BUSINESS

Lenders offering the most competitive interest rates, and mortgage borrowers will be amongst those who benefit the most from the proposed Australian federal government ban on unfair mortgage exit fees, according to Australian banking major NAB.

Management of The Reject Shop has confirmed earnings guidance and brokers are encouraged by expansion plans.

The Australia 200 CFD Index finished 1.5% lower, with material and energy names detracting most of the points.

Mining companies’ gains on yesterday’s leadership change were reversed today as overall share market slid by 1.4 percent, with the All Ordinaries index dipping by 60 points to 4,444 as of 1438 AEST while the ASX 200 shed 62 points to 4,418.

Perth-based Samson Oil & Gas Ltd announced on Friday that it has sealed a binding deal with a large US-based oil and gas producer for large-scale acquisition of the junior company’s US estate to the tune of $US79 million or $A91.5 million.

Plans to demerge Guinness Peat Group Australia should be dropped as it is not backed by shareholders, according to GPG director Tony Gibbs.

Mosaic Oil NL announced today that it has sold its Papua New Guinea subsidiary for $US11 million or $A12.7 million in cash to an unidentified company it merely described as a major player in the international oil and gas industry.

Fuel marketer Caltex Australia expected its net profit for the first half of calendar 2010 to reach half of what was earned from the same period last year based on a stronger Australian dollar.

Guinness Peat Group (GPG) director Tony Gibbs said on Friday that the company must abandon its planned spin off on its Australian operation, which it announced last week along with its intention to float Coats Group within the year.

Mining firm Rio Tinto has finally opened its high-tech operations center in Perth today that would remotely control and maneuver the mining giant's network of mines, rail systems, infrastructure facilities, and its port operations in Western Australia's Pilbara.

Shanghai-based Bright Food is on its way to signing a contract with Australian conglomerate CSR over the sale of the latter's Sucrogen. Reports suggested a settlement could be reached as soon as today.

Australian mining group Macarthur Coal has urged the new Prime Minister Julia Gillard to water down and take out the revenue from the proposed resources super profit tax .

Downer EDI’s Board has announced its appointment of a new Deputy Chairman in the person of Mike Harding today, starting July 1, 2010. Currently, Mr. Harding is non-executive director of Santos Ltd. and chairman of Clough Ltd. He had also held various administrative positions with British Petroleum. Since July 2008, Downer has had him as Director.

The Queensland Resources Council has temporarily put a stop to campaign ads for opposing the Federal Government's planned super profits mining tax and it will try to negotiate with the new Prime Minister Julia Gilliard.

The latest Westpac-Australian Chamber of Commerce and Industry (ACCI) survey of industrial trends showed that business conditions saw a decline in the June quarter, with the series of interest rates hikes and doubts over the European debt crisis hounding the domestic economic outlook.

Kim Wong, Managing Director of WinTech Group, has accepted court orders that prevent him from leaving Australia until late September.

The Greens have accused Forestry Tasmania for planning to operate a wood chipping project.

BTIG market strategist Mike O'Rourke explains what needs to happen in the US to start creating more jobs and bring unemployment down.

Peabody Energy, denied in a bid for acquisition in Australia recently, is still interested in expanding their holdings in the area in order to answer demands in the region and is also working at striking a deal with the Mongolian government, said Gregory Boyce, CEO of Peabody today.

More than $65 million in client accounts are now being frozen after derivatives group Sonray Capital Markets collapsed on Tuesday due to insufficient funds and a derivatives position that took a wrong turn.

Gold prices rose to $1,250 an ounce on Thursday as market jitters over sovereign credit risk and equity markets urged investors to park their funds into safer domain.

Riversdale Mining has entered a $1 billion-plus contract with a Chinese state-owned steel maker to set up a second coking coal mine in Mozambique, in hopes to become the world's biggest producer.

The Queensland government has approved a multi-billion dollar Curtis Island LNG (liquefied natural gas) project near Gladstone.

Macquarie Group shares were hammered yesterday after it revealed that the increased volatility in financial markets sin...

Macquarie Group shares were hammered yesterday after it revealed that the increased volatility in financial markets sin...

Another hint that Japan's strong export driven recovery may be losing steam, and with it, the surging growth in Australi...

The Federal Government would be expected to receive millions of dollars from an auction of wireless broadband spectrum in late 2012.

The New Zealand economy grew for a 4th straight quarter in the three months to March, thanks mostly to the strength of...

US Congressional leaders (mostly Democrats from the Senate and the House of Representatives) are working towards complet...