Australian resources developer Stirling Resources Limited (ASX:SRE) announced today it has concluded an agreement with international commodity trading group and strategic partner DCM DECOmetal GmbH to fund the Company's expanding zircon portfolio.
Sydney, May 7, 2009 AEST (ABN Newswire) - Wall Street surged Wednesday with rise in banks subject to the stress test. A better-than-expected report on job losses in US private sector also boosted the market sentiment.
Yesterday Australian shares closed lower on concern about the health of US banks. The benchmark the S&P/ASX200 index fell 0.6%, or 23.3 points, at 3867.1, while the broader All Ordinaries index was down 0.6%, or 22.1 points, at 3840.1.
Key Economic Facts and Figures
Performance of construction index by the Australian Industry Group-Housing Industry Association shrank to 36.5 index points in April, a 6.2 point rise from March. The index has been below the 50 point mark since March of last year. The 50 point mark separates growth from contraction. The improvement raised some hope that the downturn in housing sector may be bottoming out.
Today Australian Bureau of Statistics is to release its labour force data for April.
M&A News
Origin Energy (ASX:ORG) has acquired the private company Wind Power Ltd for an estimated A$30 to A$40 million to meet government's Mandatory Renewable Energy Target. The deal will take Origin's wind power development portfolio to 2000 megawatts.
Iluka Resources (ASX:ILU) has accepted an offer by Unimin Australia Ltd for its 51.04 per cent stake in Consolidated Rutile (ASX:CRT). Iluka Resources has received the necessary approvals from its financiers to enable it proceed the deal.
Important Corporate News
Adcorp Australia (ASX:AAU) said it was awarded the contract by the Federal Government to be its agency for planning and booking of government advertising.
News Corporation's (ASX:NWS) (NYSE:NWSA) Chief Executive Rupert Murdoch says the "worst is over" after a sharp decline in advertising demand in its third quarter. The company's operating profit in the full year is expected to be 30 per cent below the previous year's $US5.13 billion result.
Metal recycler Sims Metal Management (ASX:SGM) has reported a net loss of A$94 million after taxes for the nine months to March 31, 2009, including a non-cash goodwill impairment charge of A$173 million.
Food manufacturer Goodman Fielder (ASX:GFF) confirmed it is to sell its commercial edible fats and oils business and reposition itself as a branded consumer foods business. The company also said further sales may occur over the next few years.
AXA Asia Pacific (ASX:AXA) says its five-year growth strategy now looks "extremely challenging" because of the global economic downturn. The company plans to double its enterprise value by 2012.
Australian resources developer Stirling Resources Limited (ASX:SRE) announced today it has concluded an agreement with international commodity trading group and strategic partner DCM DECOmetal GmbH to fund the Company's expanding zircon portfolio.
Republic Gold Limited (ASX:RAU) To Raise A$4.7 Million To Fund Completion of Feasibility Studies. The funds raised from this financing will enable the Company to complete feasibility studies for its Amayapampa Gold Project in Bolivia and its Tregoora and Northcote Gold Projects in Far North Queensland.
Alumina Limited (ASX:AWC) said demand for aluminium in western world is expected to decline a further 10% this year, and Chinese consumption of aluminium is projected to be flat.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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