THE NEWS WRAP: Suncorp warns about increasing bushfire risks
Tuesday, January 8, 2013/
Insurance giant Suncorp has issued a dire warning about the increasing risk of natural disasters in Australia in a new report, as bushfires continue to ravage Tasmania.
”More frequent extreme weather events, economic growth, urbanisation and population shifts towards high-risk areas have all combined to dramatically increase Australia’s risk exposure,” Suncorp says in the report.
The insurer encourages governments at all levels to step up efforts to limit losses and prevent insurance costs from natural disasters, while also highlighting actions property owners can take to minimise bushfire risks, including clearing vegetation close to homes.
Standard & Poor’s gives Nine BB rating ahead of US debt raising
Credit agency Standard & Poor’s has given Nine Entertainment a speculative BB credit rating as the broadcaster seeks to raise $US700 million in loans in the US this month.
The ratings agency has also given the entertainment company a debt recovery rating of two, meaning investors can expect a “substantial” level of recovery should the company default on its repayments.
The fundraising round is being run by debt investors Apollo Global Management and Oaktree Capital.
Samsung estimates fifth consecutive record quarterly profit
Samsung has announced that it expects to post a quarterly operating profit of $US8.8 billion, marking a massive 90% growth over the same quarter last year.
The result would mark the fifth consecutive record quarterly profit for the South Korean consumer electronics giant.
The strong result is built on strong sales of the company’s Android-based Galaxy smartphones and tablets, although some analysts warn the company’s momentum may be slowed by tough competition from competitors including Apple, HTC and Nokia.
The Dow Jones Industrial Average dropped 73.13 points, or 0.55%, to 13,311.16. The Australian dollar is up to $US1.0497.