lab to be prototyped on everyday Australian rooftops for the first time. The old corrugated steel roof on this house in Glebe has been completely replaced with the first integrated photovoltaic (PV) thermal system in Australia, generating reliable renewable energy for the residents. A tile roof in the Illawarra region has also been replaced with the integrated PV system, demonstrating its versatility,” ARENA CEO Ivor Frischknecht said in a statement.

“In addition to PV panels, an innovative thermal duct system warms and cools air to supplement air conditioning in the homes. These first installations are an important step as the technology moves towards commercialisation and cost competitiveness with conventional rooftop PV.”

According to the article on RenewEconomy, the system had been designed to provide a low cost system that would reduce installation and energy costs, as BlueScope is preparing for the anticipated boom in the building integrated photovoltaic market, which is expected to increase 10-fold across the globe in coming years.

“The market motivator is energy reduction, and the motivator for integration into rooftop design is a reduction of material costs and in building heating costs. That way we can have it all done in one,” Dr Troy Coyle, Head of Coating Product Development at Bluescope, told RenewEconomy in 2012 when the project was announced.

“This is a great display of Australian ingenuity and an example of industry leveraging government funding to make breakthroughs that may lead to advanced manufacturing and export opportunities,”said Australia’s parliamentary secretary to the Federal Minister for Industry Bob Baldwin during the launch.

http://www.australianmanufacturing.com.au/wp-content/uploads/2014/06/Integrated-pv-thermal-roof-install1.jpg

Filed in: SustainabilityTags: Australian Manufacturing, BlueScope, heat and electricity, integrated photovoltaic (PV) thermal system, integrated PV system, Manufacturing, Manufacturing Australia, PV thermal rooftop system,renewable energy.

Rivers losses halve for Specialty Fashion http://ift.tt/1QuUX1h

Losses at Rivers have halved, fuelling hopes that parent company Specialty Fashion Group will return to an annual profit. Specialty Fashion expects Rivers will begin turning a profit in fiscal 2017 for the first time since it bought the discount retailer for $3.6 million in 2013. While the price was considered a bargain, the group, which also owns women's fashion chains Millers, Katies, City Chic, Crossroads and Autograph, inherited a huge amount of old stock.

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SA plan to triple copper production http://ift.tt/1QuUX1e

The South Australian government plans to triple copper production to export more than $8 million of the precious metal each year by 2030. Premier Jay Weatherill on Tuesday said his strategy could also ...

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Negative rates pose Aust RMBS risks

Below zero Euribor rates present challenges for some Suncorp, St George mortgage-backed securities, Moody’s says

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Virtus lifts profit 7%

IVF provider lifts profit in first half to $17.8m; Singapore arm to continue to run at loss.

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Aust dollar higher as commodities soar

Local currency lifts as rebounding risk appetite flows through to commodity prices.

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Toughest marketplace yet for insurers

QBE has boosted dividends even as insurers battle structural changes in the industry and endure a crunch on premiums.

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Bain firms as Greencross suitor

Bain Capital enters the battle for pet care business Greencross in what is now shaping up as a three-way contest.

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Earnings Calendar

Business Spectator’s guide to the full-year results of Australia’s publicly listed companies.

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Qantas’ lift goes beyond oil’s hard landing

Lower fuel costs have helped the airline return to profitability, but fuel hedging and a radical management overhaul have also had a major impact.

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BHP dumps dividend policy after loss http://ift.tt/1mUaEaL

BHP Billiton has slashed its shareholder dividend and abandoned its progressive payout policy after a collapse in commodity prices forced it into a $US5.67 billion ($A7.84 billion) half year loss. The move had been expected after the resources giant was forced to take a $US7.2 billion writedown against its US oil and gas assets in December and as rivals Rio Tinto, Glencore and Vale all slashed their own payouts in recent weeks. BHP cut interim dividend to 16 US cents per share, from 62 US cents a year ago, and like rival Rio Tinto, said it was dropping its long-standing policy of holding or increasing dividends at every result.

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Caltex posts record annual profit http://ift.tt/1mUaCQ3

Strong demand for premium fuel products at Caltex Australia's 800-plus service stations and a sharp drop in expenses has helped the fuel retailer produce a record annual profit. Motorists have been buying more premium fuel products, including Vortex diesel, following big slides in pump prices that have been driven by lower oil prices. "The increase penetration of premium Vortex products has been driven by our continued investment in growth, particularly in our retail service station network, which includes not only new sites to Caltex and new sites in the industry but the refurbishment of existing service stations and our increased marketing spend," he said.

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IVF provider Virtus lifts 1H profit 7pct http://ift.tt/1L7GA6X

Increased demand for assisted reproductive services has helped boost Virtus Health's profit, although its Singapore clinic still runs at a loss. "I think Singapore's our biggest headwind at the moment," Virtus chief executive Sue Channon said of the company's first clinic in the city state. Ms Channon said Singapore was a new market and the company needed to prove itself in terms of reputation and success rate.

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Melb to keep driving growth: Cedar Woods http://ift.tt/1mUaEaI

Home builder Cedar Woods expects property hot spot Melbourne will continue to deliver impressive sales rates, but warns prices may cool. The property developer is on track to deliver a record result for a sixth straight year after doubling first half profit, thanks to a stellar performance from projects in Australia's second-largest city. Managing director Paul Sadleir predicts market conditions will remain stable in Victoria, after price rises and strong sales volumes in the first half.

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Nufarm upgrades H1 earnings guidance http://ift.tt/1L7GzQB

Agricultural chemicals and seeds supplier Nufarm has lifted its first half underlying earnings guidance, although currency movements and writedowns will curtail profit. Nufarm, which also announced writedowns after dropping some less profitable products, now expects a rise of eight to 13 per cent in underlying earnings before interest and tax (EBIT) after a strong trading performance in January. In December, the company said it expected underlying first-half EBIT to be in line with, or ahead of, last year's first six months.

