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Computing giant, International Business Machine Corp has said that its net income has fallen 17 per cent during the second quarter of the year as it had to absorb the cost of laying off its workers.

Technology firm, Silex Systems is planning to build the largest solar power station in the country near Mildura in Victoria and is initiating discussions for financing the project.

Aurizon, the largest listed rail company in Australia, has said that it is planning to generate more than $230 million in cost savings from its business during the next two years, in a move that would include job cuts and property sales.

Aurizon, which was earlier known as QR National, also said that it has hauled almost 194 million tonnes of coal in the year to June, mostly in line with its latest guidance. The company had lowered its forecast for the amount of coal it would haul for the year to between 192 million tonne and 195 million tonnes.

A strong result posted by mining giant BHP Billiton as well as assurances from the US Federal Reserve that the stimulus will only be withdrawn if the economy is strong enough to sustain growth, boosted confidence in the mining sector in the country.

Conviviality Retail, the owner of Bargain Booze, Bargain Booze Plus, Select Convenience and Thorougoods, said that it is aiming to raise between £60 million to £65 million through a placing on London's Alternative Investment Market (Aim).

Smiths Group has said its operating profit might be impacted this year due to issues relating to its detection business.

The leading maker of airport security scanners said that its operating profit might take a cut of £15 million following long-running disputes from its detection division. The company provides scanners in airport security, at ports and at border check-points across the world and devices for detection of explosives and weapons.