Today's Business Headlines

07/05/2008 - 06:30

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Aquila denies project tied to Cape Preston port deal; Fortescue loads first ore ship at Hedland; Tardy FIRB clears $505m Indonesian-Chinese bid for Herald; Bad debts take puff out fo St Georges; RBA warns Swan on spending as rates on hold

Aquila denies project tied to Cape Preston port deal
Aquila Resources executive chairman Tony Poli yesterday insisted that the group's ambitious $4 billion West Pilbara iron ore project was not contingent on gaining access to the tightly controlled Cape Preston port. The West

Fortescue loads first ore ship at Hedland
Fortescue Metals Group yesterday began loading the vessel Blumenau the first iron ore carrier to dock at its newly-completed Herb Elliott port a Port Hedland, as part of final commissioning o its $2.8 billion mine-to-port project. The West

Tardy FIRB clears $505m Indonesian-Chinese bid for Herald
The Indonesian and Chinese joint bidders for Herald Resources have finally received the go-ahead from the Australian Government to poceed with their $505 million takeover offer for the Perth miner, but not before launching a thinly veiled attack on the Foreign Investment Review Board. The West

Bad debts take puff out fo St Georges
St Georges Bank has downgraded its annual earnings guidance by up to 20 per cent after the global liquidity crisi prompted a rise in bad debts, higher funding costs and a slowdown in new home-loan sales. The Fin Review

RBA warns Swan on spending as rates on hold
The Reserve Bank has increased its pressure on the federal government to deliver significant spending cuts in next week's budget. The Fin Review

 

THE WEST AUSTRALIAN

Perth mining identity Tony Poli last night joined the repidly growing list of WA billionaires after shaers in his group Aquila Resources soared more than 14 per cent on hopes it would soon become an iron ore producer.

Business: Aquila Resources executive chairman Tony Poli yesterday insisted that the group's ambitious $4 billion West Pilbara iron ore project was not contingent on gaining access to the tightly controlled Cape Preston port.

Fortescue Metals Group yesterday began loading the vessel Blumenau the first iron ore carrier to dock at its newly-completed Herb Elliott port a Port Hedland, as part of final commissioning o its $2.8 billion mine-to-port project.

The Indonesian and Chinese joint bidders for Herald Resources have finally received the go-ahead from the Australian Government to poceed with their $505 million takeover offer for the Perth miner, but not before launching a thinly veiled attack on the Foreign Investment Review Board.



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