澳洲新闻 (ABC新闻快递) 2010-04-17

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The Federal Government is cracking down on excessive executive pay. Legislation will be introduced later this year that could force executives to pay back bonuses they’ve received on the basis of false financial information. The Government says the laws will also put more pressure on company boards when they decide pay packets. 

Macarthur Coal says it will hold talks with U.S. miner Peabody Coal on its revised takeover bid. Peabody raises its offer to just over four billion dollars after Macarthur rejected a cash-sweetened bid from miner New Hope. Macarthur has also delayed its shareholder¹ vote on taking over rival Gloucester Coal. 

And Brazil and China have signed several trade agreements at an economic summit in Brasilia. The deals are aimed at strengthening trade and energy cooperation between the two countries, and include a plan to build a Chinese steel plant in Brazil.

 Onto the financial markets, and the Australian shares had been dragged down by weak of banks and mining stocks. Both the ASX 200 and the All Ords fell about 0.3 percent. Macarthur Coal shares have jumped more than 8 percent after Peabody increased its takeover offer. QBE Insurance Group is also down. Elsewhere in the region, the Nikkei is trading lower. 

And on the currency front, the Aussie dollar is buying 93 U.S cents.