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src="http://www.ibisworld.com.au/common/newsletter/images/TOCtopleft.gif" alt="" /> </td> <td class="WhiteTop"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td valign="top"> <table border="0" cellpadding="3" cellspacing="0"> <tr> <td rowspan="9"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="183" width="1" /> </td> <td colspan="2"> <p class="heading1"> IN THIS EDITION:</p> </td> </tr> <tr> <td width="30" align="center"> <a href="#aIndustry"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /></a> </td> <td class="tdToc"> <a class="menuitem" href="#aIndustry">In INDUSTRY </a> </td> </tr> <tr> <td align="center"> <a href="#aFocus"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aFocus">COMPANY Connect</a> </td> </tr> <tr> <td align="center"> <a href="#aRisk"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aGlobal">Global TRENDS</a> </td> </tr> <tr> <td align="center"> <a href="#aRisk"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aRisk">Industry Risk</a> </td> </tr> <tr> <td align="center"> <a href="#aEconomic"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aEconomic">Economics & Demographics</a> </td> </tr> <tr> <td align="center"> <a href="#aRuthven"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aPresentation">Phil Ruthven - Presentation Material</a> </td> </tr> <tr> <td align="center"> <a href="#aNew"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aNew">What's New?</a> </td> </tr> <tr> <td align="center"> <a href="#aUpdated"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aUpdated">Updated Reports</a> </td> </tr> </table> </td> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> <td valign="top"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td valign="top"> <img src="http://www.ibisworld.com.au/common/newsletter/images/audate.gif" alt="" /> </td> </tr> <tr> <td height="10" /> </tr> <tr> <td> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCtopleft.gif" alt="" /> </td> <td class="WhiteTop" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="background-color: #DDCDC6; width: 256px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="148" width="1" /> </td> <td height="161" width="308"> <p class="heading1" style="text-align: center;"> DID YOU KNOW?</p> <p class="textCenter"> 206 of Australia s 478 industries rank as either highly globalised, or medium on a trend to increasing. 106 of these are from the manufacturing sector. </td> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <!-- end header--> <table cellpadding="0" cellspacing="0" border="0"> <!-- main content--> <!-- industry in focus article --> <!--<tr> <td> <a id="aIndustry" name="aFeature"></a> <p class="heading2"> <br /> Easter</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p>You know its Easter when the sky greys and, helped by daylight savings, darkens earlier each night. You know it's close when fluffy bunnies and bright yellow chicks start to appear in the windows of high street shops. But most of all you know its Easter when you see brightly covered chocolate eggs and animals, and smell the freshly baked hot cross buns. With Easter now behind us, it is a good time to take a look at the confectionary manufacturing industry. </p> </td> </tr> </table> </td> --> <tr> <td> <a id="a4" name="aFeature"></a> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td> <a id="a3" name="aFeature"></a> <p class="heading2"> <br /> In INDUSTRY: Construction in Australia  Will Credit Really Crunch?</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p>For all the talk at the moment of housing bubbles bursting, subprime in the US, constantly rising interest rates, and a Federal Treasurer reading the riot act on profligate spending, warning of a tight budget in May, it bears consideration whether Australia's housing and construction markets are really in for the turbulence that popular opinion assumes is coming. </p><p>The Australian <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=306">Construction </a> sector, valued at over $187 billion, is expected to grow by 3.1% per year, each year, to 2012-13, defying the expected trend. It seems that rising interest rates and growing reluctance to borrow and lend is unlikely to halt Australia's love affair with owning their own home. </p><p>In fact, what is increasingly apparent, is that conditions are likely to cause a shift in consumer behaviour, rather than abandoning home ownership altogether. Growth in the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=309">House Construction </a> industry is expected to be 5% per annum over the next five years, suggesting housing growth will remain strong. However, growth in the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=310">Residential Building Construction </a>industry is forecast to reach 8.8% per year over the same period, suggesting that high-rise living is on the rise, as Australians seek to get a smaller house in higher-density locations, in order to combat growing difficulties in getting a house. </p><p>However, the mild slowdown expected in 2009-10 is expected to hit the business sector a little harder, with <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1827">Commercial and Industrial Building Construction </a> expected to grow at a more sedate 3% per annum, businesses more inclined to defer moving to bigger, better offices until the economic climate looks more propitious. </p><p>This strong growth in residential housing is expected to encourage growth among ancillary services, such as <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=320">Bricklaying</a>,<a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1871"> Insulation</a>, <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=335">Landscaping</a> and <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=324">Plumbing </a> all expected to experience growth beyond that of GDP. </p><p>So perhaps the doom and gloom that is predicted for Australia is not quite as likely as it would appear to the casual observer, and the housing market may survive the credit crunch. </p> </td> </tr> <!