Australia

Chief executive of Fortescue Metals Group (FMG) Andrew Forrest is holding talks with the executive chairman of Hancock Prospecting Gina Rinehart about sharing the iron ore railway facility of FMG at Western Australia. It is understood that earlier, the Fortescue boss had no plans to allow Hancock to have the access to the railways for its Roy Hill project since Mr. Forrest was planning to keep additional capacity for his Solomon Project.

AGL Energy (AGK), the leading energy company in Australia which focuses on a wide range of energy related businesses in the country including the sales of electricity and gas, energy processing infrastructure, power generation, natural gas production facilities development, extraction, exploration and coal seam methane gas (CSM) production is planning to “fast-track” the Macarthur wind farm that worth as much as $800 million.

Australia based explorer and producer Aquila Resources (AQA) which focuses mainly on the searching of coal, copper and gold have announced that it is currently in a dispute with the Brazil based joint venture Vale regarding the budget that has been proposed for the Eagle Downs hard coking coal project.

Australia based Seven Group Holdings (SVW), one of the leading media companies of the country which is one of the largest magazine publishers there has announced the appointment of as many as three high profile directors in response of calls for bringing in further independence in the team although it is believed that the investors may turn less interested about the recently established conglomerate after the Government came up with the controversial super profit tax for the

Tom Albanese, the chief executive of Rio Tinto (RIO) has stated that the Australian Government will turn into a risky “silent partner” of the Australia based miners through its proposed resource super-profits tax (RSPT) which has created a huge debate throughout the mining industry and believed to have negative impact over the mining sector of the country. Rio Tinto is currently doing as much as it can to prevent the RSPT which it believes will enhance the sovereign risk of Australia.

The chief executive of Rio Tinto (RIO) Tom Albanese said that it is important for the UK based investors to raise their voice against the proposed controversial resource super profit tax (RSPT) on the mining sector of Australia which has created a major debate recently. The latest data shows that the tax is going to have negative impacts not only on FTSE but on the retail sector as well.

Australia based project management and construction company Leighton Holdings (LEI) shares has dropped more than 7 percent on Monday after the company declared that it expected the full-year earnings of $600 million (minimum) and net profit worth of $400 million for nine months (till March 31st). It is to be mentioned that the numbers were almost double that of the last nine months- during a time when the Australian construction giant posted a $220 million worth of net profit.

Atlas Iron (AGO), the Australia based iron miner has managed to find another access point after it was blocked from using the infrastructure of Fortescue Metals Group (FMG), for their shipments.

Here's an update on Australian real estate. The "Australian Mortgage Industry Report", a joint research whitepaper by JPMorgan and Fujitsu Consulting, due to be published next month, makes the prediction that some 750,000 Australian homeowners will be subjected to "mortgage stress" in the coming months - which means more than 35 per cent of their income will be allocated to home-loan repayments alone.

In this section of MyShareTrading.com we look at the big movers among the Penny Stocks listed on the Australian Stock Exchange. What are penny stocks on the Australian Stock Exchange? Well for the purposes of this website - any stock below 100 cents or $1. What is a penny?