BUSINESS

Staples has decided to close down over 10 percent of its North American stores by end of 2015. The company has 1,846 stores at present in North America, including Canada and the U.S.

The Australian sharemarket is firmer thanks partly to a surge in U.S. equities overnight and yesterday's better than expected retail spending and trade figures locally. The All Ordinaries Index (XAO) is rising by 0.3 per cent; making it the fourth straight day of improvements and a 5.5 year high for local stocks.

Gina Rinehart, Australia's richest person who just added another $700 million to her $17 billion wealth in the last 12 months, warned that Australia is living beyond its means.

Risk assets mostly extended gains overnight, with some positive US economic data and dissipating Russia/Ukraine concerns helping sentiment. The latest on the Crimea front is that it will hold a referendum on 16 March on whether to join the Russian Federation or not. That could be the next talking point as the international community seems to be against this move.

In US economic data, new claims for unemployment insurance (jobless claims) fell by 26,000 to 323,000 in the latest week. Economists had tipped a result near 338,000. And factory orders fell by 0.7% in January, a weaker result than the 0.4% decline expected by economists. Productivity grew at a 1.8% annual pace in the December quarter with labour costs down 0.1%. Economists had tipped a 2.5% lift in productivity and 0.9% fall in labour costs.

Just a week after Qantas Chief Executive Alan Joyce confirmed it would slash 5,000 jobs over three years to cut costs by $2 billion, the embattled flag carrier started to yield its axe with 90 full-time check-in staff at the Sydney international airport its likely first victims.

The Australia and New Zealand (ANZ) Banking Group said on Thursday that it would appeal the landmark Federal Court decision in February that declared late-payment fees on credit cards collected by the bank were illegal.

Apple Inc has been accused of shifting its profits in Australia worth $8.9 billion to avoid paying the correct amount of tax. According to an investigation conducted by the Australian Financial Review, Apple has directed its earnings in Australia to Ireland in the past 10 years.Taxpayers Australia has called for a crackdown on international companies that engage in tax avoidance practices by using offshore havens. According to the Australian tax payers group, Mark Chapman, the recent allegations...

The Australian sharemarket ended unchanged, following two days of gains. Despite the market's uninspiring finish, the All Ordinaries Index (XAO) is still trading at a five and a half year high. Better than expected retail spending and international trade reports briefly propped the sharemarket higher earlier today.

Apple Inc. will reportedly open its first store in the Melbourne Central Business District

Five Australian universities fell from top 100 World Reputation Rankings.

Cat cafés are making the headlines for 2014. In Spain, London, California, Oakland and even in Los Angeles, cat cafés are becoming a famous enterprise.

The ASX 200 was under pressure from the outset on Thursday. At its worst levels the index was down by 24 points. It didn't take long for prices to consolidate and move off the lows of the session. The catalyst for the morning session came in the form of the better readings on trade and retail sales at 11:30 AEDT.

With the Russia/Ukraine threat significantly downgraded, risk sentiment has remained steady in global markets, with major asset classes relatively unchanged. Discussions are now taking place among leaders and while there is nothing concrete yet, it is encouraging to see them working on a solution together. News that Ukraine will receive around $3 billion in emergency aid from the EU also helped sentiment, particularly in the emerging markets complex.

In US economic data, the ISM services gauge eased from 54.0 to 51.6 in February, short of forecasts centred around 53.5. But the rival Markit services index rose from 52.7 to 53.3. The ADP employment index showed that there were 139,000 private sector jobs created in February, short of forecasts for a gain of 160,000. And the Federal Reserve Beige Book notes that economic activity declined in two of 12 regions, largely due to harsh winter weather.

Some Australians could no longer afford the soaring cost of homes in their countries that they could end up as lifetime tenants. And they could partly blame the rich Chinese property investors who snapped up $24 billion worth of real estate Down Under the past seven years.

Sydney is third most expensive city in the world, according to The Economist's survey titled, "Worldwide Cost of Living 2013."

The Australian share market has closed at its highest level since mid-June 2008, spurred on by better than expected economic growth numbers and a strong rally on Wall Street during Tuesday's trade.

At least 100 world cultural landmarks such as the Statue of Liberty, Tower of London and Sydney Opera House will be wiped out from the face of the earth if ocean waters continue to rise spurred by the burgeoning global warming and climate change.

Australian hotel industry enjoys a favourable year according to the recently published Hotel Price Index from Hotels.com

Paul Leroux at QNX confirmed that Apple Inc.’s CarPlay runs on BlackBerry’s QNX

The royal visit to New Zealand by the trio family of Prince William, Kate and baby Prince George will cost taxpayers a whopping $1 million per day, no less than Prime Minister John Key announced. He was quick to defend however the "tremendous international coverage" the Kiwi country will get in exchange.

The Australian sharemarket is up by 0.6 per cent, thanks to easing concerns (for now) relating to an Eastern European conflict. U.S markets surged by 1.5 per cent while major European stocks jumped by as much as 3.5 per cent overnight. President Putin ordered troops near the Ukrainian border to return to their bases. As expected, this resulted in an outflow of money from 'safe haven' assets such as gold, the greenback and U.S. treasuries. Around a quarter of Europe's oil and gas supplie...

Nepal is again bracing for an influx of visitors wanting to trek up the challenging Mount Everest this spring, with an equal amount of potential thrash going to be left behind by the so-called nature lovers and protectors. To counter this, Nepal authorities on Monday announced adventurous climbers will now be required to bring eight kilograms (18 pounds) of thrash when they come down.

The beginning of the annual National People Congress in Beijing today will be the first major forum since announcing some of the largest policy changes in three decades at the Third Plenum in late October last year.

In US economic data, the ISM New York index rose from 622.6 to 626.1 in February. The IBD economic optimism index rose from 44.9 to 45.1 in March. And chain store sales fell 1.3% in the latest week to stand 2.7% higher than a year ago.

Among the Canadian provinces and territories, Alberta is the most attractive jurisdiction for mining investment in the province, the annual global survey of mining executives said.

Most of the world's billionaires get only richer by the day. The only thing that changes is often their ranking on the rich list compiled by publications like Fortune and BRW.

Apple Inc shares are expected to be bullish following the latest IDC smartphone forecasts. In the recently concluded Apple annual shareholders meeting, CEO Tim Cook revealed that the company has sold more than $1 billion worth of Apple TV set-top boxes in 2013.