DUBAI (AFP) - Gulf Arab states must apply strict fiscal policies by tightening money supply to curb inflation, which has soared because of supply constraints in housing and commodities, an International Monetary Fund official said on Wednesday.

Canberra has recorded only a small increase in office vacancies despite a massive influx of new buildings into the market.

A Gippsland dairy worker in south-east Victoria has won a national award in manufacturing from Dairy Australia at the Australian Grand Dairy Awards.

An early rally has evaporated on Wall Street as inflation fears sent stock prices lower again, after a warning on price pressures from a US Federal Reserve official.

MELBOURNE, Feb 7 (Reuters) - Australian shares are likely to open flat on Thursday, with top miner BHP Billiton Ltd BHP.AX and its prey, Rio Tinto Ltd RIO.AX, likely to offset falls in banks after Wall Street fell for a

MELBOURNE, Feb 7 (Reuters) - Australian rural services conglomerate Futuris Corp Ltd FCL.AX reported an 18 percent fall in underlying half-year profit on Thursday after increased interest expenses, but said it was on track to meet forecasts for full-year earnings.

SYDNEY, Feb 7 (Reuters) - Australian construction activity remained robust in January thanks in part to a big revival in apartment building, while employment in the industry reached two-year highs, a private survey showed on Thursday.

SYDNEY, Feb 7 (Reuters) - Australian Pharmaceutical Industries Ltd API.AX said on Thursday that sales in the first five months of its fiscal year were up 18 percent on the same period the previous year, in line with expectations.

STOCKHOLM (AFP) - Swedish truckmaker Scania announced Wednesday robust earnings for the fourth quarter and full-year 2007 boosted by strong demand in most markets, and forecast a smooth ride for 2008 and 2009.

FRANKFURT (AFP) - Shares in German postal bank Deutsche Postbank leapt higher Wednesday amid fresh takeover and merger speculation sparked by a press report early in the day.

BERLIN (AFP) - The dispute between the German state of North-Rhine Westphalia (NRW) and Finnish phone maker Nokia intensified Wednesday after the state demanded Nokia pay back subsidies it received for a plant that is to be closed.

The following substantial shareholder notices were made to the Australian Stock Exchange (ASX) yesterday.

Frustrated Papua New Guinea (PNG) landowners have closed the Kokoda Track to all tourists until a dispute over a proposed copper mine is resolved.

The number of mobile phone users will overtake the number of non-users this year for the first time, according to the UN telecoms agency.

Councils say they are disappointed at meetings with the Victorian Government yesterday aimed at heading off a crisis in the state's rail freight.

The Tasmanian tourism industry is nervous about the Federal Government's decision to scrap an increase in the subsidy for car travel on the Bass Strait ferries.

There are further claims that the ANZ bank may be wavering on providing financial support for northern Tasmania's pulp mill project.

Mining giant Rio Tinto has rejected a formal takeover bid from rival BHP Billiton.

LONDON (AFP) - Aviva, the biggest insurance company in Britain, said Wednesday that group sales surged by more than a fifth in 2007, boosted by a robust performance overseas.

SYDNEY, Feb 6 (Reuters) - BHP Billiton BHP.AX launched a sweetened but hostile & #36;147.4 billion bid for rival miner Rio Tinto RIO.AX on Wednesday, ending months of speculation and setting the stage for the world's second-largest takeover.