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  • Alcoa swings to Q4 loss | Business Spectator
    and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Alcoa swings to Q4 loss 10 Jan 8 36 AM 1 Industries Resources and Energy Aluminum maker s results weighed by US1 7bn impairment charge You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Dow Jones Newswires with a staff reporter Alcoa Inc swung to a steep fourth quarter loss as the aluminum maker recorded a US1 72 billion impairment charge Shares fell in after hours trading as the adjusted profit Alcoa reported for the latest period wasn t as strong as analysts expected though the top line exceeded expectations For the latest quarter Alcoa reported a loss of US2 34 billion or 2 19 a share compared with a prior year profit of US242 million or 21 cents a share a year earlier Excluding charges tied to a temporary smelter shutdown restructuring and asset sale gains adjusted earnings from continuing operations fell to four cents from six cents Revenue fell 5 3 per cent to US5 59 billion as shipments of aluminum products dropped nearly 3 per cent Analysts surveyed by Thomson Reuters projected an adjusted profit of six cents a share on US5 34 billion in revenue The cost of goods sold decreased 5 2 per cent Alcoa reported The company s engineered products and solutions unit which makes fasteners truck wheels and parts for jet engines saw operating income climb 20 per cent to 168 million The primary metals division which makes raw aluminum posted a 35 million operating loss down sharply from the prior year results that were boosted by an asset sale gain The fourth quarter results come after Alcoa and a joint venture it controls agreed to pay a combined US384 million to the United States government to settle bribery allegations tied to a contract with Bahrain s state controlled aluminum smelter Looking ahead Alcoa projected global demand for aluminum to rise seven per cent in 2014 the same pace the industry benefited from last year This year Alcoa sees growth from the aerospace automotive and building and construction markets more than offsetting a decline in the industrial gas turbine market because of lower orders Alcoa s results have been stung by flagging raw aluminum prices driven by global oversupply In response the company has cut production costs by closing expensive smelters Alcoa also

    Original URL path: http://www.businessspectator.com.au/news/2014/1/10/resources-and-energy/alcoa-swings-q4-loss?destination=node/765641 (2014-01-13)
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  • Alcoa, Alumina to pay $430m over bribes
    Alumina is paying 15 per cent of the costs related to the bribery probe Alcoa said Operating through a shell company the London broker marked up the price of alumina sold to a Bahrain government controlled company by US188 million from 2005 to 2009 the Justice Department said The consultant allegedly paid tens of millions in corrupt kickbacks to Bahrain government officials and royal family members using bank accounts held under aliases in Switzerland and other countries Alcoa World Alumina LLC AWA a subsidiary of a joint venture between Alcoa Inc and Alumina Ltd agreed to plead guilty to one count of violating the anti bribery provisions of the US Foreign Corrupt Practices Act An Alcoa statement said the company welcomes the resolution of this legacy legal matter with the US Government Alcoa said it will record a charge of US288 million to account for the settlements Alcoa said it cooperated with the investigation led by Justice and the Securities and Exchange Commission There is no allegation in the filings by the DOJ and there is no finding by the SEC that anyone at Alcoa knowingly engaged in the conduct at issue Alcoa said Quick Summary US firm faces mammoth

    Original URL path: http://www.businessspectator.com.au/print/765541 (2014-01-13)
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  • Alcoa, Alumina to pay $430m over bribes | Business Spectator
    falling dollar and million roof rebate doubts are among reasons Australian solar may struggle in the year ahead Is the EU about to abdicate climate leadership The rift over energy and climate policy is widening in Brussels as politicians feel the pressure from the continent s ongoing economic crisis Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Alcoa Alumina to pay 430m over bribes 10 Jan 1 59 AM 1 Industries Resources and Energy US firm faces mammoth fine for alleged bribes to Bahrain officials You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AFP Aluminum giant Alcoa will pay US384 million A432 million to settle charges it paid Bahrain officials huge bribes to secure business in the Gulf nation United States Justice officials have announced Alcoa unit Alcoa World Alumina was accused of paying millions of dollars in bribes via a London middleman in an arrangement made at the request of certain members of Bahrain s royal family the Justice department said in a statement Alumina Ltd the Australian mining company that holds a minority stake in Alcoa World Alumina is paying 15 per cent of the costs related to the bribery probe Alcoa said Operating through a shell company the London broker marked up the price of alumina sold to a Bahrain government controlled company by US188 million from 2005 to 2009 the Justice Department said The consultant allegedly paid tens of millions in corrupt kickbacks to Bahrain government officials and royal family members using bank accounts held under aliases in Switzerland and other countries Alcoa World Alumina LLC AWA a subsidiary of a joint venture between Alcoa Inc and Alumina Ltd agreed to plead guilty to one count of violating the anti bribery provisions of the US Foreign Corrupt Practices Act An Alcoa statement said the company welcomes the resolution of this legacy legal matter with the US Government Alcoa said it will record a charge of US288 million to account for the settlements Alcoa said it cooperated with the investigation led by Justice and the Securities and Exchange Commission There is no allegation in the filings by the DOJ and there is no finding by the SEC that anyone at Alcoa knowingly engaged in the conduct at issue

