BUSINESS

Virgin Blue Group (ASX: VBA) has suspended flights in or out of Darwin tonight and tomorrow, following advice from the Bureau of Meteorology and the closure of Darwin Airport due to tropical cyclone Carlos.

Microsoft once suggested that internet service providers need to block online access for computers teeming with viruses but that appeared to have changed this week.

Wesfarmers' (ASX:WES) Coles has acquired National Australia Bank’s (ASX: NAB) 50 per cent interest in FlyBuys, Australia’s first and largest shopping rewards program. NAB remains a major participant in the program.

We had some news and movement yesterday in the two big financial services deals afoot in Australia: the proposed takeover of the ASX by the Singapore Stock Exchange and the proposed takeover of AXA Asia Pacific Holdings by the AMP.The two deals are worth close to $23 billion, if they go ahead.The AXA deal looks probable, although final approval from the federal government is needed, but the ASX takeover remains very uncertain.AXA revealed an 11 % drop in full year earnings to $602 million and the ASX and Singapore Exchange (SGX) revealed a change to the corporate governance and board composition of the merged company to try and win approval from investors and the federal government.Of the two deals, the $8.4 billion bid for the ASX by SGX is the most important with its political and business fallout here and offshore.The gist of the new arrangements announced late yesterday will be: the

China will go on tightening monetary policy, despite a small rise in the inflation rate in the year to January to an annual rate of 4.9%.That was up from the 4.6% rate in the year to December and under the 5.1% (a 28 month peak) in the 12 months to November.Some forecasts had put the CPI at around 5.3% to 5.4%, which would have been new 28 month highs.That was because of the rebound in fresh food prices in January ahead of the Spring Festival and the Lunar New Year, and then the emerging impact of the worst drought for 60 years in parts of the wheat growing area of the country's north and northwest.The best sign of the increasing inflationary pressures was in the

Australia’s national carrier Qantas Airways Ltd (ASX: QAN) is deploying internationally configured wide-body aircraft, including its Boeing 747 aircraft, on domestic Perth routes. The move comes as Virgin is poised to launch Airbus A330 services to Perth as part of its plan to snare a bigger slice of the corporate market.

An American radio show reportedly obtained the original recipe of famed soda drink Coca-Cola and decided to read out the full contents of the ingredients during a weekend airing.

Apple has admitted on its latest report auditing the tech firm’s contracted suppliers and manufacturers that some 91 child labourers were employed by mainly Chinese companies assembling the popular gadgets marketed by the US consumer electronics giant.

The Australian sharemarket is trading mainly flat in the first half of trade with the All Ordinaries index (XAO) off by 0.1 pct or 3.8 pts to 5015.6.

The Australian Dollar has opened weaker thismorning, currently trading around the USD0.9970, level asbase metals and equities finished lower overnight.Yesterday saw the release of the Australian RBA Minutes,which had a positive outlook on the Australian economy,despite the recent floods damage.

