BUSINESS

US housing starts rose by a larger than expected 7.2pct to a seasonally adjusted rate of 549,000 in March. New building permits advanced by a sharper than expected 11.2pct to 594,000 in March, rebounding from February´s record low.

Global events during March, including ongoing political turmoil in the Middle East and North Africa, the surge in oil prices, and supply disruptions from the tragedy in Japan, have dampened US economic growth in the first half of 2011, according to the April 2011 Economic Outlook released today by Fannie Mae's (OTC Bulletin Board: FNMA) Economics & Mortgage Market Analysis Group.

Qantas shares hardly moved yesterday after the airline boosted its fuel surcharge for a 5th time this financial year to where the extra cost is more than some domestic and international routes to NZ.

Significant delays are anticipated at Terminal 2 tonight as a result of a power failure that caused a security breach shortly after 4pm at Sydney airport today.

Michael Luscombe, chief executive of the retail Goliath Woolworths (ASX: WOW) declared he will not be the first to blink on milk prices.

Thailand electronics and electrical appliance makers see a big drop in exports growth due to a shortage of components from Japanese suppliers

- Woolworths' Q3 update pleased in that it confirmed an uptrend in the making- Some stockbrokers suggest this could be the catalyst for the share price- Macquarie remains skeptical By Greg PeelConsumer staple leader Woolworths ((WOW)) reported sales growth of 5.

- PaperlinX removed from S&P/ASX200 index- Institutional investors less likely to look at the stock- Morningstar retains Avoid rating, expects tough conditions to continueBy Chris ShawFollowing the March quarterly re-balancing of the S&P/ASX200 index, PaperlinX ((PPX)) was removed from the index as ...

- Spot uranium prices fell slightly last week- Activity remains subdued, buyers cautious- Mid and long-term price indicators unchangedBy Chris ShawLast week was another exceptionally quiet week in the spot uranium market, reports industry consultant TradeTech.

The AUD has fallen below USD1.0500 overnight as sovereign debt issues in both Europe and the US dampen risk appetite.

By Greg PeelThe Dow closed down 140 points or 1.1% while the S&P fell 1.1% to 1305 and the Nasdaq lost 1.

The Australian Dollar opens this morning at a rate of 1.0504 against the Greenback. Following a large flight to safety yesterday evening riskier currencies such as the Aussie Dollar were sold across the board.

Ratings agency Standard & Poor´s downgraded the long term US credit outlook to negative. S&P cited a risk that policy makers may not reach agreement on a plan to reduce the US federal budget deficit. White House spokesman Jay Carney said that a failure by Congress to lift the US debt ceiling would immediately arrest the US economic recovery.

New York – Citigroup Inc. today reported first quarter 2011 net income of $3 billion, or $0.10 per diluted share. Net income declined $1.4 billion from the first quarter 2010, but more than doubled sequentially.

Setting pressure on new home buyers, residential land sales in Melbourne plummeted to their lowest while the price of blocks increased by 13 plus percent in 10 years.

The Australian Institute of Petroleum reported a two-and-a-half-year high in the local price of unleaded petrol with motorists paying an average of $202 a month for full tank.

International credit rating agency Standard & Poor’s has raised its long-term corporate credit rating on Rio Tinto (ASX: RIO) to A- from BBB+. At the same time, it affirmed the A-2 short-term corporate credit rating with a now stable outlook.

Despite the present fiscal deficit which is anticipated to be worse than the $41.5 billion forecast, Finance Minister Penny Wong assures a budget surplus in 2012 to 2013.

Leighton Holdings may have answered a ticklish question from the ASX yesterday about why it didn't update the market about its profit drop and writedowns faster than it did, but its problems in the troubled Middle Eastern state of Dubai seem to be deeper than thought last week.

The recent spate of natural disasters here and in New Zealand will see home and car insurance premiums rise "materially" in 2011, according to ratings agency Standard & Poor's.

Google Inc has to deal with the increasing salaries of employees and staff that could further erode strong financials if it does not make the most of advertising revenues from video and display advertising, analysts said.

Renewable energy company CBD Energy Ltd's (ASX: CBD) first joint venture project with its new Chinese partners will finalise its very first 100 megawatt wind farm in Australia this week.

BHP Billiton is seeking government approval for a planned expansion of its Port Hedland operations in the Pilbara Region that would would double its current iron ore output in the medium term.

Virgin Blue (ASX: VBA) today launched its premium kerbside entrance and premium kerbside valet service at The Lounge, Sydney domestic terminal.

While the first radiation measurements taken inside two reactor buildings at Japan's crisis-stricken Fukushima Dai-ichi nuclear plant show a harsh environment, it is not one that will be impossible for humans to work in.

An ADB report Asia-2050 said Asia could account for over 50 per cent of the world GDP by 2050, up from 35 per cent at present.

National Australia Bank (ASX:NAB) says it is renewing its commitment to sustainable economic and social development for indigenous Australians.

By Greg PeelThe heavens began opening over the Sunshine State in late 2010 and by early 2011 the state was awash.

Workers’ remittances in the first two months of 2011 reached $2.98 billion, up by nearly 7 percent from the year-ago, raising optimism that total inflows for full year will reach $20 billion.