Australian Stock Market News News

Miner BHP Billiton said that output of iron ore for the second three months of the year had increased by 15 per cent. Production for the year was 159 million tonnes which is a record for the firm. The second quarter growth comes even though there are concerns that China’s demand continues to weaken. The company previously said that it was...

As reported by the BBC, Australian surf gear maker Billabong has declined a takeover bid from TPG Capital, saying it is still in talks with the investment group. TPG had offered 765 million Australian dollars (A$3 per share), which Billabong called too low. Billabong has watched its fortunes shrink in recent years thanks to falling global...

As reported by the BBC, Billabong shares have gone up by over 60% as the firm announced a restructuring scheme after TPG Capital offered a takeover bid from. Billabong’s shares surged as much as A$2.93 (up from A$1.79) at the Australia Securities Exchange. The firm will sell off a stake of its Nixon brand, shut down unprofitable stores...

As reported by the BBC, lower commodity prices are pushing down profits for BHP Billiton, the world's largest mining company. The Anglo-Australian firm reported a 5.5% yearly fall in first-half revenues to $9.9 billion (£6.2 billion). The company also forewarned of a turbulent future citing Europe's debt crisis and a slowing Chinese...

Australia’s largest investment bank Macquarie Group has said it anticipates that full year profits will fall by 25 per cent because a weak market is affecting its business, reports the BBC. Its investment and trading banking operations were the most severely hit, said the company in a statement. The bank’s shares dropped five per cent...

Shares of Australian mining firm Lynas have risen after it received a licence from Malaysian authorities to run a rare earth refinery in the SE Asian country. Lynas shares ended 19% stronger at A$1.590 at the Australian Securities Exchange. After being completed, the plant is to be one of the largest supply sources of rare earth elements...