by Matthew Carr, Investment U Research Tuesday, February 15, 2011These days, if someone tells you they don’t own a cellphone, that’s like them saying they don’t have electricity or indoor plumbing. That’s a measure of where modern society is at the moment. But many people have kicked that up a notch further and have entered the smartphone world. Globally, more than 1.6 billion smart phones were sold last year. That was a 72% increase over 2009. And with consumers falling over themselves to get smartphones, the arena is heating up…Smartphone vs PC… A Unanimous WinnerWhen it comes to the smartphone market’s big players, Apple (Nasdaq: AAPL ) is an obvious one, with its iconic iPhone. But now, everyone is rushing to unveil their own, putting pressure on Apple to make its iPhone cheaper and more versatile. The market just opened up a little more when Verizon Communications (NYSE: VZ ) began pre-order online sales of its Apple iPhone. And the demand was astonishing. The country’s largest mobile operator recorded the most successful first day sales in the company’s history – over 500,000 orders. For Verizon, iPhone sales are projected to be the main driver of the 4% to 8% revenue growth the company expects this year.But Apple has serious competition in the shape of Google’s (Nasdaq: GOOG ) Android platform. In fact, Android phones stole the limelight during the fourth quarter of 2010, accounting for 53% of all smartphone sales. Even Facebook is getting in on the act, launching its own phone in partnership with INQ - the Cloud Touch. If you need more proof of how massive this smartphone trend is, just consider this statistic: During the fourth quarter of 2010, smartphone sales topped those of personal computers for the first time ever. A total of 101 million smartphones were purchased, compared to 92 million PCs. In market growth terms, that was an 87% increase quarter-over-quarter in smartphone sales, versus the meager 3% increase in PC shipmentsIt’s even more of a beatdown to PCs considering Apple’s iPhone was only launched in 2007. And there’s more somber news for the future of the PC market…Pad PowerHaving not even been on the market for one year, Apple’s iPad already accounts for 7% of the global PC market. And in classic “monkey-see, monkey-do” style, everyone is riding Apple’s coattails in an attempt to get their own tablet computers into consumers’ hands. It’s yet another rapidly moving trend, with Morgan Stanley (NYSE: MS ) projecting that tablet sales will hit 100 million per year by 2012. And this overall trend opens the door to secondary and tertiary markets, which are a developer’s dream and a massive boost for the smaller companies. After all, nobody would buy a smartphone just to make phone calls, send texts, or view e-mails. That’s like buying a Ferrari and then driving the speed limit. What’s the point? So this massive smartphone market is creating a booming secondary market: mobile applications, or “apps.”Is There an App for This Kind of Growth?The mobile app market topped $2 billion last year, with Gartner, Inc. expecting it to generate $15.1 billion in revenue this year. Globally, the app market is projected to increase to $27 billion by 2013, rising to $35 billion in 2014, according to International Data Corporation. Plain and simple: That’s insane growth. Apps range from the stupid, to the life-saving, to providing eternal salvation (seriously… you can purchase “Confession: A Roman Catholic App” for $1.99). But regardless of what apps are out there, if those projections are confirmed, that would see the global app market rocket to growth of 1,958% between 2009 and 2014. And with the market only just hitting its stride, suffice it to say, we’re at a huge point in the technology curve.Good investing,Matthew CarReprinted with permission of the publisher. The above story can be read on the website www.investmentU.com. The direct link is: http://www.investmentu.com/2011/February/the-tech-trend-crushing-the-pc.htmlNothing published by Investment U should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investment advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication or 72 hours after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended by Investment U should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.Views expressed are not FNArena's (see our disclaimer).FN Arena is building the future of financial news reporting at www.fnarena.com . Our daily news reports can be trialed at no cost and with no obligations. Simply sign up and get a feel for what we are trying to achieve.Subscribers and trialists should read our terms and conditions, available on the website.All material published by FN Arena is the copyright of the publisher, unless otherwise stated. Reproduction in whole or in part is not permitted without written permission of the publisher.

Two of the majors are now clashing head-on and soon enough, experts are expecting to see a four-corner brawl from Australia’s biggest banks, a competition that should be fierce enough it would blow some burdens away from banking clients’ shoulders.