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$A pushes higher as commodities soar http://ift.tt/1mUaEaB

Rebounding risk appetite and a surging in commodity prices have given the Australian dollar a boost. At 1330 AEDT on Tuesday, the currency was trading at 72.33 US cents, up from 71.74 cents on Monday. ...

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Qantas shareholders pocket another $500m http://ift.tt/1mUaDUn

Qantas shareholders will pocket a second windfall in a year after the airline launched a $500 million buyback on the back of a record first half profit. The total Qantas has handed over since returning to profit in 2015 will soar past $1 billion with the buyback, which was unveiled on Tuesday alongside a $688 million half year net profit. Alan Joyce, who declared his intention to remain chief executive for the foreseeable future, said the board will consider further capital returns when it reports full year results in August.

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Turnbull clarifies capital gains tax talk http://ift.tt/1L7GzQq

The coalition will not be adopting Labor's plan to reduce the capital gains tax discount for individuals, Prime Minister Malcolm Turnbull has told parliament. Mr Turnbull a day earlier had emphatically ruled out increasing the tax, saying it was "no part of our thinking whatsoever". Labor has proposed reducing the capital gains tax discount from 50 per cent to 25 per cent.

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Uber a threat to make NT taxis behave http://ift.tt/1mUaCzy

The Northern Territory government is holding ridesharing service Uber as "a sword of Damocles" over the head of taxi operators who don't lift their game, the territory's transport minister says. The government has announced a series of reforms for the commercial passenger vehicle industry (including taxis buses, minibuses, charters and private car hires) and says that for the time being Uber will remain banned. The NT's taxi industry in particular has been the subject of many complaints, such as an overall lack of taxis, drivers refusing fares for distances that are too short or too far, and excessive card surcharges.

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Canada's oil boomtown adjusts after bust http://ift.tt/1oytrte

Canada's northern oil hub Fort McMurray is learning the hard way that there is no such thing as simply going back to normal after a long boom that got cut short by the collapse in crude prices. With prices down 70 per cent over 18 months, producers have deferred costly new oil sands projects and laid off tens of thousands of mainly fly-in fly-out workers, who overwhelmed the city during the 15-year oil boom, but also bankrolled much of its prosperity. The stress was so great that city officials welcomed the onset of the market downturn with a sense of relief - an opportunity to return to a more balanced development.

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Cedar Woods eyes 6th year of record profit http://ift.tt/1Ujpk0L

Home builder Cedar Woods is on track to deliver a record result for a sixth straight year and has upgraded its earnings guidance after doubling first half profit. The company on Tuesday reported an $18.1 million profit for the six months to December 31, up from $9.1 million for the same period last year. "We are confident that if conditions continue as anticipated, we will deliver a full year net profit of approximately $43 million," managing director Paul Sadleir said on Tuesday.

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Labor accuses PM of misleading parliament http://ift.tt/1Ujpllm

Government MPs have stymied a Labor attempt to have Malcolm Turnbull front parliament and explain why he made misleading statements about the capital gains tax. Mr Turnbull on Monday emphatically ruled ...

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Market falls back from morning gains http://ift.tt/1oytrtd

The local share market has pared back some of its strong morning gains to be slightly higher at noon, with the banks pressuring the bourse. The big four lenders were treading water at midday, bringing ...

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Morrison approvals sale of Tasmanian Land http://ift.tt/1oyttl5

Treasurer Scott Morrison has approved the sale of Tasmanian Land Company to China's Moon Lake Investments. The sale, consistent with a recommendation from the Foreign Investment Review Board, includes ...

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Silverchef lifts full year guidance http://ift.tt/1Ujpll8

The Silverchef Group has raised its full year profit forecast after a 45 per cent lift in first half earnings. The group, which rents equipment to mainly hospitality businesses, made a net profit of $10.3 million in the six months to December 31, up from $7.1 million a year ago.

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Britain's bank workers buckle under stress http://ift.tt/1UjkjoY

Dwindling job security, heavier workloads, regulatory upheaval and the poor public image of the banking sector are taking a toll on the mental health of Britain's bank workers. Eight years after the global financial crisis, stress in the industry has pushed up demand for insurance to protect revenues against the cost of paying staff too sick to work, insurance data show. "The problem has gone into a new stratosphere since the financial crisis ... Those who still have a job are vilified," said Jagdev Kenth, director of risk and regulatory strategy in the financial institutions group at Willis Towers Watson.

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Business on watch over warranties: ACCC http://ift.tt/1UjkjoT

Big businesses using warranties to swindle consumers have been put on notice by the Australian competition watchdog. Australian Competition and Consumer Commission chairman Rod Sims says the watchdog will more likely take action against large businesses than small businesses in 2016. "Addressing poor behaviour at these levels is important to send clear messages to the market," he said in a speech laying out the ACCC's priorities for the year on Tuesday.

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CEO Joyce has 'no plans to leave' Qantas http://ift.tt/1UjkjoS

Alan Joyce has dismissed speculation his tenure as Qantas chief executive could soon be over, saying he wants to stick around "for some time". Mr Joyce attributed the turnaround in large part to the so-called transformation initiative he implemented two years ago, cutting jobs and costs while investing in new aircraft and customer facilities. Some media outlets have speculated that Mr Joyce might step down after eight years as CEO, but the Irishman says he still has work to do.

