Grocery retail giant Woolworths Ltd
(ASX:WOW) says 15,000 jobs will be created in Victoria over the next seven years as the company moves its way into the hardware sector.
Woolworths has hooked up with U.S. company Lowe’s to make its entrance into the sector and take on hardware giant Bunnings.
According to the Australian Associated Press Victorian Premier John Brumby and CEO Michael Luscombe are to announce the first of 30 stores are to be built in Coolaroo, Melbourne.
APP reports Mr Brumby saying Woolworths $400 million investment is expected to generate 4000 direct retail jobs over the next five years and during construction of the planned 30 stores statewide is expected to create 11,000 jobs in Victoria.
Work is expected tom commence within the coming months with the official opening in late 2011. Woolworths recorded net profit of $1.8 billion in 2009.
Scrap metal management company Sims Metal Management Ltd (ASX:SGM) CEO Daniel Dienst says the company is on the look-out for acquisition opportunities suggesting that there could be more consolidation in the scrap metal market.
According the a report by The Dow Jones Newswires Mr Dienst says there will be a culling of weak and inefficient companies from the herd and Sims will be looking for opportunities to assert itself in the marketplace.
Sims Metal Management recently reported a $105.3 million loss for the year to June 30 compared with a profit of $440.1 million the year before.
Mr Dienst says the company remains cautiously optimistic that conditions will continue to improve and that Sims will deliver improved financial results in fiscal 2010. Looking back over the past five years Sims Metal Management’s best net profit was in 2008.
Telecommunications service provider Service Stream Ltd (ASX:SSM) has announced a rights issue to raise $32.9 million at 38 cents a share.
The company says the raising will significantly improve Service Stream’s financial flexibility and debt profile.
The telco says proceeds from the raising will be used to repay part of the company’s $102.6 million net debt as at June 30.
Acting managing director Michael Doery says the company has commenced 2010 with a solid foundation underpinned by the AAS Contract, Jemena Networks and Sydney Water as well as the recent renewal of numerous contracts in TCI, Telstra Mobile Towers, Contact Centre Solutions, Optus DSL, and AMRS Origin Energy and ETSA meter reading.
The Australian Financial Review reports Mr Doery saying that the company believes implementation of the National Broadband Network may be a way off and that the raising is more about strengthening the company’s balance sheet than having funds built up for the National Broadband Network. Service Stream’s 2008 net profit was its best in five years.
Airport owner and operator Macquarie Airports (ASX:MAP) says the Danish Civil Aviation Authority has approved a long term agreement covering the future level and structure of aeronautical charges reached between Copenhagen Airports and its airline partners.
Macquarie says the agreement covers the period from October 1 2009 to March 31 2015.
The company says prices will be kept at current levels for 18 months and then increase annually based on one per cent above the yearly increase in the Danish Consumer Price Index for the next four years.
A number of structural changes have also been agreed on, including raising the portion of charges related directly to passenger numbers rather than aircraft weight.
CEO Kerrie Mather says the agreement recognises the shared interests of Copenhagen Airport and its airline partners and provides a sound basis for the promotion of passenger growth and appropriate levels of investment in facilities and quality of service. Macquarie Airports 2008 net profit of $2 billion was its best in five years.