(This story was originally published on 8th February, 2011. It has now been re-published to make it available to non-paying members at FNArena and readers elsewhere).By Greg PeelAs a financial journalist, it is not my place to take sides on the climate change debate. However, I have no qualms in stating my own, honest opinion, taken from a position of simply not being a scientist.The way I see there are two arguments, and I am not including arguments put forward by industry lobbyists: (1) the earth is warming; (2) the earth is not warming and indeed may be cooling. On the assumption (1) is correct, then: (a) man-made carbon emissions are the cause; or (b) the cycle is natural and while made-made emissions don't help they don't actually make much difference.My opinion is that which ever of these variations proves to be true, where is the downside in easing the plundering the world's finite natural resources and shifting towards commercially viable alternative and renewable forms of energy? Where is the downside in curbing pollution? I have not heard a viable argument (outside of short term profits and jobs) that suggests why such pursuits are foolish, and many an argument as to why they are not. However, it would seem that in order to achieve such a transition there simply has to be a government mandated price applied to carbon. Exactly how that can best work...well...that's another debate.So it is from this relatively neutral stance that I make note of a scientific theory that has been gaining some traction of late – that of the Pacific Decadal Oscillation (PDO). I qualify this report straight away by noting the Australian Bureau of Meteorology is so far undecided on the theory's validity but would like to pursue further research before arriving at any opinion.We are all now familiar with the incidences of El Nino and La Nina. We understand they are related to periods of warming and cooling in the Pacific and other ocean waters. These cycles can be weak or strong, and the recent drought in Australia coincided with strong El Nino periods and the current “wet” coincides with a particularly strong La Nina.On average, these cycles last six to eighteen months and occur every three to seven years. There are nevertheless no hard and fast rules, and long range prediction is as good as impossible. The best we can do at the moment is see a cycle coming only when it's basically right on top of us, and then monitor when itis the temperature variations begin to turn back again. Meteorologists were able to tell us that a La Nina was apparently beginning late last year but they have only subsequently been able to note that this is a particularly severe cycle. With the benefit of historical records, research and modelling, the theory of the PDO has arisen. This suggests that overlaying the shorter, sharper El Nino and La Nina cycles are longer wet/dry cycles which last 20-30 years. Both the opposing short cycles come and go within each longer cycle, but typically if the longer PDO cycle is “dry” then El Ninos are more severe and La Ninas are less severe, and vice versa for “wet” PDO periods.Looking at the data for the twentieth century through to today, 1900 fell in a wet PDO which lasted until 1924, a dry PDO occurred from 1925-46, another wet from 1947-76, and a dry from 1977 on. But given the severity of the current La Nina, which has coincided with the breaking of one of Australia's most severe drought periods, the question is: have we now cycled into the next wet period? The timing is certainly right given a wet period is due. If so, we could be in such a period for another 20-30 years.Now let me reiterate – I am not a scientist. But out of curiosity, I thought I would create a table to explore the implications of the PDO for Australia back to 1900. It's lengthy, but the table appears at the top of this article (in excel format, for download).Using data from scientific websites (not Wikipedia) I have created four columns in my table. Column one is each year from 1900 rounded to six-moth intervals. Column two is the periods of PDO, with dry periods represented as red and wet as blue. Column three shows the periods of El Nino (red) and La Nina (blue). Column four shows periods of drought (red) and what the Bureau of Meteorology lists as “severe” flood incidents (blue).The first impression is that the results are not “perfect”. Droughts have occurred in PDO wet periods and floods in PDO dry periods. There was even one flood (1940) right in the middle of a long drought and El Nino period. According to records, this flood confounded meteorologists at the time but was correctly predicted by aboriginal elders.What is striking, however, are what I call the “triple red” and “triple blue” periods. Australia's longest droughts have occurred when the PDO is dry and El Nino is occurring. Note the periods 1937-47, 1991-95 and 2000-10 compared to other drought periods. Also note that while all the floods here are noted as “severe”, the most severe floods Australia has experienced prior to 2011 were in 1974 (Brisbane, of which we have all been reminded), 1955 (Hunter Valley, made famous by the movie Newsfront), and 1916 (Clermont Qld, inland from Mackay). Notably the Clermont flood occurred as a result of a cyclone which passed through Townsville. The most severe floods have occurred as “triple blues”, when La Nina has arrived during a PDO wet.What one can draw from my table, I believe, were the PDO theory to be granted scientific currency, is that if an El Nino occurs during a PDO dry the chance of severe drought is amplified (but not guaranteed) and if a La Nina occurs during a PDO wet the chance of severe flood is amplified (but not guaranteed).As I suggested earlier, scientists are now considering that the strong La Nina that is now upon us, subsequent to the breaking of the long drought, may signal the beginning of a new PDO wet cycle. If so, farmers can rest a little easier about the question of water supply to crops, but may face more episodes of flooding. The Murray-Darling Basin may rejuvenate itself long before politicians come up with a viable solution. Miners may well be in for more regular incidents of lost production from flooded mines.I personally am not endorsing anything here – just throwing the subject up for discussion. It is, however, interesting to note that what one might call a “skeptical” school of scientists (and again I don't mean any on the payroll of Exxon etc) points to the PDO as a possible explanation for global warming beyond that of man-made emissions.I also note, again without qualification, that to jump on Australia's recent weather as “confirmation” of the impact of man-made emissions is to ignore the wider sample set. For example, the 2011 Brisbane flood did not quite reach the height of the 1974 Brisbane flood. Cyclone Yasi did not quite prove more severe than Cyclone Tracy, which also hit in 1974. Back in the seventies scientists were actually worried the earth was cooling, such that a new Ice Age may be upon us.Food for thought. FN Arena is building the future of financial news reporting at www.fnarena.com . Our daily news reports can be trialed at no cost and with no obligations. Simply sign up and get a feel for what we are trying to achieve.Subscribers and trialists should read our terms and conditions, available on the website.All material published by FN Arena is the copyright of the publisher, unless otherwise stated. Reproduction in whole or in part is not permitted without written permission of the publisher.

