Infigen Energy (ASX:IFN), an Australian specialist renewable energy business, said the consortium comprising the company and Suntech Power Holdings (NYSE:STP) has been shortlisted as one of four applicants in the solar photovoltaic category under round one of the Federal Government's Solar Flagships Program.
Today the Asian bourses opened modestly higher and Australia's benchmark S&P/ASX200 index rose more than 1 per cent in early trade. In economics news today, the Australian Bureau of Statistics releases housing finance data for March. The Reserve Bank of Australia issues credit and debit card data, also for March.
The Commonwealth Bank of Australia (ASX:CBA) reported unaudited cash earnings for the quarter ended March 31 were approximately A$1.5 billion. The lender saw good volume growth in key markets, particularly deposits with stable customer margins, but other banking income was softer. Commonwealth Bank is cautious to the outlook and says credit growth remains muted, and margins continue to come under pressure from higher average funding costs and strong price competition. The bank also said it has clearly passed the peak in the bad debt cycle, key credit quality indicators remain at elevated levels and we continue to expect gradual, rather than dramatic improvement.
Electricity and gas distributor SP AusNet (ASX:SPN) posted a net profit after tax of A$209 million for the year ended March 31, 2010, up from a profit of A$146.9 million in financial year 2009. Comparison of the results is affected by a one-off write-down in previous year of A$43.3 million on meters to be replaced under the Advanced Metering Infrastructure rollout program. Profit from continuing operations before the impairment writedown was up 17.9 per cent. The strong result was due to higher revenues under regulated price path for all networks and higher revenues from Select Solutions, as well as lower Management Company Fees.
Infigen Energy (ASX:IFN), an Australian specialist renewable energy business, said the consortium comprising the company and Suntech Power Holdings (NYSE:STP) has been shortlisted as one of four applicants in the solar photovoltaic category under round one of the Federal Government's Solar Flagships Program. The program provides A$1.5 billion in funding over six years for the construction and demonstration of up to four large scale solar power plants in Australia in partnership with the States and Territories and private sector.
Toll road operator Transurban (ASX:TCL) today said it has rejected the A$7 billion takeover bid from its three main shareholders. The takeover proposals from Canada Pension Plan Investment Board (CPPIB), CP2 and Ontario Teachers Pension Plan Board (OTPP) involves the acquisition of all the issued stapled securities of Transurban through a scheme of arrangement. The primary proposal offered $5.57 per security, on condition Transurban dropped its current capital raising to fund its acquisition of the Lane Cove Tunnel in Sydney. The second bid was priced at A$5.42 per security but allowing the capital raising to proceed.
Suntech Power Holdings Co., Ltd.
Commonwealth Bank of Australia