BUSINESS

AFTERNOON REPORT (4.30pm AEST)Local stocks posted a slight win today, but importantly managed to hold onto yesterday's impressive gains, despite slight falls on Wall Street overnight. Sentiment was boosted by hopes European leaders will agree on a second bail-out package for Greece, while a disappointing flash read on China's manufacturing sector limited gains as markets around the Asian region fell. The All Ordinaries Index (XAO) rose 7.8pts or 0.2pct to 4626.2 while the S&P/ASX 200 ...

The Queensland government is urged to put controls on the the coal seam gas sector that has excessively consumed the state's water supply.

Global mining giant BHP Billiton said on Thursday that its iron ore output for the last quarter of fiscal year 2010-11 soared by 14 percent to 35.5 million metric tonnes, exceeding projections earlier set by market analysts.

Midday-Lunchtime REPORT (12.15pm AEST)Local stocks are managing to hold onto yesterday's impressive gains despite small losses on Wall Street overnight. Investor sentiment has been boosted by hopes Eurozone members will agree to a second bail-out deal for Greece when they meet in Brussels later tonight. The All Ordinaries Index (XAO) is up 23.8pts or 0.5pct to 4642.

By Greg PeelThe "flash" manufacturing PMI (purchasing managers' index) calculated by HSBC is an early estimate of HSBC's ultimate result published immediately after month-end.

In a seemingly diabolical plot, veterinarians and pharmaceutical companies have teamed up in a marketing campaign to frighten pet guardians into giving year-round heartworm preventatives to their cats, as well as dogs.

Over one million Queensland employees used some form of flexible working arrangements in their main job, according to figures released by the Australian Bureau of Statistics (ABS).

Australia has everything to play for, and every advantage it could hope for, but it also has every chance of blowing its future prospects. So says a 16-page special report in the May 2011 issue of the internationally recognised journal, The Economist.

More of the same for the year ahead was the call from major retailer Woolworths yesterday in the wake of the release of the financial year and 4th quarter sales figures.

Besides the expansion of its Chilean and Peruvian copper resources, BHP also achieved production records in four commodities with production of iron ore posting its 11th consecutive record.

Buried yesterday’s BHP Billiton exploration and development report for the 4th quarter and for all of the 2011 financial year was another major story for the world's biggest mining company.

The Australian Dollar is holding its recent move above USD 1.0700, as sentiment remains positive, even if slightly subdued, regarding European and US Debt problems and plans.

Larry Page’s recent tinkering on Google’s in-place structures were meant to reposition the internet giant and keep its competitive posture despite the enormous success that the company has achieved in so short a time.

Members of Australia's largest and most representative business organization, the Australian Chamber of Commerce and Industry (ACCI) are taking the concerns of business and ACCI's member organizations about the proposed carbon tax to the community through support of an advertising campaign by the Australian Trade and Industry Alliance (ATI) which commenced on Thursday.

Banking on its economic muscle and its growing list of millionaires, Qantas Airways trains its sight to China where its future growth in the Asia Pacific region will be anchored, according to company chief executive Alan Joyce.

By Greg PeelGold fell from around $1600/oz to $1587/oz on Tuesday night as markets saw rays of hope in both the eurozone debt issue and the US debt ceiling issue.

Lower interest rates don't seem to be enticing first home buyers, new figures have indicated.

ASIC has claimed success as it has completed the initial licensing of the credit industry, and has warned it will take a tough stance on unlicensed activity.

A report to be released by the Federal Government today claims more than 100,000 people are misusing business, student and holiday visas to work illegally in Australia.

By Greg PeelThe Dow closed down 15 points or 0.1% while the S&P was flat at 1325 and the Nasdaq lost 0.

The Australian Dollar has opened higher this morning and is currently trading above USD 1.0700, following a strong night on equity markets and improved investor risk appetite.

MarketU.S. stocks closed lower Wednesday as investors traded cautiously a day after the Dow Jones Industrial Average notched its biggest advance of the year. The Dow finished down 15.51 points, or 0.12%, at 12571.91, after fluctuating between positive and negative territory for much of the session.

MORNING REPORT (7am AEST)US existing home sales fell by 0.8pct in June to a 4.77 million annual rate. Economists had tipped a result near 4.90m. The median home price was up 0.8 per cent on a year ago. But the stock of unsold homes rose to a 8-month high of 9.5 months. Other data from the Mortgage Bankers Association showed that applications for US home mortgages rose 15.5pct last week to the highest level in four months.

Australian Dollar: The release of the July RBA board minutes on Tuesday signalled an air of caution as far as any near-term rate rises are concerned pushing the Aussie down a third of a US cent in the process.

The Australian share market closed strongly firmer, following its best performance in over a week after a compromise was reached in the US to lift America's debt ceiling. However, local traders said the rally could be short lived because of ongoing debt concerns in Europe.

Now with Activision ready for another record-breaking installment of the CoD franchise, the game publisher has filed a complaint with the National Arbitration Forum last week to stop Scottsdale, Arizona-based Domains by Proxy, Inc., the current operator of the ModernWarfare3.com, from further using the site.

US existing home sales fell by 0.8pct in June to a 4.77 million annual rate. Economists had tipped a result near 4.90m. The median home price was up 0.8 per cent on a year ago.

Aside from looking for markets outside China, Lenovo now has three new tablets in a market that is dominated by Apple Inc.'s iPad. Lenovo has unveiled the IdeaPad Tablet K1 for consumers, the ThinkPad Tablet for business customers, and the IdeaPad Tablet P1 for home and office use.

AFTERNOON REPORT (4.30pm AEST) An estimated $23 billion in value was added to the local share market today. Stocks rallied on hopes Washington would reach an agreement to raise the US debt ceiling before the August second deadline. A debt ceiling is the name given to the maximum borrowing power of a government, and overnight US President Obama expressed optimism that a deal to raise that borrowing power would soon be reached. Strong company earnings results released in the US overnight also b...