BUSINESS

With reports that the government and three major mining companies are in the brink of reaching a compromise deal on the major provisions of the resource super profits tax, mining stocks started their recoveries following an early slump on market’s opening.

The government of Queensland has announced that it intends to push ahead with QR National’s public float despite coal companies’ offers to purchase the coal rail network.

Toro Energy Ltd said on Thursday that it is presently negotiating with potential buyers from Japan and the United States to purchase uranium ore from its planned Wiluna project in Western Australia, which is projected to commence deliveries by 2013.

Greens leader Bob Brown warned today that any agreement on the RSPT reached behind closed doors could be amended in the Senate.

River Murray irrigators in South Australia will start the new fiscal year with an opening allocation for irrigation at 21 per cent today.

New data published on Thursday suggested that consumer confidence is on the decline as shoppers were confined to simply roaming through the shops seemingly wary of spending due to rising cash rates.

Fortescue Metals intends to appeal Australian Competition Tribunal’s decision not to oblige Rio Tinto and BHP Billiton to open up their primary Western Australia rail lines to third party mining groups.

The Gillard government has cautioned it may have to forego company tax cuts and higher superannuation contributions to counterbalance any loss of revenue from a potential agreement with the mining sector over the troublesome RSPT.

Retail trade climbed by a moderate 0.2 per cent in May to $20.16 billion, coinciding with the last of six interest rate increases by the Reserve Bank of Australia since October, according to Australian Bureau of Statistics data released today.

Grocery and liquor wholesaler Metcash is acquiring Franklins supermarket chain for $215 million, increasing 85 branches in New South Wales.

Online travel specialist Webjet Ltd said on Thursday that the company recorded a 29 percent increase on the value of all tickets sold in 2009/10 and total turnover values reached $501 million for the 12 months leading to June 30 2010.

A glance through the latest expert views and predictions about commodities, with an assessment of how Chinese economic growth impacts on steel markets and reviews of the coal and energy sectors.

Metcash Ltd said on Thursday that it has reached an agreement with Pick n Pay Retailers Ltd to takeover the Franklins supermarket outlets for about $215 million.

Fortescue Metals is planning to appeal a ruling by the Australian Competition Tribunal not to force BHP Billiton and Rio Tinto to share their two main railroads to Port Hedland - Mount Newman and Hamersley to other miners.

AGL Energy Ltd intends to buy out Mosaic Oil NL, a gas and oil exploration company.

Leighton Holdings has cut deals in India worth $US550 million ($653.5 million). The construction and contract mining group disclosed it had been awarded two infrastructure projects: the Chenani-Nashri road tunnel in Jammu, northern India and the Vizag Port expansion.

Chalco, a Chinese owned mining firm, has put its plans to develop a Cape York bauxite mine worth $3 billion on hold.

Leighton Holdings Ltd said on Thursday that it has been awarded two infrastructure projects in India worth $US550 million or $A653.5 million, with the construction work on Chenani-Nashri road tunnel alone being valued at $US500 million.

At the start of today's session, a sluggish trading is still the general sentiment as there is not enough good news that could perk up the appetite of investors.

The thought of more money on their pockets are expected to welcome Aussie workers today as the tax cuts come into effect with the Tax Office declaring that starting this financial year, even same-sex couples would be able to enjoy the same tax concessions provided to married and de-facto heterosexual unions.

Wall Street held steady all session until 3pm when a massive programmed sell order ensured a technical break-down. Dow down 96.

The June quarter has made a complete mess of market returns here and offshore.The three months ended yesterday saw the l...

The June quarter has made a complete mess of market returns here and offshore.The three months ended yesterday saw the l...

Mixed news on the housing front yesterday with Reserve Bank figures showing lending for May was solid, but new home sal...

Rio Tinto has moved to cement its control of Ivanhoe Mines of Canada and the huge Oyu Tolgoi copper and gold project in ...

Mining service provider, Ausenco Ltd, says it will take a $6.8 million after-tax, non-cash impairment charge in its ha...

Australian mining firm Indophil Resources NL has committed to continue developing its Tampakan copper-gold project in the Philippines.

The Australian Competition Tribunal on Wednesday ordered BHP Billiton and Rio Tinto, the second- and third-largest iron ore exporters, to share their multibillion-dollar infrastructure in the Pilbara to others.

Discount supermarket chain Franklins has been acquired by its wholesale supplier, Metcash Trading Ltd, in an unsolicited $215 million offer to its current owner, South African chain Pick n Pay.The sale, pending approval from the ACCC, will also bring to an end all current litigation between the two ...