Sydney, Oct 8, 2007 (ABN Newswire) - Wesfarmers' search for a new chief to head up the Coles Group has officially begun. Current boss Richard Goyder has been charged with the responsibility of finding the new executive. It's taken him to London where he'll spend a week talking with top executives from British retailers. According to Fairfax press, Mr Goyder has already interviewed some internal candidates for the role. No deadline has been given for the new appointment but sources say it probably won't happen until Coles shareholders vote on the 7th of November. Coles' earnings have dipped from a record high in 2006.

Online job advertiser Seek has bought 50 per cent of Amadeus Education Holdings. Seek says the $37.5 million deal will be funded by purchasing $17.5 million in shares from existing shareholders, and to pay another $20 million in a subscription for new shares. Seek says its part of an expansion of its activities in the training and education market. Amadeus owns several private tertiary colleges, and is the Australian partner of the Edinburgh Business School. SEEK's earnings have been increasing since 2003.

And according to the Gunns chairman, the company will begin developing its Tasmanian pulp mill within weeks. Gunns is now just waiting to finalise the financing of the venture. Analysts have given the mill the seal of approval saying it gives the company a more robust business model. Just last week the environment minister Malcolm Turnbull gave the $1.7 billion development the green light, provided it adhered to 48 stringent conditions. Gunns experienced its earnings highlight in 2004.

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/fnnlnk/B3W7X1LU


Audio Link

http://abnnewswire.net/lnk/121UXR2B



Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au

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