ABN Newswire

GoConnect (ASX:GCN) Update on Development of Internet Connected TV Audience

newsroom@abnnewswire.net — Thu, 15 Dec 2011 17:13:57 GMT

Directors of GoConnect Ltd (ASX:GCN) are pleased to advise that the company's IPTV business channel, World Business Network, has just received approval from LG Inc. (SEO:066570) and has gone live on all LG Internet connected TVs sold globally. The World Business Network is available as a downloadable application on all Internet connected TVs of LG. It currently carries two programs, The Business Show, which distributes a series of sponsored business interviews conducted by Adam Shand, and the ABN Newswire business news programs. Additional business programs will be added in coming months. Including The World Business Network, this brings to six the number of downloadable applications that GCN has developed, and which have been approved by LG for distribution to the LG IPTV households globally.

Since inception, GCN's IPTV audience, gained through Internet connected TVs of Sony (NYSE:SNE) and LG, have to-date attracted an audience of over 52,000 households, with over 70 per cent of that from the international markets outside of Australia. Based on industry statistics of 2.5 people per TV household, this translates to an IPTV audience reach of 130,000 people, a useful addition to the GCN advertising network that the company is building. However, the potential growth of this audience is still relatively untapped.

Based on TV industry sources, by the end of 2012, we expect the number of Internet connected TVs that will carry GCN's IPTV applications and premium channel uctv.fm will have grown to about 50 million units, potentially delivering an audience reach of 125 million people worldwide. This audience reach does not include that from smartphone and desktop PC users with smartphone expected to be increasing in its acceptance for video viewing by the IPTV audience on the move. With GCN's IPTV applications and channels available on the three screens of desktop PCs, smartphones, and Internet connected TVs worldwide, GCN is well positioned to benefit from the exponential growth and increasing popularity of IPTV connected devices and networks.

GCN has first mover advantages in the IPTV industry, having first launched its patented IPTV application GoTrek in the year 2000 and GoTrek's derivative m-Vision for the first generation smartphone in 2003. Capitalising on the company's proprietary technologies, expertise and experience in IPTV to expand the company's audience reach, GCN has now also added to its IPTV strategy free Wi-Fi network (wireless internet) and a strong China focus.

About ABN Newswire

Asia Business News (ABN Newswire) is a leading communications technology company in Asia, and electronically publishes and distributes corporate and financial news and information from publicly listed companies directly to investors and financial media outlets worldwide through a professional database network and financial news distribution platform. Operations are tailored for corporate Investor Relations departments and corporate Public Relations departments through the ABN Newswire.

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GoConnect Limited
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Asian Activities Report for December 12, 2011: Skyworth Digital (HKG:0751) Reports Significant Sales Growth of LED LCD TV

newsroom@abnnewswire.net — Mon, 12 Dec 2011 12:00:42 GMT

Skyworth Digital Holdings Limited (HKG:0751) recorded significant year-on-year growth of 188% and 190% in sales volume of LED LCD TV in mainland China in November 2011 and from April to November 2011 respectively. In the Chinese LCD TV market, the Company ranked number 1 in sales volume for October 2011 and number 2 in revenue market shares for the 12 months ended 31 October 2011. Its position in overseas LED LCD TV markets remained strong, sales volume jumped 1333% from April to November than the same time last year.

NTT Data Corporation (TYO:9613) will initiate the integration of its regional group companies in North America and South America in January, 2012. Subsequent efforts in 2012 will include the unification of its global operations in the Europe, Middle East, and African region, the Asian and Pacific region, and the Chinese region. The integration of management and delivery structures is expected to provide local and global customers with access to more services and greater efficiencies and to strengthen the NTT DATA brand globally.

Toyota Tsusho Corporation (TYO:8015) has signed an agreement with AWE Limited (ASX:AWE) to acquire two equity interests in gas projects in Australia for a cash consideration of A$80.125 million. Toyota Tsusho Corporation considers Australia to be one of the most important countries for upstream investments in the gas value chain. The company has been acquiring conventional and unconventional gas exploration and development rights for the purpose of building a liquefied natural gas value chain that caters for Japan.

Qiubei Fu
Asia Business News
Tel: +61-2-9247-4344
http://www.abnnewswire.net

Australian Market Report of July 29, 2010

newsroom@abnnewswire.net — Thu, 29 July 2010 13:30:27 GMT

The Australian shares dropped this morning after Wall Street ended its four straight day rises. US shares fell on news that orders for big-ticket items sank in June on weaker demand for airplanes and electronic goods.

