Business

Top Stories

Hot topics: business-economics-and-finance, australia, industry, government-and-politics, company-news, tas, hobart-7000, rural, qld, mining

Consumers told to brace for petrol price spike

Posted February 27, 2011 13:47:00

Australian motorists are being warned to brace for a spike in petrol prices if the unrest in the Middle East continues.

Tags: business-economics-and-finance, industry, oil-and-gas, australia, libya

Households to be compensated for carbon tax Photo

Posted February 27, 2011 12:02:00 | Updated February 27, 2011 12:16:00

The Federal Government says it will make sure people are compensated for price increases under plans to charge for carbon emissions.

Tags: business-economics-and-finance, government-and-politics, federal-government, tax, australia

Business in jeopardy without carbon tax subsidies

Posted February 27, 2011 11:42:00 | Updated February 27, 2011 11:41:00

The New South Wales Business Chamber has warned that businesses will suffer if they are not entitled to subsidies under the proposed federal carbon tax.

Tags: business-economics-and-finance, electricity-energy-and-utilities, environment, climate-change, australia

Bombing shuts down Iraq's largest oil refinery

Posted February 27, 2011 09:46:00

Militants have attacked Iraq's largest oil refinery, killing four workers and detonating bombs that started a raging fire and shut down the plant in northern Iraq.

Tags: oil-and-gas, world-politics, unrest-conflict-and-war, iraq

Brighton bypass boost for Kempton Photo

Posted February 27, 2011 09:29:00

The Midlands town of Kempton, north of Hobart, is hoping the controversial Brighton Bypass will bring about a revival.

Tags: housing, regional-development, road-transport, australia, tas, hobart-7000, kempton-7030, launceston-7250

Mines still recovering from Qld floods

Posted February 27, 2011 09:12:00

Production at Queensland's coal mines is yet to return to normal after widespread flooding this year.

Tags: business-economics-and-finance, industry, mining, floods, environment, rural, coal, australia, qld, brisbane-4000, bundaberg-4670, gladstone-4680, longreach-4730, mackay-4740, rockhampton-4700, toowoomba-4350

Pulp mill funding prompts concern

Posted February 26, 2011 12:26:00

The Prime Minister, Julia Gillard, has been criticised by Tasmanian Liberal and Greens Senators for refusing to rule out further financial assistance for the Gunns pulp mill in the north.

Tags: federal-state-issues, timber, australia, tas, hobart-7000, launceston-7250

Coal industry fears job losses under carbon scheme Photo

Posted February 26, 2011 00:45:00

The coal industry says mines will close and jobs will be lost if it does not get appropriate government assistance under a carbon tax.

Tags: business-economics-and-finance, industry, environment, climate-change, government-and-politics, federal-government, tax, coal, australia

Mining employees charged for stealing gold Photo

Posted February 25, 2011 21:32:00

Two Kalgoorlie-Boulder mining company employees will face court next month for allegedly stealing gold worth up to $1 million.

Tags: mining, kalgoorlie-6430

Coal industry concerned at carbon price plan

Posted February 25, 2011 20:36:00

One day after the announcement of the Government's new carbon reduction strategy, emission-intensive industries are already lining up to express their concerns about the plan.

Tags: business-economics-and-finance, industry, mining, environment, climate-change, government-and-politics, federal-government, coal, australia

Proposal for Kwinana port back on the agenda Photo

Posted February 25, 2011 19:50:00 | Updated February 25, 2011 19:59:00

The company proposing to develop a private port in Kwinana says the Government has promised to set up a taskforce to get the project underway.

Tags: government-and-politics, sea-transport, wa, kwinana-beach-6167

New Karratha development moves ahead Photo

Posted February 25, 2011 19:49:00

The Mulataga residential development in Karratha is a step closer, with three groups shortlisted to develop the project.

Tags: housing, karratha-6714

Bargain hunters drive end of week rally

Posted February 25, 2011 17:15:00

The local share market staged a late rally to close slightly higher, with bargain hunters swooping in before the end of the trading week.

Tags: business-economics-and-finance, company-news, gold, oil-and-gas, finance-markets, stockmarket, currency-markets, australia

Fuel prices expected to jump 20 cents Photo

Posted February 25, 2011 16:53:00

Motorists across the Northern Territory can expect to pay more at the pump because of unrest in the Middle East.

Tags: economic-trends, australia, nt, darwin-0800

Power outage causing bank disruptions

Posted February 25, 2011 16:44:00

The Bank of Queensland (BOQ) says a power outage is causing problems for cardholders who are trying to access money today.

Tags: business-economics-and-finance, industry, banking, australia, qld

Clem 7 operator placed in receivership Audio Photo

Posted February 25, 2011 16:44:00 | Updated February 25, 2011 19:50:00

Clem 7 operator RiverCity Motorway Group has been placed into receivership after owing $1.3 billion to a syndicate of banks.

Tags: business-economics-and-finance, company-news, australia, qld, brisbane-4000

Tassal rejects takeover

Posted February 25, 2011 16:00:00

Tasmanian salmon producer Tassal has rejected a takeover offer of $1.90 a share.

Tags: business-economics-and-finance, industry, food-and-beverage, rural, fishing-aquaculture, takeovers, tas, hobart-7000, huonville-7109, launceston-7250

Federal Police probing Virgin flight incident

Posted February 25, 2011 15:30:00

Federal and Victorian police are investigating an incident on a Virgin Blue flight that resulted in six people being treated by paramedics.

Tags: disasters-and-accidents, accidents, air-and-space-accidents, law-crime-and-justice, police, air-transport, australia, qld, brisbane-4000, vic, melbourne-3000

Australia targets Indian tourists Video Photo

Posted February 25, 2011 15:12:00

The Australian Government has launched a $2 million campaign aiming to bring more Indian visitors Down Under.

