THE NEWS WRAP: Packer and Bouris get ready to deliver in new venture
High-profile entrepreneurs Mark Bouris and James Packer have joined forces to launch a new venture that is set to take on the dominance of Australia Post.
TZ Limited will offer a ‘smart-locker parcel delivery network’ called Adam that will be located in 50 sites across Australia, 24-hours a day.
Bouris is the chairman of TZ Limited while Packer’s Ellerston Capital has ploughed $5 million into Temando, which will deliver parcels to the network.
Billabong primed for takeover
Billabong’s shares have been placed in a trading halt, ahead of an anticipated takeover bid.
Paul Naude, a director of the troubled surf wear company, has reportedly sought financial backing to make a bid for the business.
The Australian Financial Review reports that Naude’s bid will value Billabong at around $530 million.
Rates set for 1% cut in 2013: ANZ
Another percentage point will be slashed from the official cash rate next year, according to ANZ’s economists.
ANZ said that it expects the 100 basis point reduction to kick in despite strengthening economic growth. If passed on by the banks, this reduction would result in the lowest interest rates since 1968.
The Dow Jones Industrial Average slipped 35.71 points, or 0.3%, to 13,135.01. The Australian dollar rose to US105.47 cents.