InvestSMART

Briefs

EXPLORATION

EXPLORATION

Talks on PNG gas

Energy producer Oil Search is in talks with Royal Dutch Shell about jointly exploring areas offshore Papua New Guinea for gas. The news came as the company booked a net profit for the six months to June 30 of $110.8 million, up 117 per cent on the previous first half.

EARTHMOVING

Emeco digs deep

Earthmoving equipment firm Emeco Holdings is back in the black after a rise in resources sector activity. It will spend $165 million on new gear this financial year to meet rising demand after reporting a net profit for the half year to June 30 of $49.6 million.

FUTURES

Gold for ANZ

ANZ Banking Group has become the second foreign bank in China authorised to trade gold futures. The bank received approval for membership of the Shanghai Futures Exchange, and as well as gold futures will offer gold hedging products to its customers.

URANIUM

Uranex backs sale

Shares in Uranex NL rose after the junior uranium explorer agreed to sell its Australian uranium assets to a major Chinese investor for $20 million in cash. Uranex shares closed up 4? at 45?.

BIOTECHNOLOGY

Acrux looks ahead

A $US87 million payment from its US partner, pharmaceutical giant Eli Lilly, has given fledgling biotech Acrux a shot in the arm with the licensing deal expected to more than double the company's revenue in coming years.

DAIRY

A2 tastes profit

Premium milk processor A2 has bounced strongly despite a grocery price war unsettling the industry. The company posted a maiden net profit of $NZ2.12 million ($A1.67 million) for the year ending June 30.

ENGINEERING

Tapping resources

Engineering firm Monadelphous Group has expressed confidence in winning significant new work on resources projects, after posting a 14 per cent lift in full year profit to $95.1 million.

BANKING

Job losses at UBS

Swiss banking giant UBS has announced plans to slash 3500 jobs to make savings of about 2 billion Swiss francs ($A2.41 billion). Credit Suisse last month announced 2000 job cuts after a steep drop in profit.


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