-- <tr> <td> <p class="ReportSectionTitle"> <br /> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=626"> Child Care Services industry</a> </td></tr> </table> </td>--> </table> </td> </tr> <!--end industry in focus article --> <tr> <!-- company focus article --> <td> <a id="aFocus" name="aFocus"></a> <p class="heading2"> <br /> COMPANY Connect: What a deal& but Just wait! </p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620"> <p>Just Group Limited (Just Group) is an Australian-based clothing retailer that owns a number of specialty fashion chains, comprising Just Jeans, Jay Jays, Peter Alexander, Portmans, Jacqui E, Dotti and Smiggle. The company has 875 stores across Australia and New Zealand. </p><p>On 31st March 2008, Solomon Lew, a billionaire Australian investor, made an off-market bid to acquire Just Group. This bid was made through his investment company Premier Investments (Premier), offering $2.20 in cash and 0.25 Premier Investments shares for each Just Group share. This offer values the company at $4.11  $4.46 per share, which stands for a market value of $828 million to $898 million based on the current number of shares on issue and the share price as at 28th March 2008. </p><p>Two methods were used to calculate the valuation range of Just Group. The low end, $4.11 per share, was calculated using Premier s volume weighted average price for the one month ended 28 March 2008, adjusted for the dividend declared by Premier of 11 cents per share. The top end, $4.46 per share, was based on Premier s unaudited net tangible assets as at 28 March 2008 of $9.05 per share, adjusted for the dividend declared by Premier of 11 cents per share. </p><p>Directors of Just Group considered the offer unsolicited, stating that no prior discussions were held between Just Group and Premier Investments. They formed a special board committee to evaluate and respond to Premier s offer and appointed Lonergan Edwards as an independent expert to prepare a report on whether the offer from Premier is fair and reasonable. They also urged Just Group's shareholders to take no action for now. </p><p>The Premier's offer is subject to a minimum acceptance condition of more than 50% of Just Group shares. Premier seems set to take control of Just Group given that it already owns 23.67% of the clothing retailer. The market, however, sees it differently. Some analysts believe that the offer is at the low end of recent Australian discretionary retail transactions and may not offer too much value to the shareholders. Therefore, the destiny of Just Group is not as certain as it looks. </p> </td> </tr> <tr> <td> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <p class="heading2"> <a id="global" name="aGlobal"></a> GLOBAL TRENDS: Long-Term Growth: The Future is Tech! </p> </td> </tr> <tr> <td valign="top" width="620"> <p>With the global economy expected to grow by around 4% per year over the next five years, it is instructive to note where much of that growth is expected to come from, and which sectors of the economy will struggle. </p><p>And, according to IBISWorld research, it appears that the growth is going to be driven by industries which barely featured on the global economic landscape ten years ago, while traditional sources of income may fall behind the pack. </p><p>The fastest growing industries over the five years to 2012 include:</p> <ul> <li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=2010">Biotechnology</a>  forecast growth 12.3% p.a. </li><li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=2150">Movie Production and Distribution</a>  forecast growth 11.6% p.a. </li><li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=2190">Casinos and Gaming</a>  forecast growth 6.4% p.a. </li><li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=720">Pharmaceuticals and Medicine Manufacturing</a>  forecast growth 6% p.a. </li> </ul> <p>Meanwhile, traditional powerhouse industries are expected to slide:</p? <ul> <li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=170">Coal Mining</a> - forecast contraction 2.9% p.a. </li><li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=190">Oil and Gas Exploration and Production</a> - forecast contraction 1.2% p.a. </li><li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=363">Sugar Manufacturing</a> - forecast growth 0.3% p.a. </li><li><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=570">Newspaper Publishing</a> - forecast growth 0.7% p.a. </ul> <p>As low-wage countries adopt much of the world's manufacturing operations, charging less for their products, the total revenue growth is also expected to be muted, as developed countries continue to send manufacturing centers overseas. </p><p>The world's growing concern regarding environmental degradation, coupled with falling supply is expected to slow global resource industries. The tightening of supply is expected to raise prices, but not to the extent that would recover the loss in production. </p><p>As for the boom industries, Biotech will become increasingly important as world demand for food increases, India's flourishing film industry will drive growth worldwide, and relaxation of gaming licensing laws is expected to encourage firms involved in gaming to branch into new territories, not to mention the explosion in online gambling. </p><p>And speaking of online, the growth in <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=news&type=global&indid=1716">Internet Service Providers</a> is expected to be over 5%, as the whole world gains access to computers and the World Wide Web. In all, extraordinary growth in China and India is expected to drive the global economy, while the move to technology-based industries in developed nations will be the success story of the next decade. </p> </td> </tr> </table> </td> </tr> </table> </tr> <!