Today's Business Headlines

Palandri in rescue mission as financing arm collapses
Palandri directors were last night flying to London in search of a new funding after the collapse of the winemaker's financing arm. The West

ANZ exposure sends shivers through banks
Exposure to bad debt from troubled property and mining companies is expected to see ANZ Banking Group's annual bad debt charge top $1 billion. The Fin Review

Clearance query may stall Pluto
The West Australian government will hold emergency talks with an Aboriginal group led by former state premier Peter Dowding, that it believes can stall Woodside Petroleum $12 billion Pluto gas project.

Rio 'underwhelmed' by Vale's iron ore deal
Australian iron ore giants Rio Tinto and BHP Billiton are set to continue to ramp up spot sales, after Brazilian rival Vale agreed to a 65 per cent increase in annual contract prices which although massive, still leaves australian ore selling at a steep discount to buoyant spot prices in China. The Australian

RCR pins hopes on small clients
Shares in WA engineering group RCR Thomlinson hit a two-year low yesterday and disappointing results prompted criticism it had failed to keep pace with an increasingly competitive construction market. The West

THE WEST AUSTRALIAN
Page 1: One of WA's two booming iron ore miners has rejected the mouth-watering prospect of a 65 per cent annual price rise, instead setting the scene for extremely hostile negotiations with its Asian customers in a bid to win an even bigger increase by rewriting the rules which have governed the industry for decades.

The landmark iron ore price deal struck yesterday will add to the fortunes of up to six Perth billionaires as well as generating an extra $525 million in royalties for the state government next year.

Business: Palandri directors were last night flying to London in search of a new funding after the collapse of the winemaker's financing arm.

Mt Gibson has followed through its threat to try to stop two Chinese companies gaining control of the WA miner by taking its grievance to the Takeover Panel.

Investors dumped billions of dollars in banking stocks yesterday after ANZ bank fuelled fears the full impact of the credit crunch has still to his Australia by warning of a $360 million impact on its profits.

Shares in WA engineering group RCR Thomlinson hit a two-year low yesterday and disappointing results prompted criticism it had failed to keep pace with an increasingly competitive construction market.