Giving you all the latest in Stock Market Information as it happens
 

Month: November 2010

BA, Iberia ‘want to lead airline sector consolidation’

On Tuesday 30 November 2010, 12:50
EST

British Airways and Iberia want to lead the airline sector
consolidation with their multi-billion-euro merger, the chief
executive of the new holding company, Willie Walsh, said on
Tuesday.

“We don’t want to be on the sidelines, we want to lead the
industry’s consolidation,” he told a news conference in Madrid
a day after shareholders of both airlines overwhelmingly backed
a deal to create Europe’s second biggest airline.

The boards of the British and Spanish airlines agreed to the
deal — worth more than 6.0 billion euros (8.0 billion dollars)
— in April and EU competition regulators have also given their
approval for a full alliance.

The companies sought to merge as the global economic downturn
and the rise of low-cost airlines resulted in steep losses for
traditional carriers.

The merger allows the two carriers to catch up with rivals such
as Air France-KLM and Lufthansa, according to analysts.

BA and Iberia, which will continue to operate independently
under their own brands, said recently they have drawn up a list
that has remained secret of 12 firms which could be added the
newly merged group with the aim of creating the world’s biggest
airline.

“Our future is a multinational, multibrands airline group. We
look forward to welcoming further brands,” said Walsh, who is
also BA’s chief executive.

Iberia chairman Antonio Vazquez, who is also the group chairman
of International Airline Group, the new name for ther merged
company, said other airlines could be added through “alliances,
mergers or acquisitions”.

“We are creating an airline sector leader at a time when the
process of consolidation is in course and is set to continue,”
he added.

The tie-up, on schedule to be completed in January, will create
Europe’s second-biggest airline by market capitalisation after
Germany’s Lufthansa.

BA is set to benefit from Iberia’s strong presence in Latin
America, while the Spanish airline will gain from the British
carrier’s strength in North America.

Together the two airlines serve 205 destinations around the
world, operating 406 aircraft and carry 58 million passengers.

Posted in Uncategorized

German regulator approves Hochtief takeover by ACS

On Tuesday 30 November 2010, 8:59
EST

Spanish construction giant ACS was free Tuesday to launch
formally a bid to take control of rival Hochtief and create one
of the world’s biggest building firms after receiving German
regulatory approval.

Hochtief’s management has said the offer undervalues Germany’s
biggest construction firm, however, although it has stopped
short of publicly declaring the bid hostile.

ACS already owns a stake of just under 30 percent in Hochtief,
which in turn controls Australia’s Leighton, and plans to offer
eight of its shares for every five of Hochtief.

Germany’s financial regulator, Bafin, said late Monday that
ACS’s offer was in accordance with German takeover law,
although the Spanish firm had to make “significant
improvements” to the bid, according to a statement.

The official bid acceptance period will begin once ACS
publishes its offer, expected in early December.

From then, Hochtief shareholders have four weeks to decide
whether they wish to accept the offer.

ACS said in September it aimed to launch its all-share bid for
the 70 percent of Hochtief it didn’t own.

But it added that it aimed only to increase its stake to
slightly above 50 percent so that it could consolidate Hochtief
on its balance sheet.

In an attempt to stymie the deal and provide a “poison pill”
for the Spanish, Hochtief applied to Australian regulators to
force ACS to make a separate and expansive offer to buy
Leighton as well.

But Australia’s Takeover Panel rejected the request and on
Monday turned down an appeal by the German firm.

— Dow Jones Newswires contributed to this story —

Posted in Uncategorized

India economy grows by forecast-beating 8.9 percent

, On Tuesday 30 November 2010, 9:51 EST

India’s economy grew a forecast-beating 8.9 percent
year-on-year in July-September, data showed Tuesday,
underscoring the country’s brisk recovery from the global
financial crisis.

The healthy numbers brought temporary cheer to the Congress-led
government, buffeted by a string of scandals including a
damaging telecom corruption scam which could have cost the
public treasury up to 40 billion dollars.

The robust growth, propelled by manufacturing, services and a
revived farm sector, was significantly above market forecasts
of 8.2 percent growth.

The expansion came despite the rapid unwinding of massive
fiscal and monetary stimulus steps taken in the last few years
that helped shield the country of 1.2 billion people from the
global slump.

“These numbers are reassuring, especially with monetary and
fiscal stimulus being withdrawn — it shows the resilience of
this recovery,” D.K. Joshi, chief economist at ratings agency
Crisil, told AFP.

Adding to the good news for the government, first-quarter
growth was revised upwards to 8.9 percent year-on-year from 8.8
percent, data from the Central Statistical Organisation showed.

The South Asian country is the world’s second fastest-growing
major economy, behind regional rival China, which logged growth
of 9.6 percent year-on-year in the same three-month period.

