Companies

  • World Trade Centre class action against Lend Lease settled

    Property developer Lend Lease Group said a US a class action against a subsidiary filed by workers on the World Trade Centre clean up site in New York City had been settled.

  • Fortescue expands plans for third mine

    Iron ore producer Fortescue Metals Group has increased the production target at its planned third mine and put a $US5.7 billion ($A6.24 billion) price tag on a two-stage operation.

  • Riding the boom in coal seam gas

    In May last year a little known entrepreneur called Paul Fudge signed a deal that instantly made him one of Australia's richest men.

  • How Myer float sprang a leak

    Now that Myer has busted a key prospectus forecast six months after it was issued and done a backflip on the sales spiel that helped lumber retail investors with one of the worst IPOs for years, perhaps it is time the regulators took a closer look at how we got here.

  • Sales growth the key at Myer

    Bernie Brookes can still point to strong profit growth at Myer but is it sustainable?

  • Brazil backs BHP on benchmark

    Brazilian miner Vale has finally tabled a number in this year's increasingly contentious iron ore benchmark price discussions, asking steel mills for a more than 90 per cent increase.

  • Cape Lambert unloads copper mine

    Former Oxiana chief executive Owen Hegarty is expected to join the board of China Sci-Tech Holdings, which has agreed to buy Cape Lambert Resources' Lady Annie copper mine in Queensland for about $130 million.

  • Beach plans biofuels in desert

    Beach Energy will investigate the prospect of harvesting oil from huge algae fields in the outback.

  • Stokes deal finds faith in the west

    Seven Network director Peter Gammell said yesterday that the media company's proposed $2 billion purchase of industrial equipment group WesTrac was gaining traction among minority shareholders located in Kerry Stokes' home state of Western Australia.

  • A big cheese in the wings at Manassen

    The face of fromage in Australia, international cheese expert Will Studd, has linked his fortune to that of consumer food company Man­assen ahead of a possible $500 million float this year.

  • Company briefs

    Rio Tinto is in talks to sell its talc business and would like to close the deal over the next year or so, the company's diamonds and minerals division head Harry Kenyon-Slaney told Reuters.

  • Oroton bags 24pc first half earnings growth

    Luxury goods retailer OrotonGroup achieved nearly 24 per cent earnings growth in the first half and says trade in its key Oroton brand remained robust. However, it warned that the current half would be challenging.

  • NBN 'dead in water' without Telstra

    The national broadband network will be "dead in the water" unless Telstra takes part in the rollout of the $43 billion plan, parliament has been told.

  • Seven appoints CFO of media assets

    Seven Network has appointed one of its executives to the position of chief financial officer of its media assets.

  • Centrebet defends timing of announcement

    Online wagering and gaming firm Centrebet International says it first become aware of potential takeover proposals in February but did not tell the market until this week for reasons of confidentiality.

  • Cooper says floods to dampen activity

    Cooper Energy says flooding in the Cooper Basin is likely to have an impact on its South Australian operations as roads are cut off and oil fields are isolated.

  • Brief: Nido Petroleum

    Nido Petroleum has entered into an agreement with TG World (BVI) Corp to farm-out 7.6pc of its 50pc interest in the highly prospective Service Contract 54 Block A (SC 54A), offshore northwest Palawan Basin in the Philippines, for $US6.79m.

  • Brief: Cape Lambert Resources

    Cape Lambert Resources is in a trading halt pending an announcement on the sale of the Lady Annie project.

  • Brief: Emerald Oil and Gas

    Emerald Oil and Gas is in a trading halt for an acquisition.

  • Brief: Queensland Mining Corp

    Queensland Mining Corp has completed a placement of 60m shares at 13.5¢ each together with 30m options with a strike price of 20¢ raising $8.1m.

  • Brief: iiNET

    iiNET is in a trading halt to respond to a newspaper article.

  • Brief: Leighton Holdings

    Leighton Asia has secured a $463m contract to construct the Tse Uk Tsuen to Shek Yam section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link.

  • Brief: Eureka Energy

    Eureka Energy will make a fully underwritten 1-for-6 issue at 10¢ a share to raise $2.2m to be used on the company's interest in the onshore Texas-based, Sugarloaf oil and gas venture.

  • Brief: Copper Strike

    Copper Strike reports that three drill holes at Kaiser Bill at the Einasleigh Project all intersected multiple mineralised zones.

