BUSINESS

A communiqué draft released by the Group of 20 economic world powers yesterday has cautioned that the ongoing global recovery is still fragile as showcased by recent volatility in the financial markets.

Queensland Premier Anna Bligh expressed her concerns and worries after mining giant Xtrata announced it will shelve its two projects in Queensland.

Encouraged by positive indicators coming from the US market and other major worldwide markets, oil prices surged yesterday with New York’s light sweet crude delivery for July hitting $US73.28 per barrel and London’s Brent North Sea steadying at $US74.18 per barrel.

Cazaly Resources announced it has selected Pacific National Bulk rail to provide rail haulage services for its Parker Range iron ore project.

Negotiations for a takeover bid continues between National Australia Bank and AXA Asia Pacific Holdings with the competition regulator over a possible divestment of AXA's north investment platform.

Cape Alumina Ltd. has placed its Pisolite Hills bauxite mine and port project in western Cape York under review as a result of the Queensland Government's declaration of the Wenlock River basin as a wild river area under the state's Wild River legislation.

If purchasing a house in Australia is a bit challenging decision to make, the Federal Government has released its research data revealing places that are likely to have affordable houses for sale.

Aquila Resources Ltd. issued a statement to the Australian Stock Exchange (ASX) confirming earlier reports that Brazilian mining giant Vale S.A. will acquire Aquila's stake in Belvedere hard coking coal project.

Australia’s trade balance has posted a surplus in April, the first trade surplus in 13 months. Expectations of better outcome on exports are floating anew as Asia’s demand for mineral resources is surging up.

Woodside Petroleum asserted its decision that a floating platform is the best development concept for the Greater Sunrise liquefied natural gas project in the Timor Sea citing economics reasons.

Property investor and developer Stockland Group Ltd has acquired a 54 hectare residential land parcel in Holmview Queensland for $23.5 million.

Alumina Ltd said Thursday that the current alumina pricing system is out of sync with industry fundamentals and contract pricing would eventually transition to spot pricing, which poised to deliver further benefits both to the company and the industry.

Perth-based National Hire expands its business operations by acquiring Victoria-based Monash Hire for an undisclosed amount.

Tiger Airways is set to expand its services in Australia following a mutual deal from the Victorian Government. The airline company announced flights would commence on November 10 in Victoria's second main airport, Avalon. Its first destination would be the Gold Coast with a flight cost of $45.

Australia's national economy is showing signs of growth which is largely attributed to the commodity boom. Government stimulus spending, however, still drives the economic growth.

Iron Mountain Mining Ltd announced it has entered into a Heads of Agreement with United Orogen Ltd to acquire outstanding available interests in three United Orogen exploration licences in the Northern Territory.

Budget carrier Tiger Airways has announced Thursday that it will start servicing routes to and from Avalon Airport in November, making the Gold Coast as the budget carrier’s inaugural destination from Melbourne’s second gateway.

Conquest Mining Ltd has announced its plan to acquire North Queensland Metals (NQM) through an off-market takeover offer worth $58 million.

Finance Minister Wayne Swan is hoping to entice world financial leaders on the country's resource super profits tax during this week's G20 summit.

Tata Motors of India has announced on Wednesday that the world’s cheapest car, the Nano, would again started rolling out from its new western India plant following the company’s forced desertion of its near-completed factory in Singur, West Bengal which was marred by violent land ownership dispute in 2008.

Leighton Holdings Ltd announced its subsidiary, Leighton Asia, has secured a $273 million contract to develop and operate a coal mine in western Mongolia for Mongolia Energy Corporation (MEC).

Swiss mining giant Xstrata announced it has suspended $586 million expenditures on its Wandoan Coal and Ernest Henry underground copper projects in Queensland due to the planned resources super profits tax (RSPT).

Fair Work Australia has announced today that minimum wage will increase by $26 a week, pushing the minimum weekly pay to $569.90 while minimum hourly wage has been set to $15.

West Australia's mining lobby is continuously pressuring the Federal Treasury officials to revise the resources super profits tax as it will damage the industry.

Shares in crane operator boom Logistics Ltd soared in early trading on the Australian Securities Exchange (ASX) following the announcement that Boom is a target of a $240 million takeover proposal.

Environment Protection Authority (EPA) has cancelled the licence of Mobil Refining Australia Pty Ltd following poor performance at its Altona site.

Federal Treasurer Wayne Swan is done battling out with Australian mining leaders on the resources super profits tax and took its fight now in China.

One resource company is not afraid of continuing its explorations and existing projects in North-West Queensland despite the plan for the Federal Government to push through with the resources super profits tax.

Chief advisor on major building projects of Prime Minister Kevin Rudd has advised the government to restart its resource tax from scratch and provide proper consultations with the mining industry.