Surging vehicle and other consumer product sales helped to
power the strong Indian performance, which is underpinned by
rising incomes and widening access to credit.

“Private consumption growth of close to 10 percent is pretty
close to a historic high,” Sujan Hajra, chief economist at
Mumbai brokerage Anand Rathi Financial Services, told AFP.

Manufacturing grew by 9.8 percent, construction grew by 8.8
percent while trade, hotels, transport and communication surged
12.1 percent. Farm output expanded by 4.4 percent thanks to a
bountiful monsoon.

The government aims to achieve double-digit expansion within
the next couple of years to reduce deeply entrenched poverty.
It seeks “inclusive growth” to embrace those left behind by
India’s boom.

Over 40 percent of Indians still live below the poverty line of
1.25 dollars a day, compared with 16 percent in China,
according to the World Bank.

The government expects the economy to expand 8.5 percent in the
financial year to March 31, 2011, after growing by 7.4 percent
last year.

Economists said the economy appeared on track to beat that
target.

“The economy is poised to record its first annual expansion in
excess of 8.5 percent since the global downturn as domestic
demand continues to strengthen,” said Matt Robinson, senior
economist at Moody’s Analytics.

India’s finance secretary, Ashok Chawla, said the
1.3-trillion-dollar economy’s upturn was broad-based with all
sectors recovering.

The country posted average annual growth of 9.5 percent between
2006 and 2008 before the international financial slump.

Global investors have been pouring billions of dollars into
India’s stock market, seeking exposure to the country’s strong
growth, as industrialised economies are still struggling to
emerge from the downturn.

Economists say India’s strong performance could prompt the
central bank, which has hiked interest rates six times since
the start of the year, to press ahead with monetary tightening
— the most aggressive in the Asia Pacific region — to curb
inflation

Inflation, which is running at more than 8.5 percent, is
sharply above the central bank’s “comfort level” of four to
five percent.

Posted in Uncategorized

Traka Resources – Section 708A Notice

Traka Resources Limited ABN: 63 103 323 173 30 November 2010 Company Announcements Office ASX Limited PO Box H224 Australia Square SYDNEY NSW 2000 Dear Sir Madam NOTICE PURSUANT TO SECTION 708A(5)(e) OF THE CORPORATIONS ACT 2001 On 26 November 2010, Traka Resources Limited (the Company) issued 1,000,000 fully paid ordinary shares (the Securities) the subject of an Appendix 3B announcement to the Australian Securities Exchange (ASX). Traka Resources has issued similar announcements 20 times before, most recently about 0 minutes ago on Friday 19 November 2010. The announcement ‘Section 708a Notice’ was issued to the ASX on Tuesday 30 November 2010. Notice Type: Other not one of the above

Posted in Uncategorized

EFTel Results of Meeting

EFTel ASX:EFT announces a change in management. EFTel has issued similar announcements one time before, most recently about 0 minutes ago on Monday 01 December 2008. The announcement ‘Results of Meeting’ was issued to the ASX on Tuesday 30 November 2010. Notice Type: Appointments and Resignations

Posted in Uncategorized

Avoca Resources New issue announcement

Avoca Resources ASX:AVO has announced details of a Buy Back, Dividend or New Issue. The notice entitled ‘Appendix 3B’ was published on Tuesday 30 November 2010. Avoca Resources has issued similar announcements 57 times before, most recently about 0 minutes ago on Thursday 30 September 2010. Notice Type: Share Buyback, Special Dividend, Issue, or Capital Return

