BUSINESS

The Australian share market closed sharply lower on Tuesday as investors fretted over Standard & Poor's (S&P) downgrade on its outlook for US sovereign debt. Stocks fell across the board.

Australia's Jetstar is preparing to file legal action against the Sydney Airport for its security lapse and causing flight delays and thousands of passengers stranded.

Budget airline Jetstar says it will seek damages after a Sydney Airport security lapse at Terminal 2 left thousands of its passengers stranded.

A rise in the Japanese and Australian stock futures characterize both economies as U.S. housing starts to upsurge and earnings of companies beat estimates.

Australia's natural gas assets are being targeted by China's national oil companies this year, according to energy consultancy firm Wood Mackenzie.

Thailand is looking into proposals for a temporary ban on chicken egg exports coinciding with a planned freeze on domestic prices of the poultry product.

Indonesian automotive components maker PT Astra Otoparts Tbk and NYSE-listed Visteon Corp. have announced the establishment of a new joint venture that will produce car parts for both the Indonesian and global markets.

- QRxPharma close to FDA filing for MoxDuo- Approval expected by middle of next year- Southern Cross upgrades QRX to Buy from Spec.

In New York, oil exchanged almost a two-day high as U.S. home construction numbers and company gross imparted a progressing economic outlook which then caused speculations about increased fuel demand.

- Rick Mills argues present Fed policies will ultimately prove inflationary- If correct, this should support higher prices for gold and silver By Richard (Rick) MillsAhead of the HerdAs a general rule, the most successful man in life is the man who has the best information“Common sense tells u...

Sydney Airport defended its decision to rescreen passengers after a security device lost power yesterday afternoon.

Total capital invested in the global hedge fund industry exceeded $2 trillion for the first time in its history, according to data released today by Hedge Fund Research, Inc. (HFR), the leading provider of hedge fund industry data.

Managed futures lost 0.91% in March according to the Barclay CTA Index compiled by BarclayHedge. Year-to-date, the Barclay CTA Index is down 0.39%.

By Greg PeelThe Dow closed up 65 points or 0.5% while the S&P gained 0.6% to 1312 and the Nasdaq rose 0.

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.