    Original URL path: http://www.businessspectator.com.au/news/2014/1/10/resources-and-energy/alcoa-alumina-pay-430m-over-bribes?destination=node/765541 (2014-01-13)
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  • Israel's Sharon dead at 85
    remembered Sharon warmly as a big bear of a man who in his final years surprised many in his pursuit of peace Sharon was once known chiefly as a ruthless military leader who fought in all Israel s major wars before switching to politics in 1973 and championing the development of Jewish settlements in the occupied Palestinian territories He was long considered a pariah for his personal but indirect responsibility in the 1982 massacre of hundreds of Palestinians by Israel s Lebanese Phalangist allies in Beirut s Sabra and Shatila refugee camps His early career as a warrior earned him the moniker the Bulldozer but most world leaders chose to remember the politician who surprised many by overseeing the dismantling of settlements from Gaza in 2005 United Nations Secretary General Ban Ki moon urged Israel to build on his legacy of pragmatism to achieve a viable Palestinian state The Palestinians were quick to welcome the news of his death which prompted an outburst of celebration in the Gaza Strip controlled by the Islamist Hamas movement The hardline group said Sharon s death was a historic moment marking the disappearance of a criminal whose hands were covered with Palestinian blood In the West Bank city of Ramallah Jibril Rajub a senior official with the more moderate Fatah organisation also welcomed Sharon s death blaming him for the still unexplained 2004 death of Yasser Arafat Sharon was a criminal responsible for the assassination of Arafat and we would have hoped to see him appear before the International Criminal Court as a war criminal he said One of the last members of the generation that founded the Jewish state in 1948 Sharon leaves a complex legacy which also includes the sprawling barrier separating Israel from the West Bank His policy of separation from

    Original URL path: http://www.businessspectator.com.au/print/765916 (2014-01-13)
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  • Israel's Sharon dead at 85 | Business Spectator
    Address Remember me Log in Request new password AFP with AAP Israel is preparing to pay its respects to Ariel Sharon who was both admired and reviled for his uncompromising style and whose death drew emotional reactions even after eight years in a coma Celebrated as a military hero by some recognised as a pragmatic politician by others and despised as a bloodthirsty criminal by his foes Sharon was a polarising figure at home and abroad But Israelis of all stripes acknowledged Sharon as a key figure in their country s history whose death at 85 on Saturday left President Shimon Peres as the Jewish state s last surviving founding father Sharon s body was to lie in state on Sunday at Jerusalem s Knesset or parliament a statement from the prime minister s office said Sharon will be buried on Monday afternoon at his property in the Negev desert in southern Israel in a military ceremony He had been comatose since January 4 2006 after a massive stroke His condition took a sudden turn for the worse on New Year s Day when he suffered serious kidney problems after surgery Prime Minister Benjamin Netanyahu said his memory will forever be held in the heart of the nation while Peres said he would be greatly missed World leaders also sent condolences US President Barack Obama described him as a leader who dedicated his life to the State of Israel Vice President Joe Biden will lead a US delegation to the memorial service due to be held in parliament before the burial US Secretary of State John Kerry who is leading efforts to broker an Israeli Palestinian peace deal remembered Sharon warmly as a big bear of a man who in his final years surprised many in his pursuit of peace Sharon was once known chiefly as a ruthless military leader who fought in all Israel s major wars before switching to politics in 1973 and championing the development of Jewish settlements in the occupied Palestinian territories He was long considered a pariah for his personal but indirect responsibility in the 1982 massacre of hundreds of Palestinians by Israel s Lebanese Phalangist allies in Beirut s Sabra and Shatila refugee camps His early career as a warrior earned him the moniker the Bulldozer but most world leaders chose to remember the politician who surprised many by overseeing the dismantling of settlements from Gaza in 2005 United Nations Secretary General Ban Ki moon urged Israel to build on his legacy of pragmatism to achieve a viable Palestinian state The Palestinians were quick to welcome the news of his death which prompted an outburst of celebration in the Gaza Strip controlled by the Islamist Hamas movement The hardline group said Sharon s death was a historic moment marking the disappearance of a criminal whose hands were covered with Palestinian blood In the West Bank city of Ramallah Jibril Rajub a senior official with the more moderate Fatah organisation also welcomed Sharon s death

