Night net

European shares extend rally

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European shares extended gains in early trade, continuing to draw support from the European Central Bank’s bond buying plan unveiled the previous session and with investors betting on an improvement in US jobs data due later.
Nanjing Night Net

Sentiment also improved after German exports unexpectedly edged up in July, while China gave the green light for 60 infrastructure projects this week to give a boost to the economy.

The Euro Stoxx 50 was up 1.3 per cent, Germany’s Dax gained 0.7 per cent, Spain’s Ibex 35 added 1.3 per cent, but the UK’s  FTSE100 slipped 0.1 per cent.

“I am positive on the market in the near term. You have got the policy response coming through, valuations are still OK and the macroeconomic backdrop isn’t all that bad. These three things add to the momentum in the market,” Graham Bishop, equity strategist at Exane BNP Paribas, said.

Cyclical sectors such as banks, basic resources and construction, up 0.9 to 1.9 per cent, were the top gainers.

Reuters

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Night net

Brimbank ropes in Hobsons Bay CEO

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BRIMBANK Council will get a new chief executive, with Hobsons Bay CEO Bill Jaboor announcing he will leave his post next month to take the top job at Sunshine.
Nanjing Night Net

Mr Jaboor, who said the time was right for new challenges, started working at Hobsons Bay in 2004 after spending 10 years as CEO of Greater Shepparton.

Late Friday Mr Jaboor said it was a difficult decision to move on after almost nine years in Hobsons Bay.

“I will leave Hobsons Bay with many fond memories, and immense personal and professional pride in the achievements of the council during my time here,’’ he said.

‘‘Brimbank is a large and diverse multicultural community. I welcome the opportunities that this position will present, including the rare chance to manage the transition back to elected councillors in 2015.’’

Brimbank Council was sacked in 2009 following a damning report by Victorian Ombudsman George Brouwer.

Mr Jaboor will replace acting chief executive Kelly Grigsby.

Ms Grigsby replaced Nick Foa, who left Brimbank in May after leading the council for five years during a period of leadership turmoil.

Hobsons Bay mayor Tony Briffa said it had been a privilege to work with Mr Jaboor and the council was disappointed to lose him.

“Bill’s appointment will open new opportunities for us to work closer together at a strategic level with Brimbank and other western councils for the betterment of the region as a whole,” Cr Briffa said.

Brimbank Council could not be reached for comment.

– with Melissa Cunningham