BUSINESS

The Australian Bureau of Statistics (ABS) said today that the country’s overall sales of new motor vehicles jumped by 8.4 percent in April with four-wheel drive units posting a record 28.7 percent increase in sales in the year leading to April.

SunGard has integrated executed, market-driven trade data derived from Quadriserv's AQS securities lending market into SunGard's Astec Analytics platform, its solution for securities lending performance measurement and program management. The integration of data from the AQS market alongside Astec's existing rate data continues the trend toward a market-driven approach to true price discovery and transparency for the securities lending industry.

Risk-averse banks, institutions and corporations in emerging markets who have been contemplating an entry into the derivatives arena and setting up their in-house derivatives operation to harness hedging and trading business in derivatives can now outsource their derivatives business to New Zealand-based WSD Global Markets, following the launch of its new offering from its India offices WSD INDIA, headquartered in South Mumbai.

Oil and gas explorer and producer Carpathian Resources Ltd announced it is conducting investigation on alleged irregularities in some of its past financial transactions.

Oil and gas explorer and producer Carpathian Resources declared on Tuesday it is pursuing an investigation on some irregularities pertaining to its past financial transactions.

Thorn Group Ltd posted a net profit after tax of $19.5 million, up by 32.8 per cent from previous year's $12.3 million.

Gindalbie Metals announced on Tuesday it will pursue its Karara iron project despite the mining companies' concerns on the proposed super profits tax by the government. However, the tax will cut down its returns for the project.

New South Wales Premier Kristina Keneally revealed on Tuesday that several Sydney's road systems and transportation may not push through.

The Federal Opposition has accused Prime Minister Kevin Rudd for politicizing Treasurer Ken Henry to reinforce its campaign on the resource super profits tax for miners.

One of the world's iron ore miners have accused the Rudd Government's claims that miners were not paying its full and fair share of taxes.

The proposed resource super profit tax prepared by Wayne Swan has faced another disapproval, this time from former banker and mining leader John Ralph, stating the move as risky.

Transurban Group Ltd chairman David Ryan defended the company and its Board on its decision to turn down improved takeover offers from the Canada Pension Plan Investment Board (CPPIB), CP2 Ltd and Ontario Teachers' Pension Plan (OTPP).

Executives of Rio Tinto said on Tuesday the Federal Government's proposed resources super profits tax has already been damaging the nation's reputation as an investment destination, which threatens the Australian economic stability.

The Australian Competition and Consumer Commission (ACCC) is seeking for a $40 million penalty to be imposed on Telstra Corporation Ltd for alleged breaches of the company's competitive obligations under federal law.

Atlantic Ltd announced today that the proposed resources super profits tax (RSPT) will have minimal impact on its Windimurra vanadium project due to its large existing capital base and the circumstances under which the project will be acquired.

Moody’s Investors Service has reported on Monday that Australia’s building societies are standing on solid ground with anticipated growths in their deposit base as the country’s economy is on its way to further recovery.

Woolworths on Monday declared its plans to upgrade its hardware chain by acquiring Gunns Limited's five store in Tasmania for $40 million.

Another company has publicly aired out its disapproval on the federal government's resource super profit tax as it will damage the resources sector.

It was revealed that a new political party is planning to combat the federal government's proposed mining tax for the benefit of Western Australians.

South Africa's Aspen Pharmacare Holdings Ltd has been confirmed as the surprise bidder for Sigma Pharmaceuticals Ltd.

A spokesperson for private hospitals operator and pathology supplier Healthscope will permit private equity consortium to perform due diligence on the company provided that both parties will agree on a confidentiality agreement.

Brockman Resources issued a statement today asserting that both its strategic relationship with Sinosteel Australia Ltd and the development of its flagship Pilbara iron ore project remain on track.

An exploration firm declared on Monday its recent reverse circulation (RC) infill drilling results at Davidson Creek area for its pre-feasibility study.

Saudi Arabian Mining Co (Ma'aden) announced that it has awarded a $202 million contract to Flour Corp and WorleyParsons Ltd for the supervision, engineering and procurements its alumina refinery.

A1 Minerals Ltd announced today the commencement of its gold production as it moves out of the commissioning stage of the Brightstar Gold Project in the Laverton region of Western Australia.

A small salt miner in South Australian has appealed to the government, stating the resource super profits tax will not further help its firm as it is unviable.

The Reserve Bank of Australia is hit with a new controversy when its currency firm is linked to bribery with foreign officials and offers of prostitutes to gain banknote printing deals.

During the past weeks, resource companies continuously lobbied its campaign against the tax as it will jeopardize any investments coming to Australia and will also limit its competition to foreign miners.

The annually published World Competitiveness Yearbook study has listed Australia as the fifth most competitive economy in the world along with Singapore, Hong Kong, the USA and Switzerland topping the list respectively.