BUSINESS

Financial regulators in the US could finally be ready to switch the financial reporting measures for US companies to the globally accepted standards for accounting.

The U.S. and Mexico have reached a cooperative agreement for oil and gas drilling along the maritime border in the Gulf of Mexico, ending years of negotiation that has left the area untapped for more than a decade.

Foxconn Technology said this weekend that it would increase worker salaries at its Chinese factories by as much as 16 to 25 percent as it faces intense public scrutiny over the working conditions in at its factories.

The Dow Jones Industrial Average pierced the 13000 level for the first time since before the financial crisis, but traded largely below the mark during a choppy session in which stocks were negative at times. The Dow broke 13,000 before noon Tuesday and a handful of other times throughout the day, but was down 17 points, or 0.1%, at 12933 in afternoon trading.

By Greg PeelThe Dow closed up 15 points or 0.1% at 12,965. The S&P gained 0.1% to 1362 while the Nasdaq lost 01.

Facebook Fan Pages are a great way to build your brand, remain Top of Mind. engage with your customers and now Facebook are about to improve their functionality even more.

Women's retailer, Specialty Fashion Group has joined the no dividend club and a spot of rationalisation after confirming earlier guidance of a sharp drop in sales and earnings for the December half year.

Rent.com.au is consolidating its position as Australia's #1 rental property website, indicating in a December press release they have achieved 300% growth in the number of agency listings on their website since February 2011.

South Korean house prices bounced back in 2011, after a slow second half of 2010. Housing starts and transaction volumes were strongly up. House prices rose by 6.86% (2.60% in real terms) during 2011, according to the Korean Statistical Information Service (KOSIS). The Seoul house price index was up by 0.29% (-3.72% in real terms) during 2011, less than the national house price index.

U.S. retail giant Wal-Mart has ramped up its presence in the rising supermarket competition in China, adding to its portfolio local online seller Yihaodian.

The 300 employees of shuttered Air Australia were given assurances through email by the company's director, Michael James, that the business was sound hours before it was placed on administration.

Lend Lease has lopped interim dividend from 20 to 16 cents, a slash of 25% after a small fall in earnings for the period to December 31.

More jobs in Australia continue to be axed as companies go into administration or shutter outlets. The latest jobs to be cut belong to employees of a tomato producer and steel manufacturer.

Australia's largest steelmaker, Bluescope Steel, reckons it is laying the foundations for a return to profits after revealing a total loss of more than half a billion dollars for the six months to December 31.

To appease Alcoa workers in Geelong who may lose their jobs as the company reviews the viability of its Point Henry aluminium smelter facility, Alcoa has dangled a more than 100 per cent hike compensation package. The big if is conditioned on the workers being posted in Saudi Arabia,

The Australian Competition and Consumer Commission (ACCC) is seeking evidence from supplies of supermarket giants Coles and Woolworths to nail the two grocers on unfair competition charges.

By Greg PeelWith the RBA board members pulling on their RBA board shorts in January and slapping on the zinc cream, this month's monetary policy meeting was the first since December.

The Australian share market is trading higher at lunchtime in the East, as investors await the outcome of talks between Eurozone finance ministers to secure a Greek rescue deal, and digest another busy day of results. The All Ordinaries Index (XAO) is firmer by 19.6pts or 0.5pct to 4352 in early trade.

A large French bank, Societe Generale, doubts the big four Australian banks' claim of rising funding costs, which they cited as a reason for hiking mortgage rates Feb. 7, while the Reserve Bank of Australia held the overnight cash rate at 4.25 per cent.

FNArena has added another video to its Investors Education section on the website. ATW's Jerry Simmons is expecting break-out moves for gold and equities this week.

Cash flow problems and slow payment of invoices are just some of the most common problems that businesses have to face.

By Greg PeelIn what is becoming a painfully slow spot uranium market, last week saw only one transaction completed totalling a mere 75,000lbs of U3O8 equivalent, industry consultant Trade Tech reports.

The U.S. dollar fell to a near two-week low against the euro Monday on hopes European finance ministers would agree on conditions for another loan for Greece.

By Greg PeelAs I write the meeting of eurozone finance ministers is continuing in Brussels. The purpose of the meeting is to assess the austerity package agreed to by the Greek government in return for the granting of another E130bn in bail-out funds to carry Greece through 2012, to be delivered in ...

Woolworths has upped the ante in its ongoing reign for supremacy in Australia's supermarket war by moving the battle into the virtual world. By launching a virtual supermarket in Sydney, shoppers could buy groceries from Woolies using their mobile phones.

Chinese workers assembling the world's top gadgets have been awarded considerable pay hikes by one of the world's most notorious employer, the Foxconn Technology Group.

Australia's retails sales had gone up by 0.6% for the fourth consecutive month in all territories, according to the Commonwealth Bank's Business Sales Indicator.

Bank customers wishing to compare the lending rates of major Aussie banks should research the facts by themselves as these will not be volunteered to them, according to consumer advocacy group Choice.

Scoopon has refunded about $1 million to Air Australia passengers who were stranded when the air carrier collapsed on Friday. These travelers purchased their Air Australia tickets from Scoopon, a group buying site.