Economists at Commonwealth Securities say petrol prices look set for a period of stability, having dropped 3¢ a litre on average over the past week, to a national average of 141.9¢. CommSec expects the national pump price to track sideways over the next fortnight.
Hills sells up
Hills Holdings is selling its healthcare equipment business. The troubled manufacturing company, famous for the Hills Hoist, is selling the Perth-based business for an undisclosed amount to K Care. The sale comes as Hills undertakes a major restructure under new managing director Ted Pretty. The company is expected to shed hundreds of jobs as part of that restructure.
Gold boss goes
Mark Calderwood has stepped down as managing director of gold producer Perseus Mining, and will be replaced by his chief financial officer Jeff Quartermaine. Mr Calderwood has held the role since Perseus listed in 2004 and will continue with the company in a "part-time technical role".
Huawei to go
The local arm of Chinese technology giant Huawei has seen its revenue surge by 50 per cent over the last year despite Canberra's unofficial ban of its participation in the National Broadband Network. The parent company said that its global revenue grew by more than 8 per cent and its revenue by a third.
James Packer's plans to add a 25-storey, 500-room hotel onto the Burswood Casino in Perth has received the environmental go-ahead. A submission lodged just before Christmas received no public comments and was deemed not to be a controlled action by the federal environment department on January 18. The proposed 10-hectare extension will fill in some of the lakes at the Burswood golf course, but does not threaten any endangered species.
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