Business Focus
Sydney Morning Herald
Wednesday August 19, 2009
Amcor down 18pcAmcor reported an 18 per cent drop to $212 million in full-year profits but promised to turn around its earnings slide thanks to its $2.4 billion acquisition of the Alcan packaging group. The final unfranked dividend will be 17c a share, taking the full year payout to 34c.NAB purchaseNational Australia Bank is looking to reverse years of market share losses in mortgages after paying $385 million for Challenger Financial's home lending business. NAB will acquire Challenger's mortgage distribution and lending businesses and about $4 billion of residential mortgages.LNG plant siteOrigin Energy and ConocoPhillips have agreed to construct their liquefied natural gas plant at the Laird Point site on Curtis Island off Queensland. It has been estimated the project will create an average of 10,300 jobs over its 10-year construction.Allphones class actionThe Australian Competition and Consumer Commission has launched a class action against the mobile phone retailer Allphones alleging that it withheld commissions, rebates from handsets and bonus payments from 74 of its franchisees. If the ACCC's action is successful, it could cost the company millions of dollars.Timbercorp rulingA Victorian Supreme Court judge has said he would allow liquidators of Timbercorp to conduct a "de facto" wind-up of the failed company's almond investment projects, a move that could give investors some return if a sale or recapitalisation deal is struck.
© 2009 Sydney Morning Herald
