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The Australian | Business
News, views and information from the pages of The Australian
- RBA slashes interest rates to 5.25pc
THE Reserve Bank cut interest rates by 75 basis points today, reducing borrowing costs to the lowest level in more than five years. - Iron price fears pull stocks down 2pc
MINERS dragged down Australian shares this afternoon amid fears iron ore prices will fall sharply next year. - Oz credit markets out of deep freeze
KEY Australian credit markets today thawed to levels not seen since before the collapse of US investment bank Lehman Brothers. - Hardie plants hit by weak US housing
JAMES Hardie Industries has suspended production at two US plants due to further deterioration in the American housing market. - Vale will not drop iron ore price
BRAZILIAN mining giant Vale said it will not reduce the price of its iron ore to push sales volumes higher. - GM sales crash 45pc: Ford, Toyota dive
US auto sales deteriorated further in October as General Motors warned the industry was on track for its worst month in 25 years. - Oil prices drop on weak manufacturing
OIL prices fell sharply in New York on signs a widening economic slowdown may freeze growth in petroleum demand next year. - Eurozone officially in recession
THE eurozone economy was now in recession and would remain at a standstill for most of next year, the European Commission said. - Babcock sells half of NZ's Powerco
BABCOCK & Brown Infrastructure Group has sold 50 per cent of its stake in the New Zealand operations of its Powerco subsidiary. - Pepsi to invest $1.5bn in China
PEPSI will spend $1.5 billion in China over the next four years, its largest investment so far in one of its fastest-growing markets. - UK creates company for bank bailouts
THE British government has created a company to manage the 37 billion pounds ($86 billion) bank bailout plan. - Global share losses hit record in Oct
WORLD equity markets lost an estimated $US5.79 trillion ($8.6 trillion) during October, the biggest monthly loss ever.