WES

Australian company Wesfarmers (WES) is expecting a 74 per cent fall in the first half earnings of its insurance division due to the natural disasters that hit Australia.

Wesfarmers (ASX:WES) is selling its Premier Coal to Chinese-owned Yancoal Australia for $296.8 million, subject to approval by the Foreign Investment Review board and the Chinese government.

"The sale is subject to a number of conditions precedent including approvals from the Australian Foreign Investment Review Board and Chinese government authorities, which will be sought over the coming months," said Wesfarmers.

There are no upcoming floats but there are 8 stocks that will go on ex-dividend and two companies that will have their general meeting on August 23, 2011.

Upcoming Dividends

Wesfarmers (ASX:WES) posted a 23 percent increase in net profit to $1.92 billion, but its retail earnings continue to trail due to consumer caution.

Annual total revenue rose 6 percent to $54.9 billion and retail businesses booked a 8.2 percent increase in pre-tax earnings for the year. The Coles chain jumped 21 percent in earnings due to a 6.9 percent increase in sales to $32.1 billion.

Woolworths' (ASX:WOW) is fighting for land for its home renovation development project. According to hardware industry experts, hazy laws on planning and not enough sites are proving to be the biggest roadblocks to Woolies and other major retailers' hopes.

Wesfarmers (ASX:WES) has downgraded its coal sales guidance due to extreme weather conditions at its Curragh mine in Queensland during the April quarter.

In a Thursday briefing, Wesfarmers told analysts it endured "significantly higher cash costs per tonne" due to heavy rainfall curbing production at the metallurgical mine.

Woolworths (ASX:WOW) and Wesfarmers' owned Coles (ASX:WES) hits back on claims by World Growth that they are hurting suppliers by imposing strict environmental standards. According the the US based free market lobby group the retailers are ''harming the poor'' in developing countries who cannot meet the strict environmental requirements.

Wesfarmers' (ASX:WES) plans to bid up to $1 billion for Burrup Fertilisers has come under questioning by the Australian Competition & Consumer Commission (ACCC). The competition watchdog has asked for market comments on the proposed bid.

The ACCC suggested that Wesfarmers may eliminate competitors with the buy, but has cleared rival bidder Orica to proceed with a bid at Burrup. Burrup fell into receivership in December 2010.

Milk discounts brought on by the ongoing price war between Coles and Woolies raised concerns. Claims say that the major retailers are threatening the future of the dairy industry and its farmers. However, the Wesfarmers' owned Coles (ASX:WES) maintained that these claims are ''exaggerated'' and ''absurd''.