Australia's economic growth slower than expected

Australia has reported weaker-than-expected economic growth between July and September, due largely to a drop off in mining investment.

Its economy grew 0.3% in the third quarter, compared to the previous quarter, and was up 2.7% year-on-year, according to official numbers.

Economists had expected quarterly growth of 0.7% for the period and year-on-year growth of 3.1%.

The Australian dollar fell to

Australian winemaker TWE shares drop as firm rejects offers

Shares in the world's biggest listed winemaker, Australia's Treasury Wine Estates (TWE), have plunged after it rejected two separate multi-billion takeover offers.

TWE said that the two offers - both worth A$5.20 (£2.80) a share or A$3.4bn (£1.88bn) - "undervalued the company".

One of the bids was from US private equity giant KKR and partner Rhone Capital, with the second from an unidentified firm.

TWE shares fell 13%.

"It is now apparent to the company that the bidders are not able to support a transaction on terms and at a price acceptable to the board," TWE added.

TWE said it had discussed the offer with shareholders holding around 50% of the firm's shares.

The firm owns brands such as Wolf Blass, Rosemount and Lindeman's.

It is also behind

Nigerian firm eyes €4bn payout from defaulting Australian companies

For allegedly dumping    their part of a partnership deal to establish a polymer currency printing plant in Nigeria, the Reserve Bank of Australia and two other firms, Securency Private Limited and Innovia Films Limited, all based in Australia, may pay damages of up to four billion Euros (€4bn) to a Nigerian firm.

They are to face a €126 million  specific damages for loss of revenue for failure to establish a local polymer plant up to date; and €1.5 billion euros damages for breach of contracts to carry out technology transfer to a Nigerian entity or establish a polymer plant in Nigeria.

This is the value of what would have been saved if the Australian institution, through its subsidiary firms, had effectively transferred and domesticated the technology for the production of polymer currency notes in Nigeria.

The Australian apex bank and the firms are to