BUSINESS

Court sentences corporate exec to seven years imprisonment

The District Court of New South Wales on Tuesday sentenced 32-year-old former corporate executive Oliver Banovec, of Bellevue Hill, Sydney, NSW, after he was found guilty of five counts of fraud and one count of perjury. The court also said that Banovec would not be eligible for parole for a period of four years and nine months during his imprisonment.
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Government urged to release more details on NBN

Opposition senators have called on the federal government to release the $25 million study on the $43 billion National Broadband Network (NBN), which has been touted by the government as Australia’s largest infrastructure undertaking to date.

BOQ to acquire CIT ANZ

The Bank of Queensland is set to acquire the Australian and New Zealand businesses of New York-based Commercial Investment Trust (CIT) Group, well known for its lending services to small and medium-sized businesses.

Analysts say ConsMedia is taking steps to privatisation

Consolidated Media Holdings Ltd (ConsMedia) has announced Friday that it is asking its shareholders to use $225 million in its plan to buy back 11.88 percent of the company’s 620.71 million shares on issue, which analysts said are indications that the media company is on road to become private anew.

Feds eye tougher measures for remittance business

The federal government has released key proposals aiming to further strengthen regulation of Australia’s remittance business as it hinted the introduction of tougher measures on money forwarders who could be utilised by launderers and human smugglers.

Woodside's production dipped at 7 pc

Woodside Petroleum today posted a seven per cent loss in production during the first quarter of 2010, despite a record in the Liquefied Natural Gas (LNG) production from the North West Shelf.

NAB survey say commercial property heads for growth

A National Bank of Australia (NAB) survey has revealed Thursday that capital values will be raised across all commercial sectors, as expansion in commercial properties is expected over the next 12 months with the office sector coming out as the lead player and edging out the retail and industrial sectors.

Iluka Resources touts increased mineral demands for 2010

Iluka Resources Ltd has reported that demands for high value mineral sands, such as zircon and rutile, increased on key markets in the first quarter of the year following restrained output during the global financial crisis.

Telstra plans to hike competitions’ access charges

Telstra has announced plans to impose an additional 20 cents charge on competitors accessing the company’s copper network, and raising the possibility that consumers will soon foot much higher internet and phone bills.

Caltex reports sales surge but remains cautious on outlook

Caltex Australia Ltd has released on Thursday its unaudited first quarter profit which showed sales spikes of up to 33 percent or $130 million on a replacement cost of sales operating profit (RCOP) basis, as the oil company cautioned that its short term outlook is largely tentative at this stage.

No plans to sell AVIVA: NAB

The National Australia Bank scrapped the idea of selling its Aviva wealth management business which was acquired ten months ago, as it still has unfinished business on the AXA Asia Pacific takeover bid.

Government set to effect new measures for mining safety

The State Mining Engineer has announced that the government is poised to collect millions via a safety regulation tax as the Department of Mines and Petroleum is set to impose fresh steps that will secure the safety performance of the resource industry.

BHP faces $2.7M graft scandal

Trouble looms over BHP Billiton as it faces a controversial a graft scandal on its exploration project in Cambodia.

IronClad Mining reveals joint venture with Chinese firm

A joint venture with China is in the offing for South Australia as Adelaide-based IronClad Mining Ltd has announced Wednesday that MCCM Capital Management Co Ltd is set to buy the mining firm’s stakes offering that could reach up to 4.4 million shares.

ANZ joins bidding race for KEB

Media reports revealed that ANZ Bank may seek to expand its business in Asia by bidding for a $4 billion stake in Korea Exchange Bank.

BHP Billiton dodges new controversy

Australian mining giant BHP Billiton is trying to dodge from the backlash the befell world's largest investment bank Goldman Sachs after it was revealed that the U.S. Securities and Exchange Commission was investigating the firm over alleged violations of anti-corruption laws.

ERA upbeat on stronger uranium market

The Energy Resources of Australia (ERA) has expressed optimism that the uranium market is bound for a more robust status over the long haul, as ERA chairman David Klingner is confident that nuclear power will remain as the forefront option for global energy solution.

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