Tags: business-economics-and-finance, advertising-and-marketing, tourism, trade, australia, india

Traditional owners sign deal for phosphate mine Photo

Posted February 25, 2011 14:55:00

Aboriginal traditional owners in Tennant Creek have signed an agreement to mine Australia's largest phosphate deposit.

Tags: mining, australia, nt, darwin-0800, tennant-creek-0860

Fears carbon price will push up cost of electricity

Posted February 25, 2011 14:33:00 | Updated February 25, 2011 14:32:00

Victoria's power industry leaders believe a carbon price will again push up the cost of electricity.

Tags: electricity-energy-and-utilities, government-and-politics, emissions-trading, traralgon-3844

New apprentices join Q-Build Photo

Posted February 25, 2011 14:29:00

The Member for Rockhampton has welcomed new Q-Build apprentices for the last time before he retires next year.

Tags: regional-development, retraining, government-and-politics, rockhampton-4700, woorabinda-4713

Queensland wants more carbon tax plan details

Posted February 25, 2011 14:11:00 | Updated February 25, 2011 14:56:00

Premier Anna Bligh says with the details of the carbon tax proposal still unknown, it is not clear what impacts it would have on Queensland's mining sector.

Tags: business-economics-and-finance, industry, mining, oil-and-gas, environment, government-and-politics, federal-government, federal-state-issues, tax, rural, australia, qld, gladstone-4680, mackay-4740, mount-isa-4825, rockhampton-4700, toowoomba-4350

Government lifts sanctions on Qld nursing home

Posted February 25, 2011 13:46:00

Sanctions have been lifted at a nursing home at Toowoomba on Queensland's Darling Downs.

Tags: business-economics-and-finance, business-regulation, community-and-society, aged-care, government-and-politics, federal-state-issues, qld, toowoomba-4350

Timeline: Brisbane's Clem7 toll tunnel

Posted February 25, 2011 13:35:00

February 25, 2011 - RiverCity Motorway advises the Australian stock exchange it did not receive approval from the bank syndicate for the requested standstill agreement, and is likely to become insolvent. The board meets to consider the appointment of an administrator.February 24, 2011 - RiverCity Motorway requests a trading halt pending the vote by its financiers on a "standstill agreement" on loans.February 4, 2011 - RiverCity Motorway announces new traffic forecasts for the Clem7 provided by Integrated Management Information Systems. The forecast of 40,435 average annual daily trips by 2020 is less than half the number predicted by Maunsell Australia for six months after the tunnel's opening.October 4, 2010 - Traffic volumes announced for September. Average daily trips were 28,419 - less than a third of the Maunsell Australia forecast released in 2006.September 30, 2010 - RiverCity Motorway releases its final financial report for the year ended 30 June 2010: "Based on current traffic estimates the Group's cash reserves will support its operations at least until September 2011". Chairman Robert Morris says: "The group will be required to secure arrangements with its Banks to sustain the Group until after the Airport Link opens in mid 2012".August 3, 2010 - Traffic volume announcement that average daily trips during July were 27,618 - with the highest single workday of 34,894 on a charity toll day.June 28, 2010 - Toll to be cut to $2 in a bid to increase traffic volumes. An investors' update states: "Actual traffic levels of 22,315 average daily trips in June 2010 is well below the original forecast, as is the traffic growth rate of 5.36 per cent over the first two months".May 9, 2010 - Discounted tolling ceases at midnight.April 13, 2010 - RiverCity Motorway announces an average of 20,602 vehicle per day used the Clem7 in the first week following the commencement of tolling.April 6, 2010 - Figures released indicating 1.24 million vehicles used the Clem7 in the three week toll-free period - an average of almost 62,000 on workdays.March 15, 2010 - Clem7 tunnel opens to traffic seven months ahead of the contract completion date. The first three weeks will be toll-free and charges discounted for a further five- week period.October 21, 2009 - Chairman Robert Morris at AGM 2009: "The RiverCity Motorway Prospectus adopted the 2006 traffic forecast prepared by Maunsell Australia ... The RiverCity Motorway traffic forecast was a comprehensive study and remains the most authoritative estimate of traffic for our tunnel".May 26, 2009 - Tunnelling on the Clem7 tunnel is complete with the second boring machine breaking through at Woolloongabba on Brisbane's southside.February, 2008 - Investor Bulletin: "Sound Financial Arrangements". Article states "RiverCity Motorway Group has long-term financing in place with no refinancing required until 2014".February 13, 2007 - Investor Bulletin: "Robust Traffic Forecasts Underline Strong Demand from Motorists". Article states "Independent traffic experts using the latest modelling and up-to-date data have provided RiverCity Motorway with comprehensive traffic forecasting".October 3, 2006 - RiverCity Motorway announces the final formation of the $1.839 billion debt syndicate to finance the project consisting of 24 banks including Australia's big four. CEO Peter Hicks says an oversubscription by $900 million is a clear sign of confidence.September 21, 2006 - Traffic forecasts for the Clem7 prepared by Maunsell Australia, are released in an Analysts Briefing Pack. Estimate annual average daily traffic of 90,676 vehicles within six months of opening.August 7, 2006 - RiverCity Motorway completes the final phase of the tender process achieving financial close with Brisbane City Council.August 3, 2006 - RiverCity Motorway commences trading on the Australian Securities Exchange. Queensland's biggest initial public offering ($1.00 per unit) is fully subscribed, raising $690 million for the project.

Tags: business-economics-and-finance, company-news, industry, road-transport, australia, qld, brisbane-4000