Esther Tanquintic-Misa

It was a dangling sword just about waiting to fall.As expected, with the suspension of the planned $30 billion expansion plan on the Olympic Dam copper and uranium mine mega project comes the inevitable downsizing of jobs related to the project.

Not only Australia's much touted resources mining boom is waning off, apparently so also is the volume of construction work done in the country.

Brazilian mining company Vale SA has resumed operations at its Carborough Downs coal mine, effectively lifting a declaration of force majeure, after a carbon monoxide leak forced the miner to suspend the operations of the mine on May 31 this year.

Efforts to lure corporate travellers from rival airliner Qantas Airways Ltd. had definitely paid off, as Virgin Australia Holdings Ltd., Australia's second-largest airline, posted a full-year profit of AU$22.8 million (US$23.6 million), up 134 per cent from the AU$67.8 million loss a year ago.

Troubled Australian surfwear company Billabong International, in a do-or-die attitude, will embark on a four-year restructuring plan to help tide up and hopefully keep afloat the company even as it opened its books to second-time suitor TPG Capital.

It won't be long before China loosens its grip as the world's stronghold of rare earths as American miner Molycorp announced that operations has already started at its new California rare earths mine.

Despite uranium spot prices currently trading at below $US50 a pound, Canadian company Cameco Corp., the world's third-largest uranium miner, remained confident demand for the yellowcake nuclear fuel will bounce back.

State-run China National Gold Group Corporation (CNGGC) is interested to purchase African Barrick, a unit of Barrick Gold which earlier said wants to offload the company, for $3.9 billion.

Amid a 6 per cent drop in its first half profit due to volatile crude prices, further losses in refining and chemicals as well as weak demand, PetroChina Co Ltd continues to actively scout acquisition opportunities across the border.

It was too much of a price to pay, as the decision to offload the Dick Smith electronics chain business had dragged full-year net profit of Woolworths Ltd, Australia's largest supermarket chain, down by 15 per cent from a year ago.

In what could be a firm testament to Australia's mining regime deceleration, another buyout acquisition has turned pffft.On Friday, Whitehaven Coal Limited announced that major shareholder electrician-turned-mining magnate Nathan Tinkler and his Tinkler Group is no longer interested in pursuing a takeover bid for the company, worth $5.2 billion or $5.20 cash per share.

Fairfax Media Ltd., Australia's second largest newspaper publishing firm, has reported an annual net loss of A$2.8 billion ($2.9 billion). A domino effect immediately ensued among investor, sending shares to plummet 5.3 per cent to 53.5 AU cents, its most in two months.

With prices of thermal coal in the international market almost hitting rock bottom, consuming nations such as power crisis stricken India are expected to jump on the opportunity to increase its imports of the raw commodity.

Succumbing to global pressure, China, the world's hub of rare earths, has moved to increase its self-imposed export quota on the precious elements essential to making hybrid vehicles and key household appliances as well as other hi-tech applications.

In what could be a sign of continued investor confidence despite the slackening resource boom, Australia opens to the public today the very first retail concept store of Samsung in the country, and along with it, the much anticipated Samsung Galaxy Note 10.1 tablet computer.

Australia's flag carrier QANTAS Airways has withdrawn orders for 35 new Boeing 787 Dreamliner aircraft in a bid to cut payable responsibilities following a A$245 million ($257 million) annual loss in profits.

David Jones Ltd, Australia's No.2 department store chain and rival to Myer, reported total sales in its Financial Year (FY12) has dropped 4.6 per cent from a year ago.

All in the same plate, only different viands. But no matter, Australia could still very much capitalize on China's growing interest on its agriculture sector as the latter once had on its resources sector.

After weeks of dilly dallying and speculative talks, global miner BHP Billiton has finally dropped the bomb and confirmed it is dropping all plans on the supposed $30 billion expansion of the Olympic Dam copper and uranium mine mega project in South Australia.

Spot prices of key steel-making ingredient iron ore have been forecast to gain as much as 39 per cent in the fourth quarter of the year, spurred by a possible renewed buying spree from China and reversing the fall in demand in the last first two quarters.

Seven West Media Ltd, Australia's largest locally listed media company, said its takeover by West Australian Newspaper Holdings in 2011 has helped lift its first full year net profit to $226.9 million, up by 97.1 per cent over the previous year's $115.1 million.

Three decades from now, the world's financial activity may very well be managed and controlled by the richest people from Asia.

The emerging El Niño weather pattern that Australian scientists have been closely monitoring could prove beneficial to the country's sugar cane growers in Queensland, according to a senior forecaster.

The number of New Zealanders making an exodus to Australia has reached a record high in July, Statistics New Zealand said, which reported that a whopping 53,900 people departed New Zealand to transfer to the resource-rich nation.

As expected, the board of Australia's Hastings Diversified Utilities Fund (HDF) has recommended on Tuesday the A$1.4 billion ($1.46 billion) bid of gas distributor Pipeline Consortium APA Group, a day after rival suitor Pipeline Partners Australia (PPA) bowed out from the chase game.

Alan Joyce, chief executive officer of labour beleaguered Qantas Airways Ltd., has decided not to accept his bonus and pay rise for this year, in what could be a fitting gesture in light of the continuing massive fiscal crisis affecting both local and international companies.

Oil major Chevron Corp on Monday announced it had reached a $450 million agreement with Royal Dutch Shell PLC to exchange its assets in the Browse development for stakes in the Clio and Acme fields in the Carnarvon Basin.

Pipeline Consortium APA Group could most likely win the takeover battle over Hastings Diversified Utilities Fund (HDF) after rival bidder Pipeline Partners Australia (PPA) announced on Monday it no longer plans to match APA's raised bid.

Poor prices of coal in the world market spurred by a continuing weak demand from the Asian market had prompted China-backed Yancoal Australia to suspend its expansion plans in all its seven mines in Australia.