Minerals Corporation (ASX:MSC) has signed an MOU with Toyota Tsusho Corporation (TTC)(TYO:8015) for the proposed manufacture and marketing of cementitious products for the Japanese and selected export markets using the TTC global network.
Sydney, Feb 4, 2010 AEST (ABN Newswire) - Australian stocks rose Wednesday following encouraging earnings result from media group News Corp. At the close, the benchmark S&P/ASX200 index gained 42.6 points, or 0.9 per cent, at 4647.9, while the broader All Ordinaries index rose 44.4 points, or 1 per cent, to 4673.2.
Key Economic Facts and Figures
Australian Bureau of Statistics said the goods and services deficit in December was seasonally adjusted A$2.252 billion, close to economists' expectations. Exports of goods and services rose by 3.5 per cent in the month to A$19.767 billion, but down18.9 per cent from a year earlier. Imports increased by 5.8 per cent to $22.018 billion, but 10.6 per cent lower than a year before.
New motor vehicle sales in Australia were up 11.6 per cent on the corresponding month in 2009, the Federal Chamber of Automotive Industries (FCAI) said. Business purchases remained strong in January as a result of the Federal Government's business tax break.
Australian Bureau of Statistics on Thursday releases data of building approvals and monthly retail sales, both for December 2009.
M&A News
European Nickel PLC (
LON:ENK) and Rusina Mining NL (ASX:RML) have signed a Merger Implementation Agreement whereby European Nickel proposes to acquire the entire issued share capital of Rusina. The directors of Rusina have recommended shareholders accept an all-scrip takeover offer from European Nickel. Under the merger implementation agreement, Rusina shareholders will be offered 4 European Nickel shares for every 5 Rusina shares.
Important Corporate News
News Corporation (ASX:NWS) (NASDAQ:NWSA) reported a $US254 million second-quarter net profit compared with a $US6.4 billion loss in the same quarter a year ago. Chairman and Chief Executive Officer Rupert Murdoch said News Corp is emerging from this recession with renewed vigor and strength.
The Federal Court has rejected CSR Ltd.'s (ASX:CSR) proposed demerger of its sugar unit, citing uncertainties about how a demerged CSR would fund its ongoing asbestos liabilities. The move prompted speculation about whether CSR will reconsider engaging with China-owned Bright Food. CSR shares had gone into a trading halt ahead of the ruling.
Choiseul Ltd (ASX:CHO) reported a net profit of A$11.85 million for the half year to December 31 2009, down 25.8 per cent compared with the prior corresponding half's A$16m. The result was affected by lower dividend receipts as well as a reduction in the interest rates applicable for the six months.
AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF) said that Caspian Oil & Gas (ASX:CIG) and Sibinga Petroleum have joined the AuDAX operated Romanian AMI (Area of Mutual Interest) effective Dec 1st 2009. The new companies replace former partners NZOG and Nexus Energy which elected to withdraw. By reimbursing AuDAX a large proportion of back costs Caspian and Sibinga have earned a 20% interest each and AuDAX retains a 60% interest and operatorship.
Australia's leading independent Satellite Communications Company, NewSat Limited (ASX:NWT) (OTC:NWTLY) said the company met with the Presidents and CEOs of a number of the World's leading international space companies In January. NewSat's plan to launch Jabiru-1, which will cover Australia, South East Asia, the Middle East and sectors of Africa, is well researched and eagerly anticipated.
Minerals Corporation (ASX:MSC) has signed an MOU with Toyota Tsusho Corporation (TTC)(TYO:8015) for the proposed manufacture and marketing of cementitious products for the Japanese and selected export markets using the TTC global network. The MOU provides the framework for further discussions for the commencement of manufacturing and marketing and envisaged establishment of a JV in Japan for secondary blending of low carbon cement products.
Insurance Australia Group (ASX:IAG) expects to post an insurance profit of A$488 million in its half-year result. The forecast would be significantly higher than the A$227m it achieved the year before, and it represents an improved insurance margin of 13.4 per cent, up from 6.2 per cent a year ago.
Contact
Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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