Australia & New Zealand
Palmer Said to Delay $3 Billion Hong Kong IPO of Resourcehouse Until 2010 Resourcehouse Ltd., controlled by
Australia’s fifth-richest man Clive Palmer, will delay a Hong
Kong initial share sale that’s seeking as much as $3 billion
until early next year, said two people familiar with the plan.
N.Z. Dollar Drops to Four-Month Low Versus Yen on Dubai; Aussie Declines The New Zealand dollar slid to a
four-month low versus the yen and posted the biggest monthly
drop among its most-traded counterparts as appetite for higher-
yielding assets ebbed after Dubai sought to delay its debt.
Asia-Pacific Construction Shares Fall on Dubai World Debt Payment Concern Construction stocks in the Asia-
Pacific region fell, led by Leighton Holdings Ltd., Kajima Corp.
and Obayashi Corp., on concern Dubai World’s proposal to delay
debt payments may lead to losses and project cancellations.
Dubai Is `Storm in a Teacup' for Australian Dollar, Commonwealth Bank Says Investors should buy the Australian
dollar during its declines because Dubai’s request to delay
payments on its debt is a “storm in a teacup,” according to
Commonwealth Bank of Australia, the nation’s largest lender.
Australian Wheat Harvest May Fall to 21 Million Tons on Frosts, Heatwave Australia, the world’s fourth-
largest wheat exporter, may harvest less of the grain than
previously forecast after extreme weather in some states trimmed
yields, National Australia Bank Ltd. said today.
Fisher & Paykel Appliances Shares Decline on Wider Loss, Reduced Forecast Fisher & Paykel Appliances Holdings
Ltd., part-owned by China’s Haier Group, dropped the most in two
months in Wellington trading after first-half losses widened and
the company lowered its full-year profit forecast.
Australian Sugar Production to Rise as Higher Prices Spur Larger Crops Sugar production in Australia, the
world’s third-largest shipper of the sweetener, may rise 6.5
percent next season as higher prices spur farmers to plant a
larger crop, Commonwealth Bank of Australia said.
Caltex Australia Faces `Headwinds' on Refining Margins, Merrill Lynch Says Caltex Australia Ltd. faces
“significant headwinds” as the rising Australian dollar and
increasing crude prices put pressure on refining margins, Bank
of America Corp.’s Merrill Lynch & Co. unit said.
New Zealand Posts Smallest Annual Trade Deficit in Almost Seven Years New Zealand posted its smallest
annual trade deficit in almost seven years in October as
imports slumped, outpacing a decline in exports.
Buy Australian Hybrids as Ratings Firms Spook Market, FIIG Securities Says Hybrid notes of Australia’s banks
are a “bargain” because prices fell too much after rating
companies’ actions, according to FIIG Securities Ltd.,
Australia’s largest specialist fixed-income broker.
Rudd Echoes Obama in Push for Senate Climate Deal Before Copenhagen Summit Australian leader Kevin Rudd is
struggling to force through legislation aimed at reducing carbon
emissions, as he flies to Washington for talks with President
Barack Obama on global warming.
Australian Senate to Reconvene Next Week After Failing to Pass Carbon Bill Australia’s upper house of
parliament will resume sitting on Nov. 30 in a bid to pass
legislation aimed at cutting carbon emissions by imposing a tax
on greenhouse gas emissions.
Greenhouse-Gas Pledges by China, U.S. May Drive Climate Deal in Copenhagen Pledges by China and the U.S. to set
numerical targets for their greenhouse-gas emissions through
2020 may reignite stalled progress for a global climate
agreement at negotiations next month in Copenhagen.
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