BUSINESS

The kingmaker Greens are beginning to use their influence on the prime minister and her court.

Mining giant Rio Tinto Ltd (ASX: RIO) unveiled on Tuesday its $US803 million plan to upgrade the current open pit operations of the company’s Argyle diamond mine site in Western Australia into an underground exploration.

The Australian stockmarket maintained a four-month high on Tuesday noon following positive offshore leads and better-than-expected results from a domestic business confidence survey.

The Australian currency was stronger at Tuesday noon, although investors avoided any big moves as they awaited the resolution of Japan's leadership struggle.

Future Fund's Board of Guardians is searching for a new general manager after current GM Paul Costello announced his intention of leaving the $87 billion organization.

Australian business sentiment returned to levels last seen in April as profits increased although sales and employment conditions weakened, data released in Sydney today show.

The Insurance Council of Australia estimates the total amount of the claims from flood-affected residents in north-east Victoria at $20 million.

Giant mining firm Rio Tinto Ltd (ASX: RIO) took advantage of a credit facility extended to Ivanhoe Mines Ltd that matured on Tuesday and sued for its conversion into common shares that effectively upped the company’s stake in the Canadian firm by almost 35 percent.

The Foreign Investment Review Board (FIRB) has given private equity firms The Carlyle Group and TPG Capital the green light to takeover health provider Healthscope Ltd (ASX:HSP).

China’s upbeat economic news perked up investors demand for oil futures, nudging higher oil prices in Asia and North America as the world’s fast emerging giant economy gave hints of further growths and more fuel consumption that effectively dampened the supply jitters brought by the closure of a key Canadian pipeline that supplies crude to US refineries.

Overnight saw the AUD hold to the USD0.9300 level, as the offshore markets continued tohold onto the strength seen in the local markets yesterday.

The US dollar lost some grounds against a host of other currencies led by the recovering Euro, driving up on Monday’s closing gold prices in what analysts call as the usual movement of the precious metal whenever the mighty dollar falters and the market signals the dreaded uncertainty that yet again gave gold considerable gains.

The European Commission has almost doubled its forecasts for growth of the euro zone economy. The European Commission now expects the euro zone to grow by 1.7 per cent in 2010, up from its previous forecast in May of 0.9 per cent.

Financials led U.S. stocks higher Monday as investors welcomed new global banking requirements that will be ushered in gradually enough to ensure banks won't need to scramble to raise capital.

The Australian Dollar has more momentum than the Canberra Raiders holding onto its recent gains above US93 cents during local trade on Monday. It opens at 0.9350 today.

International and domestic airline company Qantas Airways Limited (ASX: QAN) strikes again at competitor Virgin Blue Holdings Limited (ASX: VBA).

The capital rules set by the Basel Committee on Banking Supervision in Switzerland is not much of a worry for the Australian banking industry. The fear, however, lies with domestic regulations.

Optimism rules on Tuesday at the stock exchange mainly due to new capital rules set by the Basel Committee on Banking Supervision in Switzerland.

While Lady Gaga's meat-bikini cover on Vogue Homme Japan has been the subject of public outrage especially from animal rights advocate, fans and detractors of the pop star should quell their objection over Lady Gaga's meat dress in MTV Video Music Awards. The meat covering Lady Gaga from head-to-toe (plus a "meat purse") is apparently made of fabric.

The Australian currency finished at a five-month high on Monday following reassuring Chinese economic data and a strong performance in the local share market.

The Australian Securities and Investment Commission (ASIC) meted out a three-year financial services ban on a Sydney-based stockbroker following investigations that showed he secretly obtained profits for relatives during Regional Express Holdings Ltd on-market share buyback.

The Australian bourse finished strongly in the black, past the 4600-point mark on the back of positive offshore leads.

Second-tier lenders Suncorp-Metway Ltd (ASX:SUN) and Bendigo and Adelaide Bank Ltd (ASX:BEN) have received regulatory approval to not charge each other's cardholders a fee for transactions at ATMs they own.

Gold explorer Range River Gold Ltd (ASX: RNG) saw its stocks soaring on Monday following its announcement that it has upgraded the open-pit resource potential of the company’s two reservoir sites of its Mt Morgans project in Western Australia.

A study commissioned by Woolworths (ASX:WOW) has found that hardware stores established by the Woolworths-Lowe's joint venture could generate $30 million a year in sales from a standard hardware outlet and slice the revenue of rivals Bunnings and Mitre 10 by up to 16 per cent.

Services on Western Australia’s public hospitals were poised to be disrupted on Monday as thousands of workers opted for industrial action following the state government’s decision to deny their $50 per week pay raise demand.

The Australian Bureau of Statistics (ABS) reports a very slight increase in the financing activities for the month of July.

Construction and contract mining giant Leighton Holdings Ltd (ASX: LEI) will soon miss its chief executive for 23 years as Wal King announced on Monday that he would be retiring from the company effective January 1 of next year.

Virgin Airlines founder Sir Richard Branson hinted in an ABC interview on Monday that his airline could eventually abandon its New Zealand service routes following the Australian Competition and Consumer Commission’s (ACCC) disapproval last week of the planned Virgin Blue-Air New Zealand Alliance.