Week in review

Friday 23rd August 2002

The Warehouse is leasing a $A30 million ($35 million) warehouse and distribution centre at the Port of Brisbane to be completed by mid-2003. The facility will support the company's recent expansion across the Tasman.

Carter Holt Harvey said it had begun "informal" talks with Guinness Peat Group over the future of Central North Island forestry following the defeat of the Fletcher Forests/Citic plan to buy the Kaingaroa forests. Carter Holt also put its hand up to relieve Fletcher of the Kaingaroa management contract, while Citic said it might bid alone for the forests.

TelstraClear denied it was under financial pressure as it announced a $600 million loan from parent Telstra. The company, which is building broadband fibre networks in the main centres, lost $288 million last year but CEO Rosemary Howard said it was making money at the ebitda level and was on track to realise annual cost savings of $50 million and $100 million of capital expenditure over five years.

The Commerce Commission delayed until today a ruling on Vector and Natural Gas Corporation applications for clearance to buy UnitedNetworks assets.

Comments from our readers

No comments yet