RECALL Hearing implant maker Cochlear has shrugged off the shock recall of its Nucleus CI500 device last year, according to a doctor from the NYU Cochlear Implant Centre in the US, which treats 1800 patients a year. Attending a UBS healthcare conference in Sydney, Dr Susan Waltzman said the clinical and research centre had not seen any decrease in implant numbers during the financial crisis. The recall in September helped trigger Cochlear's first loss as a listed company, of $20 million in the six months to December.
CREDITORS The Federal Court has granted the administrators of the collapsed St Hilliers Construction extra time to convene a second meeting of creditors. Following yesterday's court order, the meeting must be held no later than August 13.
ENERGY The Major Energy Users Inc is to challenge a ruling by the Australian Electricity Market Commission which yesterday said it would not move to limit the ability of large generators to manipulate power prices. "We're quite disappointed," a spokesman for the group said of the decision.
SUPER Employment Minister Bill Shorten yesterday has told investors that increasing superannuation contributions to from 9 to 12 per cent by 2019 would push super savings up by trillions over the next two decades. Figures released by APRA yesterday showed value of superannuation funds under management is up 3.6 per cent in the year to end-March to hit $1.38 trillion.
SHARES After raising $10 million via a placement of shares at $1 each, iProperty Group has launched a share purchase plan, giving retail shareholders the opportunity to top up their holdings at the same price as it seeks to pursue further consolidation and growth opportunities in Asia.
MERGER Glencore's merger with Viterra will not be opposed by the Australian Competition and Consumer Commission. Viterra said it expected the transaction to close by the end of July 2012 subject to the satisfaction of conditions including approval from the Foreign Investment Review Board.
REFINING Heavy losses have prompted Shell to bring forward by a year the planned closure of the Clyde refinery in Sydney, with the loss of more than 200 jobs. The move comes as Caltex is reviewing the future of the Kurnell refinery in Sydney, with a decision to close possibly due as soon as next month. "Since the decision [to review Clyde] was taken, the refinery has continued to struggle against sustained poor industry margins and intense competition from mega-refineries in Asia," Shell Australia downstream vice-president Andrew Smith said. Clyde can process 79,000 barrels a day and is far smaller than Kurnell, which can handle 124,500 barrels a day. Shell has 275 employees at Clyde, which will be converted to a fuel terminal, employing between 30 and 50.