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Honeywell, United Tech held merger talks http://ift.tt/1QWKaxB

Aerospace component suppliers Honeywell International Inc and United Technologies Corp have held merger talks, but the latter is convinced that a deal would not pass antitrust muster, according to people familiar with the matter. Such a deal would likely draw opposition from plane makers such as Airbus and Boeing, as well as the Pentagon, since the companies also make parts for key weapons programs, including Lockheed Martin Corp's F-35 program. United Tech was reluctant to shed higher-margin commercial aerospace units that would likely be required to secure government approval, a second source said.

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Iron ore and oil lifts Aust shares http://ift.tt/1UjkiBc

The Australian share market is higher following an impressive commodities-driven lift on international markets overnight and mixed earnings results. Jumps in oil and iron ore prices prompted a Wall Street surge with the Dow Jones, the S&P 500 and the Nasdaq all climbing close to 1.5 per cent. Local shares also benefited from commodity price rises, said Commsec markets analyst Juliana Roadley, but early gains were tempered by heavyweight BHP Billiton's $US5.6 billion ($A7.84 billion) net loss.

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NT govt will not allow Uber to operate http://ift.tt/1UjkikX

The ridesharing service Uber won't be allowed to operate in the Northern Territory. The NT government has announced reforms to the taxi industry but said it "will not be making any regulatory changes authorising point-to-point ridesharing transport services". Transport Minister Peter Chandler said the reforms will benefit passengers and the community as well as drivers and taxi operators.

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Oil Search plunges into the red http://ift.tt/1QWKaxo

Oil Search has cut its dividend payment to shareholders after plunging into the red with a $US39.4 million ($A54.45 million) full year loss. Oil Search lopped 8.0 US cents off its final dividend, taking it to 4.0 US cents a share. Oil Search described 2015 as one of the most challenging in recent history for the oil and gas industry as commodity prices plunged.

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Seven Group prepares for fresh buyback http://ift.tt/1QWKb4l

Kerry Stokes' conglomerate Seven Group has announced plans for another share buyback after reporting a slide in first half profit. The company, which has interests in industrial services, media, property and resources, announced a 90 per cent drop in net profit to $6.5 million for the half year to December 31.

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Specialty Fashion profit nearly up 51% http://ift.tt/1Ujkj8s

Clothing retailer Specialty Fashion Group expects to return to profit this year after a sharp rise in half year earnings. The group, which owns Katies, Millers, City Chic, Crossroads and Autograph women clothing chains, reported a 50.6 per cent jump in profit to $8.818 million for the six months to December 31. The company also says its turnaround plan for Rivers is working and it expects the business to produce a profit in the 2017 financial year.

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Spotless profit drops 20pct http://ift.tt/1QWKah5

Cleaning and catering business Spotless has reaffirmed its expectation that full year profit will fall 10 per cent. The company has reaffirmed its forecasts for revenue to exceed that of fiscal 2015, however costs associated with new contracts and acquisitions will weigh on profit. Net profit is expected to be 10 per cent lower than the $60.2 million profit made in fiscal 2015.

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Stocks pare gains as banks slide

Banks turns southward to drive local market down at noon; Qube rallies, BHP up 3%.

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Shine scraps dividend as profit falls

Legal firm reports 90% slump in first-half earnings after reducing value of work in progress.

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What comes after Apps? Race is on to find ‘WeChat of the West’

It’s absurd that we have to discover, download and crowd our devices with apps we rarely use.

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Thatcher’s revenge? The Tories finally go to war over Europe

The Tories are obsessed with Europe largely because they blame it for helping bring down Margaret Thatcher in 1990.

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RBA to announce new card rules in May

Payments chief flags framework to clamp down on excessive surcharges on card payments.

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BHP’s lesson for all Australian companies

BHP’s decision to alter its dividend policy is a timely reminder of the importance of reinvesting profits and ignoring the threats of dividend-hungry institutions.

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Govt green lights media mergers

Cabinet approves new wave of media mergers under sweeping reforms.

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Stocks rally after commodity gains

Local market opens in positive territory after iron ore, oil prices gain ground.

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Oil Search result hit by price slump

Oil and gas producer posts headline loss, plans to cut investment spending as earnings hit by price plunge.

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Flexibility the key to BHP’s new dividend policy

In framing its new dividend policy, BHP has allowed itself some flexibility while also giving shareholders and the market what they wanted.

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Nufarm upgrades EBIT guidance

Agricultural chemicals company says ‘strong’ January boosts operating earnings, but currency moves to hit net profit.

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Asciano in talks over joint Qube-Brookfield bid

Ports and rail freight operators says preliminary discussions value company at $9.28 per share.

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ResMed buys software firm for $US800m

Medical equipment company to acquire healthcare software firm Brightree to boost post-acute care offering.

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Healthscope interim profit surges

Hospitals operator says close collaboration with health funds is paying off.

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Seven Group H1 profit slumps 90%

Conglomerate will focus on costs following impairment to value of its stake in Seven West Media.

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Don’t cheer a devaluation

THE pound has dropped to its lowest level against the dollar since March 2009, on fears that the support of Boris Johnson, London’s mayor, for the leave campaign has made Brexit more likely. While Mr Johnson’s economic adviser, Gerard Lyons, manfully suggested on BBC Radio 4’s The World at One that the decline was little to do with Brexit, the facts are against him. The pound fell against all major currencies and there were no economic data to drive the change; it has weakened in the past on polls indicating Brexit is more likely. British assets are less attractive to international investors because of the possibility of Brexit; those investors may be wrong in their view, but it is clearly their opinion. 

So what, advocates of Brexit might ask. A falling pound is good for exporters. It can be, although it also drives up the cost of imports; a big fall in the pound is 2008-09 did not eliminate the trade deficit. The key point, however, is that...Continue reading

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Retailers must "look to UK, US and India" http://ift.tt/1L4BMiH

Australian retailers can drive a post-mining economy if they look to new markets abroad and diversify at home, an analyst says. MasterCard Advisors senior vice president of market insights Sarah Quinlan says local retailers weren't hit as hard as other countries by the global financial crisis due to the mining boom. Ms Quinlan said local retailers can enter those markets and apply methods and tools from those markets at home.

