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.
Frequently Asked Questions about this Article…
What did Oil Search announce about Papua New Guinea (PNG) gas and how did it affect the company's half‑year profit?
Oil Search said it is in talks with Royal Dutch Shell to jointly explore offshore areas of Papua New Guinea for gas. The company also booked a net profit for the six months to June 30 of $110.8 million, up 117% on the previous first half.
Why is Emeco Holdings spending $165 million and what were its recent earnings?
Emeco Holdings is investing $165 million in new earthmoving gear this financial year to meet rising demand from increased resources sector activity. The company reported a net profit for the half year to June 30 of $49.6 million, returning to profit.
What does ANZ Banking Group’s approval to trade gold futures in China mean for investors?
ANZ became the second foreign bank authorised in China to trade gold futures after gaining membership of the Shanghai Futures Exchange. The bank will offer gold futures and hedging products to customers, expanding channels for gold hedging and exposure in China.
What sale did Uranex NL announce and how did the market react?
Uranex NL agreed to sell its Australian uranium assets to a major Chinese investor for $20 million in cash. According to the article, Uranex shares rose after the deal, closing up 4? at 45?.
How will Acrux’s deal with Eli Lilly affect its revenue outlook?
Acrux received a US$87 million payment from its US partner Eli Lilly as part of a licensing deal. The arrangement is expected to more than double Acrux’s revenue in the coming years.
How did premium milk processor A2 perform amid grocery price competition?
Despite a grocery price war affecting the industry, A2 bounced strongly and posted a maiden net profit of NZ$2.12 million (A$1.67 million) for the year ending June 30.
What did Monadelphous Group report about profits and prospects in the resources sector?
Engineering firm Monadelphous Group posted a 14% lift in full year profit to $95.1 million and expressed confidence in winning significant new work on resources projects.
What job cuts did UBS announce and how does that compare with recent moves at Credit Suisse?
Swiss bank UBS announced plans to cut 3,500 jobs to produce savings of about 2 billion Swiss francs (A$2.41 billion). The article notes that Credit Suisse had announced 2,000 job cuts the previous month after a steep drop in profit.
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