Posted in Uncategorized

Vector Resources – Results of AGM

30 November 2010 The Manager Company Announcements ASX Limited Level 6, 20 Bridge Street Sydney NSW 2000 By: elodgement RESULTS OF ANNUAL GENERAL MEETING HELD 30 NOVEMBER 2010 Vector Resources Ltd(ASX code: VEC) announce today in accordance with listing rule 3.13.2 and section 251AA(2) of the Corporations Act that at its annual general meeting held in Perth this afternoon, the following resolutions were carried on a show of hands RESOLUTION 1 2010 Remuneration Report To consider and, if thought fit, to pass as an ordinary resolution the following and I move: That the Remuneration Report included in the Annual Report for the year ended 30 June 2010 be adopted. The numbers of proxies received were as follows: For 10,097,295 Against 445,500 Abstain 3,209,100 Chairmans Discretion 198,500 RESOLUTION 2 To reelect Mr Neville Bassett as Director To consider and, if thought fit, to pass as an ordinary resolution the following and I move: That Mr Neville Bassett, a director appointed in accordance with clause 6.3 (j) of the Constitution of the Company is reelected a Director of the Company. The numbers of proxies received were as follows: For 13,638,895 Against 113,000 Abstain 0 Chairmans Discretion 198,500 abn 99 107 541 453 16 southport st po box 1417 west leederville, western australia 6901 ph: +61.8.6389 5700 fax: +61.8.9381 4944 page 1 of 5 RESOLUTION 3 To reelect Mr Gary Castledine as a Director To consider and, if thought fit, to pass as an ordinary resolution the following and I move: That Mr Gary Castledine, a director retiring in accordance with clause 6.3 (c) of the Constitution of the Company is reelected a Director of the Company. The numbers of proxies received were as follows: For 11,633,895 Against 468,000 Abstain 1,650,000 Chairmans Discretion 198,500 RESOLUTION 4 To reelect Mr Damien OReilly as a Director To consider and, if thought fit, to pass as an ordinary resolution the following and I move: That Mr Damien OReilly, a director appointed in accordance with clause 6.3 (j) of the Constitution of the Company is reelected a Director of the Company. The numbers of proxies received were as follows: For 13,638,895 Against 113,000 Abstain 0 Chairmans Discretion 198,500 RESOLUTION 5 Placement of Shares and free attaching Options To consider and, if thought fit, to pass as an ordinary resolution the following and I move: That, for the purpose of Listing Rule 7.1 and for all other purposes, the Company approves the allotment and issue of 20,000,000 Shares at an issue price of 7 cents per Share with one free attaching Option per Share exercisable at 20 cents and expiring on 30 June 2012 and otherwise granted on the terms and conditions set out in the Explanatory Memorandum (including Schedule 2 to the Explanatory Memorandum). The numbers of proxies received were as follows: For 9,972,795 Against 442,500 Abstain 3,479,100 Chairmans Discretion 56,000 page 2 of 5 RESOLUTION 6 Approval of Placement Fee to Related Party To consider and, if thought fit, to pass as an ordinary resolution the following and I move: That, for the purpose of Listing Rule 10.11 and for all other purposes, the Company approves the allotment and issue of 1,000,000 Shares, together with one free attaching Option per Share exercisable at 20 cents and expiring on 30 June 2012 and otherwise granted on the terms and conditions set out in the Explanatory Memorandum (including Schedule 2 to the Explanatory Memorandum), in satisfaction of a placement fee to be paid for the placement mentioned in Resolution 5. The numbers of proxies received were as follows: For 13,449,5 Against 175,000 Abstain 7,500 Chairmans Discretion 318,500 RESOLUTION 7 Participation of a Director in Placement Mr Gary Castledine To consider and, if thought fit, to pass as an ordinary resolution the following and I move: quotThat, pursuant to Listing Rule 10.11 and for all other purposes, Mr. Vector Resources has issued similar announcements 42 times before, most recently about 0 minutes ago on Friday 05 November 2010. The announcement ‘Results of AGM’ was issued to the ASX on Tuesday 30 November 2010. Notice Type: Other not one of the above

Posted in Uncategorized

Company with ASX code CVX Exploration Update

AGM CORPORATE PRESENTATION 30 November 2010 The Companys Chief Operating Officer, Mr Bernard Aylward, today gave a presentation at the Annual General Meeting of shareholders. Company with ASX code CVX has issued similar announcements five times before, most recently about 0 minutes ago on Wednesday 17 November 2010. The announcement ‘AGM Corporate Presentation’ was issued to the ASX on Tuesday 30 November 2010. Notice Type: Exploration Update

Posted in Uncategorized

Minemakers – AGM Presentation

Minemakers Limited Phosphate amp Strategic Minerals Phosphate Minerals AGM PRESENTATION 30 N November 2010 b Andrew Drummond Managing Director amp CEO Important Information This presentation is not a prospectus nor an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. Minemakers has issued similar announcements 50 times before, most recently about 0 minutes ago on Thursday 11 November 2010. The announcement ‘AGM Presentation’ was issued to the ASX on Tuesday 30 November 2010. Notice Type: Other not one of the above

Posted in Uncategorized

Bathurst Resources – Change of Share Registry Service …

30th November 2010 Company Announcements Platform Australian Stock Exchange 10th Floor, 20 Bond Street Sydney NSW 2000 Listed Company Relations New Zealand Exchange Ltd Level 2, NZX Centre 11 Cable Street Wellington, New Zealand CHANGE OF SHARE REGISTRY In accordance with the relevant Listing Rule, Bathurst Resources Limited (ASX amp NZX: BTU) advises that effective close of business Tuesday 30 November 2010, responsibility for the companys share registry services will transfer to Computershare Investor Services. Bathurst Resources has issued similar announcements 47 times before, most recently about 0 minutes ago on Monday 29 November 2010. The announcement ‘Change of Share Registry Service Provider’ was issued to the ASX on Tuesday 30 November 2010. Notice Type: Other not one of the above

Posted in Uncategorized