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Briefs

Car man to drive rail

THE Federal Government has appointed Futuris chairman Bruce Griffiths to help local rail companies spruik for government business. Industry and Innovation Minister Kim Carr appointed Mr Griffiths as a "supplier advocate" to help local companies snare a greater share in supplying rail projects. Mr Griffith's Futuris Automotive Group supplies interior trim, seats and entertainment systems to car makers locally and abroad.

Mr Carr said Mr Griffiths was appointed for his "wealth of experience" in the manufacturing industry and policy development. The appointment is for 12 months and is one of advocacy; the first of seven such industry advocates that are part of a $19 million government plan to increase Australian companies' participation in business opportunities.

"I'm confident that the lesson learnt in 35 years of automotive will find a home (in the rail sector)," Mr Griffiths said.

TELECOMMUNICATIONS

Telstra sets emissions goal

TELSTRA says it plans to reduce carbon emissions for every dollar earned by up to 15 per cent over the next six years. The company is targeting a reduction in its carbon emissions intensity, which it defined as the amount of carbon emitted for every dollar it earns.

Chief executive David Thodey said in a statement Telstra was targeting a reduction in its carbon emissions intensity by at least 10 per cent and up to 15 per cent by 2015.

Telstra emitted 1.52 million tonnes of carbon dioxide equivalent in 2008-09, he said, equivalent to 64 tonnes per million dollars of domestic revenue. Under the new targets, Telstra would need to reduce its emissions to at least 58 tonnes per million dollars by 2015. However, that assumes minimal change to Telstra's revenue. It reported revenue of $25.51 billion in the 2008-09 financial year.

The company's shares gained 5?, or 1.52 per cent, to $3.35 yesterday.

ENERGY

Carbon scheme risk

HONG Kong-based energy company CLP Group says investing in Australia will be riskier than in countries such as India if the proposed emissions trading scheme becomes law.

As debate on the Federal Government's carbon pollution reduction scheme (CPRS) resumed in the House of Representatives, CLP executive director of strategy Peter Greenwood told BusinessDay he could not rule out taking the group's investment dollars out of Australia.

CLP's locally owned energy business, TRUenergy, said last week it was prepared to build two stations to produce 1500 megawatts of gas-fired power in Australia but only if its balance sheet remained unaffected by the CPRS, something environmental groups have declared tantamount to blackmail.

Mr Greenwood rejected those suggestions, saying his comments represented the views of many international investors.

AGRIBUSINESS

Still nuts for Timbercorp

SINGAPORE-BASED Olam International, a global supplier of agricultural products and food ingredients, has bought more of the almond orchards of collapsed agricultural projects manager Timbercorp.

Olam said yesterday it had agreed to acquire 3853 hectares of planted almond orchards around Robinvale in northern Victoria and more than 48,000 megalitres of permanent water rights for $160 million in cash.

The transaction is subject to regulatory approval and is expected to be completed in January. Olam said the orchards had been well maintained and were expected to be profitable and produce positive cashflows from the 2010 harvest season.

In September, Olam agreed to acquire more than 8000 hectares of Timbercorp almond groves, also around Robinvale, plus rights to 40,825 megalitres of water, for $128 million. That transaction is expected to be completed by the middle of next month.

ENERGY

Infigen sitting pretty

WIND farm operator Infigen Energy is looking for possible acquisitions among the many struggling renewable energy companies that have been hit by a plunge in the price of renewable energy credits.

Infigen managing director Miles George yesterday said more and more distressed companies were approaching Infigen as a potential saviour.

Small renewable energy developers have been hit hard by a plunge in the price of renewable energy certificates caused by the Federal Government solar rebate program flooding the market for the certificates.

Mr George said Infigen, which is selling US wind farms worth about $US1.2 billion ($A1.3 billion) after debt, could be interested in opportunistic takeovers.

Infigen  known as Babcock & Brown Wind Partners until a name-change this year  had a cash balance of $405 million at the end of the financial year.

Infigen shares rose 1? to $1.42.