Briefs: Etihad lifts stake

MIDDLE Eastern carrier Etihad has increased its stake in Virgin Australia to 22.9 per cent, the maximum allowed by the Foreign Investment Review board.

MIDDLE Eastern carrier Etihad has increased its stake in Virgin Australia to 22.9 per cent, the maximum allowed by the Foreign Investment Review board. The Abu Dhabi-based Etihad yesterday bought a parcel of shares equating to a 1.7 per cent stake in Virgin Australia at 44c a share, a premium to the Australian carrier’s closing price of 40.5c on Thursday.

Kathmandu down

SHARES in retailer Kathmandu have slumped after it warned half-year profit would fall despite strong sales growth. A post-winter clearance campaign delivered better than expected sales, driving total sales growth of more than 18 per cent in the 16 weeks to mid-November. But this was offset by a decrease in profit margins due to lower prices.

Gindalbie pressured

IRON ore miner Gindalbie Metals faces a perfect storm of falling iron ore prices and a strong Australian dollar. It plans to boost production at its Karara project in north Western Australia, but chairman Keith Jones concedes he is unable to specify whether the high fixed-cost Karara project is breaking even.