Xstrata wins Exco shareholders nod
Exco shareholders gave their go signal on Friday for the $175 million deal that will formally transfer ownership of the company’s Queensland mining assets to Xstrata.
Carbon tax triggers higher electricity, petrol prices
Australia needs to brace for higher electricity rates and transport costs as soon as the government implements the carbon tax. This is one of the key results of the independent study made by the designated independent team the Productivity Commission.
Australia Parliament justifies carbon tax
Treasurer Wayne Swan is set to release today the Productivity Commission's report on international climate regimes at noon in Brisbane. Mr Swan will try to justify to opposing industry that seven of Australia's top-10 trading partners have adopted major policies to reduce pollution. The coal and gas industries have continue to oppose the carbon tax legislation further arguing the report should look at the measures taken by Australia's competitors.
NZ50 outperforms ASX 200
As the Australian share market went down for a sixth consecutive trading day, investors went to the New Zealand markets, which rose close to 20 points to 3525.39, a change of about 56 percent.
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Markets seen to rebound
As world markets ended up disappointingly with a tepid performance on Friday, analysts expect some negativity spreading, but the good market support for the Australian share markets will hopefully hold it up at today's trading day.
Asia-Pacific markets post bearish gains
Markets in the Asia-Pacific region have remained quiet at the end of Monday's trading as public holidays in China, Hong Kong, and South Korea have kept only Tokyo's Nikkei and Australia's S&P 500 working until the afternoon.
Fewer job placements in May
Australia has generated fewer jobs in May, according to a survey made by the ANZ Bank, which was reflected in lower job placements posted online or on newspapers.
Australia stocks drift lower
Australia's share markets drifted lower today in subdued trading conditions as investors and traders took a breather after a wild week. Losses were limited by bargain hunting and technical support at the low point established in the last fortnight. Globally, markets are on hold ahead of the non-farm payrolls data to be released tonight in the US, analysts said.
Minimum wage hike exposes workers to job risks
Australia's employers led by an industry group and the retailers association have warned of the possible consequences of the minimum wage increase approved by authorities.
Australia's Aboriginal Groups sign land deal with Rio Tinto
Five aboriginal groups in the Western Pilbara region is set to benefit from the mining resources boom in Australia as they confirm signing an agreement with mining firm Rio Tinto (ASX: RIO).
ASX Overview: What to expect
Expect a lacklustre trading today at the Australian stock market because of negative to mixed leads derived from offshore trading overnight.
Australia in the brink of losing iron ore price leverage
Australia’s current iron ore prices are at risk from competition with the coming of Brazil and Africa as market players, warns a new report from an international journal.
Rio Tinto forms venture with Beijing's Chinalco
Beijing's Chinalco and Rio Tinto will explore mainland China for world-class mineral deposits under a joint venture (JV) formalised today. The JV is subject to Chinese regulatory approvals and once established will operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX).
Construction sector: Carbon tax could drag us down
Australia’s peak body for the building and construction industry says it could not support the introduction of a carbon tax from 1 July 2012 unless the government properly addresses the cost impact and uncertainty in relation to the increased cost to housing and to the building industry.
Glencore out to beat rivals with IPO
Glencore International Plc's debut in Hong Kong has been graded the world's biggest initial public offering this year that could lure other investors from its competitors with its size and market value, analysts said.
Elders posts improved results, but lowers profit guidance
Agribusiness Elders (ASX:ELD) posted improved sales and earnings together with reduced debt in its 2011 interim profit announcement issued today. It however lowered its profit forecasts for full year underlying profit.
Leighton restructures international operations
Leighton Holdings Ltd (ASX: LEI) has made a number of organisational changes aimed at simplifying the reporting structure for the Group’s intentional operations.
Xstrata to phase out copper smelting
Global miner Xstrata Mount Isa Mines says it plans to phase out copper smelting at Mount Isa and refining operations in Townsville by the end of 2016 in a bid to sustain the future of its Mount Isa operations through expanded mining and concentrate production.
Aussie dollar gets a boost as economy goes on track
The Australian dollar jumped and recovered its four-day loss as an impact of the Reserve Bank's hint that benchmark rates may soon rise up at some point.
Australia's RBA: Higher interest rates maybe appropriate soon
Australia's Reserve Bank has hinted that higher interest rates maybe inevitable to contain the jump in consumer prices, authorities said.
Whitehaven Coal ends bids talk, stocks plummet
Whitehaven (ASX:WHC), the Australian coal producer that put itself up for sale in October, announced today it had ended talks for a potential takeover transaction.
BHP meets Olympic Dam concerns
Resource giant BHP Billiton (ASX: BHP) says it has met all concerns raised over its planned expansion of the Olympic Dam uranium and copper mine.
Ivernia gets lifeline for West Australia's Magellan Mine
Ivernia Inc. (TSX: IVW), owner of the Magellan Mine in Western Australia, said that it has entered into an agreement for Green SEA Resources Inc. to pay Canadian $20 million (A$19.5 million) in exchange for a 16% stake in the owner of the world's largest pure lead mine.
Mining boom at risk as China reduces reliance in Australian minerals
Australia’s competitive advantage is in danger as the country’s freight advantage is being eroded, and as China lessens its dependence on Australian minerals, says a free market think tank.
Australia's Bluescope warns of loss due to forex
BlueScope Steel Ltd. (BSL), Australia's largest steelmaker, announced today that it will report a full-year loss as the strengthening Australian dollar cuts the price of competing imports and the value of offshore earnings.
Updates: Macarthur Coal/Bradken
As expected, the flooding and big wet across Queensland since January has put a big hole in the production and sales performance of Macarthur Coal in the three and nine months to the end of March.
Australia's high inflation may trigger interest rate hikes
The higher-than-expected inflation rates in Australia gives the central bank more reason to increase interest rates, analysts said.
Australian PM Gillard Pursues Trade, Human Rights Concerns with China
Australian Prime Minister Julia Gillard is walking on tight rope as she pursue both trade and diplomacy issues in China as she meets her counterparts Prime Minister Wen Jiabiao and President Hu Jintao today.
Australia's rare earths facility to be scrutinised by Malaysian gov't
Australia's proposed $230-million rare earths production facility in the Pahang state in Malaysia needs further environmental assessment, the Malaysian government said.
MOU sets Banro-China Gold talks for Congo projects
Canada’s Banro Corp. and China Gold International Resources Corp. have signed a MOU to pursue talks on a proposed joint venture partnership to develop gold mines in the Democratic Republic of Congo.
Australia's KHC reaps key benefits
Staying focused on your daily work to meet deadlines is no mean feat for business owner Ms Kellie Hill, owner and principal consultant at Australia's KHC.
Australia: On Track of Mining Industry Boom
Australia is on track of an unprecedented mining boom, the country's Treasurer Wayne Swan in the Mining Weekly publications.
Brazil's CSN sells to Rio Tinto
Brazilian steel maker Cia Siderurgica Nacional SA (CSN) has accepted Rio Tinto Ltd's $3.9-billion takeover offer for the Africa-focused coal miner Riversdale Mining Ltd.
China targets Australia's renewable energy firms
Australia's natural gas assets are being targeted by China's national oil companies this year, according to energy consultancy firm Wood Mackenzie.
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