Investors sold the Aussie aggressively after minutes from the Reserve Bank's meeting said 'the evident caution in household spending would, if it persisted, reduce the pressure on prices that might normally be expected in an economy with very strong terms of trade and limited spare capacity' and have 'provided additional time for the board to assess at future meetings.'

The energy sector led U.S. stocks lower Tuesday as crude-oil futures fell, while a host of U.S. economic data left investors feeling uninspired.

US retail sales rose 0.3pct in January with non-auto sales also up 0.3pct. Economists had tipped a 0.6pct lift in sales and 0.5pct increase in non-auto sales.

Australian Dollar: Investors sold the Aussie aggressively after minutes from the Reserve Bank's meeting said 'the evident caution in household spending would, if it persisted, reduce the pressure on prices that might normally be expected in an economy with very strong terms of trade and limited spare capacity' and have 'provided additional time for the board to assess at future meetings.'

U.S. stocks ended lower on Tuesday as retail sales raised doubts about the economic recovery. Energy and basic materials equities led the way downward, albeit in moderate trading volume.

The world’s fifth largest mining (in terms of capitalisation) firm BHP Billiton reported a 72 percent increase in its first-half net profit today and revealed plans to return some $US10 billion to shareholders through a buyback.

Emerging market equities have lost their lustre to US equities this month, according to a February survey of financial managers world-wide conducted by a BofA Merrill Lynch Global Research.

The energy sector led U.S. stocks lower Tuesday as crude-oil futures fell, while a host of U.S. economic data left investors feeling uninspired. The Dow Jones Industrial Average shed 46 points, or 0.4%, to 12222. Exxon Mobil led the measure's decline with a 2.1% drop.

