BRIEFS

CHEMICALS

CHEMICALS

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.

COAL

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.

ONLINE

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.

CINEMAS

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.

RETAIL

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."

COURTS

Adviser sentenced

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.

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