BUSINESS

An Australian hedge fund manager will file a multi-million dollar lawsuit against Goldman Sachs for losing money in mortgage-linked securities sold by the investment bank.

Challenger Wine Trust (CWT) said today that the value of its vineyard properties would decline by up to nine percent, blaming an oversupply of wine flooding the market and consequently pulling down grape prices.

A Tasmanian mining firm disclosed on Thursday that talks with the Government over the 40 per cent mining profit tax were productive.

Reserve Bank Governor Glenn Stevens warned local households yesterday that debt level increase should not be excessive, but Australia's economy may be able to pull through if Europe's debt problems worsens.

Queensland Alumina Ltd. was fined $90,000 in the Gladstone Magistrates Court for an industrial incident at a Gladstone alumina refinery last year.

Nearly 2,000 people joined the rally in Perth yesterday to protest against the Federal Government's proposed resource super profits tax.

American railway company Genesee & Wyoming has bought FreightLink for $334 million and will assume about $1.7 million of FreightLink's debt.

The Sutherland Shire in Sydney topped this year’s listing of the worst areas in the nation for real estate investments, as compiled by real estate analyst and writer Terry Ryder in his annual ‘No Go Zones’ report released Wednesday.

Australian citizens are now cautious in their borrowing behavior, according to the Reserve Bank of Australia.

International visits to Australia peaked up over the first three months of 2010, according to a survey released on Wednesday.

A subsidiary of Macquarie Group Ltd is eyeing to takeover Redflex Holdings Ltd. In a statement to the ASX, Redflex Holdings Ltd. announced that it has received an indicative, non-binding and confidential proposal to acquire all of the issued capital of Redflex by a scheme of arrangement at a price of $2.50 per share.

Virgin Blue Holdings Ltd has acknowledged that it is experiencing slow down in sales and to address the slump, chief executive John Borghetti is training his eyes on business class flyers, looking at the possibility that the budget carrier could entice other market segments apart from its existing revenue base.

An airline has picked Melbourne and Auckland as the first long-haul destinations for its Singapore hub operations.

The newly appointed chief executive of Tasmanian timber company Gunns told media on Wednesday that recent interest sought by foreign investors spells a good sign for the company.

A survey shows that almost one third of Australian banks employees are worried about their customers' ability to repay loans while half admitted they are pressured to force on customers for more credit even when they were not requested.

Prime Minister Kevin Rudd will formally discuss his proposed resource super profit tax on Wednesday in resource-rich Western Australia today.

Commuters in Sydney’s Inner-West area will have more options of public transport within two years. The Government has budgeted $55 million to fast-track its light rail project which is expected to commence within this year.

Residential dwellers near south of Brisbane have complained about a hazardous waste incinerator near their homes.

Greater Bendigo Gold Mines Ltd (GBM) announced today it has signed an option to purchase the Bendigo Creek Tailings Project at Huntly, approximately 10 kilometres from Bendigo.

Business confidence in the country dropped for three straight months in May. Survey results suggested major factors affecting the economy like high interest rates and a lower Australian dollar with the European debt crisis, giving doubts of a global growth outlook.

Australia is nearing the height of its V-shaped recovery from the global financial crisis, said the longest-serving current board member of the Reserve Bank of Australia (RBA), who added that Europe would eventually give up on euro over the long term.

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.