BUSINESS

The ANZ Banking Group has announced on Friday a memorandum of understanding (MoU) with China Development Bank (CDB) to increase trade and investment between China and New Zealand.

David Jones chief executive Mark McInnes has tendered his resignation after admitting to inappropriate behavior that was “unbecoming of a chief executive to a female staff member” at two company functions.

The Australian property market is known as one of the world's best performers despite a 20 per cent rise in prices since last year.

MAp Group said on Friday that passenger numbers grew on all of its three Australian and European airports in May as normal operations resumed in the aftermath of the volcanic cloud that covered much of Europe in April.

Australian mining group BHP Billiton may be facing a more competitive tax rate – this time, in Liberia.

The National Australia Bank (NAB) confirmed on Friday it has plans to sell its adviser network and North investor platform.

AXA Asia Pacific Holdings Ltd (AXA APH) chief executive Andrew Penn said on Thursday that the global financial crisis had sparked shifts in the world’s financial service industries which could lead to further merger and acquisition activities in the financial sector.

Trafford Resources Ltd said on Thursday that it plans to issue new renounceable shares amounting to $3.75 million in order to fast track its iron ore project in South Australia.

US-based companies have expressed their interests for a takeover bid to a Western Australian-based oil and gas producer.

The continued locust plague may become the biggest threat to the nation's grain farmers as it may possibily infest the areas from Birdsville to Bendigo.

Household savings have dramatically changed for the better in the June quarter, however, credit cards became the major cause of debt in Australia, according to a recent survey.

Leighton Holdings has signed $1.5 billion worth of contracts in Australia and Indonesia.

Mining group Xtrata brushed off claims that it is bluffing when it said it will suspend its multi-billion dollar project in the Surat Basin in central Queensland due to the Federal Government's proposed resources super profits tax.

Rio Tinto Ltd said on Wednesday that the company is re-assessing its existing Australian projects for a worst-case tax scenario possibility as it studies the effect of the proposed resources super profits tax on future growth projections.

The Tasmanian Government will interfere with the regulations regarding its State power prices.

Brazil’s mining giant Vale said on Wednesday that Aquila Resources Ltd’s latest moves could eventually lead to delays and frustrations on their joint coal project in Queensland as managing director Decio Amaral emphasised that the company merely wants to proceed with the feasibility study it is proposing.

New Zealand-based SBS Bank, formerly the Southland Building Society, has reported Wednesday an operating surplus of $NZ19.4 million or $A15.67 million in the year leading to March 31, coming from the $NZ18.5 million or $A14.94 million surplus it posted last year.

Qantas Airlines has appointed 11-year company veteran Gareth Evans to assume the position of chief financial officer.

Coalspur Mines Ltd said today that it is set to acquire new coal leases next to its existing Hinton project in Canada as the company revealed that the new acquisition would be funded by current cash reserves plus some project funding facility from the Highland Park Group.

The Reserve Bank of Australia is optimistic that the European crisis will not affect Australia's resources boom while it focuses on the next inflation rate since interest rate increase is looming.

Analysts are predicting that the economy would modestly grow in the second half of 2010 following the decline of a leading index, which predicts the possible pace of economic activity from three to nine months ahead.

Australian mining group Rio Tinto receives an environmental approval to develop its Kennecott Eagle nickel and copper mine project.

Queensland Premier Anna Bligh has successfully appointed Chris Rodwell as the Trade Commissioner to the Americas.

A stock analyst remarked today that Westfarmers' decision to raise their concerns to its shareholders about the resources super profits tax is a “political move.”

Australians are ignoring forecasts of the Reserve Bank that another interest rates may occur in the next few weeks as they continue to buy real estate properties.

The consumer regulator told media on Wednesday that the penalties thrown against Singapore Telecommunications Ltd's (SingTel) Australian subsidiary Optus for airing misleading advertising are insufficient.

Aquila Resources Ltd is fighting anew with its Brazilian partner, Vale and this time the two companies are in dispute over the approval of part of their proposed 2010/11 budget to start the construction of their Eagle Downs coal joint venture in Queensland.

The Australian bond market fired off with a steady pace on Tuesday following mixed signals from the US and as the market awaits the release of Reserve Bank of Australia (RBA) minutes on the same day.

Mitsubishi Corporation forged an agreement with Buru Energy Ltd to farm-in on the company’s Canning Superbasin project in Western Australia and is set to invest up to $152.4 million in exploration and development expenditures.