BUSINESS

Apple is cutting orders to vendors for its iPad tablet computers that could lead to slower sales for supply-chain vendors, according to a report from JP Morgan Chase and Co.

All those promises of a lean, better and toned legs flew off the shelves as fast as Reebok might need to rework its advertising campaign, as the shoe maker has conceded to pay consumers $25 million in refunds.

A global tax on financial transactions is not appropriate for Australia because local banks did not fail during the global financial crisis (GFC), Australia’s banking sector said today.

Fast food chain Hungry Jack will begin introducing sides of vegetables to go with its regular meals starting next month in a move to bolster its health credentials.

The blaze at Shell SIngapore Refinery, the company's largest plant worldwide, highlights how precarious Sydney supply really was should Shell proceed with its plans to discontinue Clyde as a refinery or disallow its use by third parties, the Construction, Forestry, Mining and Energy Union said on Thursday.

With world oil prices on a rollercoaster ride lately, the Chinese are more determined than ever to lessen their dependence on the precious commodity and exploit their abundant coal reserves.

Arch West was the man behind the crispy and tangy Doritos, which last year alone generated worldwide sales of up to $5 billion.

The Parliament of Finland has agreed to contribute its share to a larger bailout fund for countries that are deep in debt by voting 103 to 66, with 30 representatives absent, leaving only 7 out of 17 members of the euro zone to ratify the bailout subsidy.

A separate but successive customs, quarantine, baggage handlers and ground staff strike is expected to cause havoc in major Australian airports for three days.

With more and more foreign businesses wanting to invest and partake in Australia's huge and abundant mining industry, federal authorities are disturbed resources might all be consumed by foreign partners and none will be left for the locals to use.

MIDDAY REPORT (12pm AEST)The Australian sharemarket has wiped out yesterday's gains, with concerns that the European leaders remain divided on a potential debt crisis solution. Investors are extremely sensitive to both positive and negative news out of the Eurozone. The Americans have been quick to judge and criticize the Euro leaders, with President Barack Obama saying that governments have been too slow to agree on a resolution.

Myer Melbourne was named this week as the world's best new department store in the 2011 Oracle World Retail Awards.

China needs to re-work its economic policies and growth strategies if it wants to continue enjoying a more than 9 percent annual growth, which catapulted it to become the world's second-largest economy now, otherwise it is also doomed to suffer what the U.S. and Europe are presently experiencing.

Diesel oil spilled into the Brisbane River near the commercial business district. The spill, near Eagle St Pier, was reported at 5:30 a.m. and is estimated to have spread 150 to 200 metres along the river's northern bank.

By Richard (Rick) MillsAs a general rule, the most successful man in life is the man who has the best informationThe Fed has been dumping billions of dollars into the US markets each and every trading day since late 2010.

By Greg PeelThe Dow fell 179 points or 1.6% while the S&P dropped 2.1% to 1151 and the Nadaq lost 2.2%.

Australia is the 7th best country in the world to mine, a global survey released on Thursday said. It was a big jump from Australia's 26th place in 2010 in ResourceStocks magazine's annual World Risk Survey.

US durable goods orders fell by 0.1pct in August after rising by 4.1pct in July. Economists had expected a flat result. Non-defense orders excluding aircraft rose by 1.1pct

The Australian dollar has opened weaker this morning currently trading around USD 0.9740, after reversing gains which saw it trade to a high of USD0.9950 during the European session.

It's now clear that gold and silver have emerged as the major casualties of the current sell-off, only 10 days after gold dealers and several leading forecasters predicted the price would top $US2,000 an ounce by the end of the year.

As we pointed out in Air Weekly last Friday, the Asian region is a beacon of economic growth and stability, despite the shockwaves from the eurozone and the stuttering US economy rolling over the area.

According to an advance copy of the Woolworths's annual report, the about to retire CEO Michael Luscombe took a $2.6 million pay cut in the 2011 financial year, but still managed to sound confident about the retailer's outlook, despite its toughest year for more than a decade.

Agricultural chemicals group, Nufarm says it's aiming to boost earnings in 2012 after another difficult year in 2011.

While the headline in the latest National Australian Bank Residential Property Index was gloomy with a 14 point drop reported for the September quarter (and for the second quarterly fall in a row), the detail of the report revealed a case for a bit more optimism.

All good things have to come to an end and unfortunately the S&P 500 could not make it four out of four successive gains. US equities saw selling right up until the close, with the bears easily winning the session. The NASDAQ was the worst performer, losing 2.2% while the S&P fell 2.1% and the Dow Jones Industrial Average shed 1.6%.

The Australian sharemarket rose almost one per cent in the second day of gains, as markets recovered from last week's massive losses on hopes of a solution to Europe's debt crisis. However, the market investors remained unsure whether a solution to the crisis could be found amid conflicting media reports. The benchmark S&P/ASX200 index had risen 34.9 points, or 0.87 per cent, to close at 4,039.5, while the broader All Ordinaries index rose 34.2 points, or 0.84 per cent, to 4,097.7.

US durable goods orders fell by 0.1pct in August after rising by 4.1pct in July. Economists had expected a flat result. Non-defense orders excluding aircraft rose by 1.1pct. And applications for US mortgages rose by 9.3pct last week as refinancing demand rose in response to lower mortgage rates. The index of refinancing applications rose by 11.2pct while loans to purchase new homes rose by 2.6pct.

In the recently published 2011 IT Industry Competitive Index report, South Korea ranks 19th place with 60.8 points.

(4.30pm AEST)Investor confidence remained strong today, with the local market managing to hold onto and add to yesterday's 3.5pct gain. Markets around the Asian region were generally firmer, after the Greek parliament approved a contentious property tax law which is crucial to its austerity plan and its commitments to secure bail-out funds. The local share market lost a little steam in afternoon trade but closed higher by 0.8pct, with the All Ordinaries Index (XAO) adding 34.2pts to 4097....