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AmorePacific is a model to follow http://ift.tt/1Rh7Y1C

South Korea is known around the world for Samsung phones, kimchi and Hyundai cars but ask that question in Asia and the answer might be equally be "air cushion" compacts. One of the country's most valuable companies and richest individuals, both little known in the West, owe their financial success to a range of beauty products that have developed an almost cult-like following among the young in East Asia. AmorePacific, which began decades ago selling camellia hair oil made in a traditional Korean kitchen, has in recent years ridden a wave of enthusiasm for all things Korean created by the popularity of K-pop music and TV melodrama.

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$A boosted by $US weakness in quiet trade http://ift.tt/24lEx5S

The Australian dollar has held on to gains made following stronger-than-expected US economic figures. At 1200 AEDT on Monday, the currency was trading at 71.57 US cents, up from 71.12 cents on Friday. ...

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Brambles in great shape: CEO http://ift.tt/1Rh7VmE

Global pallets, crates and containers supplier Brambles has lifted its full-year profit guidance after strong growth in its core pallets business helped boost first-half profit. Brambles on Monday reported a two per cent increase in net profit to $US290.9 million for the six months to December 31, 2015. Chief executive Tom Gorman said Brambles was thriving despite significant macro-economic uncertainty and continued intense competition.

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'Industrial cathedrals' slowly transformed http://ift.tt/24lEzum

A worn-looking collection of grain silos left over from Buffalo's heyday as a shipping hub tower like enormous cement pipe organs along the Buffalo River. Too historic to tear down, too far gone to re-open, these "industrial cathedrals," as preservationist Tim Tielman describes them, have stood frozen in time as Buffalo's waterfront has transformed around them. "It's all about a re-appreciation of what makes us unique as a region," said Rick Smith, who bought a collection of the grain elevators near his Rigidized Metals business with plans for an ethanol plant that were later scrapped as too costly.

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Market buoyant as ore price rises http://ift.tt/1Rh7XLg

The Australian share market has kicked off the week on a positive note, well up at noon, with healthy gains by the big miners. The China port price of iron ore was up by 1.3 per cent to $US46.70, boosting ...

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Patties half profit down 12 per cent http://ift.tt/24lEx5D

Patties Foods' first half net profit has dropped nearly 12 per cent due to a significant fall in frozen berry sales. The company, which became embroiled in a Hepatitis A scare last year, made a $7.3 million ...

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New talent lifts Southern Cross to profit http://ift.tt/1Rh7XLa

Southern Cross Austereo's investment in big name radio talent is paying off, with the broadcaster lifting first half profit 25.1 per cent. The return of Hamish and Andy to the national drive slot boosted revenue at the metropolitan radio business covering the Triple M and 2DayFM networks, which were laid low when presenters Kyle and Jackie O defected to KIIS in 2013. Southern Cross, which lost money in each of the past two full financial years, increased market share in both metro radio and regional television revenues.

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Aust shares rises slightly at the open http://ift.tt/1Q3Vc44

The Australian stock has opened marginally higher following a flat performance on Wall Street. US equities ended Friday little changed after a drop in resource stocks due to further falls in crude oil prices neutralised a rally in the technology and retail sectors.

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Bluescope looks to build on HY profit jump http://ift.tt/1QaCdbK

BlueScope Steel has outlined further cost cuts and plans for the sale of its New Zealand iron sands business, as it looks to build on the momentum of its strong half year results. Australia's largest steelmaker on Monday reported net profit for the six months ended December 31 had more than doubled to $200.1 million, driven by earlier-than-expected cost reductions and an increased stake in its North American business.

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Digital lights up APN Outdoor profits http://ift.tt/1Q3VasW

APN Outdoor is confident of a solid lift in earnings this year after beating expectations with a $41 million profit for 2015. APN, which owns billboards on buses and trams, and at train stations and airports, says its profit was driven by its digital advertising business and increased market share. Revenue jumped 20 per cent to $300.8 million, with APN lifting its final dividend to 11 cents a share from just one cent a year ago.

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New laws crack down on credit card fees http://ift.tt/1QaCdbG

Consumers will be protected from excessive credit card surcharges after new laws cleared parliament. Merchants can be fined $108,000 if caught overcharging customers for using their credit card, under ...

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Luxury birthing clinics spur cesareans http://ift.tt/1Q3V98D

Thais Faria sank into a leather love seat, relaxing under the ministrations first of a masseuse, then a manicurist and finally a hairdresser-cum-makeup artist. Not 24 hours after her daughter was born via Caesarean, Faria was being pampered at an upscale Rio de Janeiro maternity clinic. Caesarean births aren't typically associated with luxury.

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Multinational plan lacks detail: Labor http://ift.tt/1QaCdbA

Labor has dismissed the Turnbull government's latest effort to clamp down on multinational tax avoidance, saying it lacks detail. Requirements on foreign investment applications will ensure multinational companies investing in Australia pay tax on what they earn here. "Where companies fail to do so I will have powers to take action, including ordering divestment of Australian assets," Treasurer Scott Morrison said in a statement on Monday.

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NIB net profit rises five per cent http://ift.tt/1QaCbAo

Private health insurer nib has booked a five per cent rise in first half net profit as the private health insurer lured more members and increased prices. The result compares with a net profit of $41.4 million for the same period a year earlier, which benefited by $5.4 million from the sale of its stake in Pacific Smiles Group. The company's 1.8 per cent growth in Australian Residents Health Insurance policyholder numbers helped drive a 10.5 per cent rise in premium revenue to $781.3 million.

