BUSINESS

Australia's three top mining companies have called a meeting with the government to clarify the tax agreement seen on the brink of collapse.

Investors have taken advantage of the Australian dollar's decline yesterday amidst further speculation that the Reserve Bank of Australia is bound to adjust interest rates upwards.

The Australian share market closed weaker on Wednesday as local equities followed a weak lead from Wall Street

Microsoft Australia launched Office 365 today. Dubbed as Microsoft's next generation software in cloud productivity, Office 365 aims to bring together Office, SharePoint, Exchange and Lync online in a cloud service.

Global mining firm Rio Tinto Ltd said on Wednesday that it is sticking with an earlier deal sealed with the federal government on the minerals resource rent tax, notwithstanding the reservations recently aired by its fellow giant miner BHP Billiton Ltd.

Toll road operator Intoll Group Stapled Securities (ASX: ITO) reported on Wednesday that the Canadian firm seeking to purchase the company has been granted approval by Australia’s Foreign Investment Review Board (FIRB) to finalise its takeover bid on Intoll.

Consumers are warned of the Tylenol 8 hour caplets with lot No. BCM155 (bar code No. 3 0045-0297-51 8). They should immediately be returned to the manufacturer.

With emerging reports on Wednesday that the provincial government of Saskatchewan has already decided on disapproving its close to $US40 billion or $A41.43 billion takeover bid on Canada’s Potash Corporation, BHP Billiton Ltd declared on the same day that it is able to deal with all the concerns of the proposal.

The Australian government is set to decide on the liquefied natural gas venture project of Santos Ltd. and BG Group PLC Origin and partner ConocoPhillips in Queensland on Oct. 22.

Giant telecommunication firm Telstra Corporation Ltd (ASX: TLS) saw a record dip on its market shares on Wednesday following the large-scale divestiture instituted by the company’s biggest shareholder and a threat of structural split up from federal authorities.

Any upward adjustments in the mining royalty rates to be implemented by states and territories will all be unacceptable to Prime Minister Julia Gillard as this would put Australia's top mining resources industry at risk.

It was billionaire gambling operator James Packer who caused the tremor movements of Channel Ten market shares as confirmation was made on Wednesday that Mr Packer paid a whopping $245 million to secure a 15 percent stake on the company through his private firm Consolidate Press Holdings.

The Australian mining industry and authorities are again headed for another serious debate with regards if taxes and royalties issues are not resolved immediately.

Job opportunities for Australians seeking employment within the resource sector are hitting new highs as the industry recovers from the global financial crisis, according to new research.

Toyota Australia is set to ship its 500,000th vehicle to Saudi Arabia tomorrow, the company announced on Wednesday.

Government sources revealed late on Tuesday that the provincial authorities of Saskatchewan were set to ditch BHP Billiton’s $US38.6 billion or $A39.98 billion takeover proposal for the Canadian firm Potash Corporation, dashing hopes by the giant resources company to secure additional profits from the anticipated demand spikes in fertiliser coming from China and India.

BHP Billiton Ltd. (ASX: BHP) has reported a 6 percent increase in its iron ore production, which meets higher steel demand and promotes wider expansion in Western Australia.

Giant retailer Woolworths Ltd (ASX: WOW) welcomed a ‘solid start’ on its new financial year as its first quarter sales surged by 4.1 percent while the company’s petrol volume turnovers jumped by 3.3 percent in value.

The Australian Dollar has opened two US cents lower after China's decision to raise interest rates for the first time in three years.

U.S. stocks broadly fell Tuesday after a report that Pacific Investment Management Co., BlackRock and Federal Reserve Bank of New York are attempting to force Bank of America to repurchase soured mortgages packaged by Countrywide Financial Group.

The People´s Bank of China has increased interest rates for the first time since December 2007. Both the benchmark lending rate and 1-year deposit rate were lifted by 25 basis points.

The Australian Dollar peaked at 0.9955 versus the US Dollar as traders speculated a further hike in interest rates sometime this year following the release of the Reserve Bank's minutes.

Airport operator MAp Group (ASX: MAP) saw its daily passenger traffic for both of Sydney Airport’s international and domestic segment breaching the 100,000 mark in September, which is a record month for the terminal according to company officials.

Australian consumers are now quite careful with their use of their credit cards, which may pose a threat to credit card issuers in Australia.

Rio Tinto is set to increase investments a further to US$3.1 billion (Rio Tinto share $2.1 billion) in expanding its iron ore infrastructure in the Pilbara.

The sudden tightening of fiscal policy in China again is seen sending a new wave of tests on the inner strength of the Australian dollar and equity markets.

Brokerage firm UBS advised its clients on Tuesday to expect declining coal and petroleum production for the September quarter from giant resource firm BHP Billiton Ltd but better iron ore and other mineral output for the company as its quarterly results were set to be made public on Wednesday.

The Australian share market closed flat on Tuesday as investors await major economic data due later in the week.

Local stocks closed flat today, with earlier wins being erased as the Dow Futures suggested a weak session on Wall Street. The All Ordinaries Index (XAO) rose 3.9pts or 0.1pct by the day's close to 4727.3.