BUSINESS

The February reporting season has started and is set to showcase how Australian companies have fared over the first half of the financial year.

With Chinese Luna New Year well underway and the year of the horse being welcomed in, some may have missed the official China PMI print for December on Saturday which came in a tick under estimates at 50.5.

In US economic news, personal income was flat in December (forecast +0.2%) while spending rose 0.4% (forecast +0.2%). The Chicago purchasing managers index eased from 60.8 to 59.6 in January (forecast 59.0). US consumer sentiment rose from a preliminary reading of 80.4 in January to a final reading of 81.2 but was down from 82.5 in December. The employment cost index rose 0.5% in the December quarter.

While the Auckland Police and the Auckland Medical Office of Health has not objected to the application by the Chow brothers for the renewal of the licence of their Penthouse Club and adjoining brothel Galaxy Club and application for a new licence of strip bar Mermaids and brothel Splash Club, a rival company tried to block the applications.

Neighbours Down Under Australia and New Zealand are currently studies in contrast, insofar as their economies are concerned.

Apple Inc has paid $36.4 million in tax for 2013 fiscal year despite declaring revenues of over $6 billion in Australia. The Cupertino-based tech giant generated $52 million after paying $88.5 million. The company had acquired a net profit after tax from $58.5 million in 2012 to $40.1 million when Apple paid taxes in Australia.

The Australian share market finished slightly higher today, but still lost ground over the week as investors around the globe remained concerned about emerging markets.

The last 12 hours have seen volatility subside relative to the previous day. European and US stock indices finished higher and the atmosphere in currency markets, particularly for emerging markets was stabilising. Notwithstanding the improved general tone sellers has the edge at the open of the local session, although the losses were contained to a modest size.

Toyota is poised to recall six model units in North America over concerns the fabrics in those models' heated seats doesn't comply with safe flammability standards.

With emerging market currencies beginning to calm, we are finally seeing the moves we would have expected to see on the back of the tapering decision. The US dollar index bounced back above 81 while equities advanced despite some mixed US economic data. This suggests that focus was perhaps on a recovery in emerging market bourses particularly for Turkey and Mexico. The earnings season in the US continued to progress favourably and this also encouraged investors to bid equities higher. Facebook p...

In US economic news, the advance reading of economic growth (GDP) for the December quarter was at 3.2% - in line with forecasts. New claims for unemployment insurance rose by 18,000 to 348,000 in the latest week - above forecasts for a result near 330,000. And the pending home sales index fell 8.7% to 92.4 in December.

The latest edition of Forbes Magazine's Australia Rich List has 30 billionaires with iron ore magnate continue to leading them as she added another $804 million to her wealth for a total fortune of $20.3 billion in 2013.

After Apple Inc investors expressed disappointment over lower than expected iPhone sales last holiday quarter, a 10 per cent sell off in Apple's stocks could happen which will reset earnings back for Exxon Mobil to even surpass the company in market value. Apple Inc's market cap was at $550 billion before a drop is predicted to happen. A drop of 10 per cent will push shares to just below the critical $500 billion mark at $495 million.

One of the main questions vexing investors in the early part of 2014 has been resolved in the last day. The decision by the US Federal Reserve to taper their monthly asset purchase by an additional $10 billion dollars saw brisk selling in regional equity markets on Thursday. The ASX200 showed little inclination to recover from its initial selloff for much of the day. The final 2 hours of trade saw some support emerge for the market, although it remained well in the red at the close.

Australian exporters are profiting from the sudden huge demand for rock lobsters in China, like those caught in the video, due to the Chinese New Year celebration on Friday.

Weather forecasters from Australia and the U.S. have warned an El Niño weather pattern may likely hit the country and parts of Asia this year. If this occurs, chances are farm growers will experience deficient rains this year.

The Australian share market is giving back yesterday's gains following triple digit losses on Wall Street overnight.

Risk unwound through European and US trade as the overwhelmingly positive reaction to Turkey's aggressive hike proved to be short lived. The central bank theme continued with the Fed meeting in focus where it decided to taper by a further $10 billion, taking monthly purchases down to $65 billion as expected. Once again the $10 billion will be equally split between treasuries and mortgage-backed securities (MBS). The commentary didn't change much with the Fed noting an improvement in the la...

The US Federal Reserve has decided to reduce (´taper´) bond purchases by another $10 billion to $65 billion a month. The Fed noted ´´growth in economic activity picked up in recent quarters. Labor market indicators were mixed but on balance showed further improvement.´´

ANZ Bank's image as a bully lender to some customers may be softened since the bank is now refunding 235,000 home loan customers a total of $70 million which represents overcharge for interest repayments. That would average about $300 per customers.

Apple Inc shares fell 7.2 per cent in trading on Jan 28 after investors were disappointed with iPhone sales for Q1 FY 2014 despite record-breaking figures for the tech giant. The stock price slightly dipped following Carl Icahn's tweet about buying another $500 million Apple shares. The billionaire activist told CNBC he continues to benefit and made a "great deal of money" when he buys Apple shares that went down.

The local sharemarket staged a comeback after four straight days of losses. The All Ordinaries Index (XAO) rose by around 1 per cent, following Tuesday's 1.26 per cent slump. Concerns relating to emerging market stability have been keeping investors on edge in recent days; however signs that Turkey was taking the issue seriously, settled some nerves. Turkey's central bank increased lending rates from 7.75 per cent to 12 per cent following an emergency meeting. This was aimed at halting a s...

British fashion brand Marks & Spencer is coming to Australia. In preparation for its Australian launch, the company appointed two new directors to Marks & Spencer (Australia) Pty Ltd, which had been dormant for about 7 years.

“Captain America: The Winter Soldier” actress Scarlett Johansson’s seductive SodaStream ad has become an internet sensation even before it was broadcast officially, as planned. The soda drinks manufacturer company was set to debut through this sexy Scarlett Johansson ad during the Super Bowl. But the ad has been banned from the much awaited sports event. Read on to find out why the channel banned the advert.

Days before the Chinese Lunar New Year and Chinese residents won't be serving chicken on their festivity tables. China has effected a ban of live poultry sales following a jump in the number of H7N9 infections. The ban covers large parts of eastern and southern China. Immediately on Tuesday, Hong Kong slaughtered 20,000 chickens found with the deadly bird flu virus.

The Australian share market is recovering after yesterday posting its biggest one day loss since mid-December, as investors remained concerned about the health of emerging economies.

Green on screen seen across the global overnight finally took some of the heat out of concerned talk around emerging markets. US earnings season continued to show that earnings in the final quarter grew between 6% and 8% and this added support to the reasoning that the S&P has its best trading year since 1997.

In US economic news consumer confidence rose from 77.5 to 80.7 in January, above forecasts for a result near 78.1. The S&P/Case Shiller home price index rose 0.9% in November to be up 13.7% on a year ago - the largest gain in eight years. But durable goods orders fell 4.3% in December. Excluding defence equipment and aircraft, orders fell 1.3%. Economists had tipped a 0.5% rise.

Greece has declared a state of emergency over the Greek island of Cephalonia (Kefalonia), following Sunday's 5.8-magnitude quake which injured seven people.