BUSINESS

The Australian share market opened lower this morning but moved into positive territory on thin volumes.

Across Asia, regional markets are all higher on the back of improving sentiment on Wall St and news of the weekend that China's exports grew 44% on year in June.

Asian stocks rose, led by Japanese exporters and commodity producers. The MSCI Asia Pacific Index rose 0.2 percent at 116.46 as of 1:03 p.m. in Tokyo, extending a two-day, 2.6 percent rally.

Canadian mining firm Ivanhoe Australia Ltd announced on Monday that the Foreign Investment Review Board (FIRB) has granted its application to takeover the Osborne copper and gold exploration project in Queensland from Barrick Gold Corporation, currently the world’s biggest gold explorer.

The ARA (Australian Retailers Association) has given out a warning to retailers to speed up the new award salary payments, as the Fair Work Ombudsman starts its rounds on randomly picked stores across Australia.

Australian pharmaceutical firm, Sigma Pharmaceuticals Ltd., that has lost more than half its market value this year, said it is willing to work a better deal with Aspen Pharmacare Holdings Ltd. to have a better offer.

Resource company North Queensland Metals Ltd (NQM) said today that it is rejecting the takeover proposal of Conquest Mining Ltd, citing that its joint venture partner at the Pajingo gold mine site in Queensland, Heemskirk Consolidated Ltd offered a much superior bid.

Remarkably high interest rates on savings accounts could end thanks to the Reserve Bank of Australia's ruling to put the cash rate on hold for the second straight month, an analyst has warned.

Australia's S&P/ASX200 was little changed at 4,396.40 as of 10:41 a.m. in Sydney. New Zealand's NZX 50 Index was little changed at 3,005.38 in Wellington.

Upcoming mining company IMX Resources Ltd reported on Monday that the Australian government has given its go signal for China’s Sichuan Taifeng to increase its stake on the Perth-based company and invest as well to its South Australian iron ore, copper and gold exploration projects.

Australia-based investment company Mirrabooka has posted a 31 per cent increase in full-year net profit, and announced a share purchase plan saying equity valuations had gone back to attractive buying levels.

Macquarie Bank has announced the release of a new mortgage-based plan intended for borrowers that plan to make use of mortgage as a part of wealth development strategy.

Australia's housing finance commitments have marked their first increase in eight months, showing a renascent housing market amid higher rates and falling confidence.

The Australian Securities and Investments Commission (ASIC) issued warnings on Monday that thousands of ordinary investors could be burned by the high-risk investments contracts for difference (CFDs) as it reported that industry players are deliberately downplaying the risks entailed in betting to the investment products.

Australia’s surfing RTW retailer, Billabong has announced plans of acquiring a California-based “progressive” clothing label, RVCA, for an amount yet to be disclosed.

The auction clearance rate in Sydney nosedived at the weekend with just 49 per cent of properties selling, the poorest record in 18 months.

Sigma Pharmaceuticals said on Monday that it has been offered to closely coordinate with US drug manufacturer Aspen Pharmacare in order to fetch a much promising bid for the company, though it confirmed that Aspen’s exclusivity period has lapsed and no extensions have been made so far.

Australia's second-largest airline Virgin Blue has postponed its relaunch until early next year as it seeks to resolve a long-running dispute with largest shareholder, Richard Branson, over its plans to own the Virgin name.

The worst is over for Europe if officials of the European Central Bank (ECB) are to be believed, no further recessions would be seen in the eurozone and the region’s economies should have been tinkering its way to recovery by now.

Credit Suisse has joined UBS in covering iron ore play Gindalbie Metals, both brokers rating the stock as a Buy given valuation upside and leverage to iron ore prices.

Jetset Travelworld has not been able to meet a self-inflicted deadline to justify to shareholders why they should approve a $440 million merger with Stella, Australia's largest travel retailer.

Australian paints, adhesives and garden care products firm DuluxGroup Ltd sees Asia as a key growth area for the company.

Mining tycoon Clive Palmer has unveiled plans to build a new coal loading port facility north of the existing facility at Abbott Point in north Queensland.

Australia's biggest liquor maker Foster's Group Ltd is expected to continue selling its wine unit even as it has returned to growth after more than a year of decline.

Orica Ltd, the world's largest industrial explosives maker, says the demerger of its DuluxGroup paint and garden products business in Australia is worth the millions in transaction fees.

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