News in brief

WASHINGTON: US employment swelled for a second straight month in April with American employers adding 288,000 more jobs to payrolls for the strongest two-month gain in four years, the Labour Department said on Friday. 

The surge in April hiring handily was far stronger than expected and followed an upwardly revised 337,000 job gain in March. – Reuters 

HONG KONG: Harbin Brewery Group Ltd issued a statement to clarify reported media comments last week by chief executive Peter Lo, with the company outlining the reasons behind its rejection of SABMiller plc's takeover bid. –AFX-Asia 

SYDNEY: Australia's fifth largest bank, St George Bank, is planning to expand its New Zealand supermarket joint venture, The Australian newspaper reported. 

St George chief executive Gail Kelly said the bank is considering “deepening” the low-key joint venture with New Zealand's largest supermarket operator Foodstuffs, started a year ago. 

Kelly said take-up of the bank's products through the joint venture is now exceeding expectations. - AFX-Asia 

SYDNEY: Independent Western Australian iron ore producer Portman Mining Ltd is bracing itself for a possible A$280mil takeover offer by interests associated with Hong Kong-based businessman Lee Ming Tee, The Sydney Morning Herald reported without quoting sources. 

The newspaper said Lee has built up a stake of at least 8% in the company and is expected to lodge a substantial shareholders' notice with the Australian Stock Exchange yesterday. – AFX-Asia 

SYDNEY: Burswood Ltd's net profit rose to A$36.6mil for the 300 days to April 25 from A$9.3mil for the 301 days to April 27, 2003, the Perth casino and hotel operator said in a letter to shareholders. 

The company told shareholders not to take any action on a A$686mil offer by media magnate Kerry Packer's Publishing and Broadcasting Ltd. 

Burswood chairman Don Watt said, in the letter, a further recommendation will be provided in a target statement in response to the A$1.40 a share offer but said the company is currently experiencing its best financial and operating results in years. – AFX-Asia 

SYDNEY: National Australia Bank is expected to report a first half net cash profit of A$1.6-$1.9bil tomorrow with market interest focused on possible write downs and signs of improvements after a foreign exchange trading scandal damaged the reputation of Australia's largest bank, banking analysts said. 

NAB issued a profit warning on April 16, saying its first half cash net profit before one-off items will be nearly 10% lower than the previous first half's A$2.027bil. –AFX-Asia

The surge in April hiring handily was far stronger than expected and followed an upwardly revised 337,000 job gain in March. – Reuters