BUSINESS

Valemus pushes through with planned IPO of $1.39 billion

Construction and engineering company Valemus Ltd said today that recent declines on the Australian Stock Exchange (ASX) have effectively slashed the value of its planned listing as its German parent company pushes its sale through an initial public offering (IPO) with value of up to $1.39 billion.

Australia: 2011 Hyundai Grandeur released

The South Korean manufacturer Hyundai in the Australian division announced the launch of the 2011 Grandeur yesterday. The latest Grandeur is a modified and fine-tuned version of the existing model. The transformations are not that massive and mostly engaged in visual issues and trim levels, but Hyundai hopes the car will be given a new charm with the facelift.

Newcrest closes due diligence on Lihir

Newcrest Mining disclosed on Tuesday it has completed its due diligence on Lihir Gold for its $9.5 billion takeover bid, and will finalize its contract with the target.
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Tenet withdraws Healthscope bid

US-based Tenet Healthcare Corporation has withdrawn its takeover offer for Australian private hospitals operator Healthscope Ltd.

Rudd will successfully handle mining tax – Gray

A Labor representative comments that Prime Minister Kevin Rudd will negotiate the “muddy waters” surrounding his proposed super profits tax the same way he handled Australian's response to the global financial crisis.

Falling commodity prices worries remain among farmers

Most of the nation’s farmers have doubts over the progress of agribusiness in the country; losing confidence as commodity prices dropped. Quarterly survey conducted by Rabobank Australia showed that Australian farmers have expressed worries on falling commodity prices.

Austal receives orders for US Navy vessels

Austal is likely to build two more joint high speed vessels (JHSV) for the US Navy after it exercised contract options to fund a long lead-time equipment associated with the construction of two additional 103 metre JHSV.

US calls on China to allow the appreciation of Yuan

US Treasury Secretary Timothy Geithner has called on China to allow its currency to appreciate and take its true form, integrating the policy to a much wider economic reform that would free up Beijing from too much dependence on exports and encourage domestic demands for its products.

FIRB oks TFS Sandalwood deal with US firm

Foreign Investment Review Board (FIRB) has approved an investment agreement between Western Australian sandalwood grower TFS Corporation and a US-based institutional investor.

RBA to show mercy through an interest rate halt

Governor Glenn Stevens of Reserve Bank of Australia is advised to inform a rate rise halt when he speaks later this Wednesday at Castle Hill, in the heart of north-western Sydney's mortgage belt.

Brambles loses US customer

Supply chain and information management solutions provider Brambles Ltd confirmed today that it has lost one of its biggest customers in the United States but asserted that the loss would have no impact on its 2010 accounts.

Average tax refund to drop 13% -Bankwest survey

This year, the average tax refund is anticipated to drop by 13 per cent to $2,344 while a recent survey showed that nearly half of tax payers are planning to use their tax refunds to pay off debt.

Swan hears concerns from miners

Federal Treasurer Wayne Swan said he is listening to several “legitimate” concerns about the proposed resources super profit tax from the miners.

Little impact of European debt crisis in Aussie banks

Australian banks would probably not to be affected by the European debt crisis, said a representative of a bank and life insurance regulation authority, adding that most institutions and organizations have had little exposure to trouble continental lenders.

Shortage of properties, sales are up says real estate group

Ray White, the country’s largest real estate and property group, says that there is still a shortage in properties and housing in Australia. But the group also marked positive sales. Ray White recorded an eight per cent sales increase on May.

Qantas adds flights to Queenstown

Qantas has announced today that it will be adding seven supplementary services between Melbourne and Queenstown, New Zealand to support demand over the peak summer periods and to coincide with the upcoming ski season.

Foxtel-Telstra deal may still pursue

Foxtel has requested the competition regulator to approve its deal that wants its pay-TV's operator services be made available only to Telstra broadband users.

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