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Fallen Unavoidable Automobile Rapidity Company. Delong shrinks to face a very operating environment over the bullish price, in the expiration of intense competitive environment, clueless over-capacity and confirmed influence on raw captured costs.


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Nilesh D. Expressions of interest for Henbury Station are due on September 6. The report discloses that Henbury was jn to become part of the National Reserve System and be regenerated after nearly years of grazing. The report relates that it can only be sold because Henbury Station was never transferred from a pastoral lease to a conservation covenant, a requirement of the National Reserve System. Quinn said a Federal Government agreement still applies to the property, as does a deal with Qantas, which agreed to buy carbon credits generated at the property, the report discloses.

Quinn said there's no requirement for R. Williams Agricultural Holdings to repay the initial investment in the purchase of Henbury Station at this stage, but some proceeds from the sale may be returned to the Federal Government, the report relates. Quinn said there has already been extensive interest in the property already from environmental, Indigenous and pastoral organizations, the report adds. Weight-Loss Group Placed in Administration James Thomson at BRW reports that seven entities associated with the Tony Ferguson weight-loss empire have been placed in the hands of administrators. Adam Farnsworth, of insolvency firm Farnsworth Shepard, has been placed in control of the business after being appointed on August 20, BRW relates citing records from the Australian Security and Investment Commission.

ttimes Calls to Tony Ferguson suggest the business continues Looknig trade. A representative of the business referred BRW to Farnsworth for comment. According to the report, the exact nature of the problems at the business is not known, although sources suggest that there are a number of parties interested in buying the group. The Tony Ferguson range of meal replacement products are generally sold through pharmacies, with chemist chain Terry White Chemists the major retail channel for Tony Ferguson, BRW notes.

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Anthony White, chief executive of Terry White Chemists, told BRW that Tony Ferguson is one of many suppliers to the business and he has been told the saharanpug business is currently undergoing a re-organisation. First Half Results No Immediate Impact on Ratings Moody's Investors Service says that Central China Real Estate Limited's CCRE moderate 1H results show signs of weakness, but are not material enough to have an immediate impact on its Ba3 corporate family rating and B1 senior unsecured debt rating and stable outlook. Both metrics are weak for the current rating level of Ba3.

Any signs of a further increase in debt leverage could pressure the current rating. However, Moody's notes the increase in the amount due to jointly- controlled entities to RMB 5.

Such payables are pressuring CCRE's liquidity position. Moody's will monitor closely how CCRE will manage down such payables. The principal methodology used in this rating was the Global Homebuilding Industry Methodology published in March As of December 31,it had an attributable land bank of 16 million square meters sqm. The chairman, Mr. Fitch has also assigned Delong a senior unsecured rating of 'B'. The Outlook has been revised to Stable following the release of its H results, which showed Delong having the ability to generate positive free cash flow FCF even under a sustained difficult operating environment.

Neutral FCF for H Under a difficult operating environment in H, Delong's net debt position only rose CNY10m after taking into account the CNYm investment in financial assets. This was largely a result of a stronger iron ore cost versus steel selling prices in Moderate leverage sustainable: This means that Delong's capex and acquisition of CNY1,m over the past five years had been mostly funded by internally generated operating cash flow. The large negative FCF of CNYm inleading to a significant deterioration in its leverage, was a result of working capital fluctuations. Since its listing inDelong has maintained a conservative FFO net leverage of 2. Net debt peaked at CNY2.

Weak industry fundamentals: Delong continues to face a difficult operating environment over the medium term, in the face of intense competitive pressure, persistent over-capacity and limited influence on raw material costs. Any steel price improvement quickly pushes steel producers to increase production and eventually leads to rising iron ore prices. Small Chinese steel producers are keen to produce at full capacity to defray their fixed costs, thus resulting in disorderly competition within the industry. This is not likely to change in the medium term since there are few steel companies that have the financial resources to consolidate the industry.

It is Fitch's view that any improvements of industry fundamentals are more likely to come from an iron ore supply glut than a strong surge in demand for steel as China moves away from an investment- led economic growth model. Small scale limits operations:


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