Sydney, Sept 21, 2007 (ABN Newswire) -
The Financal Review reports that China has warned BHP Billiton and Rio Tinto against increasing iron ore charges. China's Iron and Steel Association is calling for a "co-operative partnership" with Australian iron ore exporters, ahead of price negotiations in October.The newspaper reports the association's chairman to be attributing Australia's mining boom to the growth in the Chinese steel industry. Australian miners have enjoyed a 189 per cent rise in iron ore prices since 2002, and considering charging Chinese steel makers a premium to cover shipping costs. BHP Billiton's profit highlight was in 2007.
Amcor's chief executive, Ken MacKenzie, received a 93 percent pay rise after a lift in the global packaging giant's earnings and a major company restructure. Mr MacKenzie earned $5.59 million in total compensation in 2007 compared to the $2.9 million in 2006. The compensation package includes options and rights, superannuation, $1.56 million base pay and a $1.66 million bonus. Amcor's profits have remained steady since 2003.
Retail analysts say Coles Group is facing a dire outlook and a significant drop in profit growth expected this year. After reporting little growth in annual results this week, Coles said it was "inappropriate" to maintain its own revised profit estimate - of about $960 million - given its probable takeover by Wesfarmers. Investment bank Merrill Lynch downgraded its fiscal 2008 forecast for Coles net profit by 16 per cent to $721 million. The forecast for fiscal 2009 was also downgraded by 15 per cent. Other researchers also issued downgrades. Coles Group's best profit result over the past five years was in 2006.
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http://abnnewswire.net/lnk/A4569665Source: Finance News Network © 2007
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