Financial Services

First Start - the state government's shared equity scheme for first homebuyers - has been suspended indefinitely in a move that housing groups believe could threaten the already struggling sector, if the incoming Liberal government does not top up funding

Less than a week after shareholders voted against a resolution to oust a director, Style Ltd's major stakeholder Merim Pty Ltd has again called for another meeting, this time to remove founder Greg Johnson.

The Federal Court has ordered Victoria-based Oil Basin Ltd to pay costs related to its proceedings launched against Perth-based companies ARC Energy Ltd and Buru Energy Ltd.

A Perth-based business has won an opportunity to become a licensed fund manager as part of the Australian government's Innovation Investment Fund.

Perth-based Incremental Petroleum Ltd said it does not see any synergies in merging with Cooper Energy Ltd as it again reiterated calls to shareholders to take no action on the bid.

Credit ratings for BankWest parent HBOS have been downgraded in the wake of this week's US financial turmoil as analysts and investors grow increasingly nervous about the health of global financial institutions.

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Barclays PLC confirmed Tuesday that it is interested in acquiring some assets of Lehman Brothers, the investment bank that collapsed after Barclays dropped out of merger talks.

Nedlands-based software provider ISS Group Ltd has entered into an underwriting agreement with Paterson Securities Ltd for its proposed $13 million return of capital to shareholders.

Cape Lambert Iron Ore Ltd will seek legal advice after it received a requisition notice from new major shareholder Power United Ltd, which has proposed to oust several directors including executive chairman Tony Sage.

The Australian gold division of Toronto-listed company GBS Gold International Inc has been placed into voluntary administration after it defaulted under its current debt financing arrangements.

Perth-based integrated energy company Aviva Corporation Ltd has entered into a joint venture agreement with a New York-listed company effectively valuing its 400 megawatt Mid West power project development at almost $70 million.

Nearly a year after seeking board seats and more than six months after their demand became hostile, Kerry Stokes and Peter Gammell are to become directors of West Australian Newspaper Holdings Ltd.

The last major hurdle for full control of iron ore miner Midwest Corporation Ltd has fallen as US investment bank Harbinger Capital pockets $224 million from Sinosteel's takeover offer.

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East Perth-based North Australian Diamonds Ltd has settled legal proceedings with major shareholder Anglo Pacific Group plc over a staged capital raising that was deemed too low.

Perth-based iiNet Ltd has announced it will buy back up to five per cent of its issued capital in a bid to strengthen its share price to better reflect the value of the company.

An ANZ loan to oil and gas services company Rheochem plc has increased from $8 million to over $20 million, in a move which the firm said will provide security for the business to grow.

Macmahon Holdings Ltd has warned of potential falls in Ausdrill Ltd's share price as shareholder support for the takeover wanes.

Anvil Mining Ltd will look at other possible transactions after a $272 million private placement by Israel's Catala Global is called off due to continued deterioration in market conditions.

Two major shareholders in Western Australian iron ore miner Midwest Corporation Ltd have accepted the takeover offer from Chinese steelmaker Sinosteel, giving the bidder more than 82 per cent acceptances of its bid.

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Delays in obtaining approvals and takeover defence costs have blown out Midwest Corporation Ltd's net loss for the first half of 2008, up from the previous year's $1 million to $7.8 million.

Shares in Perth-based miner Perilya Ltd have dramatically reversed its recent losses, skyrocketing over 60 per cent in trade today after Credit Suisse labeled the stock as "too cheap".

East Perth-based Metals X Ltd will move ahead with plans for the development of its Wingellina nickel project in Western Australia following a feasibility study that pegged capital costs at $2.2 billion.

Shareholders in bamboo flooring products company Style Ltd have voted against a board shake-up brought on by major stakeholder Merim Pty Ltd in what has been called by the chairman a "cheap takeover".

A scoping study into Perth-based Heron Resources Ltd's Yerilla operation, which includes the Jump-up Dam project, has estimated a capital cost of $1.2 billion with a payback period of six-and-a-half years.

Ausdrill Ltd has blamed a fall in the company's share price on hedge fund selling after comments from suitor Macmahon Holdings Ltd that its takeover bid was unlikely to succeed.

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Sinosteel is a step closer to full control of Midwest Corporation Ltd after Midwest shareholder Murchison Metals Ltd reversed its previous opposition to the Chinese company's takeover offer.

Unites States company Cleveland-Cliffs is looking to spend nearly $600 million on acquisitions in Western Australia as it moves to fully own iron ore miner Portman Ltd and acquire a 30 per cent slice in explorer AusQuest Ltd.

Some 50 per cent of shareholders have passed up Perth-based Axiom Properties Ltd's rights issue, with the company managing to raise $5.7 million from a targeted $11 million.