BUSINESS

SR Exports, Australia's largest producer of tomatoes, blamed on Wednesday the country's supermarket giants for their poor business which led to the agricultural company's voluntary administration and loss of 60 jobs.

The much-awaited update for Research in Motion's (RIM) PlayBook tablet computer finally arrived this week, which allows the device to process email independently.

The Minerals Council of Australia is supporting the minerals resource rent tax. Mitch Hooke, chief of the council, told a Senate hearing in Canberra on Tuesday that the proposed 30 per cent tax on profits of large coal and iron producers is workable.

About 2,700 small enterprises folded up in Australia in the last quarter of 2011, indicating the weak national economy outside the booming mining sector.

The Australian share market is trading flat in the early session, after US and European share markets failed to rally overnight, despite Eurozone officials approving the second Greek bailout deal. At lunchtime in the East, the All Ordinaries Index (XAO) is lower by 4.2pts or 0.1pct to 4364.

Noisy drivers are the biggest neighbourhood nuisances in Australia, with dangerous drivers running a close second.

Four profits yesterday from companies of varying sizes illustrate the current state of the Australian economy, and where the profits, revenue growth and pain are occurring.

Just a suggestion that OneSteel, in seeking a new name, might be about to ditch its low profit steel making business, was enough to send the shares up more than 12% by the close yesterday.

Alcoa clarified on Tuesday media reports that it has offered Point Henry smelter workers job offers in Saudi Arabia to work in a joint venture project.

A fitful reaction from the markets to the news that the second bailout of Greece is much closer after eurozone finance ministers agreed to the latest bailout package.

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.