Erik Pineda

Changes suggested by the Cooper Review on Australia’s superannuation system seemed to have affected a wide array of industries as some businesses and the indigenous art market both aired their concerns on Tuesday that the revisions to be implemented by the government could severely impact their respective sectors.

Telstra (ASX: TLS) said on Tuesday that it is ready to deal with possibility of a scrapped National Broadband Network (NBN) in the event that the coalition made good on its campaign vow to dump the project it once dubbed as a ‘multi-billion dollar white elephant’.

Wesfarmers Ltd (ASX: WES) reported on Tuesday that coal production on its Premier mine site near Collie in Western Australia suffered an output decline of 7.6 percent in the June quarter.

Real estate developer Australand Property Group (ASX: ALZ) said on Tuesday that its half-year net profit has more than doubled, enabling the company to reach its full year earnings guidance for fiscal year 2010.

Australia is set to welcome its first independent aviation ombudsman as the federal government has appointed Ron Brent for the job.

Victoria’s train services suffered chaotic delays on Tuesday morning as power was cut on Metro’s transport system at about 0500 AEST when a train got entangled by overhead broken wires between South Cross station and North Melbourne station.

Prime Minister Julia Gillard said on Tuesday that among the Labour candidates seeking for a post on the August 21 election, only Deputy Prime Minister Wayne Swan is assured of getting a frontbencher slot in the government.

The Treasury and Finance departments announced on Monday that the country’s Pre-election Economic and Fiscal Outlook (PEFO) has slightly veered away from their budget forecasts as both clarified that Australia’s economic projections remained essentially untouched from the updates earlier released by Treasurer Wayne Swan.

Access Economics reported on Monday that the Northern Territory’s economic growth rate should experience a resurgence this financial year following the region’s output decline of one percent as private sector projects started winding down.

The Association of Mining and Exploration Companies (AMEC) said on Monday that it is set to restart its advertising campaign against the federal government’s proposed mineral resource rent tax.

China could soon be freed from over-dependence on imported gas as reports by the Financial Times on Monday cited aggressive initiatives coming from Beijing, allegedly pushing for the expeditious development of the country’s huge gas deposits.

The cost of conducting business in Australia nudged a bit higher in the last three months leading to June, according to the latest figures furnished on Monday by the Australian Bureau of Statistics (ABS), suggesting as well that consumer prices are poised to absorb minimal impacts in the next few months.

Investment firm Australian Foundation Investment Company Ltd (AFIC) (ASX: AFI) said on Monday that following this year’s dipping profit results, the company is adopting a careful approach on investment decisions that it would make in 2010/11.

Overseas oil explorer ROC Oil Company Ltd (ASX: ROC) admitted on Monday that its June quarter output showed weaker numbers as compared to the previous production period, though the company remained steadfast that it would reach its production guidance target this year.

Fuelled by spiking demands from China and India for its resources and equally boasting of a steady growing labour market, Western Australia proved itself as the country’s strongest performing economy, soaring past the ACT as it slid to second spot on the latest CommSec state and territory economic rankings.

Latest figures furnished by the Victorian Commission for Gambling Regulation (VCGR) showed that state gamblers burned a whopping $2.6 billion into poker machines amidst the financial pressures brought by the continually hiking cash rates and increasing living expenses.

Iron ore mining firm Grange Resources Ltd (ASX: GRR) said on Friday that it is set to spin off two non-core assets, one of which is offshore operation, which should enable the Perth-based company to concentrate on its main business within Australia.

The Reserve Bank of Australia’ (RBA) July board meeting minutes gave away clues that steady price increases seen in the last three months leading to June would be considerable factors that could sway its interest rates decision come the board’s next meeting in August 3.

Medical diagnostics firm Sonic Healthcare Ltd (ASX: SHL) reaffirmed on Friday the company’s latest full-year guidance, adding that its US operations gained second half organic revenue growth of 3.6 percent while the same operation’s organic volume growth notched up by 1.4 percent.

Giant mining firm BHP Billiton Ltd (ASX: BHP) confirmed on Friday reports that the company is set to move financial services staff from its Adelaide office to either offshore locations in Asian cities or Perth and Brisbane stations in order to achieve smoother business relations with its Asian operations.

Sydney-based David Jones Ltd (ASX: DJS) announced today that it is ending its collaboration with Saatchi & Saatchi as the high-end retailer’s advertising partner for 14 years, taking in M&C Saatchi as the company’s new promotional agent for the next three years.

Riding on the heels of much better passenger traffic this year, Sydney Airport said on Friday that its terminal operations garnered a double-digit spike in earnings for the first half of calendar 2010, which about 12.9 percent higher from the previous corresponding period last year.

Wealth investment manager AXA Asia Pacific Holdings Ltd (ASX: AXA) revealed on Thursday that its Hong Kong operations were experiencing accelerating growth, with regional sales soaring by more than 50 percent during the first half of the year.

World Bank president Robert Zoellick reported on Wednesday that the recent worldwide financial crisis had resulted to an additional 60 million people living in poverty as he noted that economic gains achieved in global recovery remained frail and tentative in some economies across the globe.

Fortescue Metals Group Ltd (ASX: FMG) chief executive Andrew Forrest said on Thursday that Prime Minister Julia Gillard should invite Greens head Bob Brown in the event that fresh discussions would again be conducted on the revised mining tax.

The latest National Australia Bank’s (NAB) quarterly index of business confidence released on Thursday showed that belief on economic conditions retreated by 14 points to three index points in the June quarter as mounting worries on financial markets turbulence applied heavy burden on Australian firms.

The New South Wales Farmers Association is raising howl that the Australian pork industry would eventually die out should major supermarkets such as Coles would sustain its current policy of forbidding pork from pigs being raised in sow stalls.

Energy firm Santos Ltd (ASX: STO) said on Thursday that its operations in Cooper Basin would continue to be plagued by flooding in Central Australia, as the company reported that production declined by 11 percent in the June quarter but sales volume and revenue saw a spike of two percent and 20 percent respectively.

Australian Securities and Investments Commission (ASIC) chair Tony D’Aloisio said on Wednesday that closely regulated investment markets were more likely to smooth their way through the onslaught of global financial crisis as against markets with liberal policies on their investment environments.