  • Brief: Beach Energy

    The potential for the oil and gas fields of South Australia's Cooper Basin to produce "bio fuels" and "bio oils" through special land farming techniques which absorb waste CO2 is to be the subject of a study by a new Australian-US alliance announced on Thursday.

  • Brief: Viterra

    Viterra sales rose 29pc to $1.8bn in the first quarter of fiscal 2010, buoyed by contributions associated with the acquisition of ABB Grain in September.

  • Brief: Red Sky Energy

    Red Sky Energy has signed a binding terms sheet with Enhanced Biogenic Methane, the holder of an exclusive Australian licence to biogenic methane enhancement technology from the Western Research Institute of Wyoming.

  • Brief: Galaxy Resources

    Emerging lithium producer Galaxy Resources has a new ore reserve statement for the Mt Cattlin spodumene project near Ravensthorpe in Western Australia.

  • Brief: Coal of Africa

    Coal of Africa has received approval from the South African Department of Mineral Resources to its application to take a bulk sample from its Makhado coking coal project.

  • Brief: Iron Road

    Iron Road says all approvals are in place for the start next Tuesday of the company's maiden drilling program to investigate potential for direct shipping ore at the Gawler iron project.

  • Brief: Skywest

    Skywest has signed an agreement with CITIC Pacific Mining Management for a scheduled airline service between Perth and Karratha for employees of CITIC.

  • Brief: Myer

    Myer lifted sales 2pc to $1.797bn, EBIT 11.9pc to $181m and net profit 38pc to $115m in the six months to January 23.

  • Leighton lines up $463m Hong Kong rail deal

    Leighton Holdings has won a $463 million contract to build part of an express rail link between Hong Kong and mainland China.

  • Oroton bags 24pc first half earnings growth

    Luxury goods retailer OrotonGroup achieved nearly 24 per cent earnings growth in the first half, saying trade its key Oroton brand remained robust. However, the company warned that the current half will be challenging.

  • Myer float was too early, says Brookes

    The timing of the $2.3 billion float last year was not ideal, Myer chief exec­utive Bernie Brookes has conceded, and he would have preferred to have gone public at the end of the department store chain's turnaround program this year.

  • AGL open to any Shell offer

    AGL Energy chief executive Michael Fraser says the company could join with Royal Dutch Shell in a future Queensland liquefied natural gas project in the event the global oil and gas giant snares control of Arrow Energy.

  • Company briefs

    Adamus Resources plans to raise up to $30.5 million in a new share sale to accelerate exploration activities at a gold mine in Ghana.

  • Primary Health Care takes AGPN to court

    Primary Heath Care has started legal proceedings against the Australian General Practitioners Network and a number of its divisions to prevent their use of "Primary Health Care" as a trading name.

  • Heavy metal in concert

    The salubrious surrounds of the pub at the Wembley golf course in Perth's western suburbs is not exactly the kind of place the head of a $1 billion company would expect to strike the biggest deal of his career.

  • Port deal opens a new world for Atlas

    Atlas Iron has moved decisively to solve its medium-term port infrastructure issues through a $149 million takeover of Aurox Resources, a deal which will increase its export capacity from Port Hedland.

  • Seek increases Malaysian stake

    Online job advertising company Seek is keen to continue the overseas expansion strategy that has seen it invest in companies in China, Brazil and Malaysia over the past four years.

  • Business travel limps to recovery

    Business-class air travel is showing further signs of recovering from its worst slump in aviation history although international ticket prices are likely to remain subdued for at least another year.

  • Rio seeks closer Chinalco ties

    Rio Tinto chief executive Tom Albanese is expected to visit Chinalco during a trip to Beijing later this month as the miner explores options for renewed collaboration with its largest single shareholder.

  • Chevron cuts deep, Caltex in doubt

    Oil and gas giant Chevron has unveiled deep cuts to its international refining business, raising the prospect of a sale of its 50 per cent stake in Caltex Australia.

  • Aristocrat refreshes board

    Aristocrat Leisure chairman David Simpson and two members of his board are stepping down this year as the poker machine manufacturer continues to refresh its leadership.

  • Alesco tanks on earnings downgrade

    Analysts slashed their ratings of Alesco Corp after the building and home products maker downgraded earnings for a fourth time in a row, painting a grim immediate outlook.

  • Suncorp, IAG the new darlings

    The tables were turned for the general insurers during the profit season. After years of dismal results Suncorp and Insurance Australia Group posted solid trends, while sharemarket favourite QBE handed a shock by missing its guidance.

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