THE NEWS WRAP: Stricken Retail Adventures in acquisition talks

The administrators of collapsed retailer Retail Adventures have confirmed they have had discussions with litigation funding firm IMF.

 

According to Fairfax, administrators at Deloitte are currently examining several transactions at the retail group, as well as the possibility of legal action if the retail group goes into liquidation next month.

 

Jan Cameron, who purchased the retailer for $85 million for in 2009, is one of two parties looking to acquire the business

 

Miners avoid tax for second consecutive quarter

 

Recent increases in the iron ore price will not be enough to trigger the mining tax for many mining giants for the second consecutive quarter.

 

According to The Australian, BHP Billiton, Rio Tinto, Xstrata and Fortescue Metals will not make the payment when it is due next week.

 

Aside from the mining tax, company tax from the mining giants also fell during the December quarter

 

US LNG production could hurt Australia

 

Increased US production of liquefied natural gas could hurt Australian LNG gas exports, according to a new report from Deloitte.

 

The report, commissioned by US LNG proponent Cheniere Energy, shows LNG projects in North America are gaining momentum.

 

However, this has created the possibility of $20 billion worth of Australian LNG exports being displaced if a “substantial” amount of the increased US production is exported to Asia.

 

Overnight

 

In the US, the Dow Jones Industrial Average was 0.13% at 13,488.43. The Australian dollar went down to US105.39cents.

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