Erik Pineda

Publicly listed law firm Slater & Gordon announced on Monday that it is acquiring Trilby Misso Lawyers Ltd for $57 million, declaring that the purchase should bolster the firm’s strategic goal of leading the country’s personal injuries litigation market.

Holden said today that it is set to resume the second production shift of its Elizabeth plant in South Australia by November following its decision last year to reduce production and dump the two-shift production day scheme citing difficulties brought by the global financial crisis.

Opposition finance spokesman Andrew Robb said today that the federal government would have to issue an emergency mini-budget if it plans to re-study the proposed mining tax as he scored Treasurer Wayne Swan’s claim that reconsidering the tax measure would not impact the national budget.

The Australian Competition and Consumer Commission (ACCC) said on Friday that it has no fresh information to share on the proposed takeover deal between National Australia Bank (NAB) and AXA Asia-Pacific Holdings Ltd.

Mining companies’ gains on yesterday’s leadership change were reversed today as overall share market slid by 1.4 percent, with the All Ordinaries index dipping by 60 points to 4,444 as of 1438 AEST while the ASX 200 shed 62 points to 4,418.

Perth-based Samson Oil & Gas Ltd announced on Friday that it has sealed a binding deal with a large US-based oil and gas producer for large-scale acquisition of the junior company’s US estate to the tune of $US79 million or $A91.5 million.

Mosaic Oil NL announced today that it has sold its Papua New Guinea subsidiary for $US11 million or $A12.7 million in cash to an unidentified company it merely described as a major player in the international oil and gas industry.

Guinness Peat Group (GPG) director Tony Gibbs said on Friday that the company must abandon its planned spin off on its Australian operation, which it announced last week along with its intention to float Coats Group within the year.

Australian Greens head Bob Brown reaped praises Friday from outgoing Finance Minister Lindsay Tanner even as his party sets eye on the Melbourne seat, long held by the Labour Party since 1904, which would be vacated by Mr Tanner following his decision on Thursday to quit politics.

The latest Westpac-Australian Chamber of Commerce and Industry (ACCI) survey of industrial trends showed that business conditions saw a decline in the June quarter, with the series of interest rates hikes and doubts over the European debt crisis hounding the domestic economic outlook.

Finance Minister Lindsay Tanner informed the parliament today that he is set to forego the next federal election as he clarified that his decision was not based on the recent events that saw the ousting of Kevin Rudd as prime minister.

A modernised bankruptcy law is now in the offing as the Senate passed a legislation today that reduces to $5000 the minimum amount required for a creditor to file a petition for insolvency.

Mining magnate Clive Palmer called on new Prime Minister Julia Gillard to junk the much-debated resources super profits tax as he revealed that a fierce campaign by the mining industry against the proposed tax had ensured Kevin Rudd’s eventual downfall.

Bendigo and Adelaide Bank Ltd said on Thursday that retail deposits currently comprised 87 percent of the bank’s on-balance sheet funding source in May this year while its loan arrears settled to below the 0.94 percent of the bank’s loan book.

Incat admitted today that its current finance situation is problematic, but Tasmania’s biggest shipbuilder is still confident that it would survive the dwindling demand in global production of ferries.

Erstwhile Fairfax Media chief executive David Kirk is set to invest and join the board of new data cable company Pacific Fibre, which was launched earlier this by TradeMe founder Sam Morgan, The Warehouse founder Sir Stephen Tindall and Xero founder Rod Drury.

Macquarie Group Ltd said on Thursday that uncertain market conditions are adversely affecting the company’s numerous business activity levels though it clarified that it is quite early to tell for now the implications on the investment group’s full year result for 2011.

AGL Energy Limited said on Thursday that it would fast track its Macarthur wind farm project after the Senate approved changes on the Renewable Energy Target (RET) scheme last Wednesday.

Positively reacting to the removal of Prime Minister Kevin Rudd, share prices of the country’s resources industry shot up as investors start projections of a tempered mining tax in the coming days.

The International Monetary Fund (IMF) is throwing its support behind the federal government’s proposed mining tax as its deputy head for tax policy Philip Daniel declared in a Sydney conference today that the measure is a worthwhile reform for the Australian economy.

Average Australians are now able to buy corporate bonds as FIIG Securities said on Wednesday that it is opening up a new service that would allow ordinary investors to purchase high-yielding, investment-grade bonds in parcels for as low as $50,000.

Wildlife rescuers from South Australia and New South Wales were kept from helping out in the ongoing clean-up drive of the massive oil spill in the Gulf of Mexico as the Australian Marine Wildlife Research and Rescue Organisation lamented that strict regulations being implemented on the site prevented its team from participating in animal rescue efforts.

Federal Treasurer Wayne Swan cautioned the tourism industry on Tuesday that the sector is in danger of suffering anew from the effects of a two-speed economy if the Labour’s proposed tax measures are not implemented.

Leighton Holdings Ltd said on Tuesday that the company is right on track to reach its expected after tax full year profit of $A600 million and coupled with a total of $29 billion as total revenue.

Nationals MP Vince Catania said today that the royalty rates increase for both BHP Billiton and Rio Tinto should bolster the Royalties for Regions program, in reaction to Premier Colin Barnett’s announcement yesterday that royalty fees would be increased from 3.75 percent to 5.6 percent starting July.

Japan announced on Tuesday that it is upgrading its economic growth forecast to 2.6 percent for the year leading to March 2011, coming from an earlier projection of 1.4 percent and enabling the troubled nation to achieve a gross domestic product (GDP) growth beyond the two percent mark.

The ACT government auctioned off two significant city sites on Monday; the land and property services expert handling the sale was caught off guard by the apparent disinterest shown by national property developers.

The Australian Bureau of Agricultural and Resource Economics (ABARE) reported on Tuesday that the nation’s commodity export earnings would increase by up to 23 percent to $202.5 billion in 2010/11 as compared to last year’s forecast of $164.1 billion.

DMC Mining Ltd’s directors said today that they are inclined to accept the offer of Cape Lambert Resources Ltd to acquire their stocks and options at 53 cents per shares, for a total takeover bid of $46.04 million.