IMF calls on Japan to increase sales tax as first step to address huge public debt
The International Monetary Fund (IMF) urged the Japanese government on Wednesday to continue its policy of curtailing Japan’s ballooning debt by finally imposing the controversial consumption tax hike as it stressed that fiscal reforms policy should ideally commence next year with the sales levy setting its footprint on the economy in a gradual pace.
Qantas expedites deliveries of fresh Boeing 787s by 2 years
Qantas Airways Ltd said on Wednesday that it is stepping up the deliveries of the airline’s ordered Boeing 787 Dreamliners by about two years, with the first eight B787-8 series aircrafts to be received by the middle part of 2012.
Chevron says WA gas discovery will support 2 more huge gas projects
US energy company Chevron said on Wednesday that its newest gas discovery in Western Australia’s Carnarvon Basin should buttressed the company’s huge Gorgon and Wheatstone liquefied natural gas exploration projects.
Survey says 50 percent of Australian households wary on more rate hikes
A new survey showed that an estimated 50 percent of Australian households were worrying that interest rates would further increase while only 20 percent were holding expectations that household debt levels would spike in the next few months.
Mosaic reveals sealed buyout deal with AGL for $130 million
AGL Energy is all set to acquire oil and gas explorer Mosaic Oil NL for $130 million and according to the joint statement released by both companies on Wednesday, Mosaic’s board unanimously pushed for the AGL offer in which the bidder dangled 15 cents per share or 1.01 AGL share on every 100 fully paid Mosaic stocks.
Swan reports of budget surplus peaking to $2 billion, reveals better economic figures
Federal Treasurer Wayne Swan said on Wednesday that Australia could expect a budget surplus of more than $2 billion by 2012/13, hailing the latest economic figures as indicators of the country’s return to the black status and way ahead from any given major economy across the globe.
Chinese investors float takeover bid for AIG’s Asian insurance unit
Chinese investors represented by four consortiums appeared to be eyeing US insurance giant American International Group’s (AIG) Asian unit AIA Group for possible acquisition following Britain’s Prudential unsuccessful bid to takeover the insurance arm in June.
ERA predicts production slump of 18 percent
Uranium producer Energy Resources of Australia Ltd (ERA) reported on Tuesday that the Darwin-based company suffered a 36 percent decline in its first half uranium oxide output even as it admitted that expected full year production could be up to 18 percent lower from the results posted last year.
Aurora Funds mark quiet entry into ASX
Investment manager Aurora Funds Ltd saw a tamed debut at the Australian Stock Exchange (ASX) on Tuesday as its shares remained untouched by 1100 AEST and with merely 320 shares being traded by 1345 AEST, with its stock price steadying at $2.00 per share.
Ceramic Fuel earns citation in Germany for innovative technology
Australia’s Ceramic Fuel Cells Ltd has been given an innovation award on Monday for its work on developing energy-efficient electricity generation units, as handed out by the NRW.INVEST in Germany.
NAB survey shows better Australian business environment in June
Robust sales and encouraging profits resulted to better business conditions in the month of June as companies gained steadier outlook in the same month, that according to the latest survey of the National Australia Bank (NAB) released on Wednesday.
Iluka lowers projected Murray Basin rutile production
Mineral sands explorer Iluka Resources Ltd said on Tuesday that the company’s expected rutile production output from its Murray Basin Stage 2 project in Victoria would be a bit lower as compared to the announced forecast made in February.
Alcoa reports unforeseen boost on earnings
Giant aluminium firm Alcoa reported on Monday that its second quarter net income peaked to $155 million, far exceeding the company’s previously announced earnings guidance and improving from the quarterly loss it suffered from the previous year.
Emeco reveals firm net profit, with planned restructures and divestitures
Heavy equipment specialist Emeco Holdings Ltd said on Tuesday that the company’s annual net profit should reach the lower rung of earnings guidance previously announced, effectively matching its targeted range of $40 million to $41 million and only $3 million shy from the maximum $44 million earlier set.
BHP Billiton awards $10 million mining service contact to WDS
Mining industry service contractor WDS Ltd said on Monday that it has secured a two-year contract from BHP Billiton to carry out the resource giant’s longwall block management and outbye services of its Illawarra Coal’s Dendrobium mine site in New South Wales.
