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Chinese controlled Moly Mines (MOL) has put its $700 million Spinifex Ridge molybdenum and copper project on hold due to molybdenum price decrease and strong Australian dollar. The company, however, will return in the market with a fund lower at $US244 million from its financier China Development Bank, which was previously amounted to $454 million.

Milk discounts brought on by the ongoing price war between Coles and Woolies raised concerns. Claims say that the major retailers are threatening the future of the dairy industry and its farmers. However, the Wesfarmers' owned Coles (ASX:WES) maintained that these claims are ''exaggerated'' and ''absurd''.

Coles outrun its premier rival Woolworths as both retail chains slug it out in a price war. For eight successive quarters, Wesfarmers' (ASX:WES) Coles outperformed Woolworths with $5.9 billion sales from its food and liquor division. For the third quarter of the financial year, excluding new store openings, sales increased by 7.1 percent. Woolies on other hand only managed 3.3 percent.

Following Woolworths (ASX:WOW) reported increase in sales in the third quarter of the financial year, chief executive Michael Luscombe has stated that the company will not back down from its ongoing price war with rival Coles.

Australia based coal mining company New Hope (NHC) is expecting to see an increase in the contract prices of coal as the company boosts its sales on the back of uprising demand. Rob Neale, the Chief Executive of the company stated that price for thermal coal was increasing, something that can be considered as an indication that the contract price may rise. However, he didn’t make any remarks regarding the speculations that the price may move up to $US100 per tonne.

Mining giant BHP Billiton’s (BHP) campaign to come out of the annual coking coal pricing is picking up its pace as the coal indexes are being set up for the first time. In addition to this, Teck resources, the second largest exporter of the world is going to join the campaign against benchmark pricing. Data provider Platts is currently looking forward to reveal a daily cash price which is believed to be targeting a start-up during mid-March.

Australia’s largest telecommunication carrier Telstra (TLS), continues to struggle as a large number of analysts downgraded its share this week. The downgrading took place at a time when the company is planning to offload fresh block of shares in the market. The $66 billion worth of Future Fund of commonwealth, which holds 10.9 percent ownership of Telstra, will be able to go on with selling its stake from Tuesday next week.