BUSINESS

Australian weapon company Electro Optics Systems Holdings (EOS) announced it has signed an exclusive agreement with Northrop Grumman to bid for a $4 billion contract with the United States Army for vehicle-mounted remote weapons systems.

BHP chief executive Marius Kloppers attacked the panel's consultation appointed by Treasurer Wayne Swan on Friday for refusing to disclose the design or key elements of the prosed resource super profits tax.

Mining giant BHP Billiton announced it has confirmed formation of a joint venture with a subsidiary of PT Adaro Energy TBK for its Indonesian Coal Project (ICP) following the completion of government approvals.

Building company James Hardie disclosed its full-year loss of $93.6 million yesterday, stating the loss was due to the tough US housing market. However, the group is optimistic of long-term growth and better conditions in the Asia-Pacific market.

Apple contractor Foxconn has started instituting precautionary and even bizarre measures to protect its workers and business in the aftermath of reported nine suicides this year at the company’s giant facility in southern China.

A new United Nations (UN) report published on Wednesday said that the world economy is poised to recover from last year’s crunch with up to three percent growth this year and 3.2 percent improvement by next year, while warning at the same time that only a solid recovery could recoup job losses and fill the production backlog created by the deep recession.

Mobil Oil Australia Pty Ltd has signed an agreement with 7-Eleven Australia for the sale of its retail fuels business, comprising 295 company-owned or leased stations that are primarily located in metropolitan areas in east Australia.

The State Government of Queensland reported on Thursday that it pushes through its regionalization plan where first home buyers will receive a $4, 000 boost and government agencies may be relocated.

Grains handler and marketer GrainCorp Ltd posted a $53 million half year profit from $32 million last year and will pay an interim dividend of $0.15 per share.

The Supreme Court of Queensland has ordered the Bank of Queensland to reveal documents pertaining to its lending practices in two branches while seeking legal action on the collapsed Storm Financial.

Different groups have mixed reactions when it was declared that the federal Government may possibly give a compromise on its proposed new resources profits tax.

The Prime Minister of East Timor lambasted an Australian consortium, claiming that the group is trying to steal the country's natural resources from a gas field that is currently developing in the Timor Sea.

A market analyst sent warning signals over the lack of clarity of the Federal Government's proposed resources rent tax, which is bringing uncertainty in the share market.

Virgin Blue Holdings Ltd. reported a 0.5 per cent increase in its domestic passenger numbers and 18.7 per cent in its international passenger numbers for the month of April.

The ANZ is currently investigating a social networking site scandal involving debt collections staff who are tracking down people with outstanding personal loans and credit cards.

An economics professor commented on Thursday that plans for three new satellite cities in Queensland's south east will pose a major problem for people to move to regional areas.

BHP Billiton's Olympic Dam copper and uranium mine in South Australia will return to full operation by the end of June.

More than thirty per cent of Rio Tinto investors have ruled over the increased pay to executives during its annual general meeting in Austraila.

Telstra Corporation Ltd said it should be fined a sum of about $4 million, instead of the $40 million penalty sought by the Australian Competition and Consumer Commission (ACCC) for alleged breaches of the company's competitive obligations under federal law.

Google says that ad skipping would not be permitted on its new TV platform Google TV.

Domestic carrier Regional Express Holdings Ltd (Rex) has announced on Wednesday that company net profit for 2009/10 would only either match or might even fall a little below than the net profit of $23 million it reported on 2008/09.

Otix Global, Inc., announced that its Australian division, HearingLife, has begun offering franchising opportunities to audiologists and audiometrists throughout Australia. HearingLife made the announcement at the annual Audiological Society of Australia (ASA) conference in Darling Harbour, Sydney.

State Street Global Markets, the investment research and trading arm of State Street Corporation, said that global investor confidence fell 11.2 points in May to 88.2 from April's revised reading of 99.4.

Twenty economists were ridiculed by the Federal Opposition for expressing their support through an open letter on the federal government's proposed resource super profits tax.

Majority of cab drivers in Canberra Australian Capital Territory (CAT) expressed their disapproval over the suggestions made that an extra taxi license be issued across the region.

A four billion dollar development project of the Oakajee port in Western Australia is currently subjected for review by the state's Treasury.

The Australian Federal Police failed to act quickly on the alleged corruption inside the Reserve Bank's currency subsidiary.

Minerals tester Ammtec Ltd announced today its Board has decided to reject the proposed $123 million takeover offer by Campbell Brothers.

A recent study shows that small to mid-sized businesses do not favor banks that want to build their lending books when the mortgage market slows down.