BUSINESS

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.

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 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.

The Queensland Government and the Opposition argued in a Parliament meeting today on a discussion with the State budget.

Transport and logistics company Toll Holdings Ltd said yesterday that it has acquired the Asia-Pacific express air freight business of Qantas Airways Ltd and negotiations are underway too for the possible purchase of DPEX Group, also owned and operated by Qantas.

Agribusiness Elders Limited disclosed on Tuesday it failed to finalize its bank finance from the Rural Bank to lure in potential investors in their Forestry 2010 managed investment scheme project.

The Australian Securities and Investments Commission has responded to media claims on clearing its public information with a “technical oversight” despite that the documents were dated for more than a decade ago.

The National Australian Bank brushed off claims that it feels under pressure to participate in the consolidation of the banking sector in Britain. A representative for NAB said the bank is comfortable with its position in a foreign country.

Three Western Australian regions have made it to the top list for construction of new homes.

US-based Tenet Healthcare Corporation has withdrawn its takeover offer for Australian private hospitals operator Healthscope Ltd.

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.

Internet giant Google has flat out denied claims from Communications Minister Stephen Conroy that its Street View Cars can capture people's personal banking details.

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.

Western Plains Resources Ltd has announced Monday that it is set to sell nine million tonnes of iron ore over the next five years from its South Australian Peculiar Knob project, with a definite agreement to be inked within months.

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.

The New South Wales government plans to have two cuts to payroll tax for next year to urge business expansions and growth in the region.

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.

Private companies are eyeing expansion plans and growth this year as a recent survey revealed most companies hold positive outlooks for the economy. The survey showed that the number of companies planning for development and growth has dramatically increased in mid-term.

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

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.

Sedgman Ltd announced it has signed a new contract worth $80 million for the Benga coal handling and preparation plant (CHPP) in Mozambique.

In a recent poll, nine out of 10 working Australians favor the Government's proposal to increase the superannuation guarantee (SG) to 12 per cent.

On Monday, the Australian dollar opened two US cents lower; a reaction when markets expressed worries of a soft jobs report in the US that suggested a slower than expected recovery in the world's largest economy.

Western Plains Resources Ltd will be selling a total of 9 million tonnes of iron ore fines over a period of five years from its Peculiar Knob project in South Australia.

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.

The Australian Police were tasked to probe Internet giant Google for possibly breaching telecommunications privacy law.

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.

There have been several calls to the consumer watchdog to pursue an investigation to Coles for putting its products with a “tick symbol” which is similar to the symbol used by the Heart Foundation.

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