BRIEFS

CEO payout

Country Road has agreed to pay the chief executive it sacked after just nine weeks in the job $1.1 million in compensation. In Federal Court proceedings, John Cheston had sought up to $6.5 million in compensation for unlawful dismissal. Country Road sacked him after 63 days in the job citing "fundamental" differences over the clothing chain's future.

MINING

Thiess contract win

The Leighton subsidiary Thiess has won a $166 million contract at BHP Billiton's Jimblebar iron ore mine in the Pilbara. The contract involves providing bulk earthworks, drainage and civil structures, road works

and buried services. Elsewhere,

BHP has awarded Decmil Group

a $71 million contract to install permanent accommodation at the Warrawandu Village in the Pilbara.

CURRENCY

$A well supported

The Australian dollar was slightly higher yesterday at US102.71A? and appeared well supported at half a cent below its recent highs. The chief economist of St George, Besa Deda, said the dollar was supported by a number of fundamentals, "the key ones being rising terms of trade, the strong underlying domestic fundamentals, our attractive yields and a global economy that is in recovery".

BONDS

SP AusNet raising

The electricity transmission network operator SP AusNet has raised $250 million in 10-year bonds to refinance existing debt and fund growth. The bonds were priced at a margin of 167 basis points over the benchmark swap rate, AusNet said.

PROPERTY

GPT sells portfolio

GPT Group has finalised the sale of its US seniors' housing portfolio to Health Care REIT. GPT said the proceeds of the sale would initially be used to reduce debt, with its gearing ratio to fall to about 22.5 per cent from 25 per cent.

COURTS

Union takes action

The cleaners' union will take Federal Court action against Spotless Group for what it says is a breach of the Fair Work Act. United Voice, formerly the Liquor, Hospitality and Miscellaneous Workers Union, said it would take action on the legitimacy of Australian Workplace Agreement-style individual agreements. They vary the industry award for individual employees but only on the condition workers are better off than under the award.