Erik Pineda

Following reports published by Access Economics that Western Australia is poised for a solid production growth by next year, the WA Chamber of Commerce and Industry called on the federal government to devise ways that would encourage the influx of skilled workers into the state.

Economic reform is the key for Australia’s long term prosperity and according to Prime Minister Julia Gillard, this agenda should be the driving force of any government leading the country.

Toyota Australia decided on a recall after all, as the carmaker revealed on late Friday that it was going along with its parent company’s announcement in Japan of up to 1.5 million vehicle recalls across the globe.

Queensland government’s intense campaign for obtaining approval on two huge coal seam gas investments on the central part of the state paid off as the federal government gave its go signal on the projects but with substantial conditions.

Another player emerged in the ongoing Channel Ten share market swing drama as a note lodged to the Australian Securities Exchange on Friday showed that Birketu Pty Ltd moved to increased its stake on Ten Network Holdings Ltd (ASX: TEN)

New figures released by the Australian Bureau of Statistics (ABS) on Friday pieced together the roller-coaster ride experienced by Australian businesses during the global financial crisis that sunk much of its pangs on the local economy from late 2008 to the best part of 2009.

BHP Billiton Ltd chairman Jac Nasser is upbeat that, despite the heightening currency and global trade disputes, emerging markets from across the world have shown significant and exciting growth prospect.

Queensland state authorities called on Federal Environment Minister Tony Burke to approve two new gas projects that they said would deliver up to $30 billion worth of fresh investments and bolster the Australian economy.

Former Australian Prime Minister John Howard revealed his distaste of his deputy prime minister in a memoir scheduled for publication next week, describing Peter Costello as an elite politician who was out of touch with the Australian public.

The chain of recall issues that Toyota has been facing this year appears yet to be broken as the world’s number one carmaker announced this week that up to 1.5 million car models need to be rechecked for possible brake system failure.

Iron ore miner Fortescue Metals Group Ltd (ASX: FMG) scored on Thursday a media report suggesting that the company’s declared Solomon Project cost overshot by almost $US2 billion, arguing that the news article was based on an incomplete and confidential document.

The drought that crept on much of the state for a ten-year run has been officially declared as over yet majority of New South Wales growers are still wary about the prospect of farming in the region.

Telecommunication company Telstra Corporation Ltd (ASX: TLS) is set to end its radio access network sharing deal with Vodafone Hutchison Australia in 2012 and hopes that the contract termination would pave the way for better long-term profits.

Channel Ten owner Ten Network Holdings Ltd (ASX: TEN) appeared fully recovered from the net loss it suffered in the previous financial year as the broadcast company reported of a full year net profit due to spikes seen on its revenue.

Federal authorities confirmed on Thursday that an investigation is underway on alleged security loopholes in Darwin’s immigration facilities following the lapses that occurred last month, which was punctuated by a peaceful protest of detained immigrants who sprung out from the centre.

Federal Treasurer Wayne Swan needs to swing into action and compel Australian banks to follow the policy rates put forward by the Reserve Bank of Australia (RBA).

As billionaire investor James Packer moved late on Wednesday to increase his stake on Ten Network Holdings Ltd (ASX: TEN) from an initial share raid haul of 15 percent to 17.88 percent, media reports whirled around stating that the veteran media player would sue for a considerable overhaul in running the television company.

Global mining firm Rio Tinto Ltd said on Wednesday that it is sticking with an earlier deal sealed with the federal government on the minerals resource rent tax, notwithstanding the reservations recently aired by its fellow giant miner BHP Billiton Ltd.

Toll road operator Intoll Group Stapled Securities (ASX: ITO) reported on Wednesday that the Canadian firm seeking to purchase the company has been granted approval by Australia’s Foreign Investment Review Board (FIRB) to finalise its takeover bid on Intoll.

With emerging reports on Wednesday that the provincial government of Saskatchewan has already decided on disapproving its close to $US40 billion or $A41.43 billion takeover bid on Canada’s Potash Corporation, BHP Billiton Ltd declared on the same day that it is able to deal with all the concerns of the proposal.

Giant telecommunication firm Telstra Corporation Ltd (ASX: TLS) saw a record dip on its market shares on Wednesday following the large-scale divestiture instituted by the company’s biggest shareholder and a threat of structural split up from federal authorities.

It was billionaire gambling operator James Packer who caused the tremor movements of Channel Ten market shares as confirmation was made on Wednesday that Mr Packer paid a whopping $245 million to secure a 15 percent stake on the company through his private firm Consolidate Press Holdings.

Wary of sending out a wrong signal, NBN Co chief executive Mike Quigley refused to divulge the exact cost of the initial National Broadband Network three sites roll out in Tasmania, stressing that cost speculation is purely non-sense.

Government sources revealed late on Tuesday that the provincial authorities of Saskatchewan were set to ditch BHP Billiton’s $US38.6 billion or $A39.98 billion takeover proposal for the Canadian firm Potash Corporation, dashing hopes by the giant resources company to secure additional profits from the anticipated demand spikes in fertiliser coming from China and India.

Giant retailer Woolworths Ltd (ASX: WOW) welcomed a ‘solid start’ on its new financial year as its first quarter sales surged by 4.1 percent while the company’s petrol volume turnovers jumped by 3.3 percent in value.

Airport operator MAp Group (ASX: MAP) saw its daily passenger traffic for both of Sydney Airport’s international and domestic segment breaching the 100,000 mark in September, which is a record month for the terminal according to company officials.

Brokerage firm UBS advised its clients on Tuesday to expect declining coal and petroleum production for the September quarter from giant resource firm BHP Billiton Ltd but better iron ore and other mineral output for the company as its quarterly results were set to be made public on Wednesday.

In order to sustain its economic success, Australia needs to train its business eyes beyond its borders and reaffirm economic reform commitments or face an uncertain future.

Amidst claims by some prominent fund managers of a too steep share prices for its public float, officials of QR National maintained that the prices were based on careful analysis by the Queensland government that have so far attracted considerable attention from investors.