BUSINESS

Brazilian Mining giant Vale S.A. confirmed it is exercising its option to acquire the 24.5 per cent share of Aquila Resources in the Belvedere coal project in Queensland.

Virgin Blue is set to overhaul its operations in a bid to re-establish the airline as a corporate-focused airline and double its share in the domestic corporate market share.

The Hartford Mutual Funds today introduced three new funds. The Hartford Global Real Asset Fund and The Hartford Global All-Asset Fund offer investors global exposure at a time when global economies are changing rapidly and there is expanding demand for alternative investments.

Tiger Resources Ltd announced it has entered into agreements to raise $21.85 million to complete the funding for the Stage 1 Development of its Kipoi Project.

TFS Corporation launched its inaugural native Australian Sandalwood Project for retail investors and appointed WA Sandalwood Plantations Pty Ltd to be its plantation contractor.

Shareholders of Perth-based Rusina Mining NL approved the scheme of arrangement for the planned merger between Rusina Mining and UK-based European Nickel PLC.

The time has come for Australia’s mid-year sale as retailers offer big price slashes in hopes of getting the elusive attention of shoppers turned away by consecutive rate hikes with Australian National Retailers Association (ANRA) chief executive Margy Osmond admitting that consumers would shy away from stores unless bargain finds are on the shelves.

Cazaly Resources announced it has finalised a financing facility and off-take arrangement for its Parker Range iron ore project.

Citigroup Inc has announced Tuesday the closure of 330 branches of US consumer finance business in its continuing campaign of company restructuring that would also lead to job separations of up to 600 employees across the 48 states.

The New South Wales Premier Kristina Keneally has acknowledged she failed to declare her free airline upgrades for her children during her US trip in 2008.

The Australian Bureau of Statistics (ABS) said today that the country’s gross domestic product jumped by 0.5 percent in the first three months of 2010 and further grew by 2.7 percent in the year leading to March, thanks to sustained government spending that has substantially propped up the local economy.

West Australian mining leader and Fortescue Metals chief Andrew Forrest has raised stakes in the debate over the new mining tax, stating that Treasurer Ken Henry said privately the tax will not take effect if it was revised.

The Federal Government and key mining leaders sat down today to compromise over Canberra's resource super profits tax and stop trading insults through media that have hurt local markets and investors.

The Tasmanian Government on Wednesday has brushed off attacks on its economic credentials when it released its statement on the latest economic data.

The Prime Minister is prepared to deal directly with senior mining leaders over the controversial resource super profits tax to halt a public brawl between the industry and the government.

American hospital operator Tenet Healthcare Corp, the second-largest publicly traded hospital in the US, confirmed reports it is one of the bidders for Australian hospital operator and pathology services provider, Healthscope Ltd.

IDS Group (IDS), the global specialist investment administrator, has partnered with LC Abelheim (LCA), a Mauritian based Management Company to offer fund administration to the Indian Ocean region.

Perth-based Beadell Resources Ltd is set to commence a feasibility study on its Tucano gold and iron ore project in Brazil.

The Australian Competition and Consumer Commission (ACCC) has announced today on its official website that Mitsubishi Motors is set to recall up to 42,525 units of Triton utes citing potential problems on the vehicles’ suspension bolts.

IT service provider ASG Group has announced the acquisition of IT consulting firm Capiotech for $30 million.

Moody’s said in a report released on Tuesday that the Australian airport sector’s economic outlook remains stable and added that stiff price competition among airlines and strong business activities should encourage further passenger load growth.

Apple has announced that iPad sales have topped two million in less than 60 days since its launch on April 3. Apple began shipping iPad in Australia, Canada, France, Germany, Italy, Japan, Spain, Switzerland and the UK this past weekend. iPad will be available in nine more countries in July and additional countries later this year.

US Federal Reserve Chairman Ben Bernanke urged on Monday members of the Group of 20 world powers to closely coordinate financial reforms in its aim to strengthen the global economy as he leaves note that governments’ international cooperation is a must in overhauling market rules following the global financial crisis.

Cazaly Resources Ltd announced the finalisation of a Memorandum of Understanding (MOU) with HWE Mining Pty Ltd for the development of its Parker Range iron ore project in Western Australia.

Hospital operator and pathology owner Healthscope has received two new takeover bids that values the company at $1.84 billion, which may challenge the bid of private equity consortium Blackstone Group.

Australian resources and investment company Cape Lambert Resources Ltd announced that it has completed the $315 million sale of its Lady Annie mine in Queensland to China Sci-Tech Holdings Ltd.

Ranked as the fastest for the past eight years, the Australian manufacturing growth fell down in May for the first time as new orders slowed following the central bank's decision to boost its interest rate for the sixth month since October.

A financial analyst said on Tuesday it is likely that a large company may be pushing for a takeover bid for Tasmanian timber company, Gunns.

Index reports have shown that home prices in April went for a halt with some capital cities citing some falls and others barely made it on the marginal gains.