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BRIEFS

RAILWAYS

RAILWAYS

Leighton win

Leighton Holdings has been selected to deliver the final stage of the Southern Sydney Freight Line. The $150 million project will provide a 36-kilometre dedicated line between Macarthur and Sefton, allowing passenger and freight services to operate independently. Construction is due to start in October and completion is scheduled for late 2012. MINING

Kingsgate purchase

Goldminer Kingsgate Consolidated will spend $75 million to acquire what it says will be a 3- to 4-million-tonne-a-year silver mine in NSW. Kingsgate has agreed to buy the Bowdens silver project, 240 kilometres west of Sydney, from Silver Standard Resources Incorporated. Last year the company bought a silver-gold project in Chile.

SUPER

Risk transparency

New guidelines are to be introduced by the Australian Prudential Regulation Authority from June 2010 to give consumers clearer information on the risks to their superannuation funds' investments. Risk will be assessed on the estimated number of negative annual returns possible over 20 years.

HOUSING

Sales down 8.7%

New house sales fell by 8.7 per cent in June, the biggest monthly fall in five years, the Housing Institute of Australia JELD-WEN New Home Sales Report says. The HIA's chief economist Harley Dale, pictured, said the sector was weakening, despite the Reserve Bank keeping the cash rate on hold since November 2010.

OMBUDSMAN

Tregillis appointed

Shane Tregillis is to become chief ombudsman of the Financial Ombudsman Service from September, after he steps down as a commissioner at the Australian Securities and Investments Commission later this month. The present chief ombudsman, Colin Neave, is leaving and did not seek reappointment to the position.


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