Copper and zinc miner Kagara (ASX:KZL) said today that it intends to raise a minimum of A$150 million and a maximum of A$262 million through the issue of new shares to existing and new shareholders. China's Guangdong Foreign Trade Group, through its wholly owned subsidiary, Goldsland Holdings Company, is set to take a 19.9 per cent stake in the miner.
Sydney, June 10, 2009 AEST (ABN Newswire) - Wall Street closed mixed on Tuesday amid fears about rising interest rates. Nasdaq Composite and broad S&P 500 gained on an upbeat outlook from Texas Instruments while Dow Index fell slightly as investors reacted coolly to the government-bailout repayments from major banks.
Yesterday the Australian share market ended lower. The benchmark S&P/ASX200 fell 36.3 points yesterday, or 0.91 per cent, at 3934.9, while the broader All Ordinaries was down 35.4 points, or 0.89 per cent, to 3933.6. Overnight the stronger commodities prices in New York may boost the local market today.
Key Economic Facts and Figures
The ANZ survey released yesterday found the total number of jobs advertised in newspapers and on the internet fell 0.2 per cent in May, a fall for the 13th straight month, resulting in a decline of close to 50per cent over the year. The results also suggested employment would continue to fall. ANZ is forecasting a 29,000 fall in employment when the May labour force report by the Australian Bureau of Statistics.
Westpac and the Melbourne Institute today will release their Survey of Consumer Expectations for June. The Australian Bureau of Statistics (ABS) issues housing finance data for April. St George Bank is to unveil research on the effect of the global financial crisis on Australia.
M&A News
Santos (ASX:STO) is in talks with Korean buyers about the sale of gas and an equity stake in its Gladstone liquefied natural gas project. Korea Gas Corporation (SEO:036460) said the company was in the "initial stage" of sales negotiations with Santos. Santos will reduce its interest in the project from 60 per cent to 51 per cent.
Hutchison Telecommunications (Australia) Ltd (ASX:HTA) and Vodafone have completed the merger of their Australian mobile communications businesses. Hutchison and Vodafone merged their subsidiaries, Hutchison 3G Australia Pty Ltd and Vodafone Australia, to create a joint venture called Vodafone Hutchison Australia (VHA), in which they have equal shares.
Important Corporate News
Contractors to BHP Billton (ASX:BHP) including Leighton Holdings (ASX:LEI) and Macmahon (ASX:MAH), will be progressively replaced by employees at the miner's proposed joint venture with Rio Tinto (ASX:RIO). The two mining giants will could save the companies US$20 billion by combining their iron ore operations in Western Australia.
Electronics retailer JB Hi-Fi (ASX:JBH) has unveiled plans to increase growth by adding 60 more stores in Australia and New Zealand than expected.
Qantas (ASX:QAN) said it will save A$1 billion in capital expenditure in the next financial year by delaying aircraft deliveries after negotiation with manufacturers.
West Australian Newspapers Holdings (ASX:WAN) has announced an organisational restructure that will involve a 5 per cent across-the-board staff reduction through voluntary redundancies.
Copper and zinc miner Kagara (ASX:KZL) said today that it intends to raise a minimum of A$150 million and a maximum of A$262 million through the issue of new shares to existing and new shareholders. China's Guangdong Foreign Trade Group, through its wholly owned subsidiary, Goldsland Holdings Company, is set to take a 19.9 per cent stake in the miner.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.l@abnnewswire.net
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