InvestSMART
The Intelligent Investor Growth Fund is listing on the ASX. Initial Offer closes Friday.

Briefs

TOLL ROADS

TOLL ROADS

Revenue jumps

Toll road owner Transurban Group's revenue in the three months to June was up by 13.9 per cent, capping a 10 per cent rise in revenue for the financial year. Transurban owns the Lane Cove Tunnel and the M2, M5, M7 and Eastern Distributor roads.

RESOURCES

Currency change

Fortescue Metals Group has started making transactions in China in renminbi in a step towards conducting more trade in the Asian superpower's currency. The company is looking at being paid in the local currency and using it to buy equipment.

INVESTMENTS

Looking to buy

A cashed-up Mirrabooka Investments expects a flat performance from corporate Australia this earnings season and is poised to make acquisitions while the sharemarket remains weak. The listed investments company posted an unaudited $10.9 million net profit for the 12 months to June 30, up 9.2 per cent on a year earlier.

RESOURCES

Alumina loses shine

Alumina Ltd has warned that higher energy and raw material costs and the strong dollar were continuing to take the shine off the earnings boost coming from improved prices. The Australian group was commenting on its earnings outlook following Monday's release in the US of second-quarter results of its partner, aluminium giant Alcoa.

PROPERTY

Australian appeal

Australian cities remain among the most affordable destinations for businesses operating in the Asia-Pacific region, despite the strength of the Australian dollar, according to business consultant Mercer in its 2011 Worldwide Cost of Living Survey.

ECONOMICS

Japan cuts forecast

The Bank of Japan yesterday lowered its real GDP growth forecast for the current fiscal year to 0.4 per cent from an earlier 0.6 per cent projection, owing to the devastation caused by the March 11 earthquake and tsunami.


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