The benchmark S&P/ASX200 index lost 0.56 per cent in early trade while the broader All Ordinaries index dropped 0.38 per cent. There were losses across most sectors on the local market, led by financial stocks.

Company News

Tower Australia (ASX:TAL) said today that its inforce premium exceeded the A$1 billion mark for the first time during the June 2010 quarter, up 40.5 per cent from a year earlier. Inforce premiums are initial premiums on all insurance policies that have not been cancelled or expired. New business premiums more than doubled to A$127.3 million from A$58.1 million. Individual new business growth was flat year on year. But the new business growth of 207 per cent in Group Risk mainly reflected the inclusion of new income protection benefits to 700,000 AustralianSuper members, increasing premiums by A$80 million a year, Tower said.

Centro Properties Group (ASX:CNP) said it has completed a number of financing achievements across its US business and continues to progress its assessment of restructure options. Centro has completed financing arrangements for about US$2.7 billion of the US$3.2 billion of debt within Super LLC (a joint venture of CNP, Centro Retail Trust (CER) and Centro MCS 40), which was due to expire on or before December 31, 2010. The US$2.7 billion financing arrangements include an extension of about US$2.3 billion and a refinancing of over US$400 million, the company said. A number of options to address the balance of US$440m are being considered and Centro is confident these will be resolved in due course.

Goodman Group (ASX:GMG) confirms today that it has interest in becoming the manager of ING Industrial Fund (ASX:IIF), ING's Australian real estate platform, to retain it as a standalone listed vehicle. Goodman currently owns 4.4 per cent of the IIF. Goodman believes that this would be a prudent expansion of its fund management business. Detailed discussions have not taken place, and there is no certainty that any transaction will proceed, Goodman said.

Subscription television services Austar United Communications Ltd (ASX:AUN) said its net profit fell 42 per cent to A$20.69 million in the six months ended June 30 from A$$35.5 million for the first half of last year. Revenue was up 6.3 per cent to A$351.86 million. Chief executive Mr John Porter said the company is seeing positive signs that momentum has returned, and its product is better than ever with the launch of download and streaming product, Austar AnyWhere, in early July.

Kingsgate Consolidated Limited (ASX:KCN) (PINK:KSKGF) has substantially increased its interim Mineral Resources and Ore Reserve estimates for 2010 at the Chatree Gold Mine in central Thailand. Interim Ore Reserves increased to 1.9 million ounces of gold in 61.7 million tonnes of ore at a grade of 1.0 gram/tonne gold as at the 30th June 2010. This represents a 41% increase in Ore Reserves. Contained within the Ore Reserve estimate is 19 million ounces of silver at a grade of 9.4 g/t silver.

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net

Seven Network (ASX:SEV) Gained Support for WesTrac Merger Plan

newsroom@abnnewswire.net — Mon, 12 Apr 2010 12:45:10 GMT

Two of Seven Network Ltd's (ASX:SEV) largest independent shareholders have agreed to support the merger of the television network and industrial equipment company WesTrac Holdings after extracting better terms for the deal. Seven Network's key institutional shareholders Ausbil Dexia and Perennial Value represent around 28.1% of shares outside those held by ACE, Kerry Stokes' private vehicle.

Seven Network said following discussions with Australian Capital Equity and related parties (ACE), the owner of WesTrac, it has received a deed poll in which ACE has agreed to stand behind WesTrac's forecast earnings before interest, tax, depreciation and amortization (EBITDA) of approximately A$231 million for the 2011 financial year. In the event WesTrac's 2011 EBITDA forecast is not met, ACE will cancel shares it receives in the merger between the Seven Network and WesTrac.

Seven Network plans to merge with WesTrac, which operates Caterpillar franchises in Western Australia, NSW and northern China. The merged company will be renamed Seven Group Holdings Ltd.

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net

Asian Markets Overview of March 30, 2010: Ericsson (NYSE:ERIC) Secured US$1.8B Deals with China Mobile (HKG:0941) and China Unicom (HKG:0762)

newsroom@abnnewswire.net — Tue, 30 Mar 2010 13:30:45 GMT

Monday Wall Street rose as higher commodities prices boosted energy and mining companies. The US markets also received support from positive consumer spending in February. Asian markets closed mixed yesterday. Chinese stocks rallied as China said it plans to launch the long expected stock-index future in April 16. Shanghai Composite jumped 2.1 per cent to a two month high, while Hong Kong's Hang Seng Index climbed 0.9 per cent. South Korea's Kospi Composite was 0.3 per cent lower. Japan's Nikkei 225 lost 0.1 per cent.

