Fairfax Faces $220 Million Shortfall
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A worsening housing market, including rising foreclosures, has rapidly pushed Fairfax County government into a budget crisis that probably will last several years, pinching spending by hundreds of millions of dollars on schools, public safety and human services, officials said yesterday.
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A $2 billion hedge fund fails, and there will be more, analysts say.
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John Fairfax Holdings Ltd.,  Australia's second-biggest newspaper publisher, bid up to A$1.7  billion ($1.3 billion) for regional media group Rural Press  Ltd., kicking off a long-awaited round of media takeovers.
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When Australian property developer Victor Ollis checked his bank account, he couldn't believe his luck. A technical error meant that a total of A$11m (Â£4.5m) had mistakenly poured into his account and he went on a spending spree.
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Two Australian media companies, the Macquarie Media Group and Fairfax Media, began a $1.08 billion bid for Southern Cross Broadcasting.
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It offers impressive cash flow but may not have enough opportunities to reinvest it in the business.
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WMC currently is fending off a AU$7.4 billion takeover bid by Switzerland-based Xstrata PLC. The mining company upgraded its earnings forecast to around $1.3 billion for the calendar year, above analysts&#39; expectations.
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National Australia Bank, capping off a horror year, unveiled a 15 per cent fall in annual earnings on Wednesday and warned against expectations of a quick fix for its myriad operational and cultural problems.
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The stock looks reasonably valued but some core businesses are struggling to grow.
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Decision follows speculation that response to last year's financial turbulence might cost a second term
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The massive funds raised by private  equity firms and the faster-than-expected speed with which  they're spending them are stretching some of their investors  thin, causing concern that there won't be enough money to go  around in 2007.
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James Hardie Industries NV, Australia&#39;s fourth-biggest building materials maker, agreed to cover an estimated A$1.5 billion ($1.1 billion) shortfall in compensation for sufferers of asbestos diseases.
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The growth of jobs has stalled in the US, and this has big implications for Australia. For interest rates, for our dollar, for jobs here, for our economy more generally, and for investments.
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Employees' savings are on average Â£51,000 short of the sum needed to fund a comfortable retirement, a report says.
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With the company's reserves running dry, investors might want to dip into a different well.
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A $55 million purchase could be bigger than investors think.
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HBOS said Thursday that economic turmoil connected to the global credit crunch has cost the group 180 million pounds.