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Wednesday, 4-Sep-2013 02:32 Email | Share | Bookmark
Nmdc To Arrange Loan For Australian Unit

Had NMDC participated, it would have had to fork out A$1.25 million in its 49.6 per cent exploration subsidiary, a company source told Business Line. At the current conversion rate ( A1$ = Rs 58), participation in the rights issue would have meant an approximate outgo of Rs 7.25 crore. In a disclosure to the Australian Stock Exchange last week, the mineral resources exploration company said that NMDC had agreed to provide support to enable Legacy Iron to arrange loan facilities with its bankers of up to $3 million. Legacy Irons board dropped the rights issue plan and opted for the borrowing plan after NMDC expressed its unwillingness to participate in the proposed issue. The extended date of the issue expired on August 12. Legacy Iron said that the Board had resolved to cancel the rights offer due to the recent share market volatility. Proceeds from the rights offer were to be used for further exploration activities and development across Legacy Irons iron ore and coal exploration permits as well as other assets in Australia. In June, Legacy Iron had lodged a rights issue prospectus with the Australian market regulator and the stock exchange for a maximum fund raising of around A$2.49 million. This now stands withdrawn and the 3:4 rights issue has been cancelled. During the quarter to June 30, the company mopped up A$29,989 through the issue of new options. <br>For the original version including any supplementary images or video, visit

Australian New Home Loans Grew Just A Pinch in October

Economists had forecast approvals to rise 3 per cent given the interest-rate reductions earlier made by the central bank in order to stimulate the Australian economy as well as advance the country's housing market. The development, according to Tom Kennedy, JP Morgan economist, would only mean that the Reserve Bank of Australia (RBA) needs to further slash the prevailing cash rate. "The data today just reaffirms that there are numerous headwinds out there," he said. "That's another reason that really supports further rate cuts." The RBA, at its December board meeting last week, had actually slashed the cash rate to three per cent. Must Read Kate Upton: How The Sports Illustrated Favorite Used Social Media To Become The Hottest Model of The Year [Photos/ Video] Sponsorship Link "This data is a lot more spotty than we had expected," Richard Gibbs, Macquarie chief economist, said, pointing out the figures implied potential homeowners' continued lack of confidence and fear. "While the value of lending commitments is up, the number of loans remains weak, reflecting a wider lack of consumer confidence in Australia." ABS reported the number of home loans approved for owner-occupiers jumped to 46,477, seasonally adjusted. Harley Dale, the Housing Industry Association's chief economist, said that in spite of the measly jump, the figures still translate to a modest improvement since mid-2012, although still weak to think that a home building recovery in Australia is underway. <br>For the original version including any supplementary images or video, visit

Loan firm Wonga's CEO dismisses criticism as profit jumps

On Tuesday Errol Damelin, chief executive and founder of Wonga, described the challenge as "complimentary" and said he doubted it would have an impact on Wonga's business. "In the UK on the consumer side, we reject about two thirds of applicants we get. The market that the Church would be looking at, we think, is mostly the market for people who don't get accepted for Wonga loans," Damelin said. "One hasn't seen digital organisations anywhere else in the world being competed out by people who don't make it their core business," he added. Wonga reported net profit after tax of 62.5 million pounds ($97.3 million) in 2012, benefiting from a surge in applications. The market for so-called payday loans has grown rapidly in Britain and countries like the United States as benefit cuts squeeze poor households' budgets and banks cut back on credit in the aftermath of the 2008 financial crisis. <br>For the original version including any supplementary images or video, visit

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