| Centro drags Aust market lower
The plummeting share price of struggling property group Centro has dragged down the Australian share market, despite a good lead from Wall Street and firmer commodity prices. The domestic market opened strongly, but the persistent credit problems abroad weighed on the market throughout the day. The All Ordinaries Index erased earlier gains to close 21 points lower to 6,019 and the ASX 200 shed 20 points to 5,960. Centro Properties has been battling to refinance $3.9 billion worth of debt because of the lingering subprime mortgage problems in the United States. Its shares closed 30 per cent lower to 60 cents. The company released a statement today saying it has had extensive interest from Australian and international investors.
West Ham boss happy with the man upstairs
WEST Ham boss Alan Curbishley believes his remote relationship with new chairman Bjorgolfur Gudmundsson works a treat. Icelandic banker Gudmundsson - known as BG - set up a consortium to buy the club some 14 months ago. But, while predecessor Eggert Magnusson fronted the company and played a hands-on role, BG has taken a stand-off approach and left Curbishley to get on with running the team. And the Irons chief revealed it is a match that suits them both. "I think BG has just left it with me to get on with it, which is a similar situation to the one I had with Richard Murray at Charlton, and I'm quite happy with that," Curbishley said. "When Eggert was here we had constant dialogue - most days we would talk about things.
Kronos Worldwide Reports Third Quarter Results
Kronos Worldwide Reports Third Quarter Results DALLAS, Nov. 5 /PRNewswire-FirstCall/ -- Kronos Worldwide, Inc. (NYSE: KRO) today reported a net loss of $81.2 million, or $1.66 per diluted share, for the third quarter of 2007 compared with net income of $12.2 million, or $.25 per diluted share, in the third quarter of 2006. The Company's results in the third quarter of 2007 include a $90.8 million, or $1.85 per diluted share, non-cash charge for income taxes, as discussed below. For the first nine months of 2007, Kronos reported a net loss of $68.3 million, or $1.40 per diluted share, compared with net income of $40.7 million, or $.83 per diluted share, in the first nine months of 2006. Net sales of $343.3 million in the third quarter of 2007 were $11.7 million, or 4%, higher than the third quarter of 2006.
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