Stadium To Talk To Anz
Illawarra Mercury
Saturday March 17, 2001
Stadium Australia Group confirmed yesterday it will hold discussions with its principal secured lender, ANZ Bank, and the NSW Government.
Confirmation of the talks followed a newspaper report that also suggested one of Stadium Australia's major investors, Multiplex, had recently asked the Government for more than $20million in additional funding.
Meantime, Stadium Australia reported an operating loss before income tax for the six months to December 31, 2000, of $5.7million.
Lenders cut home loan rates
The Commonwealth Bank of Australia has cut its one year guaranteed home loan rate to 5.59 per cent - its lowest level in 10 years. The bank has also cut its five year fixed home loan rate to 6.60 per cent.
The new rates are effective for new loans from March 19, 2001.
Meantime, Wizard Financial Services chairman Mark Bouris urged the Reserve Bank of Australia yesterday to announce a half a percentage interest rate cut in April.
Mr Bouris was speaking after Wizard reduced its fixed interest rates, bringing them under 7 per cent.
The new Wizard rates are: 2 year fixed loan of 6.70 per cent, three year fixed loan of 6.45 per cent, and a five year fixed loan of 6.95 per cent.
Franklins denies sale deal
Franklins' parent company said yesterday a review of the struggling Australian supermarket chain was still ongoing and no deal had been done, despite rumours of an imminent three-way sale.
Rumours circulating in the industry had 50 per cent of Franklins going to Woolworths Ltd's Australian Independent Wholesalers division and 25 per cent to each of Foodland Associated Ltd and IGA parent Metcash Trading Ltd.
Foodland and Metcash said yesterday there was no such deal.
Gerry Harvey pessimistic
Gerry Harvey is feeling a little pessimistic, much like the shoppers who have been keeping their wallets firmly in their pockets and clouding his retail chain's profit outlook.
The retailer warned yesterday that after a difficult first half, there was no reason to think trading would improve over the remainder of the financial year.
``The fundamentals are okay," Mr Harvey said. ``I guess it's how you wake up on the day.
``Sometimes I wake up and I read the headlines and I think I'm not going to buy anything today ... and then the next day you wake up and think it's not too bad and you think, `Oh bugger it', and you go and buy a new car."
Harvey Norman Holdings Ltd today reported a 10.2 per cent increase in net profit to $57.17 million for the six months ended December 31, 2000.
HIH policies to be met
HIH Insurance Ltd and the industry watchdog reassured policyholders yesterday that their contracts would be honoured despite the strife-torn insurer putting itself into liquidation.
HIH, one of Australia's biggest general insurers, was given permission on Thursday night by the NSW Supreme Court to appoint KPMG as its provisional liquidator after discovering its losses had hit $800million.
HIH, which is under investigation by the Australian Securities and Investments Commission, said no policyholder would be left in the lurch.
Woodside talks to BHP, Santos
Woodside Petroleum Ltd confirmed yesterday it is talking to potential white knights BHP Ltd and Santos Ltd in a bid to thwart predator Royal/Dutch Shell.
Woodside said it had discussed competing offers with ``a number of parties", many of which were unproductive, ``but discussions are continuing with certain parties, including BHP and Santos".
However, Perth-based Woodside said the outcome of these talks was uncertain and refused to comment further.
© 2001 Illawarra Mercury