Australia

Takeover bid faced by Nufarm

Takeover bid faced by Nufarm

Chinese fertilizer and oil giant Sinochem is aiming to buy Australian-head quartered farm chemicals company Nufarm.

Nufarm NZ today said that the company's board has been approached by the state-owned Chinese company, in connection with the acquisition of the company, on a confidential, preliminary and incomplete basis.

The company continued that there was no surety that any agreement would be reached or that an offer or proposal would be put to Numfarm shareholders.

Rise in grocery prices faster than present inflation rate

Rise in grocery prices faster than present inflation rate

Recently, a new fact was revealed by a research conducted by the Reserve Bank to most supermarket shoppers - that is, a rise in the grocery prices is faster than the current inflation rate of 2.5 per cent.

Since 1993, a 4 percent yearly increase in prices for food, beverages and tobacco as a group, was indicated by the research published in the latest Reserve Bank Bulletin.

The hardest blow was received by smokers, with an average annual increase of 7.2 per cent in the cost of tobacco, mainly due to increased government excise charges and the GST.

Sales of Lion Nathan go up

Sales of Lion Nathan go up

It has been confirmed by Lion Nathan that it is fully geared to meet its full year profit guidance, following a growth in group sales by 3 per cent in the first nine months of its financial year.

It was forwarded by the brewer - which is supposed to be bought by Japan's Kirin - that its Australian business has seen an enormous growth in the nine months ended June 30, bringing about a 6 per cent lift in net sales revenue.

ING Medical declares preliminary result of Trust’s annual property revaluation

ING Medical declares preliminary result of Trust’s annual property revaluation

The Board of ING Medical Properties Limited, the manager of ING Medical Properties Trust, today announced the preliminary results of the Trust's annual property revaluations.

The Trust's portfolio value has decreased by 2.2% or NZD$6.5m over the past 12 months to 30 June 2009. Importantly, whilst a small decline in the overall portfolio value, the result reflects the resilience of the Trust's portfolio of quality medical properties, despite the recessionary environment.

NZ Pumpkin Patch to close 20 stores in US; intends opening more stores in Australia

NZ Pumpkin Patch to close 20 stores in US; intends opening more stores in Austra

Tuesday saw children's clothing retailer Pumpkin Patch Ltd. announcing that, given the condition of prolonged financial crisis, it will have to close 20 stores in the United States.

Via a statement, Pumpkin Patch said that this difficult decision has been made by the company, considering the high degree of uncertainty as to how long the current downturn will continue. It today outlined a reorganization plan that it has begun implementing in the United States.

EnergyAustralia to pump A$88 million on up-gradation of electric supply

EnergyAustralia to pump A$88 million on up-gradation of electric supply

EnergyAustralia has sketched an investment plant worth A$88 million to upgrade electricity supply in the Rose Bay area of New South Wales.

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