ANZ share falls in anticipation of higher bad debt

Australia and New Zealand Banking Group Ltd''s shares fell by 7% after it disclosed that it anticipates a much higher bad debt provisions in the first half of fiscal 2008. ANZ said provisions would be about $975 million, a 72% increase from a year ago and more than the $567 million in the 2007 full year.

ANZ is expected to post first-half cash profit of $1.85 billion. The surprise announcement came less than three weeks before its first-half earnings on April 23, and could serve as a reminder to investors who have viewed Australian banks as a less risky bet than their U.S. or European peers.

ANZ''s shares fell 6.6%, National Australia Bank Ltd, Commonwealth Bank of Australia Ltd and Westpac Banking Corp all fell between 3% and 5%.

Just engages Lonergan Edwards on Premier bid

Just chairman Ian Pollard today urged shareholders to wait for Premier''s statement before making a decision.

""Shareholders will be given sufficient time to properly consider Premier''s proposed offer Premier has not yet made a formal offer to Just Group shareholders – this will be provided in Premier''s Bidder''s Statement.

""Premier has given no indication of when its Bidder''s Statement will be sent to you, however we expect it is unlikely to be distributed until late April at the earliest. Premier''s offer must remain open for a minimum of one month,"" he said.

In response, he added that Just would provide shareholders with Premier''s statement, containing the special board committee''s detailed recommendation and the independent expert''s report, approximately two weeks after it receives Premier''s Bidder''s Statement.

Just Group Limited has engaged Lonergan Edwards as its independent expert to prepare a report on whether the unsolicited offer from Premier Investments Limited was fair and reasonable.

Solomon Lew through his entity Premier Investments Ltd made a $900 million takeover bid for Just Group earlier this week. The offer values Just between $828 million and $898 million.

Just chairman Ian Pollard rebuffed Lew''s invitation to join the Premier board if it gains full control of the clothing retailer early last week. Lew already controls 23.6% of Just through Premier and Metrepark Pvt Ltd, a private Lew family company.

Just''s share was up 0.7%.

BHP in first year of double digit growth

Mining giant BHP Billiton today disclosed that this year is the initial year in its quest to achieve double-digit growth in oil and gas output within the next five years. The mining company currently produces 320,000 barrels of oil a day and hopes to increase production to 516,000 by the year 2012.

BHP Shenzi project in the Gulf of Mexico may start earlier than its scheduled mid-2009 date and the Pyrenees oil project in Australia, due to begin output in the first half of 2010.

BHP stock advanced 5.1%.