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Origin ready to shed more of its APLNG project PDF Print E-mail

（March 26，2012）
ORIGIN Energy is considering further sales of its equity in the Australia Pacific Liquefied Natural Gas project in Queensland to help pay for its expansion.
The energy firm last month left the door open for further reductions in its stake in APLNG after selling down its equity to China's Sinopec, leaving Origin with a 37.5 per cent stake, from 42 per cent previously.

Origin yesterday said funding choices for a second processing train, including additional equity raisings, would depend on factors such as the cost of project finance and the timing of a decision to proceed with the second phase. The two-phase project, a joint venture with US energy giant ConocoPhillips and Sinopec, is expected to cost $US20 billion ($19.18bn). This includes $US14bn for the first processing train.

Origin said the financing facilities it had in place meant there was no intention to raise additional equity for train one and other committed projects.

The joint venture is targeting a final decision to proceed with the second train by about mid-year.

The decision was previously expected by the end of this month but the schedule slipped because Sinopec needed more time to obtain Australian and Chinese government approvals for its equity purchase.

Sinopec has also agreed to buy LNG from the project, where exports are slated to commence in late 2014.

Shares in Origin finished up 5c at $13.15.

(source：theaustralian）

 

 
 
NAB derivative sale expensive for investors PDF Print E-mail

（March 23,2012）

NATIONAL Australia Bank (NAB) has sold derivatives that had been a drag on earnings.

Analysts say its shareholders have suffered heavy losses from the move, while the bank is expected to take a $300 million hit.

NAB sold out of hedges for the two remaining synthetic collateralised debt obligations (SCDO) that had acted as a drag on the bank's revenue in fiscal 2011.

The move would cost it $301 million before tax but have no impact on its cash earnings, Deutsche Bank's James Freeman said.

NAB has paid $760 million to exit the six SCDOs, making an effective loss rate of 50 per cent, he said.

"This SCDO has turned out to be a very expensive exercise for NAB shareholders.''

Each of the two SCDOs had a face value of $300 million, with the value of one SCDO being fully eroded by losses by September 30, 2011, NAB reported at its 2011 full year result.

They formed part of a portfolio of six SCDO deals, originally worth $1.5 billion that were held within NAB's $4.5 billion portfolio of corporate bonds, collateralised loan obligations, and commercial mortgage backed securities in 2008.

Those assets were held within NAB's $17 billion structured credit portfolio, and losses incurred on it forced the bank to make a $830 million writedown in July 2008.

That move prompted a sharp drop in NAB's share price and later sparked a class action angry shareholders, who alleged the bank had delayed writing down their value, causing shareholders to collectively lose $450 million on the value of their NAB holdings.

NAB will close its books for the first half of fiscal 2012 on March 31, and report earnings to the market on May 10.

NAB's shares were five cents lower at $24.34 at 1056 AEDT.

（source：theaustralian）
 
Competition regulator proposes approval of Virgin-Skywest alliance PDF Print E-mail

（March 22,2012）

THE Australian Competition and Consumer Commission today proposed to approve the alliance between Virgin Australia and Skywest.

The latest in a series of good news announcements for Virgin allows Skywest to operate the former's regional ATR turboprop fleet under a wet lease.
（source：theaustralian）
 
Dollar weaker on Chinese slowdown PDF Print E-mail

(March 21,2012)

NEWS that the Chinese economy could be cooling faster than expected has kept the Australian dollar low.

At 1200 AEDT today, the local currency was trading at 105.02 US cents, down from 105.77 cents on Tuesday afternoon.

CMC foreign exchange dealer Tim Waterer said the dollar had reacted on Tuesday to commentary on Chinese iron ore demand and economic performance, but had fallen lower after a session of over-selling.

"The dollar has lost some ground during the morning session today. I suspect because it was a bit over-sold during the previous 24 hours,'' he said.

"The Australian dollar has a heightened sense of awareness in relation to any Chinese news, and certainly we saw commodity-bloc currencies overnight were shunned in favour of others.''

Yesterday, BHP Billiton iron ore president Ian Ashby said that China's iron ore demand was weakening, while Gu Xianghua - an executive of the China Association of Automobile Manufacturers - said vehicle deliveries would be unlikely to meet targets.

Mr Waterer said the local currency would likely move higher throughout the day.

"We've seen a few bargain-hunters step in this morning who have seen decent value in the Australian dollar,'' he said.

"This has seen it move back towards 105 (US cents).

"I expect it to move closer to 105.50 sooner rather than later.''

From 0700 AEDT, the Australian dollar has traded between 104.68 US cents and 105.02 cents.

Meanwhile, Australian bond future prices were lower.

At noon AEDT on Wednesday, the June 10-year bond futures contract was trading at 95.635 (implying a yield of 4.365 per cent), down from Tuesday's close of 95.675 (implying a yield of 4.325 per cent).

The June three-year bond futures contract was at 96.210 (3.790 per cent), down from 96.230 (3.770 per cent).

(source：theaustralian)
 
US stocks slip despite Apple dividend news PDF Print E-mail

（March 20,2012）

US stocks have opened lower despite tech giant Apple's shock announcement of a massive dividend plan and share buyback ahead of the bell.

Apple shares jumped 1.1 per cent minutes into trade today, but could not lift the Nasdaq or other key indices.

The Dow Jones Industrial Average was down 13.47 points, or 0.10 per cent, to 13,219.15.

The broad-market S&P 500 slipped 1.10 points, or 0.08 per cent, to 1403.07.

The tech-heavy Nasdaq Composite lost 2.78 points, or 0.09 per cent, to 3052.48.
（source：theaustralian）
 
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