--end industry focus article --> <tr> <!-- industry risl article --> <td> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <a id="a5" name="aRisk" class=""></a> <p class="heading2"> <br /> Industry Risk: April 2008 - Footy's Back! </p> </td> </tr> <tr> <td valign="top" width="620"> <br /> <p>Having kicked off their respective seasons in March, both the AFL and NRL are running at full speed, meaning that tipping competitions and Monday morning debates have once again become a ubiquitous part of the office experience. </p><p>Naturally, Australians want to do more than just watch the game, and can be relied upon to pick up a ball and play, whether in a local league or just with friends. This month, IBISWorld's Risk department takes a look at a couple of the industries involved in providing football equipment and the playing facilities. </p><p>Overall risk in the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=417">Sport and Camping Equipment Retailing</a> industry is forecast to be at a MEDIUM-LOW level over the 2008-09 financial year. However, there are significant upward pressures on risk due to slower growth in the key 15-49 year demographic, as well as a forecast of more modest growth in real household disposable income. IBISWorld forecasts that industry revenue will grow at a rate of 2.7% over the year. </p><p>In the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=685">Other Sports Grounds and Facilities</a> industry, risk is expected to be at a MEDIUM level over the outlook period. Slower disposable income growth is again a factor, along with trends toward less time availability for leisure and recreation, translating into more pressure on participation in sports in a time-sensitive environment. IBISWorld analysis indicates that revenue for this industry will expand by 3.6% over 2008-09.The industry is expected to benefit from the continued staging of professional and international sporting events, as well as fitness trends such as yoga, Pilates and 'boot camp' courses. </p><p>Below is an outline of the historical and forecast risk score of the above mentioned industries. These can be compared to overall risk for the Australian economy. </p> <table border="0" cellpadding="0" cellspacing="0" class="tbl"> <tr> <td width="" class="tbcDarkGreen"> <strong>Industry Name</strong> </td> <td width="" class="tbcLightGreen"> <strong>2004</strong> </td> <td width="" class="tbcLightGreen"> <strong>2005</strong> </td> <td width="" class="tbcLightGreen"> <strong>2006</strong> </td> <td width="" class="tbcLightGreen"> <strong>2007</strong> </td> <td width="" class="tbcLightGreen"> <strong>2008</strong> </td> <td width="" class="tbcLightGreen"> <strong>2009</strong> </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Sport and Camping Equipment Retailing</strong> </td> <td class="tbcWhiteLeftAlign"> 3.99 </td> <td class="tbcWhiteLeftAlign"> 3.72 </td> <td class="tbcWhiteLeftAlign"> 4.03 </td> <td class="tbcWhiteLeftAlign"> 3.94 </td> <td class="tbcWhiteLeftAlign"> 3.59 </td> <td class="tbcWhiteLeftAlign"> 4.57 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Other Sports Grounds and Facilities</strong> </td> <td class="tbcWhiteLeftAlign"> 4.00 </td> <td class="tbcWhiteLeftAlign"> 3.95 </td> <td class="tbcWhiteLeftAlign"> 3.69 </td> <td class="tbcWhiteLeftAlign"> 4.25 </td> <td class="tbcWhiteLeftAlign"> 3.53 </td> <td class="tbcWhiteLeftAlign"> 4.80 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Australian Economy</strong> </td> <td class="tbcWhiteLeftAlign"> 4.76 </td> <td class="tbcWhiteLeftAlign"> 4.75 </td> <td class="tbcWhiteLeftAlign"> 4.79 </td> <td class="tbcWhiteLeftAlign"> 4.60 </td> <td class="tbcWhiteLeftAlign"> 4.74 </td> <td class="tbcWhiteLeftAlign"> 4.79 </td> </tr> </table> </td> </tr> </table> <p class="ReportSectionTitle"> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td><a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=417">Sport and Camping Equipment Retailing</a> </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=685">Other Sports Grounds and Facilities</a> </td> </tr> </table> </td> </tr> </table> </tr> <!-- end industry risk article --> <!--end industry focus article --> <tr> <!-- economics article --> <td> <a id="aEconomic" name="aEconomic" class=""></a> <table border="0" cellpadding="0" cellspacing="0" width="620"> <tr> <td> <br /> <p align="left" class="heading2"> Economic Scoreboard</p> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="620"> <tr> <td colspan="3" style="padding: 3px;" align="left" width="620"> <table class="tbl"> <tr> <td class="tbcDarkGreen"> </td> <td class="tbcLightGreen-NoAlign"> <b>Date</b> </td> <td class="tbcLightGreen-NoAlign"> <b>Score</b> </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2434&bedid=362&chid=1"> GDP (seas. adj.)</a> </td> <td class="tbcWhite"> Dec qtr 07(annual) </td> <td class="tbcWhite"> 3.90% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=382&bedid=383&chid=1"> Consumer Price Index</a> </td> <td class="tbcWhite"> Dec qtr 07 (annual) </td> <td class="tbcWhite"> 3% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=451&bedpid=2766&bedid=158&chid=1"> Unemployment (seas. adj.)</a> </td> <td class="tbcWhite"> Feb 2008 </td> <td class="tbcWhite"> 4.0% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2582&bedid=2598&chid=1">