BUSINESS

Iron ore company Gindalbie Metals Ltd announced it has successfully raised $175 million from institutional investors as part of its capital raising initiative to finance its Karara Project.

The newspaper industry in Australia is facing problems as sales continued to dip below as it points its blame on slower news year and not on news online sites.

The damaged Chinese coal carrier Shen Neng 1 anchored in Hervey Bay in South-East Queensland as its crew members continue to unload coal.

Executives of the Australia and New Zealand (ANZ) Bank admitted they were “completely shocked” when they learned about trafficking network operations done by former employees from their Melbourne offices.

Tiger Airways announced a group net profit after a tax of $22.7 million for the year to March 31, a $63.7 million turnaround on the $40.9 million after-tax net loss on the previous year.

Queensland Prime Minister Anna Bligh has announced the launch of a new $1 billion residential community in Gold Coast set to be developed by Mirvac, with about 2300 home units to be spread in a sprawling 500 hectares at Pimpama within the next 10 years.

Taseko Mines Limited and Franco-Nevada Corporation completed a deal that will see Franco-Nevada buying at least 22% of the life of mind gold to be produced by Taseko from its planned Prosperity Gold and Copper mine in British Columbia.

Leading index provider Standard & Poor's Indices announced on Wednesday changes in the U.S. indices. It said that the S&P SmallCap 600 constituent Rock-Tenn Co. would replace Varian Inc. in the S&P MidCap 400 index, and LSB Industries Inc. will replace Rock-Tenn in the S&P SmallCap 600 index after the close of trading on a date to be announced.

The Emirates Group defied global market instability and economic uncertainty, posting a record profit rise of 248% in the last fiscal year.

AMP Limited reiterates that it will continue to pursue a merger bid for AXA Asia Pacific Holdings.

Unemployment rate remained steady at 5.4 per cent in April, according to the Australian Bureau of Statistics (ABS).

Jetstar Airlines will seek an expansion in the Asian market by offering long-overhaul flights out of Singapore to Australia, North Asia, and in European countries starting this year.

The Federal Government on Wednesday ruled out an Emission Trading Scheme (ETS) and a $130 million home insulation plant in New Castle, New South Wales.

Phone carrier Optus reported an annual net profit up by 16 per cent. The Singapore Telecommunications Ltd subsidiary posted $676 million net profit for fiscal 2010.

China's Citic Pacific announced it has been hit by a cost blowout and has to pay an extra $US835 million to its contractor in its Australian iron ore project.

Rio Tinto chief executive Tom Albanese joined attacks against the government's planned super-profits tax saying that the text measures would reduce Australia's competitiveness and hurt investments.

Jetset Travelworld Ltd has announced plans to merge with Stella Travel Services Holdings as respective boards of the two travel companies have agreed on a conditional merger deal with Qantas Airways, Jetset’s majority shareholder, giving its thumbs up for the planned merger.

LCH.Clearnet Ltd., the largest independent clearing house group, has cleared the first-ever 50-year interest swap trades (IRS) through its SwapClear offering.

Curtain manufacturer and retailer Kresta Holdings Ltd has reported Wednesday of an expectedly higher full year 2010 result following a five percent surge of up to $29.5 million on its third quarter sales for this fiscal year alone.

To prevent the so-called 'May 6 rout" from happening again where the crash on Wall Street markets caused a global ripple effect, U.S. regulators Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), announced the creation of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory issues.

BTIG LLC, a broker dealer focused in institutional trading and related brokerage services, has announced its expansion into fixed income and equity capital markets. The move is seen to allow issuers a variety of solutions across their entire balance sheet and complements BTIG's existing lines of business, while leveraging its distribution platform and the deep experience and relationships of its sales and trading professionals.

New data released by the Australian Bureau of Statistics on Wednesday showed that the overall volume of owner-occupied housing slid to its lowest level since April 2001 as housing finance commitments declined by 3.4 percent in March to 48,260 following the government’s withdrawal of its stimulus suite grants for first home buyers.

The Australian gold stocks had inspired a beehive trading on Wednesday following the precious metal’s spot price record spikes in US trading overnight, with the spot gold price reaching as high as $US1,234.55 per fine ounce in the US session.

CSR Limited confirmed on Wednesday that it performed decently at 66 per cent in its annual result for the year ended March 31. The firm did not specify any expected figures for the following year.

Transurban Group turned down a $7.2 billion takeover bid from its three Canadian shareholders, stating the offer undervalued the company.

Energy utility company SP AusNet has reported that its full year net profit after tax (NPAT) jumped by 42.3 percent or $209 million in the March quarter as it cited that boosted activity from its new commercial arm, price increases and additional clients fuelled the recorded gain.

Shipbuilder Austal confirmed on Wednesday it will have a total transformation as it discontinues its Tasmanian shipyard operations and terminates 116 employees.

Manila Water Company (MWC) confirmed it engaged in a Japanese association to acquire an Australian wastewater treatment and desalination firm for $A225 million.

Xstrata chief executive officer Mick Davis said the Australian government's proposed tax measure is the "biggest assault" in the mining industry.