Paladin workers back
Uranium miner Paladin Energy's mine in Malawi is back at full production after an industrial dispute sparked by demands for a 66 per cent pay rise from local workers. Workers at the Kayelekera mine walked out after demanding an immediate pay rise, following the recent 50 per cent devaluation of Malawi's currency, the Kwacha.
30,000 jobs to go at HP
Hewlett-Packard reportedly will cut up to 30,000 jobs, or 9 per cent of its workforce, to offset falling demand for PCs as more people connect to the internet on smartphones and tablets. Analysts estimate a payroll reduction of that size would save HP more than $US1 billion annually. The cuts could be announced on Wednesday, when HP reports its quarterly earnings.
PanAust production rise
Laos-focused miner PanAust expects to see a rise in production after an upgrade of its flagship Phu Kham mine to increase recovery rates of copper and gold. It now expects output in 2013 to be between 65,000 and 70,000 tonnes of copper. Gold and silver production is also expected to rise, though no targets were provided.
Eye Corp on the block
Ten Network is negotiating the sale of its outdoor advertising business Eye Corp, saying it has entered into an exclusivity agreement with a bidder. It is believed local rivals JCDecaux and APN had expressed interest in the company. Eye Corp has been valued at between $100 million and $125 million by some analysts.
Japan has upgraded its economic outlook for the first time in nine months, a day after issuing better than expected growth figures due to higher exports and consumer spending. But the monthly economic report warns that uncertainty over Europe's financial picture, a strong yen and rising oil prices may hamper a recovery for the world's third-largest economy. GDP grew by 1 per cent in the three months to March.
Price falls on euro fear
Oil headed for its third weekly decline in New York and fell to its lowest price this year in London on concern that demand would falter as Europe's debt crisis worsened. West Texas Intermediate futures slid 1 per cent after closing at the lowest price in six months.