By Greg PeelThe Dow fell 41 points or 0.3% while the S&P fell 0.3% to 1328 (having peaked at its 100% gain from the GFC lows on Monday) and the Nasdaq dropped 0.5%.China's CPI for February was announced as 4.9% yesterday, up from 4.6% in January. Clearly the trend is continuing upward but there are a couple of points to consider. One is that Beijing changed its basket calculation in February which will have distorted the comparative result. The other is that economist consensus had 5.4%, meaning the result was actually lower than expected, but then word went out around the market before the release, apparently, that “the official number will be 4.9%”.So again we face the fact – and I mean fact – that China's data are concocted in Beijing. Not a lot we can do about it. New loan growth nevertheless fell in China which, if anywhere near accurate, suggests monetary policy tightening is starting to have an impact. It's not yet enough of an impact, however, for economists to suggest Beijing will ease up. Further rate rises are expected ahead.The UK last night released its January CPI (everyone else takes some time to work these things out) and it showed a jump to 4.0% from 3.7% in December. Pressure is building on the Bank of England to raise its cash rate from the 0.5% emergency low at a time when the country is under strict austerity budgeting. The eurozone's fourth quarter GDP came out at 0.3% growth, matching the third quarter but falling short of the 0.4% expected. A steady result nevertheless, but more attention was being paid last night to the meeting of finance ministers in Brussels. Agreement was finally reached on a permanent bail-out fund to the value of E500bn, but any further details or decisions on immediate debt problems were put off.There thus remains uncertainty in Europe, and the rolling unrest in the Arab world is spreading – right out of the Arab world. There are now protests in Iran, bringing the Persians into the mix to suggest it's not just an Arab thing, it's a dictatorship thing. Tunisia, Algeria, Egypt, Yemen, Bahrain, Iran – who's next? Remember the Berlin Wall.On Wall Street last night it was all about economic data. Punters were brought down a peg or two from their current euphoric high when the January retail sales number came in at only plus 0.3% which is the weakest rise since mid-2010. Heavy snow was, however, quickly blamed. The NAHB index of housing market sentiment stayed firmly stuck on a lowly 16 where it's been for four months now. This is a 50-neutral index.The Empire State (New York) manufacturing index rose to 15.43 from 11.92 last month which was a good result. But economists noted rapidly rising prices which are squeezing margins.Wall Street remained weak all day on the poorly received data, but commentators agreed that after a good run it was time for a bit of profit-taking.It's all about inflation across the globe at present. The US releases its CPI on Thursday but in the meantime gold pushed a bit higher last night, rising US$10.70 to US$1373.20/oz and no doubt keeping an eye on Iran as well as inflation. One might have expected oil to rise further on unrest in Tehran but last night Brent eased US83c to US$102.06/bbl.*The US dollar remained steady at 78.60 on its index but the Aussie has fallen 0.8% in 24 hours to US$0.9948. This is clearly a response to the minutes of the February RBA meeting, released yesterday, which yet again reinforced there simply will not be another rate rise for some time. Why Aussie dollar punters still jump at every bit of data (housing finance on Monday is an example) is a mystery.As I have noted, stocks and commodities have been moving in lock-step of late and as such some profit-taking was also experienced in London, where metals all fell back the same 2% or so they rose on Monday night. The flipside to the stock/commodity trade is bonds, and last night the US ten-year ticked down a couple of points to 3.61%.The SPI Overnight fell 6 points.It's another big data night tonight in the US with industrial production, housing starts, and the PPI all due for release, along with the minutes of the last Fed meeting.In Australia it's BHP ((BHP)) day (buyback?) within a batch of results which also include CSL ((CSL)) and Westfield ((WDC)).*Overnight Brent crude prices are now available in the FNArena price table alongside WTI, albeit we have now dismissed WTI as an indicator.[Note: All paying members at FNArena are being reminded they can set an email alert specifically for The Overnight Report. Go to Portfolio and Alerts in the Cockpit and tick the box in front of The Overnight Report. You will receive an email alert every time a new Overnight Report has been published on the website.]FN Arena is building the future of financial news reporting at www.fnarena.com . Our daily news reports can be trialed at no cost and with no obligations. Simply sign up and get a feel for what we are trying to achieve.Subscribers and trialists should read our terms and conditions, available on the website.All material published by FN Arena is the copyright of the publisher, unless otherwise stated. Reproduction in whole or in part is not permitted without written permission of the publisher.

