Australia’s PBL holds up after Packer death
Shares in Australia’s Publishing and Broadcasting Ltd (PBL) eased just 2 per cent yesterday after the death of media mogul Kerry Packer, supported by confidence in a management team assembled in recent years.
Analysts and fund managers played down the likelihood of any quick break-up of the $A11.2 billion ($NZ12.2 billion) media and gaming group built up by Australia’s richest man and now controlled by his son James, PBL’s executive chairman.
The younger Packer is widely reported to be less committed to the television business than his father, but analysts said he was unlikely to sell the top-ranked Nine Network in the short-term, particularly as it is still restructuring after a challenge to its ratings dominance by Seven Network Ltd.
“I don’t necessarily think the outlook for gaming is inhibited by the TV network, and both can be run quite successfully together,” said media analyst Craig Shepherd at broker Commonwealth Securities.
The death of Packer, 68, an old-fashioned media mogul and a feared but shrewd businessman, was announced on the company’s Nine TV network on Tuesday.
More: stuff.co.nz
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Australia’s PBL holds up following Packer death
Australia’s Publishing and Broadcasting Ltd is expected to continue to pursue growth through its casino business, with little likelihood of a quick-fire break-up of the news-to-gaming group following the death of media mogul Kerry Packer.
Shares in PBL eased just 2% yesterday after the death of Australia’s richest man, supported by confidence in a management team assembled in recent years and as analysts and fund managers played down prospects of breaking up the A$11.2bn ($8.2bn) group now controlled by Packer’s son.
James Packer, 38, was expected to continue chasing growth through the casino business, which
Australia loses media mogul Kerry Packer
Uncompromising media proprietor who became Australia's richest man and dragged cricket into the television age
KERRY PACKER grew up in the shadow of a famous father and achieved a stature far beyond that of a parent who always treated him with chilling lack of consideration.
Sir Frank Packer was a rumbustious Sydney media mogul, but his younger son was to outstrip him in wealth, fame and influence. Kerry Packer was accepted as Australia's wealthiest individual, his fortune estimated at Adollars 7 billion (nearly pounds 3 billion).
He was a television and magazine proprietor of immense significance,
Australia's S&P/ASX 200 Drops, Led by Rinker and James Hardie
Australia's S&P/ASX 200 Index fell from a record, led by Rinker Group Ltd. as home sales dropped in the U.S., its biggest market.
The S&P/ASX 200 Index lost 10.1, or 0.2 percent, to 4762.4 as of 10:20 a.m. in Sydney. About three stocks fell for every two that gained.
New Zealand's NZX 50 Index added 0.5 percent to 3373.01 as of 12:20 p.m. in Wellington.
Rinker, the biggest supplier of cement blocks in the U.S., fell 23 cents, or 1.4 percent, to A$16.54. James Hardie Industries NV, the biggest supplier of
Australia's S&P/ASX 200 Drops, Led by Rinker and James Hardie
Australia's S&P/ASX 200 Index fell from a record, led by Rinker Group Ltd. as home sales dropped in the U.S., its biggest market.
The S&P/ASX 200 Index lost 10.1, or 0.2 percent, to 4762.4 as of 10:20 a.m. in Sydney. About three stocks fell for every two that gained.
New Zealand's NZX 50 Index added 0.5 percent to 3373.01 as of 12:20 p.m. in Wellington.
Rinker, the biggest supplier of cement blocks in the U.S., fell 23 cents, or 1.4 percent, to A$16.54. James Hardie Industries NV, the biggest supplier of
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Located 66km east of Walpole along the South Coast Highway, Denmark is green, squeaky clean, and proud of it. Though originally a timber town, Denmark rapidly exhausted its trees and has since turned into quite an earth-friendly place. Today the town has a thriving organic farming scene and won the 1998 national "Tidy Town" title for its appearance and progressive environmental policies. Denmark has more organic produce shops, health food stores, and whole grain bakeries than you'd expect to find in a town of its size, and town folks are a friendly, crunchy lot.
Denmark's coastline is impressive, and has spots
