BUSINESS

Shopping center Westfield will enter into an upgrade by developing a $1 billion on its global properties. The upgrade will involve US centers mirroring Australian centers once the retail issues are solved and improved in the US.

Critics are accusing the Northern Territory government of using taxpayers’ money to keep the Power and Water Corporation afloat as budget papers showed that the government has agreed to series of debt equity swaps with the corporation amidst the major upgrades that the company is currently undertaking.

Westpac did not fail on its latest half-year net profit forecast as it rose to $3 billion but still worries over the effects of the global financial crisis that will continue over the years.

Mining company Rio Tinto expressed its worries on the Federal Government's move for a new resource tax stating that it would make the mineral industry as the highest taxed in the world.

In the aftermath of the federal government's proposal for a mining tax on super profits released on Sunday, US miner Peabody Energy will review the impact of the new tax as it costs up to $US 3.8 billion or $A4.1 billion offer for Macarthur Coal

Vodafone Hutchison Australia (VHA) is upbeat that its stellar performance since the company’s formation in June 2009 will be sustained down the line in 2010, as the country’s third largest telco announced on Tuesday that it has started working on long-term branding and network strategies.

Shopping center Westfield Group will soon commence its $1 billion development project this year after its transformation in the global market.

Cape Lambert Resources from West Australia has announced that its exploration activities in the Pilbara region has been cancelled following the federal government’s planned imposition of a 40 percent super profit tax on mining industry.

The Federal Court ordered Qantas Airlines on Tuesday to pay commission years to travel agents after it was found out that fuel surcharge to passengers is part of the fare and not a tax.

The Reserve Bank of Australia has hinted on Tuesday that inflation will hit Australia after it resumed its normalcy in the economy, as the central bank delivered its sixth interest rate today by 25 basic points to 4.5 per cent.

United Airlines and Continental Airlines have finalised a $US3 billion dollar deal that will transform the two carriers into the biggest airline in the aviation industry as both companies are looking to generate fresh revenues of up to $US1.2 billion or $A1.3 billion come 2013.

Australian-based Newcrest Mining and rival Lihir Gold finally agreed on a partnership which values Lihir at $9.5 billion.

The Northern Territory government has announced on Tuesday a $5.1 billion for year 2010/11 with a cash deficit of $268 million with increased allocations for health, housing and education, even as mining industries and civil servants bear the brunt of the resulting deficit.

The Queensland government has announced today that it is prepared to take action on the federal government’s new mining tax plan should it pose a threat to the state’s resource industry as central authorities gave assurance that the tax is necessary to keep mounting mineral incomes from leaving Australia.

Australian stocks are gaining for the first time in six years and further expansions by the local market will largely hinge on overseas factors as research group Lincoln Indicators released a new study showing listed companies that deemed financially healthy surge in the six months leading to December.

The Australian Bureau of Statistics (ABS) has revealed Monday that property prices are still surging upwards as house price index jumped by 4.8 percent in the March quarter and seemingly discounting the expected impact of the successive interest rate hikes.

DSM Biologics, a unit of DSM Pharmaceutical Products, a global provider of manufacturing technology and services to the biopharmaceutical industry, announced finalizing preliminary agreement with the Queensland State Government and the Commonwealth of Australia to design, build and operate the first Australia-based mammalian biopharmaceutical manufacturing facility to be located in Brisbane.

Orica Limited on Monday announced it will split with DuluxGroup businesses after a 75 per cent decrease on its first half net profit.

Air New Zealand and Virgin Blue has announced Monday that they are seeking regulatory approval for a trans-Tasman alliance that will bring the two airlines to share route services but still short of any merger possibility.

After its first taste of rejection by the ACCC, the bank will have to seek another approval on its deal that focuses on the retail investment platforms used frequently by the wealth management industry, and its MLC businesses.

Bad luck has struck upon Rio Tinto as it suffered two big losses during the weekend.

Airport operator MAp Airports Ltd, Sydney Airport’s majority owner, has reported on Friday that 31 percent spikes on its first quarter earnings with $100.71 million amassed in three months leading to end of March, as compared to posted income the same period last year.

Opposition immigration spokesperson Scott Morrison said his population policy will not jeopardize Australia's economy.

Same-store food and liquor sales of Woolworths increased to 2.0 per cent during the third quarter, propelling the retailer to trim down its sales forecast for this year.

Atlas Iron announced on Friday that the government approved its proposed Wodgina iron ore project in Western Australia.

Coffey International Ltd has announced Friday that it is projecting lower revenues in 2009-2010 following declines in monthly incomes since January as delays, slow-downs and cancellations marred the Sydney-based company’s pipeline of projects.

It will be business as usual if Melbourne Storm can fill up all the lost sponsorship within weeks.

East Timor turned down Australian-based Woodside, an oil gas producer to export gas from the Timor Sea that would have become the world's first floating liquefied natural gas (LNG) platforms and could have put the multibillion-dollar Greater Sunrise's LNG partnership in jeopardy.

Darwin lost its chance of hosting a $5 billion gas plant and expanding its Sunrise fields, following announcement by Woodside Petroleum Ltd that its joint venture partnership with ConocoPhillips, Shell and Osaka Gas, have opted to build instead a floating platform in the Timor Sea.