BUSINESS

Resource giant Rio Tinto Group (ASX: RIO) has agreed to buy Australian-listed coal miner Riversdale Mining Ltd (ASX: RIV) for A$16 a share, in a deal which values the target at around $3.9 billion.

Foster's Group Ltd (ASX:FGL) says its Carlton & United Breweries (CUB) and Carlsberg Group have extended a long-term exclusive licence to sell the Danish brewer's brands in Australia.

Local stocks are managing to hold on to six week highs, although trading volumes are light.

Giant telecommunication firm Telstra Corporation is writing down some $138 million in carrying value of its Octave business operation in China, which mainly deals on giving out technical services and providing phone content to mobile platforms.

Next week's release of $100 billion US Treasury bonds weighed on the Australian bond market as it opened weaker today.

The Australian dollar remains well supported despite further bad news out of Europe overnight.

U.S. stocks climbed to fresh two year highs Wednesday, led by financial companies as bank stocks continued to benefit from recent merger activity while the latest round of data pointed to a still recovering economy.

US existing home sales rose by 5.6pct in November to a 4.68 million annual pace - marking the highest reading since June.

The Australian Dollar continued to hold above the 99 cents mark yesterday in local trade despite there being no domestic data to drive direction.

The U.S. Securities and Exchange Commission (SEC) ordered two San Francisco-based hedge funds and three former employees to pay $1.2 million for multiple antifraud violations.

Retail sales nationally are down on forecasts, and most retailers are doing worse than this time last year.

The Australian stock market closed marginally higher on low trading volumes after gains by mining giant BHP Billiton offset weaker performances by the banks.

Santos Ltd (ASX:STO) $200 million investment plan to drill three wells in the Bay of Bengal has received approval from the government of Bangladesh.

Local stocks managed to hold on to six month highs today and post a small win, thanks to strength from the miners.

The Property Council of Australia’s latest audit shows that local councils in Sydney are sitting on almost $560 million in unspent infrastructure levies.

The trade relationship of Australia and China continue to bear fruit as it registered an annual growth of 8.8 percent in 2010, en route to whopping trade value of $90 billion, according to the latest report of the Department of Foreign Affairs and Trade.

Australia's biggest sugar milling company CSR Ltd has successfully completed the sale of Sucrogen to Singapore's Wilmar International for $A1.843 billion.

The Australian economy moderately grew in October but economists expressed optimism that the firm movement signals calculated expansion and not deceleration.

New Zealand firm Contact Energy's(NZE:CEN) $1 billion geothermal power station in Taupo has been granted resource consent.

The Australian Securities and Investments Commission (ASIC) rolls into action its legal suits against parties allegedly involved in the $3 billion Storm Financial meltdown following the deadline’s lapse for banks to strike compromise deals with up to 14,000 investors affected by the collapse.

Law firm, Norton Rose Australia, became the first tenant to sign a lease for the 6 star Green Star premium office building, the One One One Eagle Street development slated to be finished by the end of the year.

Melbourne-based clean energy company Ceramic Fuel Cells Ltd (AIM/ASX:CFU) is expanding its UK presence.

Property developer Lend Lease has bought construction unit Valemus from Bilfinger for $1 billion; making it the second largest contractor in the country.

Independent energy retailer Australian Power & Gas (APG) (ASX: APK) had signed two new contracts for wholesale gas supply.

Local stocks are making modest gains in early trade, but appear to have run out of steam following yesterday’s rally.

The Australian bond market opens softer Tuesday with the prevailing thin trading volumes brought by the holiday season.

The Australian bond market weakened slightly as it remained unaffected by the release of the December 7th meeting minutes of the Reserve Bank of Australia (RBA).

The separation of its beer and wine business has yet to be finalised but Foster’s Group is not leaving anything to chance and named ahead people that it said would be leading its business’s divided operations.

The AUD has opened at USD 0.9974 this morning as Wall Street shares closed higher amid light trading overnight.