Today's Business Headlines

Opes Prime administrators probes Merrill mistake
Merrill Lynch may be stripped of its status as a secured creditor in the Opes Prime collapse because it failed to register a $2 billion charge over the stockbroker's assets. The Fin Review

BHP and Rio go in hard on spot prices
Iron ore giants Rio Tinto and BHP Billiton are set to play hardball with Chinese steel mills and charge spot prices on contracted tonnage if the steel mills do not agree to pay an extra premium on benchmark pricing by June 30. The Australian

Crean may open doors to Chinese money
The Rudd Government is considering allowing Chinese companies to invest almost $1 billion at a time without having to seek approval form the Foreign Investment Review Board, a in a big concession to Beijing aimed at revitalising free-trade talks. The Fin Review

Goyder poised to unveil debt rejig
Wesfarmers is today expected to disclose that it has succeeded in replacing its $4 billion in short term debt stemming from its Coles Group acquisition, including a new $800 million Australian debt facility priced lower than its recent US bond issue. The West

Fong forced to postpone listing of metals explorer
Dumped former Health Department director-general Neale Fong has been forced to delay the float of his latest venture, explorer Chrysalis-Resources. The West

THE WEST AUSTRALIAN
Business: Dumped former Health Department director-general Neale Fong has been forced to delay the float of his latest venture, explorer Chrysalis-Resources.

Wesfarmers is today expected to disclose that it has succeeded in replacing its $4 billion in short term debt stemming from its Coles Group acquisition, including a new $800 million Australian debt facility priced lower than its recent US bond issue.

The bad news from Citigroup just kept coming - losses of more than $5.33 billion, revenue down 48 per cent, fresh write-downs and provisioning for expected losses on bad debt of $US 16 billion.