    Original URL path: http://www.businessspectator.com.au/news/2014/1/12/international-news/israels-sharon-dead-85?destination=node/765916 (2014-01-13)
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  • Forge shares close 83% lower | Business Spectator
    Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Forge shares close 83 lower 28 Nov 2013 4 18 PM 2 Industries Construction and Engineering Group tumbles out of halt as it unveils 127m writedown on two power station projects You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By a staff reporter Forge Group Ltd shares plummeted more than 90 per cent after emerging from an extended trading halt to inform the market of a 127 million writedown At the 1615 AEDT official market close Forge shares were 83 61 per cent lower at 68 5 cents against a benchmark index lift of 0 03 per cent In earlier trade Forge shares dipped as low as 28 5 cents and were more than 92 per cent lower Forge entered a trading halt on November 6 last trading at 4 16 as it assessed its internal monthly reviews and quarterly financial re forecasts In a statement to the Australian Securities Exchange today Forge said it had identified significant underperformance on the Diamantina Power Station and West Angelas Power Station projects that will result in a one off profit writedown of 127 million in fiscal 2014 The represents a loss in market capitalisation of about 300 million leaving it worth about 60 million The company is bleeding cash and has been forced to increase a debt facility with ANZ Bank more than five fold from 11 million to 60 million The new debt deal gives ANZ the option of shares in Forge through warrants equivalent to 13 per cent of the group s equity Forge said it expects a fiscal 2014 full year loss of 85 million to 90 million on an earnings before interest tax depreciation and amortisation EBITDA level following 127 million in writedowns Forge said the Diamantina Power Station and West Angelas Power Station projects were tendered bid and won by CTEC Pty Ltd prior to Forge Group s acquisition of CTEC in January 2012 Forge CEO regrets developments Forge Group managing director and chief executive officer David Simpson said he regretted having to inform shareholders of this extremely disappointing outcome Several commercial scope estimate and planning deficiencies have recently been identified on the DPS and WAPS projects which contributed to the substantial erosion in profit he said The profit writedown on DPS resulted from a range of factors including inadequate allowance for scope growth large cost overruns in structural mechanical piping and electrical works poor project management and delays in settling a number of claims as well

    Original URL path: http://www.businessspectator.com.au/news/2013/11/28/construction-and-engineering/forge-shares-close-83-lower (2014-01-13)
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  • Forge enters trading halt
    BlackRock Group had taken a stake in the mining services company after it secured more work at Gina Rinehart s Roy Hill iron ore mine in Western Australia In a statement Forge said BlackRock s voting power was 5 32 per cent Forge shares soared over 54 per cent after it announced 1 it it had received formal notification to proceed with phase three of construction of the 1 47 billion processing facility at Roy Hill The surge followed 2 Forge s 83 per cent drop in late November after emerging from an extended trading halt to inform the market of a 127 million writedown Quick Summary Mining services company set to update market on its current financial position Associated image Media Categories Business Spectator 3 Industries 4 Resources and Energy 5 Markets 6 ASX 7 Primary category Industries 4 Resources and Energy 5 People Gina Rinehart 8 Companies FORGE GROUP LIMITED 9 Status Published Content Channel Business Spectator 10 Source URL http www businessspectator com au news 2014 1 10 resources and energy forge enters trading halt Links 1 http www businessspectator com au news 2013 12 30 construction and engineering forge group soars roy hill contract 2 http

    Original URL path: http://www.businessspectator.com.au/print/765661 (2014-01-13)
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  • Forge enters trading halt | Business Spectator
    anyone else And runner up Facebook must go further to mine precious user insights if it wants to compete Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Solar s grim 2014 five headwinds await Power price stabilisation a falling dollar and million roof rebate doubts are among reasons Australian solar may struggle in the year ahead Is the EU about to abdicate climate leadership The rift over energy and climate policy is widening in Brussels as politicians feel the pressure from the continent s ongoing economic crisis Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Forge enters trading halt 10 Jan 9 24 AM 1 Industries Resources and Energy Markets ASX Mining services company set to update market on its current financial position You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By a staff reporter Forge Group Ltd has requested its shares be placed in a trading halt as it prepares to update the market on its financial position In a statement to the Australian Securities Exchange Forge requested the halt remain in place until the earlier of the announcement being made or the commencement of trade next Tuesday January 14 The news comes after it was last week revealed Investment manager BlackRock Group had taken a stake in the mining services company after it secured more work at Gina Rinehart s Roy Hill iron ore mine in Western Australia In a statement Forge said BlackRock s voting power was 5 32 per cent Forge shares soared over 54 per cent after it announced it it had received formal notification to proceed with phase three of construction of the 1 47 billion processing facility at Roy Hill The surge followed Forge s 83 per cent drop in late November after emerging from an extended trading halt to inform the market of a 127 million writedown Print this page Related articles 13 Jan Aust LNG may be cheaper than US 13 Jan Whitehaven Asciano ink deal 13 Jan Glencore copper sale has ASX firms on alert 13 Jan Gas reservation is a pipe dream 13 Jan BHP faces buyback pressure More from Business Spectator Technology Adapt or

    Original URL path: http://www.businessspectator.com.au/news/2014/1/10/resources-and-energy/forge-enters-trading-halt?destination=node/765661 (2014-01-13)
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