View in Other Languages 
Sydney, May 5, 2009 (ABN Newswire) - Overnight US stocks rose to four-month highs as the encouraging US home sales data and an upbeat report on Chinese manufacturing raised hopes for a global recovery.
The Australian shares posted strong gains yesterday. The benchmark S&P/ASX200 index ended 3% higher, or 113.4 points, at 3883. The broad-market All Ordinaries index was up 2.9%, or 108.1 points, at 3846. Today the local market is expected to extend its rally after the boost of overseas and rising commodities prices. Reserve Bank of Australia's interest rate decision will be the focus of the day.
Key Economic Facts and Figures
The ANZ survey shows that the number of job ads in newspapers and on the internet fell 7.5 per cent in April to an average of 136,770 per week. Job ads also declined by 49.9 per cent over the year, suggesting higher unemployment rate ahead as labour force is growing.
Economists are tipping that the board of Reserve Bank of Australia will leave the official cash rate at 3% and take a wait-and-see approach as the effects of the Federal Government's stimulus packages becomes more clear, and ahead of details of next week's federal budget.
M&A News
It is speculated that Rio Tinto (ASX:RIO) is considering revising part of its $US19.5 billion deal with Chinalco to win shareholder support and regulator's approval.
A report by independent experts Deloitte has backed the proposed A$1.37 billion takeover of investment fund Macquarie Communications Infrastructure Group (ASX:MCG). Deloitte said the A$2.50-a-share takeover offer made for MCG by the Canadian Pension Plan Investment Board was "fair and reasonable" and in the best interests of investors.
BHP Billiton Ltd (ASX:BHP) has played down speculation that it will bid for OZ Minerals Ltd. (ASX:OZL).BHP indicated the company wasn't interested in Prominent Hill.
Western Plains Resources (ASX:WPG) has struck a A$45 million deal with Chinese steel group Wuhan Iron & Steel (SHA:600005) to sell a 50 per cent interest in its Hawks Nest iron ore project in South Australia.
Hong Kong commodities trader Noble Group (SIN:N21) has lifted its hostile offer for Gloucester Coal (ASX:GCL). The new bid from Nobel values Gloucester Coal at A$520 million.
Important Corporate News
Singapore Telecommunications (ASX:SGT) yesterday said it had received an order worth A$500 million to provide telecom and managed-network services to Australia and New Zealand Banking Group (ASX:ANZ) in 31 countries in the Asia Pacific. This is to support ANZ's strategy of becoming a "super regional" lender.
BlueScope Steel (ASX:BSL) said in a statement that the steel maker plans to raise up to A$1.413 billion in a rights offer to pay down debt.
OZ Minerals (ASX:OZL) said today its Chief Executive Andrew Michelmore will resign when an asset sale to China's Minmetals is completed. Mr. Michelmore will become a senior executive with Minmetals. OZ Minerals will also reduce the size of its board from eight to six and won't replace two outgoing directors.
Asciano Group (ASX:AIO) says it has obtained a new long-term take and pay contract with Macarthur Coal (ASX:MCC) to haul coal exports by rail in Queensland.
The Australian shares posted strong gains yesterday. The benchmark S&P/ASX200 index ended 3% higher, or 113.4 points, at 3883. The broad-market All Ordinaries index was up 2.9%, or 108.1 points, at 3846. Today the local market is expected to extend its rally after the boost of overseas and rising commodities prices. Reserve Bank of Australia's interest rate decision will be the focus of the day.
Key Economic Facts and Figures
The ANZ survey shows that the number of job ads in newspapers and on the internet fell 7.5 per cent in April to an average of 136,770 per week. Job ads also declined by 49.9 per cent over the year, suggesting higher unemployment rate ahead as labour force is growing.
Economists are tipping that the board of Reserve Bank of Australia will leave the official cash rate at 3% and take a wait-and-see approach as the effects of the Federal Government's stimulus packages becomes more clear, and ahead of details of next week's federal budget.
M&A News
It is speculated that Rio Tinto (ASX:RIO) is considering revising part of its $US19.5 billion deal with Chinalco to win shareholder support and regulator's approval.
A report by independent experts Deloitte has backed the proposed A$1.37 billion takeover of investment fund Macquarie Communications Infrastructure Group (ASX:MCG). Deloitte said the A$2.50-a-share takeover offer made for MCG by the Canadian Pension Plan Investment Board was "fair and reasonable" and in the best interests of investors.
BHP Billiton Ltd (ASX:BHP) has played down speculation that it will bid for OZ Minerals Ltd. (ASX:OZL).BHP indicated the company wasn't interested in Prominent Hill.
Western Plains Resources (ASX:WPG) has struck a A$45 million deal with Chinese steel group Wuhan Iron & Steel (SHA:600005) to sell a 50 per cent interest in its Hawks Nest iron ore project in South Australia.
Hong Kong commodities trader Noble Group (SIN:N21) has lifted its hostile offer for Gloucester Coal (ASX:GCL). The new bid from Nobel values Gloucester Coal at A$520 million.
Important Corporate News
Singapore Telecommunications (ASX:SGT) yesterday said it had received an order worth A$500 million to provide telecom and managed-network services to Australia and New Zealand Banking Group (ASX:ANZ) in 31 countries in the Asia Pacific. This is to support ANZ's strategy of becoming a "super regional" lender.
BlueScope Steel (ASX:BSL) said in a statement that the steel maker plans to raise up to A$1.413 billion in a rights offer to pay down debt.
OZ Minerals (ASX:OZL) said today its Chief Executive Andrew Michelmore will resign when an asset sale to China's Minmetals is completed. Mr. Michelmore will become a senior executive with Minmetals. OZ Minerals will also reduce the size of its board from eight to six and won't replace two outgoing directors.
Asciano Group (ASX:AIO) says it has obtained a new long-term take and pay contract with Macarthur Coal (ASX:MCC) to haul coal exports by rail in Queensland.
|
||
|
 |
Related Companies |
| |
Related Industry Topics: |
| |
This Page Viewed: (Last 7 Days: 160) (Last 30 Days: 630) (Since Published: 90090) |
(697770)
Events & Exhibitions
|
Site Search
| ENGLISH All Languages |
|
Asciano Group | ||||||
|
|||||||
|
Australian and New Zealand Banking Corporation | ||||||
|
|||||||
AJAX UNION |
|||
|
|||
Companies in the News
ABN Newswire on iPhone/iPad
|
| Download from Apple |
Mobile Video TV
|
||
|
||
