Financial Services

Western Australia has retained its AAA credit rating after Standard and Poor's confirmed yesterday that the Barnett government's move to reprioritise some of its capital projects and revise its operating expenditure, meant that the state's financial posit

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The government has committed to a $23.8 billion capital works program over the next four years - an increase on the $18.5 billion spent over the past four years - with a record $8.3 billion to be spent in 2009-10.

Major infrastructure projects Oakajee port and the Northbridge link have been left out of this year's state budget, despite receiving federal budget allocations this week.

The state budget will deliver $123 million tax relief, mainly in payroll and land tax, as part of measures to support business and jobs.

Western Australia's Liberal government has handed down its first budget, delivering a $647 million surplus but warning the state will be in deficit by 2012.

An $80 million federal budget allocation to boost the state's chances of hosting the $2.5 billion Square Kilometre Array project has raised questions from the existing project's headquarters.

West Perth-based Liquefied Natural Gas has raised more than $10 million which will be used in the ongoing development of its Fisherman's Landing gas project in Queensland.

State regional air carrier Skywest Airlines is reportedly considering re-listing on the Australian stock market, nearly three years after it was taken over by Singapore-based Advent Air.

Nickel miner Western Areas is expecting $100 million to come its way shortly after the company raised over $35 million through a slightly discounted share placement.

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Costarella Design was a flop as a listed company but Auerelio Costarella remains positive.

WA’s public universities are taking up the post-boom challenge.

A lot of talk but little action seems to be the order of the day.

RESPONSIBLE for more than half of Australia's greenhouse gas emissions, the energy sector will be one of the biggest industries affected by the Carbon Pollution Reduction Scheme (CPRS).

The business sector remains concerned about some aspects of the proposed emissions trading scheme, despite having been given a year’s grace.

SMALL creditors of failed painting and services business Riley Shelley, co-owned by Perth businessman Ian Riley, are unlikely to retrieve their money after it was revealed that major bank ANZ would be paid first.

THE Pilbara Community Foundation was launched this week to support grassroots community projects in the mining community through a founding donation of $100,000 from the Pilbara Development Commission.

CARBON sequestration companies have mixed views on the changes to the Carbon Pollution Reduction Scheme, which is now set to be rolled out in 2011.

Perth-based Strike Oil has been granted a new exploration licence to explore for coal seam gas in the Cooper Basin in South Australia.

Business and retail groups have welcomed the federal budget's plan to increase tax breaks for small business, a move that will encourage innovation, one group claims.

Shares in carbon offset specialists in Western Australia and Aviva Corporation have jumped after the budget unveiled a $4.5 billion Clean Energy Initiative, a move welcomed by the Chamber of Minerals and Energy WA.

There was little for resource explorers in the federal budget last night, with a lobby group saying the government missed an "excellent opportunity" to introduce an exploration incentive scheme which was a key election promise.

While the federal government's decision to invest in significant WA infrastructure projects has been welcomed, a business lobby group says the state's importance to the nation's economy has been undersold.

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Gindalbie Metals will appeal against some of the conditions recommended by the environment watchdog over the $1.8 billion Karara iron ore joint venture with AnSteel.

Balcatta-based Tiger Resources plans to raise $9 million through a share placement to help pay for a majority interest in a copper project in the Democratic Republic of Congo.

Phosphate company Legend International Holdings will spend over $20 million to acquire all the shares it does not own in North Australian Diamonds (NAD) through an on-market takeover.

The market capitalisation of Western Australian listed companies has surged back above the $100 billion mark for April, led by resource companies Aditya Birla Minerals, Mirabela Nickel and Perilya.

Western Australian juniors Great Australian Resources and SA Metals, formerly Pan Palladium, have advised shareholders to take no action to Sylvannia Resources $31 million takeover offers.

A further $10 million will be added to the budgeted capital cost of Iluka Resources' $209 million Murray Basin Stage 2 project after unexpected plant delays push back the start up date.

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