"I've listened to enough of your crap ! You're a ******* git !" – And then he began firing.- Michael Lewis' account of Irishman Gary Keogh throwing rotten eggs at the chairman of Allied Irish Bank, in his Vanity Fair article "When Irish Eyes Are Crying"."We have so much unemployment, it is so undercounted. The free market economists report that there is probably 22% of unemployment. They [the Fed] pumped in US$4 trillion, they should have added a lot of jobs, but how much did it cost us, and that of course is the price inflation that will come. We are moving into another 30 year period where we are going to see a reversal of interest rates, and we are going to see a crashing of the bonds like we saw 30 years ago and it's going to last a long, long time. The Fed deserves the blame for the inflation, and for the unemployment."- US Congressman Ron Paul.Mention "Holland" to people and you conjure up a variety of associations. Some think of a longstanding and spicy relationship of trading and military sparring with Britain that was formally salved with the Glorious Revolution of 1688. Some think of an impressively cultured and polyglot race. Some of us think of about two full school terms devoted to the Dutch Revolt that never actually featured in our History A-Level Exam, so thanks for that, Oxford and Cambridge Board. Now we can add another facet to this colourful and otherwise learned country: the quasi-fascistic bullying of an innocent pension fund.Website Zero Hedge reports that De Nederlandsche Bank went to court and forced the glassworkers' pension fund to sell most of its holdings in gold. The court sided with the central bank and ruled that the glassworkers' pension fund, with a 13% allocation to bullion, was investing in a way "inconsistent with the interests of the participants". Dutch pension funds are apparently, on average, invested in commodities to the order of 2.7%. Whether gold should even be viewed as a commodity is open to question. We would, of course, argue: No, it's natural money, and always has been. But at a time when central banks globally are busily depreciating their currencies (translation: stealing from their own citizens), what is extraordinary about the ruling is De Nederlandsche Bank's belief that the price of gold fluctuates too much for it to be classified as an investment. If the price of gold fluctuates, what about the value of paper currency ?Not only developing nations but western governments have form when it comes to stealing from their own citizens. Putting to one side recent raids on pension funds (the UK, France, Ireland) the most notorious and pertinent comparison with the current Dutch ruling was the US' Executive Order 6102 of 5th April 1933, under which President Franklin Roosevelt forbade the hoarding of gold coin, bullion and certificates by American citizens.We checked with an informed source [hat-tip and thanks, Eric] and the Dutch story and ruling appear to be correct (if not necessarily moral or legitimate in a broader sense). The ruling hinges on whether gold is money or currency (which the pension fund argued), or merely a commodity. But the upshot is that the fund is now forced to sell the majority of its (highly profitable) holding in bullion and replace it with government bonds, which one might fairly call instruments of confiscation in themselves.Man has used a variety of things as money during our relatively brief economic history – including cattle, shells, nails, tobacco, cotton, copper, silver and gold. Invariably, precious metals have been selected over the alternatives on account of their scarcity, durability, divisibility and beauty. The most important point, though, is that they were never forced on us. Through a gradual process of free choice, precious metals won against all other media of exchange in a free market. Man grew to using precious metals as money out of what J

