Tuesday, 24 August 2010

Sydney Olympic Park. Query over future

One billion dollars worth of development projects have been completed at Sydney Olympic Park since 2000 but private sector developers are still uncertain about the precinct’s future, according to The Australian Financial Review. In spite of the significant development which has taken place, and more in the pipeline, the park has failed to shake its white elephant image according to several developers contacted by the paper. Sydney Olympic Park Authority CEO, Alan Marsh, strongly disagree's: “I am happy with the pace of development. [But] you always like to see more.” Private developer, Ray Jones, said the park was not promoted enough. (The public has) the perception that’s it’s only a sporting venue,” he said.


Region. Councils and availbale funds

Liverpool and Penrith councils have been named in a Department of Local Government report as having insufficient funds readily available to pay for the goods and services they use. To reach this finding, the report assessed the ''level of liquidity and the ability to satisfy obligations as they fall due'' at each council. It presented its findings as a ratio of the amount of money available to meet liabilities (called the unrestricted current ratio) and said any ratio less than 1.5:1 was ''unsatisfactory''. Liverpool had a ratio of 1.29:1 and Penrith1.17:1.


Norwest. Wattyl makes a profit

The paint maker and takeover target Wattyl, based at Norwest, has turned around a previous loss to book a net profit in the 2010 financial year. The company booked a net profit of $5.15 million for the year ended June 30, compared with a loss of $1.5 million in the previous year. Wattyl is subject to a $142 million takeover offer from the Valspar Corporation, in the USA, at $1.67 a share.