BUSINESS

NEW claims for US unemployment insurance benefits unexpectedly dropped to a five-year low. The number of applications dropped from 345,000 to 326,000 for the week ending July 27. The reading was the lowest since January 19, 2008, when claims stood at 321,000 amid the financial crisis. Analysts on average had expected a slight rise to 345,000 claims from the unrevised prior week's figure of 343,000.

Well, there's 10 minutes of our life we're not getting back. This morning, out of begrudging necessity rather than desire, we read the latest statement on monetary policy from the Federal Reserve.

Terrafugia the carplane or popularly known as the flying car finally takes flight leaving Industry Leaders in an Awe. The Flying Car's first public demonstration took place in the afternoon air show on the first day of EAA AirVenture in Oshkosh, Wisconsin.

We presume the rich are always equally greedy - just like the poor. And we note that the total volume of regulation actually increased during the period under review. Just look at the tax code...or SEC rules. There are far more rules now than there were in 1950.

First came the denials, then - finally - the admission that, yes indeed, some of GlaxoSmithKline's senior Chinese executives broke the law in a $484.8 million cash and sexual favors scandal.

A recent article published in Health Magazine revealed some common restaurant mistakes that healthy people on a diet might make unconsciously, impeding their quest for weight loss. Listed here are 5 of the most common mistakes healthy people make.

Due to the botulism scare that rocked the New Zealand dairy industry, the Fonterra Shareholders' Fund units fell to its lowest level in 2013. Other dairy companies in New Zealand also saw a drop in units amid investor concerns that earnings will take a tumble due to the recent whey protein bacterial contamination. The New Zealand dollar also took a tumble as currency investors reacted to the ongoing uncertainty.

All eyes are on New Zealand's Fonterra, following the weekend recall of infant milk products and sports drink due to the discovery of contamination of whey used in the manufacture of these two items. The bacteria found could lead to botulism, which could be fatal.

As part of the cost-cutting measures initiated by the Bank of Cyprus, 1,370 employees volunteered to take part in its retirement programme. The number represents about 25 per cent of the bank's workforce.

By Rudi Filapek-Vandyck, Editor FNArenaWhile appearing on Sky Business this morning with hosts Brooke Corte and Carson Scott, the discussion made a sidestep into the threat of more capital raisings following the surprise announcement by Paladin Energy ((PDN)).

In a classic example of online duping, a 21-year-old woman from Brisbane was scammed of $1,200 when she ordered online for two iPhones, but got instead two edible Apple fruits.

The survival of New Zealand's $9.4-billion dairy trade is under threat over the discovery of tainted whey used in dairy products to eight customers in Australia, China, Malaysia, Vietnam, Thailand and Saudi Arabia.

Fonterra, the largest company in New Zealand, has issued a warning that some of products used in infant formula and sports drink may have the bacteria Clostridium Botulinum that could cause the deadly botulism.

Gains in the index continue to be hard earned. The market was flat early in the week with all the gains happening on Friday.

A 1 per cent improvement for the All Ordinaries Index (XAO) made today the happiest Friday since 14 June for the local sharemarket. The Australian market has now gained ground for six straight weeks and has only eased on two of the past 10 trading sessions. The XAO is only around 120 points (or 2 per cent) away from a five-year high.

Apple Inc reclaimed the title of World's Most Valuable Company based on market capitalisation as more rumours of upcoming next-generation iPhones and iPads continue to circulate. Apple pushed its way up the rankings to topple Exxon Mobil from the number one spot.

TransCanada will construct a pipeline from western Canada to link it with the east's refineries in its bid to seek more export markets. Once complete, the $11.6 billion Energy East line could transport up to 1.1 million barrels of oil daily.

The Olympic Spirit, which is "to build a peaceful and better world which requires mutual understanding with a spirit of friendship, solidarity and fair play," hangs on a balance next 2014. Gay international athletes bound to compete for the honor of their respective countries in the 2014 Olympics in Russia will be specifically targeted as the country steps up its anti-gay quest.

Positive data out of the US lifted overseas stocks higher last night, providing a strong lead for local shares. The Dow Jones was up 128 points after the ISM manufacturing reading was higher than expected and lower initial jobless claims encouraged investors.

Reflecting its bullish outlook towards the yellow metal, ANZ Bank opened on Friday its second gold bullion vault in Asia at the Singapore FreePort. The facility, capable of storing 50 metric tonnes of gold, actually started operating in Singapore in July.

After using plastic as casing for so many of its devices, South Korean tech giant Samsung is reportedly planning to use metal for the next model of the Galaxy S5. The basis of the speculation is a Samsung patent filed in Seoul in 2011 and registered in the U.S. in 2012.

By Greg PeelThe Dow rose 128 points or 0.8% while the S&P gained 1.3% to 1706 and the Nasdaq added 1.3%.

For months, EU and China has been engaged in a semi-trade war, the events of which seemed inevitably moving towards a full-blown trade war between the two important economies. The two sides have engaged in a tariff war for months.

Despite Apple and Samsung's numerous legal battles, the Cupertino-based tech giant is still tapping its South Korean rival to provide it the high-resolution Retina display when it releases the next version of the iPad mini, The Wall Street Journal reported.

In a mixed day of trading today, the All Ordinaries (XAO) closed marginally higher, up by 0.2 per cent. The Australian market weighed encouraging news out of the local housing market and stronger than expected Chinese manufacturing data against lacklustre manufacturing data at home and speculation around new taxes in the banking industry.

Knowing fully well it continues to be hounded by intrigues and controversies regarding its management of Church-related funds, the Vatican bank Institute for Religious Works has opened up a Web site for everyone to see as it aims for transparency in all its dealings.

British-based computer scientist banned from publishing an academic paper which reveals the secret codes used to start luxury cars such as Porsches, Audis and Lamborghinis that could lead theft of millions of vehicles.

After a volatile night on the US markets our market has followed suit today. The Dow Jones index traded over a range of around 140 points overnight and the ASX has now traded over a 40 point range so far today. After a strong start, where the All Ordinaries Index (XAO) up over 30points, the market has now moved into the red. The market fall was largely because of the sell out in the banks as rumors start to percolate in the markets of a possible bank deposit insurance levy.

The New Zealand dollar is on a 5-year high as it approached 89 Australian cents on August 1 as investors banked on New Zealand's economy over Australia where the nation is currently experiencing an economic slowdown.