BUSINESS

Ranked as the fastest for the past eight years, the Australian manufacturing growth fell down in May for the first time as new orders slowed following the central bank's decision to boost its interest rate for the sixth month since October.

A financial analyst said on Tuesday it is likely that a large company may be pushing for a takeover bid for Tasmanian timber company, Gunns.

Index reports have shown that home prices in April went for a halt with some capital cities citing some falls and others barely made it on the marginal gains.

National Australian Bank has agreed to put on hold its exclusive $12 billion acquisition of AXA Asia Pacific on three weeks.

Cape Lambert Resources Ltd requested for trading halt of its share while it settles the sale of its Lady Annie Project in Queensland to China Sci-tech for $135 million.

Cougar Energy Ltd has announced Monday that it sealed a deal with China’s Inner Mongolia Qi De Investment Co Ltd to jointly-develop an underground coal gasification (UCG) project site deep in the Inner Mongolia region of China.

After more than a year of property price growth, signs are starting to show that the residential property boom is slowly grinding to a halt with most major cities around Australia posting either declining or moderate growths.

Corporate giant Wesfarmers Ltd said yesterday that the federal government’s proposed resources super profits tax could hurt its operational value in the coal sector as chief executive Richard Goyder stressed that it would be hard to estimate the new tax’s actual financial impact on the company.

New figures released by the Australian Bureau of Statistics (ABS) on Monday showed that Corporate Australia has experienced a windfall in the first quarter of 2010, amassing a total of $57.2 billion while companies’ gross operating profits jumped by 3.9 percent in the March quarter.

Shares in Cazaly Resources Ltd have been placed in a trading halt over the company's Parker Range iron ore project in Western Australia.

Qantas Airways Ltd and Tourism Australia announced a new three-year partnership worth $44 million to market Australia internationally as a tourist destination.

Following some pick ups early this year, luxury may be back in style as consultancy firm Bain & Company said Sunday that the luxury goods industry sales in 2010 would grow by four percent to 158 billion Euros or $A229.78 billion with much of the sales spikes to be seen within the first half of the year.

Senetas Corporation, known for its information technology services, was unsuccessful in renewing a contract from Telstra Corporation. However, the company is optimistic the revenue loss will not affect its financial year.

Sigma announced it has entered into a confidentiality agreement with Aspen Pharmacare Holdings Ltd, providing access to the company's due diligence information.

The Australian Securities Exchange privately questions Virgin Blue after it revealed its shocking profit downgrade in less than a month.

Healthscope announced it has received two additional indicative and non-binding proposals to acquire all of the company's issued capital for cash consideration by scheme of arrangement at a price of $5.80 per share.

The $7.7 billion Gladstone liquefied natural gas (GLNG) project of Santos and Petronas in Queensland is expected to create a huge number of jobs for the region.

Local unions are angry towards Premier Anna Bligh for pushing for a sell-off of State Government assets, which includes the Queensland Rail's coal network.

Queensland Premier Anna Blight told media on Monday that direct air travel from Brisbane and China will strengthen the tourism industry for both countries.

Hundreds of childcare centres formerly operated by the collapsed ABC Learning group will be turned over to non-profit consortium today.

Asian equities extended their global rallies that help buoyed the Australian and New Zealand dollars. At the close of Friday's trading session, the Australian dollar was poised for its first five-day advance in more than a month and the New Zealand dollar appears to gain for the first time in three weeks.

Air New Zealand will be enabling its new Boeing 777-300 aircraft with mobile phone and data capability, with the first aircraft due for delivery in November this year.

Suncorp confirmed today that it has finalised pricing of its Apollo Series 2010-1 residential mortgage-backed securities (RMBS) issue from $500 million to $1 billion, in response to investor demand.

The Australian Workers Union is thoroughly concerned on the possible effects of the Federal Government's proposed resources super profits tax on Whyalla's OneSteel operations.

A report by the Melbourne Institute has indicated that economic trends for May pointed to less optimistic economic outlook for the Australian economy as creeping wariness on the effects of the European debt crisis started shrouding economic growth expectations.

The proposed Pulp Mill is currently the center of debates and discussions once again after the resignation of Gunn's chairman was announced on Thursday.

Former Queensland Premier Peter Beattie announced on Friday it will seek an early retirement by July as the state's Trade Commissioner to the Americas.

Santos and Petronas' multibillion-dollar Gladstone Liquefied Natural Gas (GLNG) project received its environmental approval from the Queensland government, following review of the project's Environmental Impact Statement (EIS) by the Queensland Coordinator-General.

A timber industry analyst explained on Friday that a possibility for Gunns to improve its corporate image following the resignation of its chairman John Gray is very high.