Staff Reporters

Seven Network chairman Kerry Stokes is speculated to be behind the latest purchase of a parcel of Consolidated Media Holdings shares valued at $28 million as James Packer confirms he has lifted his stake in the company to nearly 41 per cent.

Creditors of collapsed Oz Brewing will have to wait a little longer to receive payment following continuing delays to the fulfilment of the deed of company arrangement (DOCA).

Rio Tinto Iron Ore chief executive Sam Walsh has spent nearly $700,000 participating in the miner's $US15.2 billion ($A19.7 billion) rights issue.

Fortescue Metals Group says it is closely watching relations between China and Australia following the detention of four Rio Tinto staff as it forecasts a lift in demand in the short-term from Asian steel mills.

The company in charge of the billion-dollar Oakajee deepwater port and rail network has appointed WorleyParsons to conduct the budget and engineering components of the $100 million bankable feasibility study.

Xstrata's multi-billion dollar takeover bid for Anglo American could be over after leading institutional shareholders have reportedly turned down the nil-premium merger.

West Perth-based Range Resources will go ahead with plans to raise $2.5 million which will be used to fund a new deal with a UK company over two oil and gas blocks in Georgia.

Samsung wins $3.5bn Collie project PERDAMAN Chemicals and Fertilisers, the company behind the $3.5 billion urea plant near Collie, has awarded an engineering and construction contract to Samsung Engin

Barnett backs 9pm retail trading PREMIER Colin Barnett has announced that he will introduce a bill paving the way for retail trading hours to be extended to 9pm on weeknights.

Cash Converters International will raise up to $5 million that will be used to buy franchised stores and increase the capacity of its loan book.

Chinese steel mills have reportedly agreed to the same 33 per cent iron ore price cut as reached by its Japanese and South Korean counterparts.

Lithium hopeful Galaxy Resources has signed a $1.1 million joint venture deal with General Mining Corporation over its Shoemaker hematite iron ore project just north of Wiluna.

The Perth-based chairman and chief executive of London-listed technology company CustomVis have survived a board spill requisitioned by a group of shareholders and former directors.

Western Australia's peak industry lobby group has welcomed the decision to hold the nation's minimum wage at its current level by Fair Pay Commission which handed down its decision today.

THE Minerals Council of Australia and the Australian Petroleum Production & Exploration Association have seized on a review of key federal government environmental legislation to step up their campaign for reforms to the approvals process.

The federal government has backed down on its proposed crackdown on employee share schemes, tripling the income cap on the tax break to $180,000.

Agribusiness companies TFS Corporation and Elders have reported a fall in managed investment scheme sales for the 2008-09 financial year but said they were pleased with the result in light of difficult industry conditions.

Western Australia has suffered the largest fall of new home sales in May as national sales declined for the first time in four months, a survey shows.

An accounting firm has warned Perth businesses that shedding staff to cut costs may be doing more harm than good, with strong leadership the key to surviving the downturn.

The value of works and logistics contracts awarded by the Chevron-led Gorgon gas project in the past two months has reached nearly $1.3 billion, with the latest beneficiary being Toll Group.

Shares in Leederville-based biotechnology company Pharmanet have soared on a production and supply contract for its muscular and arthritic pain treatment.

The competition watchdog has allowed the Gorgon partners to jointly test the domestic gas market ahead of a final investment decision expected in the coming months.

The Brand Agency will continue its two-and-a-half year relationship with land development agency LandCorp, after it secured a new contract.

New vehicle sales in Western Australia followed the national trend and picked up more than 3 per cent in May, confirming confidence is on the mend, economists say.

Tap Oil founding director and former chief executive, Paul Underwood, has today resigned from his non-executive director position.

Macquarie Office Trust has highlighted the uncertain nature of the property market with its third local sale, offloading a West Perth office building for 16 per cent below its recent valuation.

Subiaco-based explorer Kairiki Energy will raise at least $7 million through a share placement to fund ongoing works at its project in the Philippines.

Exoma Energy has moved a step closer to its acquisition of the Galilee gas project in Queensland, where it plans to spend $47 million on a four-year exploration program.

Perth investment company Wyllie Group has bought out its joint venture partner, Charter Hall Group's Diversified Property Fund, from a Melbourne property portfolio for $18.3 million.

Mega Uranium has finalised a deal to sell a 35 per cent stake in its Lake Maitland uranium project in Western Australia to three Japanese electricity utilities and Japanese trading house ITOCHU Corporation for US$49 million.

BC Iron plans to raise $22 million from a sale of new shares, as it welcomes a new cornerstone investor, Regent Pacific Group, to its share register.

Litigation funder IMF (Australia) has agreed to provide funding on behalf of hundreds of Lehman Brothers Australia investors, including local councils and charities, over the losses from collateralised debt obligations (CDOs).