COMPANIES

Global mining giant Rio Tinto Ltd appears all set to achieve another record earnings in 2010, paving the way for some billion-dollar share buyback initiatives by next year but the company declared that first on its list are planned spending for numerous projects over the next 18 months.

Metcash Ltd (ASX: MTS), the country's largest wholesale and distribution company, says it welcomes the Australian competition watchdog's court action aimed at preventing it from acquiring Franklins.

Leighton Holdings Ltd (ASX: LEI), Australia's largest project development and contracting group has concluded discussions with Spanish builder Actividades de Construcción y Servicios SA (ACS) in relation to a governance framework to protect the interests of the Company's minority shareholders should ACS acquire control of Leighton's major shareholder, Hochtief AG.

National Australia Bank (ASX: NAB) says it has identified and fixed the problem which caused the payment and transaction processing delays it has experienced in recent days.

To further bolster Qantas Airways Ltd’s re-invigorated safety measures despite its A380 fleet’s engine woes, chief executive Alan Joyce is boarding QF31’s Sydney flight on its way to London, the first time the aircraft would fly again following the fleet’s grounding more than three weeks ago.

The Australian Securities and Investments Commission (ASIC) finally decides to commence legal proceedings against the owners of Storm Financial and three major banks that facilitated loans on investors, who saw their investments melted away when the investment firm collapsed.

A number of banks have confirmed National Australia Bank's (ASX: NAB) unresolved technical glitch that occurred Wednesday had affected their transactions.

Budget carrier Jetstar reportedly fired one of its pilots for calling management attention on safety and workplace concerns, with the dismissed employee airing his gripes on a news article printed out by Fairfax publications.

Oil and gas producer Origin Energy Ltd (ASX: ORG) and Australian Carbon Trust today signed an agreement to develop a strategic alliance for dedicated and more accessible financing, designed to accelerate the uptake of energy efficiency technologies and practices by Australian businesses.

Australia's Senate passed legislation on Friday to force dominant phone company Telstra Corp (ASX: TLS) to separate its wholesale and retail arms. This 'paves the way' for the Canberra's planned $36 billion national broadband network.

The devastating mine accidents in the recent months have prompted Rio Tinto (ASX:RIO) to further pursue new innovative means of safety for its miners. Australia's Rio Tinto will be investing some C$10 million for research to create a Centre for Underground Mine Construction.

The Virgin Blue Group of Airlines Brisbane Domestic Terminal will undergo a multi-million major refurbishment that will include an upgrade of existing facilities on both the arrivals and departures concourse.

Life insurer Tower Australia Group Ltd (ASX:TAL) today announced an increase in underlying profit of 24 per cent to $92.3 million for the year ended 30 September 2010.

Perth Airport operator Westralia Airports unveiled its $500 million renovation blueprint that the company said would refurbish and merge the operations of the airport’s domestic and international terminals.

Westralia Airports Corporation (WAC), the owner and operator of Perth Airport, today announced its plans to invest up to $500 million over the next three years to deliver new and expanded passenger terminals, expanded aircraft parking areas and expanded public access infrastructure.

Virgin Blue Holdings Ltd continues beefing up its fleet of Airbus A330s as it announced on Wednesday the scheduled delivery of two more aircrafts by 2012, which the airline said would be deployed to serve its Australian service routes.

Fairfax Media is recalibrating its corporate structure to arrest the media company’s continuing profit slide in the print division and to keep abreast with the shifting norms in the media business operations.

Sigma Pharmaceuticals (ASX: SIP) says it has now reached formal agreement with Aspen Pharmacare Holdings Ltd group of companies on the terms and conditions of the sale and the ongoing relationship between them. On August 16, 2010, Sigma announced that it had agreed in principle to sell its pharmaceuticals division to Aspen for A$900 million.

Metcash Ltd (ASX: MTS), the country's largest wholesale and distribution company, today openly defied the Australian Competition and Consumer Commission by announcing its plan to pursue its attempted takeover of Franklins.

Qantas Airways Ltd is set to fly again some of its Airbus A380s as it announced on Tuesday that a London-bound aircraft is scheduled to take off from Sydney on November 27, Saturday.

A growing field of analysts and industry insiders is warning that new capacity shortages are looming beyond 2011, although supply and demand in the container shipping industry appears in balance for next year.

Retail and financial services company Thorn Group Ltd (ASX: TGA) has reported a 38 per cent lift in net profit for the six months to September 30, 2010 to $11 million (2009: $8M).

Four of the unions at the desalination plant at Wonthaggi, in southeast Victoria have urged their co-workers on strike to return to work today.

Australian wireless broadband services provider BigAir Group Ltd (ASX: BGL) says it intends to make an off-market takeover bid for rival Clever Communications Australia Ltd (ASX: CVA).

Australia's largest coal hauler and transporter QR National stabilised at $2.55 per share at its mid-day introductory debut at the Australian stock exchange and so far raised some $4.6 billion for the Queensland government.

The Pike Coal Mining rescue team in New Zealand are preparing to send a robot to assess the situation of the 29 miners trapped underground for the last three days.

Gas and oil explorer Bow Energy (ASX: BOW) says this year's exploration has positioned it as the holder of one of the largest uncommitted 3P gas reserves in Queensland.

Shopping mall landlord Westfield Group (ASX:WDC) today announced an agreement to sell a 50 per cent interest in the retail component of Westfield Stratford City for GBP 871.5 million ($A1.41 billion) to a new joint venture comprising APG of The Netherlands and Canada Pension Plan Investment Board (CPPIB).

Queensland Nickel owner Clive Palmer poured down an early Christmas bonanza to his 800-strong workforce by throwing not only an early holiday party over the weekend but also surprising his employees with overseas trips and a brand Mercedes Benz for those the mining magnate regards as his top performers.