A key measure of Australian consumer confidence fell to 16-year lows in July as record petrol prices and a sliding sharemarket hurt family finances, in just the latest sign of spreading economic weakness.
05:40PM | Mike Wilkins, the new chief executive of Insurance Australia Group (IAG), Australia's top home and car insurer, has announced a partial exit from the company's struggling UK operations, taking a charge of $350 million in fiscal 2008, and will cut 600 jobs to make cost savings.
The sharemarket lifted on Wednesday as investors snapped up stocks that looked cheap after being beaten down on the back of higher oil prices, the global credit crunch and fears of economic slowdown
Part of IAG's UK arm will be sold and 600 jobs will be lost in a revamp.
Drip Fed: Markets rebound as Fed pledges more help for US banks. Consumer confidence tumbles to 16-year low.
| S&P/ASX 200 | 1.6% | 79 | 5011.9 |
|---|---|---|---|
| All Ords | 1.3% | 67 | 5089.4 |
| Dow Jones | 1.36% | 152.25 | 11384.21 |
| FTSE 100 | 1.4% | 77 | 5517.5 |
Near real-time
| AUD/USD | -0.1300% | -0.0012 | 0.9520 |
|---|---|---|---|
| AUD/JPY | -0.2700% | -0.2800 | 102.11 |
| AUS 10YR | -0.1574% | -0.0100 | 6.345 |
At least 20min delayed
| COMPUTRONICS HOLD. | 100.00% | 0.100 |
|---|---|---|
| CANADA LAND LIMITED | 82.93% | 0.075 |
| IMAGINE UN | 33.33% | 0.028 |
| LONRHO MINING | 27.27% | 0.280 |
| M2M CORPORATION | 26.67% | 0.019 |
| PIENETWORKS LIMITED | -30.77% | 0.027 |
| GARRATT'S LIMITED | -24.00% | 0.380 |
| RENISON CONSOLIDATED | -22.22% | 0.028 |
| MULTI CHANEL SOL | -22.22% | 0.014 |
| ARAFURA PEARLS | -22.22% | 0.070 |
ReutersAt least 20min delayed
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