Company News

Swedish telecommunications equipment vendor L.M. Ericsson (NYSE:ERIC) said Monday it has signed framework agreements to provide network equipment for China's mobile service giants. Ericsson secured a US$1 billion deal with China Mobile Ltd. (NYSE:CHL) (HKG:0941) to provide radio access equipment, which will boost the network's capacity and evolve it into an Internet Protocol, or IP, network. The Swedish company was also awarded a US$800 million contract by China Unicom (NYSE:CHU) (HKG:0762)s to provide a faster third-generation network with HSPA Evolution technology, as well as IP and broadband equipment.

Japan's Nippon Steel Corp (TYO:5401) has reached a tentative agreement with Brazilian mining giant Vale (NYSE:VALE) to pay US$100-$110 per tonne of iron ore in the April-June quarter, reported a Japanese media. This represents a 90 per cent increase from the price in fiscal 2009.

Taiwan-based Formosa Plastics Corp. (TPE:1301) said its net profit jumped 40 per cent in 2009 because of higher investment income from affiliates. Net profit for the 12 months ended Dec. 31 was NT$27.53 billion, up from NT$19.71 billion in 2008.

Macau casino operator SJM Holdings Ltd. (HKG:0880) reported a 14 per cent rise in 2009 net profit thanks to stronger gaming revenue in the second half. Its net profit for the 12 months ended Dec. 31 was HK$906.7 million, up from HK$796.1 million a year earlier. The result was better than market forecasts while the company posted a 41% fall in first-half net profit on top of a 48% drop in 2008. SJM said it doesn't expect the Macau government's new policy to cap gaming tables to significantly impact the company's business.

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net

Australian Market Report of February 23: Market in Positive Sentiment

newsroom@abnnewswire.net — Tue, 23 Feb 2010 09:30:34 GMT

Australian shares rallied on Monday with gains in resources stocks helped to lift the market. The better-than-expected corporate earnings also fueled the rise. At the close, the benchmark S&P/ASX200 index was 82.4 points, or 1.8 per cent higher, at 4717.5, while the broader All Ordinaries index rose 76.4 points, or 1.6 per cent, to 4732.7.

Key Economic Facts and Figures

New motor vehicles sales seasonally adjusted fell by 3.4 per cent in January when compared to December 2009, as the federal government's 50 per cent tax break on business investment in December ended.

The Housing Industry Association (HIA) survey showed that housing affordability in Australia has slumped more than 20 per cent in the past year due to rising interest rates and house prices. First home buyer affordability index dropped 18.4 per cent in the December quarter, to be 22.3 per cent lower than a year ago. The association says affordability deteriorated in all capital cities and regional areas during the last three months of 2009, but the worst falls were in Sydney, Brisbane, Hobart and Canberra.

M&A News

Seven Network Limited (ASX:SEV) is to merge with WesTrac Holdings, a wholly-owned subsidiary of Australian Capital Equity (ACE), to create a new ASX listed company called Seven Group Holdings Limited. The new company will see the media giant move into the resource services sector and expand its presence in China by merging with the WesTrac group. The scrip for scrip deal values WesTrac at A$2 billion including A$1 billion of debt. Seven reported net profit for the six months to December 26 of A$509.13 million, up from A$20.03 million in the previous corresponding period. The profit result included A$628.9 million of significant items before tax, due mainly to the reversal of impairment losses booked on its media investments.

Important Corporate News

NIB Holdings (ASX:NHF) reported net profit for the first half of the 2009/10 financial year of A$43.1 million, up from A$2.08 million in the prior corresponding period. The result reflected an improved net underwriting profit, significantly improved investment performance, and lower holding company and other expenses. NIB's managing director Mark Fitzgibbon said the rebound in economic growth and in financial markets had placed the company in a good position for the remainder of the year.

Internet service provider iiNet (ASX:IIN) said profit for the six months to December 31 was A$12.13 million, up from A$11.4 million in the previous corresponding period. The company reaffirms its previous 2010 full-year guidance of underlying EBITDA in the range between A$75 million to A$80 million.

Australia's largest listed oil refiner Caltex Australia Ltd(ASX:CTX) lifted its profit for calendar 2009 by nine per cent to A$203 million, on a replacement cost basis, up from $186 million in 2008. The replacement cost of sales operating profit (RCOP) excludes the impact of rises and falls in oil prices. Caltex says the global short term outlook for the oil remains weak due to over capacity.

