NEW YORK |
Fri May 18, 2012 9:34am EDT

NEW YORK (Reuters) – U.S. stocks opened higher on Friday, with the imminent market debut of Facebook (
FB.O) helping to lift battered investor sentiment.

Still, major indexes were on track to close their worst week of 2012, pressured largely by the ongoing situation in Europe.

Facebook raised about $16 billion in one of the biggest initial public offerings in U.S. history, pricing its offering at $38 a share on Thursday. (more…)

The head of mining products company Boart Longyear has disputed claims by BHP Billiton that commodity price falls and global economic uncertainty are causing miners to scale back.
Chief executive Craig Kipp said Boart Longyear, the world’s biggest drilling company, had not noticed any changes in the number of mining projects around the world.
“We haven’t heard from a lot of majors outside of Australia that there’s a change in their plans, change in budget, that there’s massive realignment (more…)

By Jason Lange

WASHINGTON |
Thu May 17, 2012 9:04am EDT

WASHINGTON (Reuters) – New claims for unemployment benefits were unchanged last week, according to government data on Thursday that will do little to ease concerns about a recent slowdown in jobs growth.

Initial claims for state unemployment benefits held steady at a seasonally adjusted 370,000, the Labor Department said.

The prior week’s figure was revised up to 370,000 from the previously reported (more…)

NEW YORK |
Thu May 17, 2012 6:55am EDT

NEW YORK (Reuters) – Stock index futures were little changed on Thursday following four days of losses on the S&P 500, with trading once more expected to be dictated by developments in Europe.

Greek politicians rejecting the conditions for a bailout that is keeping the country’s finances afloat are likely to win next month’s elections, and the political turmoil has sent riskier assets sharply lower over the past weeks.

Spain’s (more…)

 Australia should be the world’s biggest exporter of liquefied natural gas by the end of the decade, says the vice president of the world’s biggest petroleum company.
The emergence of natural gas as a power source was a decisive shift in the history of energy, Exxon Mobil’s Asia Pacific, Africa and Power head Emma Cochrane told a business lunch in Melbourne on Thursday.
She also said the prospect of renewable energy sources becoming reliable or affordable enough to generate meaningful amounts (more…)

Panoramic Resources has moved a step closer to completing its $40 million takeover of Magma Metals, with the target recommending its shareholders accept the bid.
Panoramic upped its offer today to 1 Panoramic share for every 7 Magma shares, after taking its stake to 54.15 per cent.
The company’s initial offer was two Panoramic shares for every 17 Magma shares.
Magma’s board of directors said they believed the revised offer was not fair, but was reasonable.
“While the board has confidence (more…)

By Diane Bartz

WASHINGTON |
Wed May 16, 2012 7:21am EDT

WASHINGTON (Reuters) – On the face of it, Universal Music Group’s bid to buy a big chunk of EMI stands to make the world’s leading music company an even more formidable force, combining Universal’s star lineup of Lady Gaga and Rihanna with the British company’s deep library of The Beatles, Pink Floyd and Katy Perry.

Certainly the fierce opposition from rival Warner Music Group, consumer groups and independent (more…)

Business has warned against adding further imposts to small business in Western Australia, urging the Western Australian Industrial Relations Commission to tread lightly over a proposal to increase minimum wages.
Western Australia’s Chamber of Commerce and Industry has proposed an $11 per week wage increase, arguing it was the best way to support and protect the jobs of low paid workers.
UnionsWA have lobbied for a $42.50 per week increase in minimum wages, a spike that would add significant (more…)