Mining company Aquila Resources (ASX:AQA) has confirmed it is in talks with possible investors about selling stakes in its Washpool in Queensland and Avonturr project in South Africa. Aquila said it noted recent media speculation in relation to a potential transaction involving Asian investment. Analysts say Aquila is expected to sell between 20 percent and 40 percent of the Washpool project, and 20 percent of Avonturr, with the buyers expected to be steel industry end users.
Sydney, Aug 12, 2009 AEST (ABN Newswire) - US stocks fell overnight ahead of the Federal Reserve's latest decision on monetary policy and guidance on the outlook for recovery from the recession. The market was also weighed down by the worries that the banking sector has yet to fundamentally improve.
The Australian market yesterday shrugged off the poor lead from Wall Street and rebounded from a weak start. The benchmark S&P/ASX200 index was up 27.9 points, or 0.65 per cent, at 4332 points, while the broader All Ordinaries index added 25.2 points, or 0.58 per cent, to 4334.4 points.
Key Economic Facts and Figures
Economic forecaster BIS Shrapnel expects Australia's economy will experience falling household incomes, employment and a 17 per cent decline in business investment over the next year. BIS says that a solid recovery is not likely until 2011/2012. Economic growth will be only 0.1 per cent in calendar 2009 and 0.5 per cent over the current financial year.
On Wednesday Australian Bureau of Statistics releases its labour price index data for the June quarter, and the Westpac/Melbourne Institute will publish their survey of consumer sentiment for August.
M&A News
Mining company Aquila Resources (ASX:AQA) has confirmed it is in talks with possible investors about selling stakes in its Washpool in Queensland and Avonturr project in South Africa. Aquila said it noted recent media speculation in relation to a potential transaction involving Asian investment. Analysts say Aquila is expected to sell between 20 percent and 40 percent of the Washpool project, and 20 percent of Avonturr, with the buyers expected to be steel industry end users.
Important Corporate News
Electrical appliance retailer Clive Peeters (ASX:CPR) is trying to recover A$20 million, after its payroll manager admitted stealing money from the company over the past 18 months to buy and sell real estate. Clive Peeters said it had started legal proceedings against the staff member and related parties.
Commonwealth Bank (ASX:CBA) said its full-year net profit for the 12 months ended June 30 fell to A$4.72 billion from A$4.79 billion a year earlier, due to an impairment charge of A$2.94 billion against problem loans. The result was better than market expectations. But CBA said the 2009 financial year had been "challenging" and the outlook remained uncertain.
Computershare Ltd. (ASX:CPU) said Wednesday annual net profit fell 9.3% from a year earlier as declines in interest rates and decreased equities trading volume hit the company's revenue. Computershare earned US$255.7 million in the year to June 30, down from US$282.0 million a year earlier. Revenue fell 4.5% to US$1.50 billion from US$1.57 billion.
Stockland Group (ASX:SGP) has posted net loss for the year ended June 30 of A$1.803 billion, compared to a profit of A$704.6 million in the previous year. The fall is because the global economic downturn forced it to downgraded the value of its investment properties and book impairment charges.
Hutchison Telecommunications (Australia) Limited (ASX:HTA) says its merger with Vodafone Australia has been formally completed. The merger has given Hutchison a A$552million first-half profit, thanks to the sale of its "3" mobile business. The company and Vodafone entered into a 50-50 partnership to create a new mobile operator called Vodafone Hutchison Australia (VHA).
Aevum Ltd (ASX:AVE) has posted an annual net loss of A$12.2 million for the year to June 30, down from a net profit of A$28.55 million for the previous corresponding period. No earnings guidance was provided for the 2009/10 "due to the continuing abnormal market conditions".
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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