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Briefs

The Australian Bankers Association has appointed Steven Munchenberg as chief executive, replacing David Bell. The chairman, Ralph Norris, said Mr Munchenberg brought 20 years of public policy experience to the role. "One of the key roles for Steven will be explaining . . . whether the regulatory developments, which are being developed overseas in response to the global financial crisis, are appropriate for the Australian system," Mr Norris said.

Macmahon contract

Macmahon Holdings has won two limestone quarrying contracts worth $US140 million ($155 million) with the biggest cement maker in the world, France's Lafarge.

Moly Mines approval

The Chinese National Development Reform Commission has approved Hanlong Mining Investment's acquisition of a 51 per cent stake in Moly Mines for $155 million. The deal has been approved by the Foreign Investment Review Board and shareholders.

Nufarm investment

The Japanese company Sumitomo Chemical has approved its investment in agricultural chemicals supplier Nufarm. Nufarm said its board would recommend shareholders accept Sumitomo's proposal to acquire a stake of up to 20 per cent for $14 a share.

Astro portfolio falls

The Astro Japan Trust said property revaluations at December 31 had resulted in a 4.8 cent decline in portfolio book value since June to Y119.5 billion ($1.44 billion). Its net tangible asset value declined to 76c from 93c.

Australand CFO

Australand Property Group has appointed a former GPT Group executive, Kieran Pryke, as chief financial officer, after Tiernan O'Rourke resigned last October.

Retail crackdown

Woolworths and Coles owner Wesfarmers may have to adjust their plans to buy out smaller rivals and develop new outlets after the Federal Government announced plans to toughen up market protection. The Government will give its competition regulator power to crack down on "creeping acquisitions", where big companies seek to expand their market power by buying up smaller operations.