Leighton Holdings Ltd (ASX:LEI) said the joint venture of Al Habtoor - Murray & Roberts has won a project worth 1.8 billion dirhams to construct the St Regis Hotel and Residences on Saadiyat Island in Abu Dhabi for the Tourism Development and Investment Company (TDIC). Work will commence on site in August and the project is due for completion in 2011.
Sydney, July 27, 2009 AEST (ABN Newswire) - US stocks rose on Friday after Federal Reserve Chairman Ben Bernanke said the central bank is winding down its emergency lending programs established to end the financial crisis.
Australian shares Friday closed at an eight-month high fueled by upbeat US earnings reports. The benchmark S&P/ASX200 was up 22.5 points, or 0.6 per cent, at 4086.6. The broader All Ordinaries gained 24.7 points, or 0.6 per cent, to 4097.3.
Key Economic Facts and Figures
Ernst & Young survey showed that Australian companies are cautiously optimistic about the 2010 financial year, with far more proactive plans over the next 12 months. It is found that 76 percent of executives surveyed saw the crisis as having only a temporary impact on profitability. The results showed Australian businesses had been more energetic than global respondents in the area of debt finance.
M&A News
China's Sinochem confirmed it's in early stage talks for a potential takeover of Nufarm Limited (ASX:NUF). Sinochem said the discussions are at a preliminary stage and incomplete and there is absolutely no certainty that matters will progress. Sinochem said further announcements would only be made if there were material developments. On Friday, Nufarm's shares were up 13 per cent after confirming it was approached by Sinochem.
Important Corporate News
Virgin Blue Holdings Ltd (ASX:VBA) is seeking A$231 million of new capital through an equity raising consisting of a placement of shares worth A$21 million, and a one-for-one non-renounceable rights offer of A$210.4 million. The airline said its 25.5 per cent shareholder, Virgin Group, would support the capital raising. Virgin Blue said it would use the proceeds of the capital raising to increase its liquidity and provide increased financial flexibility. Virgin Blue expects a net loss of A$160 million to A$165m for FY09. The airline's chief executive Brett Godfrey has announced he will retire next year.
Shares in property developer Australand (ASX:ALZ) and associated trusts have gone into trading halts pending the announcement by the group of a capital raising. Australand posted a net loss of A$268.8 million for the first half of the 2009 calendar year and downgraded its guidance for its 2009 full year operating profit. Australand's first half result was down 1152 per cent on the prior corresponding period's profit of A$25.55 million.
Leighton Holdings Ltd (ASX:LEI) said the joint venture of Al Habtoor - Murray & Roberts has won a project worth 1.8 billion dirhams to construct the St Regis Hotel and Residences on Saadiyat Island in Abu Dhabi for the Tourism Development and Investment Company (TDIC). Work will commence on site in August and the project is due for completion in 2011.
Spotless Group Ltd (ASX:SPT) has confirmed that its full year earnings would meet analysts' estimates. Spotless told the Australian stock exchange today that it expected earnings before interest and tax of A$94.1 million for the year ended June 30, and earnings per share of 20.8 cents, prior to non-recurring items.
Building materials company Boral Ltd. (ASX:BLD) says that current board member Bob Every will take over the chairmanship of the company when incumbent Ken Moss retires in May, 2010.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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