Forestry group Gunns (ASX:GNS) reported profit for the first half slumped 98 per cent drop but the company forecast an improved performance in the second half of 2009/10. For the six months to December 31 of net profit was A$400,000, down from A$33.6 million in the previous corresponding period. The company expects significant earnings improvement and the reinstatement of a dividend payment in the second half.

Fairfax Media Ltd. (ASX:FXJ) said Monday posted a net profit of A$148.8 million in its first half, compared to a loss of A$365.3 million a year earlier. The result was helped by cost cuts and a pickup in advertising markets late in the period. Fairfax reaffirmed earlier guidance that it expects profit growth in the second half from a year earlier.

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net

Asian Markets Overview of February 10

newsroom@abnnewswire.net — Wed, 10 Feb 2010 13:30:34 GMT

US stocks broadly gained on Tuesday on hope of a bailout for heavily indebted Greece. A senior German ruling coalition source said euro zone governments have decided in principle to help Greece. Commodity prices and resources shares were boosted and the euro rose against the US dollar after the news.

Asian shares are expected to remain rising after a rebound in most markets yesterday. On Tuesday China's Shanghai Composite rose 0.5%, Taiwan's Taiex surged 2% and South Korea's Kospi added 1.1%. Hong Kong's Hang Seng Index gained 1.2% spurred by Swiss banking major UBS's return to profit.

Company News

Pioneer Corp. (TYO:6773) said it will issue up to 92 million new shares in an international offering, including a maximum of 12 million shares under an overallotment arrangement. Pioneer aims to strengthen its financial base to achieve medium- to long-term growth in the car electronics business and bolster its business in emerging countries. Mitsubishi Electric Corp. (TYO:6503) will buy Y3.8 billion worth of the shares while Mitsubishi Chemical Holdings Corp. (TYO:4188) will purchase Y912.8 million worth, Pioneer said.

Nissan Motor Co. (TYO:7201) has returned to profit in the third quarter from a year earlier, thanks to its strength in the Chinese market as well as the impact of cost-cutting measures. Its operating profit was 134.07 billion yen for the October-December quarter, up from a loss of 99.19 billion yen in corresponding period last year. Nissan also raised its annual forecast for the year ending in March, expecting an operating profit of 290 billion yen, up from the 120 billion yen profit it forecast in November.

Japanese trading giant Marubeni Corp.(TYO:8002) has won a US$250 million contract to build one of the world's largest biomass and clean coal co-generation plants in Singapore. Marubeni was awarded the contract by a subsidiary of Tuas Power Ltd, a major power company in Singapore owned by China's Huaneng group. Marubeni also said it is eyeing more such opportunities in Southeast Asia, especially in Indonesia and Malaysia.

Three Hanwha Group (SEO:000880) affiliates plan to sell a combined 13.7 million shares in Korea Life Insurance Co., South Korea's second largest life insurer in terms of total premiums, during a planned initial public offering in March. Hanwha Corp. and Hanwha Chemical (SEO:009830) each plan to sell 4.5 million shares in Korea Life, while unlisted Hanwha Engineering & Construction will sell 4.7 million shares in the insurer.

Spain's Telefonica (NYSE:TEF) and China Unicom (HKG:0762) (NYSE:CHU) will explore joint investments in parts of Asia and Africa where they are not already present, said China Unicom's chairman. Telefonica holds just over 8 percent of China Unicom, which in turn holds 0.87 percent of the Spanish telephone operator.

Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net

Asian Markets Overview of February 3

newsroom@abnnewswire.net — Wed, 3 Feb 2010 13:30:48 GMT

Wall Street posted a strong gain overnight as investors restored some confidence following the encouraging home sales data and strong earnings reports.

Asian shares were lifted on Tuesday after strong U.S. manufacturing data. Japan's Nikkei index ended 1.63 percent higher, after Toyota's plans to fix millions of vehicles equipped with faulty accelerators in North America and Europe. Australian shares climbed as metals prices rose, but Australian dollar was pulled down by RBA's unexpected decision to keep interest rate unchanged.

Company News

Japan's financial services giant Nomura Holdings Inc. (TYO:8604) reported a net profit of 10.2 billion yen in the three months ended Dec. 31, down from 27.7 billion yen in the previous fiscal quarter, citing the environment was very difficult for trading. The result was far below analysts' forecast. But the company said trading flow was coming back as of January.

