China State Grid Corp., the nation’s largest power distributor, agreed to pay Singapore Power Ltd. A$824 million ($810 million) for 19.9 percent of Australia’s SP AusNet as part of its $50 billion global acquisition plan.
EnergyAustralia Holdings Ltd., a unit of power supplier CLP Holdings Ltd., said it’s considering developing wind and solar projects with infrastructure investors Palisade Investment Partners and Northleaf Capital Partners.
BP Plc, Europe’s second-largest oil company, expects to start its proposed deep-water drilling campaign off southern Australia in late 2015 or early 2016 and to obtain a drilling rig before the end of this year.
BKK Partners Pty, which advised Nathan Tinkler on his failed A$5.3 billion ($5.4 billion) bid for Whitehaven Coal Ltd., sought to push the former billionaire’s holding company into bankruptcy for not paying its bills.
Boral Ltd. shares slid to the lowest price in almost four months after the building-products maker said third-quarter profit in its construction materials division missed forecasts due to Australian housing-market weakness.
Australia is committing to buying 100 F-35 Joint Strike Fighters, the Pentagon’s most expensive weapons system, as the nation released its long-term defense strategy that seeks to balance competing interests of the U.S. and China in the Asia-Pacific.
Australians would pay a higher public health levy to help finance a new program to aid the disabled, Prime Minister Julia Gillard said as she seeks support for a key pledge less than five months ahead of an election.
Australia, last year’s second- biggest wheat exporter, is set for wetter-than-normal weather in the next three months in parts of the country’s east, easing concern that dry conditions may curb production.
Australia has lost A$7.5 billion ($7.7 billion) in revenue since the October mid-year budget review due to its strong currency and lower terms of trade, worsening its budget position, Treasurer Wayne Swan said.