Business News From The Australian Press Friday
Updated: Thursday, February 1, 2001 04:08 PM ET
Japanese steel industry newsletter the Tex Report, and various other newspapers, say Australian thermal coal producers are seeking price increases of 20% from Japanese customers at annual contract negotiations.
Coles Myer Ltd.'s (CM, news, msgs) Target general merchandise department store chain could bear the brunt of cost cuts, with staff numbers at one major office in Victoria state to be slashed, reports the Australian Financial Review.
Queensland Cotton Holdings is seeking talks with French grain trading group Louis Dreyfus to establish its motives for taking a 14.9% stake in QCH, according to the Australian Financial Review.
Commonwealth Bank of Australia (A.CBA, news, msgs) has spent around A$4 million topping up its holding in Bank of Queensland Ltd. (A.BOQ, news, msgs) to 13% and some analysts believe CBA is preparing for a takeover battle for the regional bank, the Australian Financial Review says.
A Melbourne commuter newspaper war will begin Monday when News Ltd., the Australian arm of News Corp. (NWS, news, msgs), and John Fairfax Holdings Ltd. (A.FXJ, news, msgs) launch free metropolitan tabloids, reports The Age.
Brambles Industries Ltd. (A.BIL, news, msgs) Chief Executive John Fletcher has agreed to stay on beyond his stated retirement date of March 31 to steer the company through a merger of the industrial services assets of Britain's GKN PLC (U.GKN, news, msgs), according to The Age.
Letters sent to Woodside Petroleum Ltd. (A.WPL, news, msgs) shareholders notifying them that Royal Dutch/Shell Group (RD, news, msgs) has extended its bid were marked with confidential details, namely each shareholder's security holder reference number, or SRN, says The Australian. Brokers require shareholders to provide SRNs before buying or selling shares.
-By Veronica Brooks, Dow Jones Newswires; 613-9614-2663; veronica.brooks@dowjones.com
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