Philippine food conglomerate San Miguel Corp (PSE:SMCB) said it is planning to sell up to 40 percent of its interest in food arm San Miguel Pure Foods by way of a trade sale or a marketed placement to both local and foreign investors. San Miguel also said in a statement it would sell all its food-related brands and intellectual property rights to food subsidiary San Miguel Pure Foods for 3.2 billion pesos.

KDDI Corp (TYO:9433), Japan's No.2 telecom firm, said it has been questioned by the country's Financial Services Agency on its plans to buy a 37.8 pct stake in cable television service provider Jupiter Telecommunications Co. (JSD:4817) via U.S. media group Liberty Global Inc (NASDAQ:LBTYA). The financial watchdog will urge KDDI to follow the procedures under the law so that other investors in Jupiter Telecommunications can respond.

It is reported that Bank of China Ltd. (HKG:3988) ordered an "overall hike" in interest rates on new loans extended to property developers to limit the size of new loans and lower potential risks in property lending. The move appears to be in response to the China Banking Regulatory Commission's call last week for lenders to remain vigilant to property-market fluctuations.

Cnooc Ltd. (NYSE:CEO) (HKG:0883), China's biggest offshore oil and gas producer by output, expects its crude oil and natural gas production to rise 22% to 27% in 2010. Capital expenditure will increase 30% to US$7.93 billion while the company expects to expand its overseas operations through acquisitions or cooperate with foreign partners.

Kumho Asiana Group's creditors will inject 380 billion won of emergency loans into two cash-strapped affiliates of the group to help ease them out of their liquidity problems. The creditors plan to extend a loan of 280 billion won to Kumho Industrial Co. (SEO:002990) and 100 billion won to Kumho Tire Co. (SEO:073240).

Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net

Australian Market Report of November 10: Rally to Continue

newsroom@abnnewswire.net — Tue, 10 Nov 2009 13:00:10 GMT

US stocks overnight closed at a new high for the year as the G20 finance ministers and central bankers pledged to keep stimulus measures until a recovery was certain. Dow jumped more than 200 points for the session, with 29 of the index's 30 components finished in the green.

The Australian market opened stronger today after Wall Street's rally. Yesterday the local shares closed firmer, buoyed by positive corporate news and a A$11 billion takeover proposal for AXA Asia Pacific. The benchmark S&P/ASX200 index was up 80.9 points, or 1.76 per cent, at 4674.9, while the broader All Ordinaries gained 82.1 points, or 1.78 per cent, to 4686.5.

The Australian dollar continued it rising streak today due to weakness in US dollar and soaring gold price. Overnight it traded over 93 US cents in offshore session. Analysts expect the Aussie dollar could remain strong as the equity markets rallies may increase investors' appetite for riskier assets.

Key Economic Facts and Figures

The RBA's head of domestic markets department John Broadbent says corporate Australia has raised a record amount of equity this year as businesses looked to alternative sources of funds in response to the global financial crisis. Listed companies have raised a record amount of equity this year, totalling some $60 billion.

The latest Dun & Bradstreet business expectations survey shows that expectations for investing in capital are at the highest level in 10 quarters, registering an index level of eight points. But it also showed employment expectations had fallen, reaching a negative index of minus one.

Today the National Australia Bank will publish its monthly business survey for October.

M&A News

Seven Network (ASX:SEV) executive chairman Kerry Stokes said on Seven's annual general meeting that the company is an interested party to buy pay-TV business Foxtel but doubts Telstra Corporation (ASX:TLS) will ever offload its stake in the business. News Corp (ASX:NWS)(NASDAQ:NWSA) executive chairman Rupert Murdoch last week also indicated News would be interested in buying Telstra's 50 per cent stake in Foxtel.

The market widely expects AMP (ASX:AMP) and AXA SA will make a revised offer after AXA Asia Pacific Holdings (ASX:AXA) board rejected an $11 billion proposal. AXA APH chairman Rick Allert says the company would consider a better takeover offer from AMP and its majority owner AXA SA.

Important Corporate News

Coeur d'Alene Mines Corporation (ASX:CXC) today announced record silver production of 5.2 million ounces during the third quarter of 2009. This record production represents an 86% increase compared to last year's third quarter and was driven by Coeur's two new large mines in Mexico. Gold production increased 222% to nearly 29,000 ounces. The company also reported record quarterly revenue of US$89.9 million, a 146% increase over last year's third quarter revenue.

