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The business week in numbers

AAP logoAAP 9/12/2016

Coal mines, economic growth, court cases and soft sales - the big and small numbers that made the headlines in the business world over the past week.

MONDAY

$1b - The federal government is prepared to loan Indian mining giant Adani $1 billion to build a 31.5 kilometre railway between its Carmichael coal mine project and a port on the Great Barrier Reef coast if the company can't raise the money itself. The $21.7 billion mine project has been granted final federal and state approval, angering green groups who had unsuccessfully attempted to fight the plans in court.

TUESDAY

$11.3b - Australia's account deficit narrowed in the September quarter thanks to stronger commodity prices, particularly coal, iron ore and liquefied natural gas. Despite the higher prices, export volumes tumbled, which weighed on gross domestic product in the quarter.

WEDNESDAY

0.5 pct - The economy contracted in the September quarter, but at 0.5 per cent the decline was much sharper than many had expected. The quarterly contraction was caused by weakness in many areas, most notably a fall in government spending, weaker housing investment and a drop in net exports. Economists expect growth to return in the current quarter, but a repeat would mean Australia's first recession in 25 years.

THURSDAY

$18m - The Australian Competition and Consumer Commission failed with its legal action against Woolworths, alleging the supermarket giant breached consumer law and behaved unconscionably in seeking retrospective payments from some suppliers. The so-called Mind the Gap sheme was an effort to meet half year financial targets, and raised $18 million. The Federal Court dismissed the ACCC's case.

FRIDAY

40 pct - Shares in Sirtex Medical lost close to half their value after the liver cancer radiation treatment developer warned earnings could fall due to weaker than expected first half sales growth in the Americas, Europe, the Middle East and Africa.

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