Queensland toll road operator BrisConnections has collapsed seven months after the opening of the troubled $4.8 billion Airport Link tollway in Brisbane.
The 6.7 kilometre tollway was only used by an average of 47,000 motorists a day through December, falling well short of the 135,000 vehicles a day that had been forecast to use the road from July onwards.
A consortium of 10 banks, including ANZ, Deutsche Bank and BNP Paribas, appointed PPB Advisory as receivers after lending $3.3 billion to the company.
Peter Cosgrove appointed as APN chairperson
Peter Cosgrove has been named the new chairperson of media giant APN News & Media, a day after the dramatic mass resignation of several directors and executives.
Cosgrove has close links to major shareholder Independent News & Media (INM); however, the group is yet to appoint a new chief executive.
The mass resignations came after senior management proposed a capital raising to reduce the company’s debts, which was rejected by major shareholders INM and funds management firm Allan Gray.
Coca-Cola Amatil looks to cut costs after profit fall
Food and beverage giant Coca-Cola Amatil has reported a net profit of $459.9 million for the year to December, down 22.3% year-on-year.
“Despite official interest rates reducing by 125 basis points in 2012, we saw little positive impact on consumer confidence, and then that, in turn, went down into spending levels,” CCA chief executive David Davis said.
Meanwhile, CCA managing director Warwick White announced the company was working to improve its inventory management, cut costs and increase sales.
In New York, the S&P500 was 0.608% higher to 1529.04. The Aussie dollar is up to US 103.58 cents.