Pan Asia Corporation Ltd (ASX:PZC) said drilling activities at the TCM Coal Project located in south Kalimantan, Indonesia are currently focussing on the southern part of the TCM concession and immediately adjacent to the 2Mtpa ATA open pit mine operated by PT Arutmin Indonesia (part of PT Bumi Resources Tbk Group).
Sydney, Feb 2, 2010 AEST (ABN Newswire) - The Australian sharemarket extended last week's losing streak as latest report of China's growing manufacturing activity raised fears on a new round of credit tightening by the Chinese government. The S&P/ASX200 fell 45.5 points, or 1 per cent, to 4524.1, while the broader All Ordinaries index today lost 52.1 points, or 1.1 per cent, at 4544.8.
Key Economic Facts and Figures
ANZ Bank's survey showed the total number of jobs advertised on newspapers and internet fell by 8.1 per cent in January to an average of 134,106 per week, seasonally adjusted, compared with a 4.6 per cent gain in December. Newspaper job ads declined in all states and territories in January with a fall of 16.6 per cent while the number of internet job ads fell by 7.5 per cent.
Prices for goods and services rose at a faster-than-expected pace in January. The TD Securities/Melbourne Institute monthly inflation gauge showed that prices rose by 0.8 per cent in January, following a 0.3 per cent increase in December, for an annual rise of 2.6 per cent.
The Australian Bureau of Statistics said Australian house price index rose 5.2 per cent in the December quarter, higher than market expectation. In the year to December, the house price index rose 13.6 per cent.
The Reserve Bank is due to unveil its interest rate decision after the board meeting on Tuesday.
M&A News
Greenspark Power Holdings Ltd Monday said it would increase its takeover bid for Energy Developments Ltd (
ASX:ENE) from A$2.75 to A$2.76 a share, subject to Greenspark acquiring a relevant interest in more than 90 per cent of ENE's ordinary share capital by the end of the offer period.
Important Corporate News
Ramsay Health Care (ASX:RHC), Australia's biggest private hospital operator, raised its full-year profit forecast, largely helped by UK operations that had benefited from internal cost restructuring in the second half of the FY2009 and cost efficiencies in the first half of FY2010. Net profit result for the December half year is likely to be 32 to 34 per cent above the prior corresponding half. Net profit after tax in the 12 months ending June will rise between 18 per cent and 20 per cent.
Junior miner Gindalbie Metals Ltd. (ASX:GBG) and Chinese steelmaker Sinosteel Corp. have struck an agreement to share infrastructure at their neighbouring iron ore projects in the mid west region of Western Australia. The cooperation agreement provided a framework for sharing access to key items like rail lines, accommodation, water infrastructure, an air strip and environmental data, in an effort to reduce capital costs and lead to lower operating costs through economies of scale.
Slot machine maker Aristocrat Leisure (ASX:ALL) said its annual operating profit, which excludes the impact of non-recurring items, for the year to December 31, is expected to be about A$116 million. Despite the upbeat operating profit update, Aristocrat is set to report a bottom line loss in part because it will book an abnormal net provision of A$187.3 million based on expected damages from long-running litigation over convertible bonds.
Argo Investments Ltd (ASX:ARG) said its net profit fell 14.7 per cent to A$82.72 million for the six months to December 31 from A$96.97 million in the prior corresponding period. Argo reduced its first-half dividend to 12 cents per share compared with 14 cents a year earlier. Chairman Chris Harris said that due to the resilience of the Australian and Chinese economies and with some recovery in the rest of the world, the company expects to see a return to growth in Australian company profits and dividends.
Pan Asia Corporation Ltd (ASX:PZC) said drilling activities at the TCM Coal Project located in south Kalimantan, Indonesia are currently focussing on the southern part of the TCM concession and immediately adjacent to the 2Mtpa ATA open pit mine operated by PT Arutmin Indonesia (part of PT Bumi Resources Tbk Group).
Benitec Limited (ASX:BLT) (PINK:BNIKF) announced the appointment of Dr John Chiplin to the Board. John Chiplin PhD has broad-based experience in the life sciences and technology industries, both from an operational and investment perspective. The appointment is effective from 1 February 2010.
Contact
Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
| ||
|