Grange Resources announces better pricing deal for its iron ore pellets
Australian mining firm Grange Resources Ltd said on Monday that it has sealed a considerable pricing agreement with BlueScope Steel Ltd for its magnetite iron ore pellets from the company’s Tasmanian mining site and deliverable within the September quarter.
Ivanhoe Australia gets FIRB’s go ahead on Osborne takeover
Canadian mining firm Ivanhoe Australia Ltd announced on Monday that the Foreign Investment Review Board (FIRB) has granted its application to takeover the Osborne copper and gold exploration project in Queensland from Barrick Gold Corporation, currently the world’s biggest gold explorer.
NQM rejects Conquest bid in favour of its Pajingo project partner, Heemskirk
Resource company North Queensland Metals Ltd (NQM) said today that it is rejecting the takeover proposal of Conquest Mining Ltd, citing that its joint venture partner at the Pajingo gold mine site in Queensland, Heemskirk Consolidated Ltd offered a much superior bid.
IMX Resources gains Australia’s nod on joint venture with Chinese firm
Upcoming mining company IMX Resources Ltd reported on Monday that the Australian government has given its go signal for China’s Sichuan Taifeng to increase its stake on the Perth-based company and invest as well to its South Australian iron ore, copper and gold exploration projects.
ASIC calls on investors to reconsider further prior to placing bets on CFDs
The Australian Securities and Investments Commission (ASIC) issued warnings on Monday that thousands of ordinary investors could be burned by the high-risk investments contracts for difference (CFDs) as it reported that industry players are deliberately downplaying the risks entailed in betting to the investment products.
Sigma says it’s working with Aspen for a better takeover deal
Sigma Pharmaceuticals said on Monday that it has been offered to closely coordinate with US drug manufacturer Aspen Pharmacare in order to fetch a much promising bid for the company, though it confirmed that Aspen’s exclusivity period has lapsed and no extensions have been made so far.
Euro central bank downplays economic fears in region, says eurozone debt crisis is over
The worst is over for Europe if officials of the European Central Bank (ECB) are to be believed, no further recessions would be seen in the eurozone and the region’s economies should have been tinkering its way to recovery by now.
Senator calls for more transparency on travel spending by retiring politicians
Australian ndependent Senator Nick Xenophon said on Friday that the federal government should set up a website where taxpayers are able to access updated information on government officials’ travel expenditures.
ASIC says Sonray executives submit to travel restrictions
The legal and financial woes of executives from collapsed Sonray Capital Markets Pty Ltd appeared to be piling up and this time they were being restricted from going out of the country. Several inquiries on their finances are being lined up too.
AGL head bats for carbon emission cap
AGL Energy Ltd chief executive Michael Fraser said on Friday that paying attention on carbon emission is a must in order to secure Australia’s energy future and since the country leans much on resource and energy intensive economic activities, business and political leaders need to closely consider the impact of climate change.
Extract reports stake sales to Japanese firm ITOCHU
Extract Resources Ltd said on Friday that it has sold a 10.3 percent stake to ITOCHU Corporation of Japan, with Polo Resources Ltd acting as the vendor by selling 9.2 percent of its stakes with the company while a Polo subsidiary party agreed to sell the remaining 1.1 percent.
Steady cash rates set to banish higher savings interests
The Reserve Bank of Australia’s (RBA) recent decision to leave the cash rate untouched this July could finally put an end to the unusually high interest rates on savings accounts and analysts are in turn advising borrowers to use the opportunity to settle debts.
Skills shortages threaten Australia’s economic expansion
The latest Australian Industry (Ai) Group/Deloitte survey released on Friday showed that the shortage of skilled workers could hamper the country’s economic growth, with up to 34.7 percent of business executives affirming that the problem is indeed a high risk business issue.
Toll expands further in Europe, acquires 2 UK forwarders
Toll Holdings Ltd said on Friday that it is set to acquire United Kingdom-based WT Sea Air Group (WT) and Genesis Forwarding Group for a total of $150 million, in its bid to boost the company’s European operations.
Gillard set to meet WA’s junior mining companies
Prime Minister Julia Gillard is set to meet with junior miners this Friday on her first stop to Western Australia as head of the government, in an apparent attempt to soothe their reservations on the new mining tax, which was forged with talks attended only by giant mining companies and senior ministers last week.
