Banks raise term deposit rates after Reserve Bank move
The Reserve Bank and Australian Bankers Association announced higher term-deposit rates for banks. Deposits up to 30000 gain up to 4 percent, while over 50000 caps at 65 percent. varying rates across 12 to 60 months. Banking sector expects little immediate economic impact though overdraft costs may rise. Sir Robert Norman notes flexibility aimed at keeping banks competitive amid higher rates.
MENTIONED IN THIS ARTICLE
Reserve Bank
Australian Bankers’ Association
ABA
Robert Norman
Sir Robert
Mutual Acceptance Ltd reports 22.07 percent profit rise and 1 for 7 rights issue
Mutual Acceptance Ltd announced a 22.07 percent increase in net profit to 3.59 million and proposed a one for seven rights issue to fund further expansion. After tax profit stands at 3.2 million, with final dividend raised to 144 percent of pay.
MENTIONED IN THIS ARTICLE
Mutual Acceptance Ltd
Lend Lease profits surge amid dividend hike and overseas push
Lend Lease Corpora tion Ltd reports a 76 percent jump in net profit to 9.13 million for the year ending June 1, with total payouts up 93 percent after bonus issues and dividend increases. Final dividend rose to 13.4 percent, interim to 28 percent, while external revenue climbed 24 percent to 145.5 million. Directors note reserves up 347 percent to 23 million as overseas projects begin to contribute.
Japanese firms plan large EDC plant in South Australia
In Tokyo today, Kanegafuchi Chemical Industry and Japanese Zeon Company with Dow Chemical Corporation announced a joint venture to build a major ethylene dichloride plant in Redcliffs district, South Australia. EDC will supply a vital feedstock for plastics.
MENTIONED IN THIS ARTICLE
Tokyo
Dow Chemical Corporation
Redcliffs
South Australia
EDC
Kanegafuchi Chemical Industry
Zeon! Company
Westfield Plans 1 3 Bonus Issue and Higher Dividend
Westfield Ltd a Sydney based property group announced a one for three bonus issue and a rise in annual payout after a 27 percent lift in net profit after tax for the year ended June 30 1973 Final dividend is 4 percent total 19 percent for the year versus 18 percent last year Net profit after tax rose to 1 370 317 from 1 080 418 after tax of 1 45 304 and depreciation of 430 554 Directors said the bonus issue will come from the fixed asset revaluation reserve entitlements based on shares and options held at span on August 20 for dividend from July 1 1973 They will not participate in the final dividend for the year to June 30 1973 Share register closes on Span Friday October for entitlement and dividend payment on October 30 Annual general meeting set for October 29.
MENTIONED IN THIS ARTICLE
Mutual
f@nce
Zerim
City Centre Development Ltd
Westfield Ltd
Span
Treasury notes weekly issue and rates 1973 update
Treasury notes for the week ended August 1 1973 show 13 week notes at 4.5 million and 26 week notes at 1.8 million. Total notes outstanding reach 454 million. The 13 week issue price stands at 98.76 percent and the 26 week at 97.46 percent. Rediscounting facilities remain with the Reserve Bank until further notice.
MENTIONED IN THIS ARTICLE
Treasury
Overseas risk money needed for Australian petroleum
Esso Australia chair R Kruizenga told the Senate Foreign Investment and Control committee that exclusive Australian exploration would not serve national interests. He urged attracting technology and investment and warned rigid guidelines could reduce total effort while acknowledging benefits of foreign participation for funding, tech, and management expertise.
MENTIONED IN THIS ARTICLE
Esso Australia
R. Kruzenga
Senate Select Committee On Foreign Investment and Control
Australia
Kruizenga
CanTra
Kruizengal
Esso
Beach Sands Output Down at Consolidated Rutile Ltd
Consolidated Rutile Ltd reports weaker rutile output for the 12 weeks to June 29 at 11 915 long tons versus 15 901 a year earlier and 53 0990 for the two weeks to June 29, with zircon up to 42 535 long tons for the year. Directors cite industrial stoppages and delays in relocating plants due to water rights, noting the company remains a major beach mining operator via its subsidiary.
MENTIONED IN THIS ARTICLE
Zircon Statis
LCI Drops Out of Battle for Larke Shares Offer
LCI withdraws from the bid for Larke, while LCI Lig may send its offer by next Wednesday. Chairman R J LNC, a Larke veteran since 1925, offers two Larke shares for every three owned, valuing each Larke at about $2.07. Baile counters with two Larkz shares plus $2.10 per two Larkz. market conditions unclear.
MENTIONED IN THIS ARTICLE
LCI
Larke
R. J
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