BUSINESS

Xtrata declared suspension on its $30 million copper exploration in central Queensland a week after the federal government released the proposed resource super profits tax.

The Melbourne government is set to collect about $125,000 in compensation from the city’s train operator Metro, as it again failed to meet its punctuality target for the month of April, with only 84.5 percent of trains running on time, which is just 3.5 percent shy of meeting its 88 percent goal, that would have allowed the company to write off the fine.

Avexa Ltd shares tumbled by almost 78 percent or up to 2.7 cents on Monday as the drug company announced that it is ending Apricitabine (ATC), its lead HIV program, amidst the resignation of its chief executive Julian Chick who is set to leave by end of May.

The State government will attempt to save $160 million for the next four years to supply travel services for politicians and government officials.

Transurban Group confirmed that it purchased Sydney's Lane Cove Tunnel for $630.5 billion.

American company Peabody Energy reduced its offer to buy each share of Macarthur Coal at $15 a share from its previous offer of $16 a share. The proposal came in the midst of the growing disagreement on the Australian government's proposed super-profits tax scheme.

Real estate experts warned that housing market would slow down as interest rate hikes filter through to buyers.

Premier Anna Bligh continues to lobby for a change in a new mining tax and calls on the mining industry to put pressure against the proposed tax.

Ratings agency Standard & Poor's on Friday announced a change to U.S. index. The agency said that Tibco Software Inc. would replace Brink's Home Security Holdings Inc. in the S&P MidCap 400 index after the close of trading on Friday, May 14. Brink's Home Security Holdings is being acquired by Tyco International Ltd. in a deal expected to be completed on or about that date, pending final approvals.

Kraft Foods Inc. reported strong first quarter 2010 results bouyed by good operating momentum in every geography. Volume/mix improved sequentially from the fourth quarter 2009 and contributed significantly to income growth and margin expansion for Kraft Foods' base business.

U.S. real estate giant Simon Property Group (SPG) is proposing what is described as its "best and final offer," $6.5 billion or $20.00 per share to acquire General Growth Properties, Inc. (GGP) in a fully financed deal.

Newly-elected chief executive of Virgin Blue may be earning much more for a year than the previous CEO.

International derivatives exchange Eurex on Friday announced it would list three new options beginning 17 based on the Deutsche Bank ETFs db x-trackers MSCI Emerging Markets TRN, MSCI World TRN and MSCI Europe TRN. Additional ETF options are expected to be listed at Eurex later this year.

CME Group, the world's leading and most diverse derivative marketplace, on Friday defended Citigroup Global Markets Inc. and that its activities in the CME Group's stock index futures markets does not appear to be unusual.

Consumer electronics retailer JB Hi-Fi reaffirmed its sales guidance Friday of close to $3 billion even as its March and April sales failed to hit marked expectations and reflected the dwindling effects of government stimulus programs and increasing interest rates.

The federal government has expressed confidence that Telstra would eventually become a partner for its national broadband network project which should reduce its mammoth cost once the rollout begins.

Alumina Ltd has reported Friday that market outlook for 2010 is far better though still falling short on levels seen in 2008, as chief executive John Bevan told shareholders gathered for a general meet in Melbourne that company outlook this year is much more positive for the market.

With an onslaught of new orders and flat building increase, the construction sector turned into a beehive again in April as a new survey by the Australian Industry (Ai) Group-Housing Industry Association (HIA) performance of construction index (PCI) surged from 4.8 points in April to a seasonally adjusted 55.8 points.

Iron ore miner Rio Tinto announced on Friday it will resume its shelved operation programs in Canada.

AMP Limited continues to battle for a takeover bid for AXA Asia Pacific Holdings.

The controversy regarding the proposed super profit tax by the federal government still looms as mining businessman Clive Palmer revealed that he postponed two big projects, one of which would have generated 3000 jobs.

The $25 million study on the national broadband network commissioned by the federal government has revealed on Thursday that the project is doable within the allocated $43 billion budget and should be up and running within its eight year time frame.

Mobile company Vodafone Hutchison Australia (VHA) has announced Thursday that it has acquired the services of Nokia Siemens Network to run the company’s network operations which covers equipment supply and service management.

In a bid to encourage healthier competition in its territory, the ACT government has recently released land for five supermarkets in a move that adheres to its Supermarket Competition Policy Implementation Plan recommended last year by former ACCC commissioner John Martin.

Available jobs in Australia shrunk a bit in May amidst the uncertainties still faced by many companies as more job opportunities could further disappear should the mining industry continue its plans to cancel lined up projects in light of the planned resource rent tax by the federal government.

Transport Minister Anthony Albanese told the car industry to quickly pursue the issue of reducing pollution from vehicles instead of requesting for a delay of reforms.

Santos Limited, producer for oil and gas, predicts its production in 2010 will be below its original forecast due to natural disasters.

Sydney-based AMP has seen a slight improvement as released its cash flows for the March quarter with a 12 per cent increase.

Melbourne-based National Australia Bank dropped its first half net profit to 21.4 per cent due to the bank's exposure to volatility on financial instruments.