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Aust shares open flat http://ift.tt/11uq3Vn

The Australian share market has opened flat. At 1010 AEDT on Monday, the benchmark S&P/ASX200 index was down 2.1 points, or 0.04 per cent, at 4,950.7, while the broader All Ordinaries index was down 0.9 ...

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Bank swap rate needs to be trusted: RBA http://ift.tt/1oVSdUR

RBA assistant governor for financial markets Guy Debelle wouldn't to be drawn on the Australian Securities and Investments Commission's three-year investigation into alleged interest rate rigging by the big banks. The corporate watchdog's investigation into the bank bill swap rate (BBSW) is nearing the finish line, and ANZ also won't comment on speculation that it could soon face legal action. "I will not talk about the investigations that ASIC is currently undertaking into conduct around BBSW," Dr Debelle said.

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Brambles raises full year growth guidance http://ift.tt/1Q3MNxJ

Brambles has raised its full year guidance after lifting first half profit two per cent. The logistics giant made a $US290.9 million ($A407 million) net profit for the six months to December 31, compared to $US285.3 million for the prior corresponding period. The increase would have been 14 per cent had it not been for the strength of the US dollar, to which Brambles pointed when raising its FY16 growth guidance to eight to 10 per cent, from six to eight per cent.

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Dick Smith drags PMP 1H profit down 58.5% http://ift.tt/1oVSgjr

Trans-Tasman printing group PMP has blamed the faltering Dick Smith business for a 58.8 per cent drop in first half profit. PMP says it booked a $2.7 million impairment related to the money it is owed by the electronics retailer, which went into receivership in January. PMP, which will pay a 1.2 cents per share unfranked interim dividend, says it is unlikely to recover the total $3.9 million it is owed by Dick Smith.

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Dick Smith pushes PMP 1H profit down 58.8% http://ift.tt/1oVSgjj

Trans-Tasman printing group PMP has laid the blame for a 58.8 per cent drop in first half profit squarely at the feet of faltering electronics retailer Dick Smith. PMP booked a $2.7 million impairment ...

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Govt ignores new poll on negative gearing http://ift.tt/1oVSdUF

The Turnbull government is persisting with its attack on Labor's proposed changes to negative gearing, despite a new poll suggesting that more voters than not back the policy. Assistant Treasurer Kelly O'Dwyer accused the opposition of having a "very clear" intent to undermine the wealth of everyday Australians by limiting negative gearing to newly-constructed homes. "We are not going to be introducing tax policy that will have unintended consequences," she told Sky News on Monday.

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NAB appoints former ANZ exec to board http://ift.tt/1oVSg2W

National Australia Bank has appointed the former head of ANZ's Australian operations to its board as a non executive director. Philip Chronican quit as ANZ's chief executive Australia a year ago following ...

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Newcrest settles shareholder class action http://ift.tt/1Q3MLpr

Gold miner Newcrest has settled a class action with shareholders by agreeing to pay them $36 million. Shareholders launched the legal action in mid 2014 claiming the gold miner had misled them over production forecasts which were downgraded just months later along with a $6 billion asset writedown. Newcrest on Monday said it had agreed to pay $36 million to settle the legal action, but it was not admitting any liability.

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oOh!media swings to net profit in 2015 http://ift.tt/1oVSdEl

oOh!media has swung to a net profit, thanks to the advertising company's rapid expansion and contract wins. The company booked a net profit of $18.4 million for the 12 months ending December 31, compared ...

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Southern Cross lifts 1H profit 25.1% http://ift.tt/1oVSdEh

Southern Cross Austereo has lifted first half profit 25.1 per cent on higher advertising revenue. Southern Cross, which owns the Triple M and 2DayFM radio networks, recorded a net profit of $43.4 million ...

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Trump biz includes Central Park trademark http://ift.tt/1Q3ML97

Donald Trump is arguably New York City's most famous resident, and he's made some of his money off the name of one of the city's most famous public landmarks: Central Park. The leading Republican presidential candidate first applied for a trademark to use the words "Central Park" on merchandise more than two decades ago, when the park had a far less glamorous reputation than it does today. Since then, Trump has used the non-exclusive trademark to brand furniture, chandeliers, pillows and even key chains.

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UGL back in the black http://ift.tt/1oVSg2I

Engineering contractor UGL is back in the black, posting a first half profit of $18.55 million. The result for the half year to December 31 compared to a $122.5 million statutory loss a year earlier when ...

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Aust bonds slump on US inflation data http://ift.tt/1LBiixh

The Australian bond market is slightly lower after firmer-than-expected US economic data. ANZ economists said global bond prices fell on Friday after US figures showed that inflation rose to 1.4 per cent ...

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Bluescope HY profit doubles to $200 mln http://ift.tt/1L43xrK

Bluescope Steel has reported a half year net profit of $200.1 million, more than double last year's, helped by faster-than-expected cost reductions. Underlying earnings before interest and tax rose 35 per cent from a year ago to $230.1 million, matching the guidance flagged by the company earlier in February.

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Commodities markets summary http://ift.tt/1LBilcn

Oil prices sank along with the euro after the European Central Bank forecast that the eurozone would continue to contract next year and only return to growth in 2014.

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Finance News Update, what you need to know http://ift.tt/1LBilck

WORLD FINANCE UPDATE: The Australian dollar is stronger against the greenback, which traded poorly despite better-than-expected economic data. At 0630 AEDT on Monday, the local unit was trading at 71.47 ...

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$A gains ground as greenback trades poorly http://ift.tt/1L43xrA

The Australian dollar is higher against the greenback, which sagged despite better-than-expected economic data. At 0700 AEDT on Monday, the local unit was trading at 71.50 US cents, up from 71.12 cents ...

