ANZ INVESTS $2 BILLION INTO SMALL BUSINESS

ANZ INVESTS $2 BILLION INTO SMALL BUSINESS

 ANZ will lend $2 billion to small businesses in the next year, to stimulate national enterprise and economic growth. The loans will be supported with business transaction accounts, merchant products, financial planning advice, foreign exchange and trade finance. General manager of small business Kate Gibson says it’s important to bac...

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TRANSPACIFIC OFFLOADS NEW ZEALAND BUSINESS

TRANSPACIFIC OFFLOADS NEW ZEALAND BUSINESS

 TRANSPACIFIC Industries Group Ltd (ASX:TPI) has announced it will sell its New Zealand business to a wholly owned subsidiary of the Beijing Capital Group for NZ$950 million (approximately A$880 million). Beijing Capital Group is one of China's leading state-owned infrastructure enterprises with specialist expertise in water trea...

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VITA GROUP STRONG ON THE BACK OF TELSTRA STORES

VITA GROUP STRONG ON THE BACK OF TELSTRA STORES

 TELECOMMUNICATIONS company Vita Group (VTG) has reported a 66 per cent boost in interim dividends following a strong first half result attributed to continued growth of the group’s Telstra stores. In the six months to December 31, 2013, VTG recorded an 18 per cent increase in earnings before interest, tax, depreciation and imp...

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LOAN REPAYMENT EXTENSION FOR DISCOVERY METALS

LOAN REPAYMENT EXTENSION FOR DISCOVERY METALS

DISCOVERY Metals (ASX:DME) has secured a further extension on its debt repayment obligations.

The company owes a total of $148.8 million on its Boseto Project Finance Facility and its Single Currency Revolving Facility Agreement.

It had already received an extension on the original repayment of US$17.5 million, (plus $2.2 million in...

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STRONG SALES BOOST BUSINESS CONFIDENCE

STRONG SALES BOOST BUSINESS CONFIDENCE

 SALES activity is expected to reach a ten year high, with 47 per cent of businesses positive about trade according to research from Dun & Bradstreet. The Business Expectations Survey shows the sales expectations index has risen for a third consecutive quarter to 37.5 points, the highest level since 2003. D&B chief Gareth Jones says...

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SOLID GROWTH PREDICTED FOR QUEENSLAND ECONOMY

SOLID GROWTH PREDICTED FOR QUEENSLAND ECONOMY

QUEENSLAND is expected to be the fastest growing state economy next financial year, says the latest Deloitte Access Economics Business Outlook report. The outlook report for December, which isn't available to the media, estimates the economy will grow 3.6 per cent this financial year and next. This compares favourably with the national economy, w...

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CUTTING COSTS AT CHRISTMAS

CUTTING COSTS AT CHRISTMAS

EMPLOYERS should enjoy Christmas at home, instead of trading unprofitably with holiday penalty rates according to Brisbane employment lawyer Ian Heathwood. Heathwood, of McKays Solicitors, says business owners in competitive industries like hospitality are on a “knife edge of survival” in a tight economy. “The combination of em...

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INFLATION WITHIN RBA TARGET

INFLATION WITHIN RBA TARGET

 INFLATION remains within the RBA’s target band, giving the Housing Industry Association (HIA) to predict interest rates will stay at historic lows. Consumer Price Index (CPI) figures for the December quarter released by Australian Bureau of Statistics this morning showed the price level rose by 0.8 per cent and underlying inflation b...

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SHAREHOLDERS HAPPY TO FUND CTD EXPANSION

SHAREHOLDERS HAPPY TO FUND CTD EXPANSION

SHAREHOLDERS of Corporate Travel Management (ASX: CTD) have backed the company’s expansion plans with their hard-earned dollars, with 97.71 per cent taking up the option to buy shares in the company’s capital raising offer. CTD announced a four for 27 renounceable rights issue for ordinary shares in CTD on November 20, at a pr...

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ANNE STREET PARTNERS EXPANDS TAX DIVISION

ANNE STREET PARTNERS EXPANDS TAX DIVISION

Anne Street Partners has expanded its taxation division with seasoned tax professional Peter Kennewell heading the new team. The tax division has been boosted to cater for the broad needs of the group’s 5000 clients nationally. The team works closely with Anne Street Partners’ in-house superannuation division, Anne Street Partners Su...

