Natural gas distributor Envestra Ltd (ASX:ENV) says it has executed agreements with a syndicate of five banks for a three-year A$280 million facility to repay debt and support capital spending. Envestra has also agreed with ANZ Banking Group (ASX:ANZ) to convert an undrawn, one-year, $50 million working capital facility to a three-year A$75 million facility.
Sydney, July 8, 2009 AEST (ABN Newswire) - US stocks fell significantly on lower commodities prices and renewed worries about the economy. Investors are also cautious ahead of Alcoa's quarterly report Wednesday, which marks the official beginning of earnings season. The market sentiment was dented as an official in government's economic advisory panel said the United States should plan to possibly provide a second round of stimulus funds to prop up the economy.
Yesterday Australian shares slightly fell on weaker base metal prices. The benchmark S&P/ASX200 index dropped 16.8 points, or 0.4 per cent, at 3766.9 points while the broader All Ordinaries index had shed 16.4 points, or 0.4 per cent, to 3767.8.
Key Economic Facts and Figures
The Reserve Bank of Australia left interest rates at 3 per cent for a third straight month. The RBA has room to make further cut as the official interest rate in Australia is still well above those of most other developed economies. Economists say if unemployment increases in the second half of 2009, it will force the RBA to resume cutting the cash rate from its current 49-year low.
Today the Westpac-Melbourne Institute Survey of Consumer Sentiment for July and the Australian Bureau of Statistics (ABS) housing finance data for May are due.
M&A News
The Foreign Investment Review Board has asked China Nonferrous Metal Mining Group (CNMC) to resubmit its proposal for investment in Lynas Corp (ASX:LYC). "This is not an unusual or unexpected step in FIRB review of investment transactions of this nature," Lynas said in a statement. The deal will give CNMC 51.6 per cent of Lynas.
Important Corporate News
Western Areas (ASX:WSA) has executed an agreement with Jinchuan Group Ltd for a contract to sell up to 25,000 tonnes of nickel in concentrate over a two year period from the Forrestania Nickel Project. The contract commences in early 2010 and is expected to terminate in December 2011.
Waste manager Transpacific Industries Group (ASX:TPI) says it expects operating earnings before interest, tax, depreciation and amortisation (EBITDA) in fiscal 2009 to be around A$447 million, 9 per cent lower than in fiscal 2008. Transpacific also expected a 25 per cent fall in operating EBITDA in the second half of 2009 from the first half's level of A$255.7 million.
Natural gas distributor Envestra Ltd (ASX:ENV) says it has executed agreements with a syndicate of five banks for a three-year A$280 million facility to repay debt and support capital spending. Envestra has also agreed with ANZ Banking Group (ASX:ANZ) to convert an undrawn, one-year, $50 million working capital facility to a three-year A$75 million facility.
Leighton Holdings Ltd (ASX:LEI) said the Al Habtoor Leighton Group (HLG) has been awarded a project worth 1.4 billion United Arab Emirates dirhams at the Khalifa Port and Industrial Zone with the Abu Dhabi Ports Company. HLG's scope of work includes the construction of on-shore port facilities and includes the construction of 47 buildings and associated infrastructure works.
Macquarie Infrastructure Group (ASX:MIG) said in a statement that it is reviewing options which seek to enhance security holder value. MIG said no decision has been made by the boards in respect of any of these options in response to the market speculation of asset sale and capital raising.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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