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International markets roundup http://ift.tt/1LBilcj

Wall Street has ended little changed as Applied Materials helped lift the tech sector and offset a renewed drop in oil prices, with major indexes capping their best week of 2016. The Nasdaq rose on Friday, helped by a seven per cent jump in Applied Materials shares after the chip equipment provider gave a strong profit and revenue forecast for the current quarter. Buoyed by big gains on Tuesday and Wednesday, the major indexes posted their best weekly performances this year, with the Nasdaq tallying its strongest week since July.

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Korean giants launch new smartphone in slowing market http://ift.tt/1LBiix7

South Korean tech giants Samsung Electronics and LG showed off their new flagship smartphones on Sunday as they fight for consumer affections with new features at a time of slowing global smartphone sales. Samsung launched two versions of its new premium phone, flat screen Galaxy S7 and the curved screen Galaxy S7 edge, in Barcelona where the industry is gathered for the start of the Mobile World Congress on Monday, in its latest attempt to remain ahead of Apple.

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LG to unveil smartphone with dual camera http://ift.tt/1LBilcg

LG is unveiling a smartphone with two lenses and jumping into the nascent world of virtual reality. The main camera on LG's upcoming G5 smartphone will have both a regular lens for standard shots and a wider-angle lens so you can capture more of what's in front of you without having to step back.

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NIB profit rises on higher rev, margins http://ift.tt/1L43z2R

Private health insurer nib has reported a five per cent increase in first half net profit to $43.41 million. Statutory operating profit for the half year, however, jumped 41 per cent to $59.3 million on ...

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Pay tax or lose assets, Morrison warns http://ift.tt/1L43xb8

Foreign companies that don't pay their fair share of tax could be forced to sell their Australian assets under a new federal government plan. Requirements on foreign investment applications will ensure multinational companies investing in Australia pay tax on what they earn here. "Where companies fail to do so I will have powers to take action, including ordering divestment of Australian assets," Treasurer Scott Morrison said in a statement on Monday.

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Samsung unveils two new smartphones http://ift.tt/1L43z2I

Samsung has unveiled two new flagship smartphones, the Galaxy S7 and S7 Edge. The smartphones will come with an "always on" display, which can be used to constantly show the time, while the camera in both devices has also been reworked to provide better photos in low light. The all-metal design that was introduced on last year's S6 continues, with the Edge remaining the only phone with a curved screen on both sides of the device.

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US asks VW for electric cars http://ift.tt/1L43z2F

US authorities have asked the German carmaker Volkswagen to produce electric vehicles in the United States as a way of making up for its rigging of emission tests. German newspaper Welt am Sonntag claims the US Environmental Protection Agency is currently in talks with Volkswagen with the aim of agreeing on a fix for nearly 600,000 diesel vehicles that emit up to 40 times legal pollution limits. The paper, which gave no source for its report on Sunday, said the EPA was asking VW to produce electric vehicles at its plant in Chattanooga, Tennessee, and to help build a network of charging stations for electric vehicles in the United States.

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African economic summit ends with calls for investment http://ift.tt/1VxAJs6

A two-day African economic summit in Egypt ended Sunday amid calls for investment as organisers said several business proposals were negotiated to help boost growth. More than 1,200 delegates including some heads of states attended the conference at the Red Sea resort of Sharm el-Sheikh, aimed at attracting private sector investment. Organisers of "Africa 2016" did not reveal the overall investment figure agreed, but said several memorandums of understanding were signed for projects in sectors including infrastructure, health and information technology.

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Australian market set to open flat http://ift.tt/1tQUTAO

The Australian market looks set to open flat after Wall Street closed hardly changed after a lift in tech stocks offset a renewed drop in oil prices. At 0645 AEDT on Monday, the share price futures index ...

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China's Huawei unveils first PC aimed at businesses http://ift.tt/1T0e4qZ

Chinese electronics giant Huawei on Sunday unveiled its first personal computer, a convertible tablet aimed at the premium business market that will compete with Apple's iPad Pro and the Microsoft Surface. "Business people need a long lasting battery," said Richard Yu, Huawei's consumer devices chief, as he unveiled the new device in Barcelona on the eve of the start of the Mobile World Congress, the top annual trade show for wireless devices. The tablet fastens to its keyboard case using magnets and it features a fingerprint reader.

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'Deadpool' upends competition at N. America box office http://ift.tt/1T0e6iG

Superhero movie "Deadpool" throttled its competitors at the North American box office for a second weekend, taking in $55 million, well ahead of the other top earners, industry estimates showed ...

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LG launches new smartphone to counter rival Samsung http://ift.tt/1T0e4qV

South Korea's handset maker LG on Sunday unveiled its first modular smartphone, the G5, in Barcelona in a bid to counter competition from its major rival Samsung. The new premium model -- made using different components that can be independently upgraded or replaced -- comes with a removable battery and accessories such as virtual reality headset and a sound system developed by Danish firm Bang & Olufsen. LG is banking on its G5 to counter competition from fellow South Korean Samsung, the world's top handset maker that is due to unveil its own S7 smartphone on Sunday evening on the eve of the start of the Mobile World Congress, the top annual trade show for wireless devices.

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Stocks to watch on Monday http://ift.tt/1VxAIVf

Stocks to watch on the Australian stock exchange: BSL - BLUESCOPE STEEL Bluescope Steel is slated to post half year results on Monday. BXB - BRAMBLES Brambles half year results HTA - HUTCHISON AUSTRALIA ...

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$A supported by greenback weakness http://ift.tt/1T0e4qS

The Australian dollar is stronger against the greenback, which traded poorly despite better-than-expected economic data. At 0630 AEDT on Monday, the local unit was trading at 71.47 US cents, up from 71.12 ...

