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THE NEWS WRAP: Libyan crisis set to trigger instability on global markets

By Oliver Milman
Monday, 21 March 2011

The unfolding Libyan crisis is set to trigger instability on global markets, with oil prices tipped by analysts to rise this week.

 

Oil, already at two-year price highs, is expected to rise further after the Allied bombardment of Libya over the weekend. There are concerns that should Colonel Gadaffi cling to power, he will award lucrative contracts for Libya’s oil to Chinese and Russian firms, rather than UK and US companies.

 

Woolworths taken to court

 

An SME is taking on the might of supermarket giant Woolworths over its “Honest to goodness” tagline.

 

Organic Marketing Australia, which trades as Honest to Goodness, claims that Woolworths’ use of the phrase infringes upon its trademark. A hearing is set for the Sydney Federal Court tomorrow.

 

Packer rules out US return

 

James Packer has ruled out a return to the US gaming market, following his damaging foray prior to the global financial downturn.

 

Packer, who is executive chairman of Crown, still owns 24.5% of the Cannery casino group, which has three casinos in Las Vegas. However, the investment has been significantly written down and Packer told The Australian: “I have had a bad experience in the US, so I am not rushing to go back.”

 

Overnight

 

The Dow Jones Industrial Average rose by 83.93 points to 11,858.52. The Australian dollar is edging close to parity again, trading at 99.59 US cents. 

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