Sydney, July 5, 2007 (ABN Newswire) - IAG is now facing a bill of almost $170 million following the storms that hit New South Wales last month. The company says it's received more than 20,000 claims related to the storms that hit the hunter and central coast. That's up from an earlier figure released to the market soon after the storms hit of 9,000. But NRMA chief executive David Issa says only around 20 to 30 per cent of the 20 thousand claims have been assessed meaning it's too early to release a cost estimate. IAG has produced profits over the last 4 financial years.
Coca-Cola Amatil faces the possibility of having to accept a lower-than-expected price for its South Korean bottling business. It comes amid reports of unscheduled delays, and reports bidders have offered less than the book value for the bottling operations. In fact according to JP Morgan, no one has made a bid over $350 million. The company says it's still in negotiations with preferred bidders. Coca-Cola Amatil experienced its earnings highlight in 2005.
And Telecom New Zealand will now be forced into a three-way operational split of the company. Last year the New Zealand government ordered the telco to split into wholesale, retail, and network divisions. Telecom, on the other hand, said it would rather sell off its fixed line phone network as an alternative. Telecom says the government reforms in their current shape are unworkable. The law enforcing the three-way split will come into affect by the end of this year. Telecom New Zealand's earnings fell into the red in 2006
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