Crown, Lend Lease sign off Sydney casino

Crown, Lend Lease sign off Sydney casino

Casinos operator Crown has entered into a $1 billion agreement with developer Lend Lease to build its casino and resort at Sydney's Barangaroo South. Lend Lease said late Wednesday it had finalised commercial documentation with Crown Resorts Limited for the proposed development of a world-class integrated resort at the site. "Lend Lease has also entered into an estimated $1 billion construction …

  • Crown and Lend Lease sign off Syd casino AAP - 4 hours ago

    Casinos operator Crown has entered into a $1 billion agreement with developer Lend Lease to build its casino and resort at Sydney's Barangaroo South. Lend Lease said late Wednesday it had finalised commercial documentation with Crown Resorts Limited for the proposed development of a world-class integrated resort at the site. "Lend Lease has also entered into an estimated $1 billion construction management contract with Crown Resorts Limited to deliver the integrated resort," the company said in a statement.

  • Fortescue defends Singapore company AAP - 5 hours ago
    Fortescue defends Singapore company

    Fortescue Metals Group has set up an international marketing company in Singapore, but insists it is not trying to avoid paying tax. After lambasting its bigger rivals Rio Tinto and BHP Billiton for using marketing hubs as tax shelters in Singapore, Fortescue has defended the establishment of an investment company in the city state. Fortescue confirmed it has established an investment company in Singapore for shipping and sales-related activities, but chief financial officer Stephen Pearce said it had undertaken "no other activity".

  • Atlas faces $160m hit to bottom line AAP - 5 hours ago
    Atlas faces $160m hit to bottom line

    Troubled iron ore miner Atlas is facing a hit of up to $160 million to its bottom line after a drop in the value of some of its mining assets. The Pilbara miner, which temporarily shut down three mines recently amid plunging iron ore prices, expects to book an impairment charge of $130-$160 million this financial year. The charge reflects a 15 per cent fall in the carrying value of some assets following the fall in iron ore prices, Atlas said in a statement after the stock market closed on Wednesday.

  • $A weaker on $US strength AAP - 5 hours ago

    The Australian dollar is weaker after hitting successive one-month lows against a stronger US dollar. The Australian dollar was worth 77.61 US cents at 1700 AEST on Wednesday, down from 77.96 US cents on Tuesday. Commonwealth Bank chief currency strategist Richard Grace said the local unit remained under pressure despite the US dollar dipping late in the Asian trading session.

  • Aust share market falls in broad sell-off AAP - 6 hours ago

    The Australian share market has closed lower in a broad sell-off after rising in the past four sessions. CMC Markets chief market strategist Michael McCarthy said it had been a disappointing day for investors as the market fell through a "technical" support level of 5,750 points, amid weakness in overseas markets. "It appears that a technical failure at 5,750 points on the index has added to the weight on the market today," Mr McCarthy said.

  • Aust bonds firmer on Greek debt woes AAP - 6 hours ago

    Australian bond futures prices have risen as investors concerned about Greece's debt troubles switch to safe haven assets. The local bond market has followed positive leads from US Treasury bonds overnight, ...

  • Aust Vintage expecting profit drop AAP - 7 hours ago

    McGuigan wines owner Australian Vintage expects its full year profit to drop about 10 per cent because the winemaker has not produced as many grapes as expected. The company says grape yields from its vineyards have been disappointing. "Yields from owned vineyards are below expectations due to the effects of the previous year's frost on our own vineyards," Australian Vintage said on Wednesday.

  • Programmed talks up merger proposal AAP - 7 hours ago

    Programmed Maintenance Services chief executive Chris Sutherland says a proposed takeover of rival Skilled Group would give it the scale to compete for bigger contracts. Speaking after Programmed announced an almost 16 per cent slide in its full year profit to March to $25.7 million, Mr Sutherland talked up the virtues of the proposed tie-up. Programmed provides services across a wide range of industries, from resources to education, and Mr Sutherland said the merger would create a more efficient and flexible combined entity.

  • Adelaide Brighton predicts steady sales AAP - 7 hours ago

    Adelaide Brighton predicts sales volumes of cement and clinker will be similar to or higher than the three per cent increase achieved in 2014. Chief executive Martin Brydon said a recent fall in cement sales to a major customer in South Australia were expected to be offset by increased demand. "The threat of small scale lime imports in Western Australia and the Northern Territory remains, however the weaker Australian dollar is likely to reduce the competitiveness of these imports," he said.

  • Ted Pretty farewells Hills Group AAP - 7 hours ago

    Hills Group chief executive Ted Pretty has made a sudden exit from the revamped technology company after less than three years in the top job. Mr Pretty, who transformed Hills from a diversified holding company to a tech-focused one, is being replaced by chief operating officer Grant Logan. Chairman Jennifer Hill-Ling said the board had reviewed and refined the company's strategy and committed to consolidating and growing the business.

  • Stocks to watch on Wednesday AAP - 7 hours ago

    Stocks to watch on the Australian stock exchange at close on Wednesday: FMG - FORTESCUE METALS GROUP - down four cents, or 1.67 per cent, at $2.36 Fortescue Metals reportedly set up a Singapore company ...

  • Aust shares close lower AAP - 7 hours ago

    The Australian share market has closed lower, ending a four session winning streak. At the close on Wednesday, the benchmark S&P/ASX200 index was 48.1 points, or 0.83 per cent, lower at 5,725.3, while ...

