AMP Ltd (ASX:AMP) said in a statement that it had signed a memorandum of understanding for strategic cooperation with China Life Insurance Company (SHA:601628)(HKG:2628), China's largest insurer. AMP said the agreement with China Life offers significant potential for AMP to grow its business in partnership with China Life in the world's fastest growing economy. Last week AMP announced a proposal to take over AXA Asia Pacific Holdings together with French parent AXA SA. AMP, which also operates in Japan, India, Singapore, the UK and New Zealand, is looking to grow its business in Australia and overseas.
Sydney, Nov 16, 2009 AEST (ABN Newswire) - On Friday, the US stocks were boosted by the encouraging earnings from major retailers and The Walt Disney Co. A record number of U.S. companies beat earnings expectations in the third quarter. This week a new round of economic data including retail sales, inflation readings and housing starts will be the focus after most corporate results already reported.
Australian shares broadly opened higher on stronger metals prices and good leads from Wall Street. The local market dropped on Friday, following profit-taking by investors. The losses trimmed gains from the strong start to the week. At the close on Friday, the benchmark S&P/ASX200 index declined 41.5 points, or 0.87 per cent, to 4706.4, while the broader All Ordinaries was down 35.6 points, or 0.75 per cent, to 4722.6.
The Australian dollar was up on the positive earnings results from the US this morning. At 7am, the Australian dollar was trading at 93.36 US cents, up from Friday's close of 92.56 US cents.
Key Economic Facts and Figures
There is no domestic economic data due during Monday's session. This week key reports to be released include Reserve Bank's the minutes of the November board meeting, the Australian Bureau of Statistics' labour price index for the September quarter, ABS figures on international merchandise imports for October, and ABS data on average weekly earnings for the August quarter.
M&A News
Breville Group Limited (ASX:BRG) said in a statement today that the board unanimously recommends its shareholders reject G.U.D. Holdings Limited's (ASX:GUD) offer in relation to their own share in Breville. The Breville Board and the independent expert PwC Securities both believe that GUD is not offering enough for company. PwC has concluded that the offer is neither fair nor reasonable.
Important Corporate News
Incitec Pivot Limited (ASX:IPL) has delivered a net profit after tax (NPAT) excluding individually material items of A$347.8 million, down 46% from A$647.5 million in 2008. The company recorded a loss of $179.9 million for the 12 months to September 30 after writing down goodwill from its Dyno Nobel explosives business, bought in the prior fiscal year.
AMP Ltd (ASX:AMP) said in a statement that it had signed a memorandum of understanding for strategic cooperation with China Life Insurance Company (SHA:601628)(HKG:2628), China's largest insurer. AMP said the agreement with China Life offers significant potential for AMP to grow its business in partnership with China Life in the world's fastest growing economy. Last week AMP announced a proposal to take over AXA Asia Pacific Holdings together with French parent AXA SA. AMP, which also operates in Japan, India, Singapore, the UK and New Zealand, is looking to grow its business in Australia and overseas.
Telstra Corporation (ASX:TLS) said it is targeting a reduction in its carbon emissions intensity, the amount of carbon emitted for every dollar earned, of at least 10 per cent, and up to 15 per cent, by 2015. Telstra emitted 1.52 million tonnes of carbon dioxide equivalent in 2008-09, equivalent to 64 tonnes per million dollars of domestic revenue.
Elders (ASX:ELD) delivered its first annual report for the 15 month financial period since it adopted the name "Elders" and changed the balance date to 30 September. The company recorded an underlying loss for 2009 financial year of A$51.8 million, which compares to the forecast of an underlying loss to shareholders of A$48.3 million. The company has retained its prospectus earnings guidance for FY2010.
Tutt Bryant Group (ASX:TBG) reported that its net profit fell to A$6.03 million for the six months to September 30 from A$13.8 million in the prior corresponding period. Revenue fell 28 per cent to A$125.9 million. Tutt Bryant chief executive David Haynes said he expected equipment sales would gradually improve over the next 12 months.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
| ||
|
