Christine Gaylican

Water distributors have announced a 10.7 per cent water price hike on south east Queensland communities yesterday.

Wattyl has accepted US based Valspar’s offer for a takeover worth $142 million, ending speculations surrounding the paint maker’s fate.

As trading opens today, analysts polled by the International Business Times said these are the stocks to watch with the biggest potential.

Business confidence in New Zealand dropped after the central bank tightened monetary policy and raised interest rates.

Prime Minister Julia Gillard did not include her predecessor Kevin Rudd in her new Cabinet. She said in a news conference that she would be ''absolutely delighted'' to see him serve as a senior minister if the government is re-elected.

Shares of Iron Ore Holdings Ltd., fell as much as 21 percent to A$1.395 on the Australian stock exchange and traded at A$1.475 at 12:04 p.m. Sydney time.

Commodity prices gave the Australian dollar a boost, giving the currency a 1.4 percent increase to at $US0.8757 at mid-day trading.

The Australian stock market is off for a soft start because mixed signals from offshore trading will put pressure in the overall performance.

Starting Thursday this week, the Australian Securities and Investments Commission (ASIC) will be granted the authority to void skyrocketing home loan exit charges that are not directly related to expenses banks actually shouldered in closing accounts, a clear benefit for consumers and home owners.

Telstra intends to acquire companies with software capabilities and product development as it seeks to chart a new course to focus on digital households and customer services, David Thodey, chief executive officer of Telstra said.

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.

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

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.

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.

With the sudden change in leadership, Australia's representative to the G20 meeting this weekend is Deputy Prime Minister Wayne Swan.

World markets slipped on Thursday as worries over the global recovery dragged market spirits especially commodity and bank-related stocks.

International mining firm Rio Tinto is cautiously encouraged by the invitation sent by new Australian Prime Minister Julia Gillard for the industry to begin full and open engagement on all aspects of tax reform.

AGL Energy Ltd., the leading power distributor in Australia, intends to hasten the $700 million (A$800 million) wind farm at Macarthur after the Senate passed law revisions that impel investment on renewable energy.

A member of the Australian business community is not too surprised at the turn of events this morning with Prime Minister Kevin Rudd’s resignation and Deputy Prime Minister Julia Gillard taking over the rest of his tenure.

Rodinia announced today that the State of Western Australia has newly granted the company with two Petroleum EPAs (Exploration Permit Applications), spanning about 5,654,000 acres (22,880 square kilometres) in Western Australia. The new EPAs were granted pursuant to Rodinia’s application last March 1, 2010.

Sino Green Land Corporation, one of China’s leading distributors of quality fruits and vegetables, announced this day that it has begun its expansion of Green Food exports into Australia after a lucrative trial order with domestic distribution partners.

Australians are bound to have their first woman Prime Minister as members of the Labour Party chose to back up Deputy Prime Minister Julia Gillard to replace Kevin Rudd.

Asian stocks plummeted its biggest in two weeks as U.S. home sales slowed down anew in May unexpectedly raising concerns on the fragility of the world's biggest economy.

New Zealand's yearly account deficit was tapered off to its smallest amount in more than 20 years in the fiscal year to March, as exports grew and foreign investors declined.

Market speculations that the growth of the United States' economy will stagger to a point of a slowdown have provided a boost to the Australian and New Zealand dollars.