Business news summaries from around the nation.
The West Australian business news
Cazaly stands firm on options handout
Cazaly options plan to go ahead Continued on page 59 From page 54 Tearaway sharemarket success Cazaly Resources said yesterday it had not received a single complaint over today's proposal to give directors a multi-million-dollar swag of in-the-money options.
Gold boom sees Rio set to offload Lihir stake
Rio Tinto has moved to cash in on gold's surge past $US500 ($675) an ounce for the first time in 22 years, flagging the sale of its $430 million stake in big Papua New Guinea gold miner Lihir Gold.
Reborn Xanadu tries to look past debts and contract ties
The reincarnated Xanadu Wines, Global Wine Ventures, plans to re-enter the winemaking game after a dismal year that has left it with little more than a handful of unknown brands and some bulk wine.
AWB hits record on harvest hopes
Agribusiness giant AWB's shares jumped to an all-time record close of $5.63 yesterday after new official forecasts shored up hopes that Australia is in the midst of its second biggest wheat harvest in history.
iiNet warns of Telstra push on margins
Internet and telephony group iiNet braced its shareholders for bad news yesterday, warning that earnings were being squeezed by Telstra's push to gain higher margins from its wholesale customers.
Property: Hawaiian goes bush in eco-tourism push
Property group Hawaiian has expanded its tourism reach with the formation of an eco-tourism joint venture with accommodation management group Hospitality Inns.
Main stories in today's Australian newspapers
THE AUSTRALIAN
Page 1 - Leadership aspirant Peter Costello stumbles politically as he is forced to defend his appointment to the Reserve Bank of a major Liberal Party donor who was under investigation for a $150 million tax evasion scheme. Singapore Airlines ditched merger talks with Qantas late last year because it believed it could land a devastating blow to Australia's national carrier by flying the Pacific route.
Finance - Woolworths chief Roger Corbett is courting drug distributor Australian Pharmaceutical Industries as he presses ahead with his dream of taking a `beachhead' in the chemist business.
THE AUSTRALIAN FINANCIAL REVIEW
Page 1 - Telstra may not be forced to provide its competitors with immediate access to its proposed $3 billion fibre optic broadband network. Robert Gerard's company, Gerard Industries, asked the then federal attorney-general in October 2002 to personally intervene in its tax dispute because it claimed it was getting a `hard time' from the Australian Taxation Office. Brambles decides to quit the dual listing of its shares on the London and Australian sharemarkets.
Page 3 - Australia's biggest employer group warns against political compromises that add to the complexities of the federal government's workplace package.
World - Sales of existing homes in the US fell last month amid mounting evidence the housing market has come off the boil (New York).
