Financial Services

PERTH-BASED Remote and Rural Communications is chasing capital to help produce its 'rescue radio' unit, after a $3 million order from China.

The Note has mentioned the magic word Argenti previously but was drawn back to the corporate planning system this week when local business hero Michael Chaney got up to laud its qualities.

A wholly-owned subsidiary of ANZ Banking Group has offered to pay $130 million for Babcock & Brown Power's interests in two Western Australian power stations.

Catalyst Metals chairman Nathan McMahon says he will defer his salary as the company begins its strategy to reduce its non-core assets in light of the financial crisis.

Perth-based Cervantes Corporation says it has been approached by several companies over a possible merger.

Treasurer Troy Buswell has indicated an end to Western Australia's revenue boom, while releasing budget data showing a sharp fall in the state's surplus.

The planned listing of billionaire Clive Palmer's Resource Development International in Hong Kong has been delayed, Australasian Resources confirmed today.

Nickel miner Albidon is set to slash its net debt by half after securing $25 million in funding and the conversion of an $8 million subordinated debt.

Shares in Rio Tinto have slumped more than 35 per cent in the wake of BHP Billiton's shock move to abandon its takeover proposal for its rival.

Privately-owned Talison Minerals said some 200 jobs will be lost as it suspends work at its Pilbara located Wodgina mine, the worlds largest tantalum operation.

Babcock & Brown Power has sold its interest in two Western Australian power stations for a total of $130 million.

OZ Minerals says it will defer $20 million of work at its Golden Grove operation in Western Australia, as part of a wide ranging review of its assets in light of the financial crisis.

BankWest has sold its 49 per cent interest in the IT joint venture company Unisys West to Unisys Australia for an undisclosed sum.

Engineering company Clough has secured a new $84 million contract by ConocoPhillips, operator of the Bayu-Undan joint venture in the Timor Sea.

The owner of the Dampier to Bunbury natural gas pipeline says it has saved $55 million on current expansion works, which will start operating early next month.

Bedding franchiser Joyce Corporation has reached a deal to sell its Queensland property for $9 million, some $500,000 more than its valuation at the end of the 2008 financial year.

US forced to save Citigroup; Unions regain power to bargain; Babcock deal fails as execs resign; Time to strike for rights, say unions; Scarborough gets nod for 12 storeys

Yilgarn Infrastructure has continued its rearguard bid for a slice of the planned Oakajee port and rail project, claiming today that its Chinese partners would not work directly with the government's preferred bidder.

Perth-based Mirabela Nickel has extended its $127 million bridge financing facility with Barclays and Credit Suisse to June next year.

The state's mining sector weighed heavily on the market capitalisation of Western Australian stocks, which lost $36 billion during October, a survey has found.

The global economic turmoil has prompted nickel miner Independence Group to stop its on-market share buyback in a bid to maintain cash reserves.

West Perth-based IronClad Mining has entered into an agreement with a Chinese steel making company over the development of two of its iron ore projects in South Australia.

Redcliffe-based Global Construction Services has secured a $24 million contract for works at Brookfield Multiplex's City Square project in Perth.

Destined for a deficit; Property price fall worst in 25 years; Industry funds face attacks on unlisted valuations; Powers lock horns on crisis; Atlas digs in as big backers flex muscle

Perth-based Stirling Products are aiming to raise $210,000 in immediate capital raising, or up to $960,000 in total before expenses, through a placement of fully paid ordinary shares and convertible notes.

The Esplanade Property Fund is intending to put a proposal to shareholders to unlock value by delisting the fund from the Australian market.

An administrator has been appointed to Aluminex Resources by two directors of the company without the consent of the board.

Engineering firm, SKM has taken out the top prize at the Engineers Australia, Engineering Excellence Awards for its work on Rio Tinto Iron Ore's US$1.4 billion Dampier Port Upgrade in the Pilbara, with two Western Australians taking out individual honours

Cooper Energy has pulled out of the offshore Seruway Production Sharing Contract located in North Sumatra, Indonesia incurring a $19.8 million write-off for the oil producer.

Exploration company Spitfire Resources has finalised its move to take on advanced coal projects in Tasmania with two key exploration licences, covering the Langloh and Avoca thermal coal projects, being granted.

Share prices off 50pc in a year; We can avoid deficit - Swan; Banks seek guarantee overhaul; iiNet faces action over piracy; Housing finance skids

Perth-based sandalwood products company, TFS Corporation is expecting to deliver a profit increase of at least 15 per cent for the year ending 30 June 2009.