Erik Pineda

RiverCity Motorway Group said on Friday that the toll reduction it implemented beginning Monday this week resulted to a 12 percent boost on Clem7 tunnel as about 28,415 vehicles passed through the 6.8-kilometre road on Thursday.

An economist, who along with 19 economic experts signed a letter of support for the now revised resource super profits tax, said today that the announced mining tax compromise would send a chilling signal that determined corporate manoeuvrings could actually influence government policy decisions.

Toyota Australia is set to announce its second round of recall in a week’s time following the car manufacturer’s detection of a fault with a number of its Lexus and Land Cruiser model.

The Australian Retailers Association (ARA) scored today the federal government’s backtracking move on the planned company tax rates as a result of its revised mining tax which has been adjusted to collect $1.5 billion less revenue from the previously announced set up.

Motorola announced on Thursday that the company would be divided into two separate entities by next year, with one division focusing on handset developments and the other training its attention on professional safety equipments.

Storm Financial investors who saw their savings wiped out as the Townsville-based financial services group collapsed in 2008 are set to file a class suit against the Commonwealth Bank of Australia (CBA) in the Federal Court this Friday.

International passenger traffic on Australia’s airports saw a sluggish growth in April as fresh government figures showed that a total of 2.059 travellers passed through in and out of the country in the month, which is a 4.2 percent improvement from the 1.976 million posted on the same corresponding month last year.

With reports that the government and three major mining companies are in the brink of reaching a compromise deal on the major provisions of the resource super profits tax, mining stocks started their recoveries following an early slump on market’s opening.

Toro Energy Ltd said on Thursday that it is presently negotiating with potential buyers from Japan and the United States to purchase uranium ore from its planned Wiluna project in Western Australia, which is projected to commence deliveries by 2013.

New data published on Thursday suggested that consumer confidence is on the decline as shoppers were confined to simply roaming through the shops seemingly wary of spending due to rising cash rates.

Online travel specialist Webjet Ltd said on Thursday that the company recorded a 29 percent increase on the value of all tickets sold in 2009/10 and total turnover values reached $501 million for the 12 months leading to June 30 2010.

Metcash Ltd said on Thursday that it has reached an agreement with Pick n Pay Retailers Ltd to takeover the Franklins supermarket outlets for about $215 million.

Leighton Holdings Ltd said on Thursday that it has been awarded two infrastructure projects in India worth $US550 million or $A653.5 million, with the construction work on Chenani-Nashri road tunnel alone being valued at $US500 million.

The thought of more money on their pockets are expected to welcome Aussie workers today as the tax cuts come into effect with the Tax Office declaring that starting this financial year, even same-sex couples would be able to enjoy the same tax concessions provided to married and de-facto heterosexual unions.

STW Communication Group Ltd reaffirmed on Wednesday its guidance of double-digit net profit growth for 2010 as it expressed confidence that the company remains on track to deliver much solid performance for the half year leading to June 30.

Australia’s business credit experienced an annualised expansion rate of 1.2 percent over the quarter to May.

The Australian Chamber of Commerce and Industry (ACCI) urged the federal government to continue with its planned business tax breaks amidst the emerging possibility that the government would not be able to forge a deal with resources companies on its proposed resource super profits tax.

New figures furnished today by the Department of Education, Employment and Workplace Relations showed that skilled job vacancies in Australia shed some 0.3 percent in June as compared to the previous month.

The Housing Industry Association (HIA) said on Wednesday that new home sales fell to a three-month low in May thanks to the ever-increasing interest rates which further doused cold water on an already struggling fresh housing demand recovery.

Consumer advocate Choice said today that most extra virgin olive oils being sold in the Australian market were inferior as compared to internationally recognised standards and even those which passed rigid testing by the an expert testing panel barely reached considerable marks.

Allied Gold of Australia has been granted a $US35 million or $A40 million loan by the World Bank to finance the redevelopment of the Gold Ridge Mine in Solomon Islands, which was abandoned following a violent ethnic fighting 10 years ago.

Westpac Group’s permanent employees are set to enjoy superannuation benefits as the banking group announced Tuesday that beginning July 1, company staffs would be entitled to a nine percent superannuation payment with options of taking up to 39 weeks of unpaid parental leave.

Amidst global incidence of safety recalls, Toyota, the world’s biggest automaker, said on Monday that its worldwide sales jumped by 13.4 percent year-on-year in May following upswings in motor vehicle demand which further pushed the much-awaited recovery of the Japanese auto industry.

Campbell Brothers Ltd said on Tuesday that it is positively en route to post a high half-year underlying net profit of $63 million, owing to much better trading conditions and strong outputs contributed by acquired Pearlstreet and Ecowise.

Stirling Resources announced on Tuesday that company chief executive Michael Kiernan is set to relinquish his post, paving the way for the resources investment firm and its Austrian financiers to hunt for fresh bloods that would fill up its new management roster.

Tiger Airways announced Monday that passengers without check-in baggage would incur a $10 charge starting July 1 but the airline reminded travellers that such fees could be dodged if they opt to check-in online prior to their flight.

Premier Colin Barnett is pushing for a big surge in electricity charges in his campaign to bring utility prices in line with their production costs even as he convinced Rio Tinto and BHP Billiton to pay higher royalty rates that would further boost the coffers of Western Australia.

Ford Falcon celebrated its 50th year of inception on Monday as company workers, friends and family gathered in Ford Australia’s Broadmeadows plant in Melbourne to witness the showcasing of Falcon’s evolution, from the initial model XK Falcon down to its latest 2010 limited edition series.

The Housing Industry Association (HIA) is anticipating a sluggish development in new home building by next year as it cited that the government’s slow progress in releasing more lands and the dwindling availability of funds for real estate developers are tempering fresh housing initiatives.