AED Oil Ltd. (ASX:AED) is expanding its presence in South East Asia by a A$9 million purchase of stakes in two Indonesian oil and gas properties from Canada-based Nations Petroleum.
Sydney, Feb 8, 2010 AEST (ABN Newswire) - The Australian share market dropped sharply to a three-month low on Friday follwoing the plummet in overseas stocks and commodities prices. About A$31 billion was wiped from the value of stocks after the massive selling in Australian shares. At the close, the benchmark S&P/ASX200 index fell 107.3 points, or 2.32 per cent, to close at 4514.3, while the broader All Ordinaries index lost 111.4 points, or 2.4 per cent, to 4532.7.
Key Economic Facts and Figures
The Reserve Bank of Australia said on Friday it is likely that monetary policy will need to be adjusted further over time to ensure that inflation remains consistent with the 2% to 3% target range over the medium term, if economic conditions gradually strengthen as expected. The RBA has upgraded its core inflation forecasts for this year and next and left the door open for further interest rate increases in 2010.
M&A News
AED Oil Ltd. (
ASX:AED) is expanding its presence in South East Asia by a A$9 million purchase of stakes in two Indonesian oil and gas properties from Canada-based Nations Petroleum. AED will own 100 per cent of the Rombebai contract area in northern coastal Papua, the company said on Friday. AED will also hold a 60 per cent stake in the South Madura contract area, on Indonesia's Madura island.
Firstfolio Limited (ASX:FFF) will make an off-market takeover bid for all issued shares in Xplore Capital Ltd. The two parties have entered into a Takeover Bid Implementation Agreement, under which Xplore Capital shareholders will be offered 2 Firstfolio shares plus A$0.05 cash or A$0.19 for each Xplore Capital share held.
Important Corporate News
Fosters Group (ASX:FGL) is in talks with Mexican brewing giant Grupo Modelo (MXK:GMODELOC) over a valuable contract to sell its Corona beer locally. Grupo Modelo will discuss with Foster's management on a renewal of the partnership. It is believed that Foster's Corona licence and its contract to sell Stella in Australia are both set to expire this year.
Electronics and furniture retailer Harvey Norman Holdings Ltd (ASX:HVN) has reaffirmed its guidance for a big lift in first half profit after reporting a four per cent increase in first half sales. The company reported sales for the six months to December 31 were A$3.27 billion compared with A$3.15 billion in the previous corresponding period.
Ramelius Resources Limited (ASX:RMS) reported an expected substantial increase in the company's half year profit for the six months to 31 December 2009. Ramelius said the net profit before income tax for the half year to December 2009 is expected to be approximately A$15 million, compared to a net loss before income tax of A$1.03 milllion for the corresponding half in 2008.
Rio Tinto (ASX:RIO) appointed a new managing director for China market in an effort to improve relations with its largest customer, after Australian citizen Stern Hu and three of his colleagues were arrested on allegations of stealing state secrets and bribery. Ian Bauert would take on the new role, with immediate effect and will be based in Shanghai.
Contact
Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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