InvestSMART

Briefs

SUPERANNUATION

SUPERANNUATION

Contributions fall short

More than three-quarters of people won't have enough superannuation to last them throughout their retirement, according to the financial services group Deloitte. It also says that the gradual increase in compulsory superannuation contributions to 12 per cent by 2019 won't benefit retirees until well after 2030.

FRANCHISES

Domino's stays steady

Domino's Pizza announced at its annual general meeting yesterday it had recorded robust same-store sales for the first four months of 2011-2012 with 10.3 per cent growth on top of the 7.83 per cent growth achieved in the same period last year.

REAL ESTATE

Stockland sells stake

Property group Stockland has sold its interest in the office building in Sydney's Martin Place that houses the Seven Network's news headquarters, for $172.2 million. Stockland sold its 50 per cent stake in the building to joint owner QIC Global.

RETAIL

Trust finalises new loans

Westfield Retail Trust has finalised $1.27 billion of new, bilateral bank facilities with maturities between 2014 and 2017. The company is also on track for earnings per security of 18.3? and a distribution of 16.5?.

DEVELOPMENT

Fall in building approvals

A sizeable fall in residential building approvals confirmed that the jump recorded a month ago gave a misleading impression of strength in a struggling industry, according to analysts. The number of residential approvals fell by 13.6 per cent in September, seasonally adjusted, after a 10.7 per cent rise in August.

AUTO

Poor year for Mazda

Mazda reported a 14.4 billion yen ($178 million) loss for the latest quarter and is now projecting a big annual loss instead of a profit due to the sluggish global economy and high yen. Mazda had only just started to recover from the March 11 tsunami and earthquake.

COAL SEAM GAS

Party mulls ban

Coal and coal seam gas miners may be banned from Queensland's Scenic Rim district under a Liberal National Party government. The party has announced that a land-use plan for the area south-west of Brisbane would be revised to say exactly which activities will be allowed.

PURCHASING

Chinese power slips

China will account for about 30 per cent of global expansion in terms of purchasing power parity next year compared with about 35 per cent this year, says economists at the Bank of America.


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