  • Construction suffers mining boom hangover AAP - 7 hours ago
    Construction suffers mining boom hangover

    The amount of construction work completed in Australia had its largest fall in almost 14 years, dragged down by a record slump in the mining sector. In the first three months of 2015, completed construction work fell 2.4 per cent - a result twice as bad as the market was expecting. For the year to March, the amount of work done dropped 8.8 per cent, dragged down by the largest quarterly fall in engineering work since the Australian Bureau of Statistics began keeping records in 1986.

  • Billson seeks fast passage of tax breaks AAP - 7 hours ago
    Billson seeks fast passage of tax breaks

    The federal government has urged Labor and crossbenchers to quickly pass new laws delivering tax breaks to small business. Small Business Minister Bruce Billson will introduce a package of bills on Thursday giving effect to federal budget measures for business. "When that package is there, we will be looking for Labor, who have made noises of support, to turn that into tangible action," he told the National Press Club on Wednesday.

  • Runway extension opponents a noisy minority, says Wellington … BusinessDesk - 7 hours ago

    Opponents to the Wellington International Airport's mooted $350 million runway extension are just a "small minority," says chief executive Steve Sanderson. The airport, which is owned 66 percent by NZX-listed infrastructure investor Infratil and 33 percent by Wellington City Council, wants to extend the capital's only runway to attract more long-haul international Asian and North American routes as the domestic market grows increasingly competitive. Speaking yesterday at a Wellington Chamber of Commerce breakfast, Sanderson said that if the extension goes ahead, one direct or long-haul flight to a major hub would be worth about $3 million to $4 million in revenue to the airport company in the first few years.

New Zealand Markets

Company Finances

  • Corporate maneuver at Samsung strengthens heir's influence Associated Press - Tue, May 26, 2015 4:36 PM NZST
    Corporate maneuver at Samsung strengthens heir's influence

    Two key Samsung companies are merging in a step toward ensuring the son of the group's ailing chairman inherits control of the theme parks to smartphones conglomerate. Samsung said Tuesday that its defacto ...

  • Latest in food-track tech: Swipe a code, meet your fisherman Associated Press - Tue, May 26, 2015 7:01 AM NZST
    Latest in food-track tech: Swipe a code, meet your fisherman

    After eyeing a piece of haddock on the supermarket counter, a customer scans a code and finds out the fish was caught in the waters of Georges Bank and learns the name of the fishing boat — and maybe even ...

  • Automakers to reveal models covered by wider air bag recall Associated Press - Sun, May 24, 2015 1:01 AM NZST
    Automakers to reveal models covered by wider air bag recall

    Eleven automakers are expected next week to reveal which models are being added to a massive recall of air bags made by Takata Corp. On Tuesday, the U.S. National Highway Traffic Safety Administration ...

  • Wal-Mart's push on animal welfare hailed as game changer Associated Press - Sat, May 23, 2015 5:17 AM NZST
    Wal-Mart's push on animal welfare hailed as game changer

    Wal-Mart's push to get its suppliers to give farm animals fewer antibiotics and more room to roam is expected to have a big impact on the food industry, experts say. Though the steps are voluntary, Wal-Mart, ...

  • Chef Sentenced to Three Years in Jail for Spitting in Customer's Food Entrepreneur - Sat, May 23, 2015 2:32 AM NZST
    Chef Sentenced to Three Years in Jail for Spitting in Customer's Food

    The New Jersey cook spat on an overly demanding customer's roll.

  • McDonald's CEO 'proud' of pay hike AAP - Fri, May 22, 2015 11:05 AM NZST
    McDonald's CEO 'proud' of pay hike

    McDonald's CEO Steve Easterbrook says he's "incredibly proud" of a recent decision to bump pay for some workers, even as hundreds of protesters outside called on the company to do more ahead of its annual shareholder meeting. Easterbrook, who stepped into his role in March, is fighting to revive sluggish sales and convince people that McDonald's is a "modern, progressive burger company". Easterbrook said at the meeting in Oak Brook, Illinois, that he was proud of the decision announced last month to raise pay for workers at company-owned stores to $1 above the local minimum wage, as well as offer help with college tuition to workers at all stores.

  • 5 of the Most Controversial Ads in Recent History Entrepreneur - Fri, May 22, 2015 8:24 AM NZST
    5 of the Most Controversial Ads in Recent History

    From puppy mills to beauty standards, the themes of these commercials provoked polarizing reactions.

  • 5 Uncomfortable Questions Asked at McDonald's Company Shareholders' Meeting Entrepreneur - Fri, May 22, 2015 6:40 AM NZST
    5 Uncomfortable Questions Asked at McDonald's Company Shareholders' Meeting

    Like to complain about McDonald's? You'd fit right in at the company's shareholders' meeting.

  • McDonald's CEO faces shareholders amid protests, sales woes Associated Press - Fri, May 22, 2015 2:16 AM NZST
    McDonald's CEO faces shareholders amid protests, sales woes

    McDonald's CEO Steve Easterbrook is set to make his debut before shareholders at the company's annual meeting Thursday at a time when the chain is facing declining sales and ongoing protests over worker ...

  • Uniroyal celebrates 50th anniversary of giant tire Associated Press - Thu, May 21, 2015 11:48 AM NZST
    Uniroyal celebrates 50th anniversary of giant tire

    Generations of motorists have passed by the world's largest tire, which sits alongside a busy stretch of Detroit-area freeway. On Wednesday, however, dozens of visitors enjoyed a different vantage point ...