Erik Pineda

Mitsubishi Corporation forged an agreement with Buru Energy Ltd to farm-in on the company’s Canning Superbasin project in Western Australia and is set to invest up to $152.4 million in exploration and development expenditures.

Federal Treasurer Wayne Swan is backing Prime Minister Kevin Rudd to continue on his leadership of the Labour Party for the next election despite circulating speculations that the embattled leader is being pressured to give way for a new candidate.

The European debt crisis is unveiling similar signs of the subprime mortgage meltdown in the United States on 2007, with pressure and disruption in the financial system becoming more prominent as the problem gets worst by the day, according to a review by the Bank for International Settlements (BIS).

China took a defensive stand on its currency policy Saturday, and dismissed claims from members of the US Congress that Beijing is manipulating the yuan to prop up cheaper Chinese exports, resulting to massive job losses and factory closures in the United States.

The parliamentary secretary for Western and Northern Australia has scored the WA Chamber of Commerce and Industry for its two-faced approach on the resources super profits tax, stressing that the business lobby group needs to assume a clear stand for the economic future of the state.

Sydney Airport marked today the completion of the international terminal’s $500 million expansion works as airport chairman Max Moore-Wilson expressed confidence that the upgraded facilities would afford tourists grander travel experience as they pass through Australia’s largest city.

The Association of Superannuation Funds said today that less than one percent on the superannuation account balances of an average worker would be affected, contrary to the mining sector’s claim that the resources super profits tax could potentially hurt super returns.

Majority of Australian homeowners are holding on to the idea that more rate hikes would come their way, brushing aside Reserve Bank of Australia’s decision this June to pause for any upward movements with comforting assurance that the cash rates have so far reached their ideal level for now.

Cape Alumina Ltd is now in a review mode following the abandonment of its $400 million Pisolite Hills project on Cape York when the Queensland government announced last week that Wenlock River would be declared as a wild river.

AVJennings Ltd said on Friday that it is cooking up a deal to sell the company’s contract building division to Sekisui House Ltd of Japan for roughly $18.5 million but would retain ownership and continued use of its brandname for further development operations.

Pushed by strong worldwide demand for Chinese-made clothes and consumer electronics, China once again saw a surge of 48.5 percent on its exports in May, seemingly showing signs that the eurozone crisis has yet to dampen the ever-present hunger for the affordable China export products.

Kingsgate Consolidated Ltd has announced Thursday that it has been granted tax concessions by the Thai government for its new processing plant at the company’s flagship Chatree gold mine in Thailand.

Power distributor Australian Power $ Gas said on Thursday that it has signed a three-year electricity supply deal with a major generator for its entry to the Queensland energy market as it increased forecast for customer growth and announced the availability of convertible note facility to be used for raising funds.

Orbital Corporation Ltd has announced Thursday that volatile situations in the global equity markets have prompted the company to back down from its planned capital raising, adding that the proposed acquisition of an alternative fuel system business would be withdrawn for now.

The Australian Bureau of Statistics’ (ABS) latest job figures showed a seasonally adjusted 26,900 created jobs in May, with full-time employments shooting up to 36,400 and part-time works slipping a bit to 9,400.

Challenger Wine Trust (CWT) said today that the value of its vineyard properties would decline by up to nine percent, blaming an oversupply of wine flooding the market and consequently pulling down grape prices.

The IMF warned Asian economies on Wednesday that the European debt crisis could still impact the continent’s financial standing.

New data furnished by the Australian Bureau of Statistics (ABS) has predicted that Tasmanian households would grow by a measly 25 percent over the next 25 years, which is only half of the projected growth for the whole of Australia.

The Sutherland Shire in Sydney topped this year’s listing of the worst areas in the nation for real estate investments, as compiled by real estate analyst and writer Terry Ryder in his annual ‘No Go Zones’ report released Wednesday.

The federal opposition called on the government to ascertain that taxpayers would not foot the bill of cleaning up an environmental mishap such as the Gulf of Mexico oil spill once the controversial resources super profits tax is implemented.

Virgin Blue Holdings Ltd has acknowledged that it is experiencing slow down in sales and to address the slump, chief executive John Borghetti is training his eyes on business class flyers, looking at the possibility that the budget carrier could entice other market segments apart from its existing revenue base.

Woodside Petroleum head Don Voelte said today that as far as his company is concerned, the issue of skills shortage would hurt most as compared to the alleged disadvantages to be brought by the controversial resources super profits tax.

Australia is nearing the height of its V-shaped recovery from the global financial crisis, said the longest-serving current board member of the Reserve Bank of Australia (RBA), who added that Europe would eventually give up on euro over the long term.

Construction and engineering company Valemus Ltd said today that recent declines on the Australian Stock Exchange (ASX) have effectively slashed the value of its planned listing as its German parent company pushes its sale through an initial public offering (IPO) with value of up to $1.39 billion.

The federal government said on Tuesday that mining executives has exaggerated claims of financial crisis once the proposed super profits tax is implemented, with Communications Minister Stephen Conroy blaming the executives for taking down Australia in the eyes of the international community.

A survey by leading internet security firm, Symantec Corporation, showed that a great number of small and medium-sized Australian firms had fallen prey to cyber crime in 2009, with up to 56 percent affected compared to the 46 percent hit in 2008.

Transport and logistics company Toll Holdings Ltd said yesterday that it has acquired the Asia-Pacific express air freight business of Qantas Airways Ltd and negotiations are underway too for the possible purchase of DPEX Group, also owned and operated by Qantas.

Western Plains Resources Ltd has announced Monday that it is set to sell nine million tonnes of iron ore over the next five years from its South Australian Peculiar Knob project, with a definite agreement to be inked within months.

The recent workers’ strike in Honda’s Chinese facilities has brought into light two-edged realities for Japanese firms operating in China: increasingly confident local workers would now demand for better pays as China’s economy continues to expand and other industry sectors that anticipate rising incomes to fuel further demands for premium goods.