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Varoufakis urges next Spanish leader to defy Brussels http://ift.tt/1Rgx8NO

Greece's far-left former finance minister Yanis Varoufakis called Sunday on the next leader of Spain to defy the European Union, speaking to hundreds of cheering onlookers during an anti-austerity gathering in Madrid. The so-called "Plan B" weekend event near the grounds of Madrid's former abattoirs -- now converted into a sprawling cultural centre -- saw activists, actors and left-wing politicians from Spain, France, Britain and other countries get together as a pan-European movement against EU-imposed austerity gathers pace. It comes at a time of uncertainty for Spain where December elections produced a hung parliament, as voters fed up with years of crisis-sparked austerity snubbed the traditional conservative and socialist parties and flocked to two new groupings -- centre-right Ciudadanos and far-left Podemos.

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Consumers more reluctant to spend http://ift.tt/1XFLABJ

Consumers are slightly more cautious with their money in the new year, but sales growth trends remain healthy. Spending grew 0.6 per cent in January, seasonally adjusted, according to Commonwealth Bank's business sales indicator (BSI), which tracks the value of card transactions on the bank's merchant facilities. CommSec chief economist Craig James said businesses should not be too alarmed by slowing growth.

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Industry warns against excess budget cuts http://ift.tt/1TtwHSx

It is critically important the Turnbull government sets a clear path to a sustainable budget, but the Australian Industry Group has warned against excessive spending cuts or tax increases in the next financial year. In its 2016/17 budget submission, the Ai Group says while business conditions have improved over the past six months or so, they remain disproportionately exposed to downside risks.

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EPA asks VW to make electric cars in US http://ift.tt/1UfOqxw

US authorities have asked the German carmaker Volkswagen to produce electric vehicles in the US as a way of making up for its rigging of emission tests, the German newspaper Welt am Sonntag reports. The US Environmental Protection Agency is currently in talks with Volkswagen with the aim of agreeing on a fix for nearly 600,000 diesel vehicles that emit up to 40 times legal pollution limits. The paper, which gave no source for its report, said the EPA was asking VW to produce electric vehicles at its plant in Chattanooga, Tennessee, and to help build a network of charging stations for electric vehicles in the United States.

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India Post rides e-commerce wave as villagers buy online http://ift.tt/1SZd6v6

While in the United States online giant Amazon and its ilk experiment with futuristic drones and one-hour deliveries, in rural India e-commerce retains a distinctly old-fashioned feel. In the past two years the 160-year-old postal giant has tied up with 400 e-commerce companies including Amazon and Indian giant Flipkart to deliver a diverse range of goods. It deploys its vast network of about 460,000 employees across 155,000 post offices to take goods to customers in remote areas, often hundreds of kilometres (miles) from the nearest town.

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Radioactive water leak suspends Japan reactor start-up http://ift.tt/1POBBa6

A radioactive water leak has halted plans to re-start a reactor at a nuclear power plant in western Japan, which would have been the fourth to come online after a nationwide shutdown, its operator said on Sunday. Kansai Electric Power said some 34 litres (8.8 gallons) of cooling water containing radioactive substances leaked out from the reactor at its Takahama plant 380 kilometres (236 miles) west of Tokyo. The government and utility firms have been pushing to get reactors back in operation nearly five years after a huge earthquake and tsunami caused a disastrous meltdown at the Fukushima nuclear power plant.

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Smartphones to replace cards at bank machines http://ift.tt/1POBBa4

Here's another use for the smartphone as it invades daily life: in place of your debit card at your bank cash machine. The "cardless" automatic teller machine (ATM) is gaining ground in the US and around the world, with smartphone technology allowing for speedier and more secure transactions. Dozens of US banks are installing new ATMs or updating existing ones to allow customers to order cash on a mobile application and then scan a code to get their money without having to insert a bank card.

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Super opt-out report 'despicable': Labor http://ift.tt/215Ydvb

Allowing low-income earners to opt out of compulsory superannuation would be a "despicable attack" on people's future retirement, Labor says. The Turnbull government is reportedly being urged to consider the "opt out" idea in pre-budget submissions by industry groups. The move could give thousands of part-time and casual workers earning less than $37,000 a 9.5 per cent pay rise - the amount paid by employers into superannuation - or up to $63 a week, News Corp reports.

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Changes to petrol price advertising in Vic http://ift.tt/1KzoryV

Supermarket giants will be banned from displaying discounted fuel prices outside their petrol stations in Victoria under proposed changes by the state government. Under new rules, to be introduced in December, ...

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Joyce to pursue competition 'effects test' http://ift.tt/1OmP30Q

New Deputy Prime Minister Barnaby Joyce has backed the "effects test" recommended by the Harper review of competition policy to give small business owners a fairer go. In current competition law, a small firm has to prove that a bigger rival is deliberately trying to force it out of business, but under the proposed test it would only have to prove it had been affected by its presence. "We will try and deliver some form of betterment so that people who are in business will be treated in a fairer way," Mr Joyce told Sky News on Sunday.

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Joyce to pursue competiton "effects test" http://ift.tt/1Kzoriu

New Deputy Prime Minister Barnaby Joyce has backed the "effects test" recommended by the Harper review of competition policy to give small business owners a fairer go. In current competition law, a small firm has to prove that a bigger rival is deliberately trying to force it out of business, but under the proposed test it would only have to prove it had been affected by its presence. "We will try and deliver some form of betterment so that people who are in business will be treated in a fairer way," Mr Joyce told Sky News on Sunday.

