Territory Stories

The Northern Territory news Fri 16 Nov 2012

Details:

Title

The Northern Territory news Fri 16 Nov 2012

Other title

NT news

Collection

The Northern Territory news; NewspaperNT

Date

2012-11-16

Description

This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

Publisher name

Nationwide News Pty. Limited

Place of publication

Darwin

File type

application/pdf

Use

Copyright. Made available by the publisher under licence.

Copyright owner

Nationwide News Pty. Limited

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/242756

Citation address

https://hdl.handle.net/10070/605566

Page content

www.ntnews.com.au Friday, November 16, 2012. NT NEWS. 43 P U B : NTNE-WS-DA-TE:16-NGE:43 CO-LO-R: C-M Y-K 7am till 7pm 7 DAYS www.beatbadenergy.com.au POWER BILLS RISING? UP TO 30%... 7am till 7pm 7 DAYS 1800 BEAT BAD (08) 8947 1841 Beat Bad Energy Nt Elec Lic c2792 Qld Elec Lic 73782 Offi cial Supplier We can fi x that forever FREE Home Energy Assessment that could save you thousands! ntnews.com.aul l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l BUSINESS GrainCorp made a net profit of $204.9 million in the year to September 30, up from $171.6 million in the prior year Takeover rejected By TREVOR CHAPPELL MELBOURNE: GrainCorp has rejected a $2.68 billion takeover proposal from USbased food processing giant Archer Daniels Midland Company (ADM) while boosting its annual profit by 19 per cent and lifting its dividend. ADM made an indicative takeover proposal for GrainCorp last month, at $11.75 in cash for each GrainCorp share. But GrainCorp yesterday rejected the proposal as too low. The GrainCorp board has determined that the proposal materially undervalues GrainCorp and has advised ADM accordingly, GrainCorp said. GrainCorp chief executive Alison Watkins said the ADM proposal had undervalued its competitive advantages in handling and processing wheat, barley and canola; and undervalued GrainCorps assets, its growth prospects and also its ability to deliver set objectives. Were very focused on getting on and running the business, Ms Watkins said. Following the rejection, ADM said its proposal represented a significant premium to the GrainCorp share price at the time of its approach. We believe it remains an attractive proposal, ADM said in a statement. GrainCorp made a net profit of $204.9 million in the year to September 30, up from $171.6 million in the corresponding period. The result was at the top end of GrainCorps profit guidance of $185 million to $205 million, which was given in May. Ms Watkins said GrainCorp had had an outstand ing year. All of the companys business units storage, marketing, malt and mills performed strongly, driven by strong volumes and greater value coming out of global operations. GrainCorp was positioned to benefit from the growth in global demand for grain and processed grains, with the worldwide trade in its core grains expected to double by about 2050. First strike hits Lend Lease over Abigroup account disparities PERTH: Lend Lease Group has incurred its first strike, with 26 per cent of shareholders voting against the property developers executive pay report. The move paves the way for a board spill next year, if at least the same percentage of shareholders again vote against the report. This years so-called first strike follows accounting discrepancies in Lend Leases Abigroup business. A total of 25.8 per cent of shareholder votes were cast against the remuneration report and almost 16 per cent of shareholders voted against the re-election of director Phillip Colebatch at the companys annual general meeting yesterday. Lend Lease also said yesterday it expected a challenging 2013 as sales remain sluggish, despite lower interest rates encouraging more people to start house-hunting. The outlook for Lend Leases fiscal 2013 remained unchanged, despite discrepancies in profit reporting on two projects in the Abigroup construction business. In response, the Lend Lease board imposed a 10 per cent cut to chief executive Steve McCanns short-term bonus scheme for fiscal 2012, which will be reported in fiscal 2013. The 10 per cent pay cut will also be applied to members of Mr McCanns senior management team as the group implements additional controls and process improvements. Big fail for the big four By KARINA BARRYMORE BESTOPTIONS Bank: ING Direct Transaction account: ING Direct Credit Card:Qantas American Express Home Loan: Finlease Property Finance Savings: ING Direct Personal loans: Suncorp and Peoples Choice CU TermDeposits:ANZ Online Investment Source: productreview.com.au MELBOURNE: Australias big four banks may have the highest market share in the country but they dont have a satisfaction rating to match. According to the countrys biggest consumer review website, none of the major banks rank in the top 10 for banking, home loans, credit cards, savings, personal loans or term deposits. From more than 3500 reviews, the big four the Commonwealth Bank, National Australia Bank, ANZ and Westpac achieved an average bad score of 2.6 out of a possible 5. People are judging their banking experience on value for money and quality of service, ProductReview.com.au spokesman Samuel Williamson said yesterday. The poor reviews for the big four generally stem from poor customer service at all levels, such as over the phone and within branches. He said more than 100,000 people visit the review site daily to leave comments. Buy-back flies well for Qantas Leigh Clifford SYDNEY: Qantas move to buy back about 4 per cent of its issued stock to improve the airlines ailing share price appears to have had initial success. The airline yesterday launched a $100 million buy-back of the issued shares, a move aimed at strengthening its balance sheet and improving shareholder returns. The announcement had an immediate effect, with Qantas shares initially soaring 5.7 per cent, before closing 4.07 per cent, or 5c, higher at $1.28. Qantas also said it expected its underlying pre-tax profit for the six months to December 31 to be between $180 million and $230 million, compared to $202 million in the previous corresponding period. Chairman Leigh Clifford said that the airline also planned to repay $650 million of debt in January, well ahead of its June, 2013, due date. He said the share buy-back and the accelerated debt reduction would return value to shareholders and maintain a strong balance sheet. MYERPICKINGUP SYDNEY: Department store chain Myer has experienced its second consecutive quarter of comparable sales growth but chief Bernie Brookes is remaining cautious about Christmas sales. First quarter total sales for the 13 weeks to October 27 were $688 million, up 1 per cent on the same period last year. SEVENHOLDSAGM SYDNEY: Kerry Stokes Seven Group Holdings is upbeat despite facing tough markets for its Chinese and Australian mining equipment businesses, and media operations. Managing director Peter Gammell said at the companys annual general meeting yesterday the conglomerate expects underlying profit in the range of $200 million to $220 million for the first half of 2012-13. PaperlinX to slash jobs in Europe to halt slump MELBOURNE: PaperlinX has announced more cost cuts and job losses as shareholders rejected its remuneration report. The struggling paper, packaging and signage merchant said yesterday that it would take more steps to restructure and cut costs in its business in the UK and elsewhere in Europe in response to depressed trading conditions in the region. The UK restructure would cost $3 million, but combined with cost cuts, would deliver $13 million in annual benefits. PaperlinX said it was seeking also to cut costs in its businesses elsewhere in Europe particularly Germany and the Netherlands and if the cost cuts did not generate benefits, it would consider more asset sales. European restructuring in the 2013 financial year will see 370 employees leave the business, PaperlinX said.