Orica's big spend
Explosives maker Orica has shrugged off doubts about growth in iron ore demand by announcing it will build an $US800 million ammonium nitrate plant in Western Australia. Orica, chemical company Yara and oil explorer Apache have agreed to build the plant on the Burrup Peninsula in the Pilbara.
Abbot Point cut
The Abbot Point coal terminal's expansion has been downsized to ensure the project goes ahead. The Queensland Deputy Premier, Jeff Seeney, has announced the multi-cargo facility and six extra terminals planned under the former Labor government will not go ahead. The government will build two new terminals and expand the existing one at the north Queensland coal port.
Yahoo's $7b sale
Struggling internet company Yahoo has agreed to sell half its 40 per cent stake in Chinese e-commerce group Alibaba for about $US7.1 billion. Alibaba will buy back the stake for $US6.3 billion cash and up to $US800 million in preference shares.
Chinese buy AMC
A Chinese conglomerate is to buy US cinema chain AMC Entertainment for $US2.6 billion to create the world's biggest movie theatre operator. Dalian Wanda Group says it is willing to invest an additional $US500 million in AMC.
Let bargains flow
Penny Winn, the head of Woolworths' push into digital retail, has criticised moves by Australian suppliers to stop shoppers getting online bargains offshore. "What kind of message does that send?" Ms Winn told a lunch yesterday. "It sends a message that we don't like competition."
Gambling has landed the Sydney financial adviser James Patrick Hobson with a two-year suspended jail sentence, a five-year good behaviour bond and permanent ban from providing financial services for misappropriating clients funds.