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Labor 'disturbed' by super opt-out report http://ift.tt/1OmP30L

Labor is "very disturbed" by reports the Turnbull government is considering allowing low-income earners to opt out of compulsory superannuation. "This would be an attack on the very foundations of superannuation," shadow treasurer Chris Bowen and Labor's superannuation Jim Chalmers said in a joint statement on Sunday.

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Volvo recalls 59,000 cars over software http://ift.tt/1QrGFhT

Sweden's Volvo Cars says it is recalling 59,000 cars in 40 markets because of faulty software that can briefly shut down the engine and electric system while driving. Group spokesman Stefan Elfstrom says ...

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Govt considering super opt out: report http://ift.tt/1Q8dNQb

Low income earners could save up to $63 a week under a proposal to allow them to opt out of compulsory superannuation. Thousands of part-time and casual workers earning less than $37,000 a year could effectively ...

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Labor's plan to reduce house prices:Joyce http://ift.tt/1Q14uhr

Deputy Prime Minister Barnaby Joyce says if Labor's plan to curb negative gearing makes housing more affordable then it will also reduce the value of properties which people already own. Those with a mortgage ...

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Google boss heading to Brussels for antitrust talks: source http://ift.tt/1QrzI0s

Google chief executive Sundar Pichai will meet next week in Brussels with the European Union's competition commissioner, Margrethe Vestager, a source familiar with the matter said Saturday. European competition officials have been investigating the US tech giant for years over alleged monopolistic practices involving its search engines, but any resolution has been elusive. Three successive proposals by Google for an amicable settlement have been rejected.

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African leaders seek investments despite 'terror' threat http://ift.tt/1UeJHfk

African leaders and bankers vowed at an economic summit in Egypt Saturday to push for trade and investments on the continent despite the growing threat of "terrorism" in the region. More than 1,200 delegates including some heads of state were in talks to sign business agreements during the two-day summit at the Red Sea resort of Sharm el-Sheikh, aimed at attracting private sector investment. Organisers hope the "Africa 2016" conference can build on a 26-nation free trade pact signed last year to create a common market on half of the continent.

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Thousands protest against austerity ahead of Irish vote http://ift.tt/1UeJEjV

Thousands of protesters marched through Dublin on Saturday to call for an end to austerity, as Ireland prepares to vote in parliamentary elections. National broadcaster RTE estimated up to 20,000 attended the march, which brought central Dublin to a halt as it snaked through the capital before the crowds filled a major thoroughfare to hear speakers address a rally. "We are fighting to end the austerity that has crippled people in this country.

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African leaders push for investments at Egypt summit http://ift.tt/1PZVKYX

African leaders and bankers turned out at an economic summit in Egypt on Saturday, vowing to push for trade and investments on the continent despite growing security concerns in the region. More than 1,200 delegates including some heads of state aim to sign business agreements during the next two days at the Red Sea resort of Sharm el-Sheikh, to attract private sector investments in Africa. Organisers hope the "Africa 2016" conference can build on a 26-nation free trade pact signed last year to create a common market on half the continent.

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Richemont eyes 'up to 350 job cuts' in Switzerland http://ift.tt/1PZVIA0

Richemont, the world's second-biggest luxury goods group, is planning to cut up to 350 jobs in Switzerland this year amid a "difficult" watch market, a Swiss newspaper reported Saturday. Richemont, second only to France's LVMH in the luxury world, is "studying an adjustment of the production capacities of some watch manufacturers," Le Temps daily reported, quoting an internal document it had obtained. The plan, confirmed to the paper by a Richemont spokeswoman, could entail cutting up to 350 jobs in Switzerland, it reported.

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Six officials of China's ICBC bank held in Spain over 'money laundering' http://ift.tt/214yZ0t

Six officials of Chinese megabank ICBC have been placed in detention by Spanish authorities on suspicion of laundering tens of millions of euros, judicial sources said on Saturday. The Industrial and Commercial Bank of China is accused of allowing traders to move money earned through smuggling and tax fraud out of the country, to China, "in a way that appeared legal", Spanish police said in a statement. The raid was a follow-up to an operation last year that targeted Madrid-based Chinese syndicates suspected of importing huge amounts of goods from China without declaring them, to avoid duties and taxes.

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Egypt's Sisi opens Africa eco summit to boost investment http://ift.tt/214szy8

Egypt's President Abdel Fattah al-Sisi opened on Saturday an economic summit attended by African leaders and businessmen that aims to boost trade and investment across the continent. More than 1,200 delegates including some heads of state will negotiate business agreements for the next two days at the Red Sea resort of Sharm el-Sheikh, to attract private sector investments in Africa. The conference "Africa 2016" plans to build further on a 26-nation free trade pact signed last year to create a common market on half the continent, organisers said.

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Flights to and from Fiji cancelled http://ift.tt/1oRbHtx

Australian holiday makers will spend the weekend in Fiji hiding from a powerful cyclone as airlines cancel all flights to and from the Pacific island group. Virgin, Jetstar and Fiji Airways have either suspended or brought forward flights between Australia and Fiji as the category-5 tropical cyclone Winston descends on the island, bringing with it winds approaching 300km/h. Acting head of the Pacific, International Federation of Red Cross Ahmed Sani, who is currently barricaded in his office in Suva, Fiji, says fierce gusts of wind are pushing trees almost to the ground.

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Citibank to drop S American consumer banks http://ift.tt/213YS0e

Citibank is planning to sell the consumer banking operations it has run for a century in Argentina, Brazil and Colombia as South America's three biggest economies suffer a major downturn. The slowing of China's economy has plunged all three into an economic down spiral with Brazil, the region's biggest economy, struggling to emerge from its deepest recession since the 1930s. Citibank in 1914 opened its first foreign branch in Argentina, when the country rivalled Canada as an emerging agricultural powerhouse.

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