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HOMEOWNERS RELIEVED BY STEADY INTEREST RATES

HOMEOWNERS RELIEVED BY STEADY INTEREST RATES

 THE Reserve Bank of Australia has decided to keep official interest rates on hold at 2.5 per cent today, pleasing homebuyers and mortgage holders according to Place Estate Agents. Place advisory director Lachlan Walker says affordability in Brisbane is at record highs. “The Brisbane residential property market has been sta...

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ERM BUYS POWER STATION, PAYS OFF DEBT

ERM BUYS POWER STATION, PAYS OFF DEBT

ERM Power (ASX:EPW) has bought the Oakey Power Station outright and paid off its debt in the process by raising $74.7 million through a share placement. The cost of buying the remaining 16.67 share in the power station was $31.5 million and the rest of the capital will be used to pay EPW’s outstanding $40.9 million debt. EPW iss...

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SUNCORP TAKES HUNDREDS OF FIRE CLAIMS

SUNCORP TAKES HUNDREDS OF FIRE CLAIMS

SUNCORP (ASX:SUN) has received about 400 NSW bushfire claims estimated to cost the insurer between $60 million and $70 million. The group carries full-year natural hazard allowance of $565 million so is well covered in the event of this natural disaster, but there is risk things could get worse as the bushfire season is in its early stage...

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RBA LEAVES RATE UNCHANGED

RBA LEAVES RATE UNCHANGED

The Reserve Bank of Australia (RBA) decided today to leave the cash rate unchanged at 2.5 per cent, noting inflation is within the target range and both Australian and global growth is only slightly below average.

RBA Governor Glenn Stevens (pictured) says the Australian economy’s “a bit” below average growth is expected to con...

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BOQ GETS BOOST IN CREDIT RATING

BOQ GETS BOOST IN CREDIT RATING

 BANK of Queensland (ASX: BOQ) has had its long-term credit rating upgraded to ‘A-’ from ‘BBB+’ by data and analysis group Standard & Poor’s. It’s the first time BOQ has held an ‘A’ category long-term credit rating and comes after two years of hard work by the bank to rebuild its bu...

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CASH RATE CUT TO 2.5 PER CENT

CASH RATE CUT TO 2.5 PER CENT

THE decision to cut the official interest rate today shows the economy is in transition, says Colliers International research director Mark Courtney. Responding to the Reserve Bank of Australia’s resolution to lower the cash rate by 25 basis points to 2.5 per cent, Courtney says it is now lower than even during the height of the global eco...

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DOLLAR DIPS AS RBA HOLDS GROUND

DOLLAR DIPS AS RBA HOLDS GROUND

THE Reserve Bank of Australia has held its ground on interest rates for another month, but a dovish tone from Governor Glenn Stevens regarding the state of the local economy has put immediate pressure on the dollar. The RBA, as expected, held the official cash rate at 2.75 per cent with Stevens citing higher unemployment and subdued household bo...

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NATURAL DISASTERS IMPACT STATE BUDGET

NATURAL DISASTERS IMPACT STATE BUDGET

TREASURER and Minister for Trade, Tim Nicholls has described the 2013-14 State Budget as a ‘no-frills, no-nonsense budget’ that will deliver the frontline services Queenslanders expect, while fostering economic growth.

He says natural disasters had had a major impact on the framing of this year’s Budget.

“This Budget...

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BOQ TURNS BIG PROFIT

BOQ TURNS BIG PROFIT

BANK of Queensland (ASX: BOQ) has bounced back from a full-year loss of $91 million to record a strong $100.5 million statutory profit for the six months to February. The bank reported 16 per cent increase in cash earnings after tax to $119.9 million, and a 37 per cent increase in statutory profit to $100.5 million, compared to the prior half. I...

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CROMWELL RAISES $193 MILLION

CROMWELL RAISES $193 MILLION

CROMWELL Property Group (ASX: CMW) has raised $193 million through the institutional component of its capital raising venture.

The retail offer is expected to raise a further $57 million and opens on May 31.

The cash will partly fund the $405 million purchase of seven Sydney office assets from the New South Wales Government and to p...

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