-Mermaid Marine's interim result proved better than expected- Strong growth is forecast to continue- Stockbrokers have downgraded their ratings on valuation grounds By Chris ShawMarket forecasts for interim earnings for marine services provider Mermaid Marine ((MRM)) had been for a profit of around $19.5 million but the company was able to better this, delivering a result for the period of $20.4 million. This was an increase of better than 30% in year-on-year terms. According to commentary from stockbroking analysts post the event, Mermaid Marine's H1 report demonstrated the ability of management to leverage the capital it invested in FY10 to take advantage of improved market conditions and a dominant position in the company's core markets. Analysts at Credit Suisse noted the result was driven by strong operating performance from both the Vessels and Supply Base/Slipway operations.Strong earnings growth is expected to continue, company management indicating second half performance should be better than that recorded in the December half. This has prompted increases to forecasts across the market. RBS Australia, for example, has lifted its earnings forecasts by 2-6% through FY13.UBS has increased its forecasts by 2-8% over the same period and is now forecasting earnings per share (EPS) of 20c this year, 24c in FY12 and 26c in FY13. Macquarie's EPS forecasts stand at 20.7c, 23.3c ad 25.8c respectively, while consensus estimates according to the FNArena database stand at 20.7c in FY11 and 24.1c in FY12.These increases in earnings estimates have pushed up price targets, the FNArena database showing a consensus price target for Mermaid Marine now of $3.62, up from $3.36 previously. Targets range from Deutsche Bank at $3.45 to Credit Suisse at $3.80.Looking longer-term there are a number of potential growth opportunities for the company. Macquarie has identified the Gorgon, Macedon, Wheatstone, Pluto 2, Sunrise and Browse projects as examples of where the company could pick up additional business.There is money available to fund growth as well, as a recent placement and share purchase plan raised about $64 million. Most of this money has still to be spent. Macquarie expects the money will be put towards additional platform supply vessels.This should strengthen Mermaid Marine's market position, something Macquarie suggests will lead to further upgrades to earnings going forward. To reflect this view, Macquarie retains its Outperform rating on the stock post the interim result.This puts Macquarie at odds with most in the market, as post Mermaid's profit announcement the stock has been downgraded by UBS, Credit Suisse and RBS Australia. All three have lowered ratings to Hold from Buy, primarily on valuation grounds. The FNArena database now shows two Buy ratings and three Holds.UBS notes recent share price gains have lifted the share price to a smaller discount to its revised price target, so necessitating the downgrade. Credit Suisse has lowered its rating for the same reason, taking the view an estimated 15 times earnings multiple in FY12 only justifies a neutral view.Morgan Stanley is not in the FNArena database but it sides with Macquarie in retaining an Overweight rating, this as part of an In-Line view on Australian emerging companies. Morgan Stanley argues Mermaid's position in its markets should allow for the current strong growth trajectory to continue into FY12 and beyond.Shares in Mermaid Marine today are slightly weaker and as at 2.40pm the stock was down 5c at $3.27. This compares to a range over the past year of $2.25 to $3.40 and implies upside of around 11% to the consensus price target in the FNArena database.FN Arena is building the future of financial news reporting at www.fnarena.com . Our daily news reports can be trialed at no cost and with no obligations. Simply sign up and get a feel for what we are trying to achieve.Subscribers and trialists should read our terms and conditions, available on the website.All material published by FN Arena is the copyright of the publisher, unless otherwise stated. Reproduction in whole or in part is not permitted without written permission of the publisher.

Strategic Airlines, Australia’s newest full service airline has added Gladstone to its list of destination with plans for 20 jet flights weekly between Gladstone and Brisbane commencing from 18 April, 2011.

Brightstar, a global provider of services and solutions for the wireless industry, has signed a new, three-year supply chain agreement with Telecom New Zealand Ltd, New Zealand's largest telecommunications service provider, to provide supply chain services for all mobile, broadband and fixed line products.

The current cash rates in effect is the right one considering the prevailing economic indicators, which has prompted the Reserve Bank of Australia (RBA) to keep it at 4.75 percent, according to the minutes of its board meeting on February 1.

Telstra-owned Sensis announced on Tuesday that it has been forced to axe a total of 120 staff working on its Melbourne and Sydney offices, which the Yellow Pages company was largely caused by declining revenues on its traditional printed directory business.

Leighton Holdings, Australia's biggest contractor, has cut its interim dividend after reporting a 25% slide in half year profits and revealing a 6% reduction in its full year earnings estimate.The dividend was cut to 60c a share from 65c a share after earnings per share dropped to just 72c a share from 96.9c in the December, 2009 half year.A combination of losses in the Middle East and one major Australian project, the impact of the strong Australian dollar, bad weather and the floods in Queensland hit the company's bottom line in the six months to December 31.And the impact will be felt this half as well."The profit impact from the Queensland floods and excessive wet weather in Indonesia in the period to 31 December 2010 was approximately $40 million and, combined with other major wet weather events in the second half, is expected to impact on the Group's full year results by some $100 million for the full year," directors said yesterday.To counter this the company under new CEO, David Stewart has cut non-essential spending, made some senior management and organisational changes and has started reviewing some of the company's investmentsLeighton told the ASX yesterday it said it now expected annual profit of around $480 million, down from an earlier forecast of $510 million, as devastating floods have hit its mining contracting business in Queensland and a desalination project in Victoria.The actual fall might be larger because its unclear if the decline forecast is in net profit after tax or in operating profit (i.e. before the profit on the sale of the Indian business)Net profit fell to $216.7 million for December 2010 six months,