Today's headlines

THE WEST AUSTRALIAN (Business news)

Costs drag Rio net lower
New Rio Tinto boss Tom Albanese will spend the next six months drawing up a $11.8 billion hit list of assets to be sold in the wake of its tranformational takeover of Canadian Aluminium producer Alcan.

Minerals chamber chief quits for university post
Chamber of Minerals and Energy chief executive Tim Shanahan has quit after six at the helm of the industry's top body, and only months before a looming federal election.

WANH up on Hoyts write-down
WA"s dominant media Company West Australian Newspaper Holdings yesterday took advantage of another big jump in its annual operating profit to absorb a surprise $60 million write-down fo its half -share in the Hoyts cinema chain.

GRD shares plunge as Transfield sent packing
Engineering and waste management group GRD has acknowledged it needs to work hard to regain market value after its shares slumped more than 10 per cent yesterday when it snubbed suitor Transfield Services.

Global Finance losers may receive 50pc return

Chief goes as Downer Downgrades

THE WEST AUSTRALIAN (General news)

Argyle costs blow out by $585m
The Argyle Diamond mine in the Kimberley has become sthe latest vistim of spectacular cost blowouts due to the resources boom, with mining giant Rio Tinto revealing an $585 million increase in the cost of a curcial underground expansion.

Rudd vows to share Pluto tax with WA
Kevin Rudd has promised WA a share of revenue from Woodside Energy's $12 billion Pluto gas field if he wins office, prompting the Howard Government to accuse him of planning to compromise the carve-up of GST revenue among the States.

Mid-West miners fear new environment bans
Mid-West iron ore miners fear for the future of their $62 billion industry after mining was banned this week at most of the Mt Gibson Range in a bid to protect rare plant life which grows through the region.

Wages fail to keep up with housing costs
WA's runaway wages have failed to keep pace with the State's spiralling property market, with a new report showing the avregae mortgage is increasing at nearly twcie the rate of take home pay.