BC Iron (ASX:BCI) and Fortescue Metals(ASX:FMG) have secured the first off-take agreements for the Nullagine joint venture (NJV), which include US$50 million in pre-payments to be used for project finance. The off-take agreement, with a Hong Kong-based industrial and trading company, is for 20 million tonnes of iron ore to be supplied during the next 8.5 years.

Insurance Australia Group (ASX:IAG) says its 2009 results were encouraging and reaffirmed full year guidance. If operating conditions experienced in the first quarter continued, IAG would expect to deliver an insurance margin towards the upper end of its nine-11 per cent guidance for the 2010 financial year.

ANZ Banking Group (ASX:ANZ) is to offer convertible preference shares to raise A$750 million in tier one capital. The offer forms part of ANZ's diversified redemptions and notices of redemption totaling approximately A$1 billion over the past six months.

Fairfax Media's (ASX:FXJ) earnings before interest, tax, depreciation and amortisation (EBITDA) fell 15 per cent in the first four months of the current year from a year earlier. Chief executive Brian McCarthy said the mood among advertisers is improving. The company expects modest earnings growth in the second half of 2010, compared with the same period last year.

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net

Australian Market Report of November 9: Market Shrugged Off Disappointing US Jobs Data

newsroom@abnnewswire.net — Mon, 9 Nov 2009 13:00:03 GMT

Wall Street posted a small gain on Friday despite the Labour Department report showed the US unemployment rate broke above 10 per cent in October, up from 9.8 per cent in September. But the number of jobs lost narrowed to the lowest level in more than a year.

The Australian share market opened higher after Wall Street's gains, along with stronger gold prices. On Friday the local market was buoyed by a more optimistic assessment of the economy by the RBA. The benchmark S&P/ASX200 index closed 1.91 per cent higher, settled at 4594.04, while the broader All Ordinaries index rose 85.2 points, or 1.89 per cent, to 4604.4.

The Australian dollar rose on the back of US dollar weakness after the jobs report. The Australian dollar traded above the 92-US-cent mark this morning, up from Friday's close of 91.34.

Key Economic Facts and Figures

The Olivier job index, which measures online job ad demand and interest, dropped 1.67 per cent in October, following two month's gains. Later this week, official unemployment data will be released, with analysts expecting to the jobless rate to have risen to 5.8 per cent in October.

The new OECD (Organization for Economic Co-operation and Development) figure shows that food prices in Australia have increased 41.3 per cent since the start of 2000. Spain has the next fastest rate of increase over that time at 41.2 per cent. The UK is next at 32.9 per cent, Canada 32.7 per cent, Italy (29.7 per cent) and US (28.4 per cent).

The Australian Bureau of Statistics is due to publish housing finance data for September today. ANZ will release its job advertisements survey for October.

M&A News

Rocklands Richfield Limited (ASX:RCI) on 5 November announced that RCI had received an unsolicited conditional offer from China's Meijin Energy Group to acquire RCI at A$0.52 per share, superior to the offer price of A$0.42 per share by Jindal Steel & Power Limited (BOM:532286). Today RCI said it received a revised proposal from Jindal, and its current view is that the Meijin proposal remains superior.

AXA Asia Pacific Holdings (ASX:AXA) has rejected a takeover proposal from AMP (ASX:AMP) working with AXA's French parent, AXA SA. AXA APH received the unsolicited and conditional scheme proposal from AMP and AXA SA on November 7. AMP had agreed with AXA SA to acquire off-market all of the 53 per cent of AXA APH now held by the French parent.

Important Corporate News

Commonwealth Bank of Australia (ASX:CBA) says cash earnings for the September quarter was A$1.4 billion, following good income growth and continued costs management. Its impairment expense charge was about A$700 million for the three months ended September 30, with credit quality trends generally moving in line with expectations.

Chemicals maker Orica Limited (ASX:ORI) on Monday posted a net profit of A$541.8 million for the year ended September 30, up A$2.2 million on the prior year. The company also expects a continued growth in 2010. Orica declared a final dividend of 57 cents, 20 cents fully franked, up from 55 cents in the prior year.

Fairfax Media (ASX:FXJ) director David Evans has been forced to resign from the board after a ruling from the Australian Communications and Media Authority (ACMA), the company said. Mr Evans said the ACMA determined that he could not serve on both the Fairfax Media and Village Roadshow Ltd (ASX:VRL) boards, because Village has a substantial shareholding in Austereo (ASX:AEO), which owns radio licences in some areas which overlap with radio licences held by Fairfax.

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net