BUSINESS

South Africa plans to set up a state-owned pharmaceutical company, a senior official in the ruling ANC party said on Tuesday, a move that could squeeze local players in one of the world's biggest market for anti-retroviral drugs.

Nokia's first Windows phone, code-named Sea Ray, which Nokia CEO Stephen Elop showcased to employees last month, has now appeared in a short video preview on a Windows operating systems forum in Asia.

Although Facebook is the most popular site in America, consumers "don't like" the social networking site, according to the 2010 American Customer Satisfaction Index (ACSI) E-Business Report, produced in partnership with ForeSee Results. Facebook scored 64 on the ACSI's 100-point scale, which puts its satisfaction even lower than IRS e-filers.

A recent report from the Westpac and Charles Sturt University Agribusiness index revealed that agribusinesses were affected by rising operating costs, the high rate of the dollar and a poor wine season.

The US National Association of Home Builders housing market index rose from +13 to +15 in July, above forecasts. Net capital outflows from the US totalled US$67.5 billion in May, compared with inflows of US$66.6bn in April.

U.S. stocks fell to their lowest close this month Monday as fresh jitters over European sovereign debt and the lack of progress in U.S. debt ceiling negotiations sparked a flight from risky assets.

Microsoft announced Monday that it is issuing a monetary reward in the amount of US$250,000 for new information that results in the arrest of operators of the Rustock botnet.

AFTERNOON REPORT (4.30pm AEST)The local share market once again finished flat, with the All Ordinaries Index (XAO) virtually unchanged at 4539.4. The S&P/ASX 200 Index (XJO) closed down 3.9pts to 4468.1.

It is now looking more like th eApple iPhone 5 will be released in September as subcontractors of the leading American phone manufacturer have confirmed to be gearing up for the said date of release, reports said.

MIDDAY REPORT (12.15pm AEST)Australian shares are trading flat at lunchtime in the East, as gains from energy players are offset by losses from the financials. The All Ordinaries Index (XAO) is down 0.7 of a point to 4539.2pts. Energy players are faring best, with the sector firmer by 0.8pct. Woodside Petroleum (WPL) shares are up 1.7pct to $38.90 after reporting a 17pct rise in 2Q 2011 revenue to $1.19 billion. Production for the same period fell 7pct.

ING Direct has warned that brokers could become irrelevant as a distribution channel for the lender if they continue to send the majority of loans to the big four.

Risk management strategy is now at the forefront of the overhaul list, according to a survey conducted at the Queensland Safety Show, held in Brisbane last month.

The 'natural' ability to be self-aware falls within the realm of a rarified group of individuals. Self-awareness is reliant on a set of complex skills not intuitively shared by all. As a leader of others, one needs to understand and recognise a sophisticated set of variables that include: our own motivational drivers, an ability to step outside oneself, the capacity to understand what turns your team on and why they show up each and every day and the ability to read body language and other...

With fixed rate loans dropping to levels below or equal to variable rate loans, there's never been a better time to shop around for a new mortgage. When it comes to changing your mortgage, however, there is a right way and a wrong way to go about it.

By Greg PeelEconomists had long expected the RBA would wait to see the results of the June quarter CPI release, due later this month, before making its next move in interest rates.

FNArena is surveying investor sentiment in Australia in an effort to generate, over time, a similarly leading gauge as the AAII Investor Sentiment Survey in the US.

Two leading global investors in gold equities, Blackrock Investment Management and Baker Steel Managed Funds have committed to subscribe to a total of $50 million new shares in a new company arising from the merger of Catalpa Resources Limited (ASX: CAH) and Conquest Mining Limited (ASX: CQT).

According to the University of Michigan's Eco-Driving Index, CO2 from new cars in the U.S. is down 14 percent from 2007. That's a significant gain, especially since the number of American drivers is up four percent.

- Flight Centre has lifted earnings guidance- Increase reflects confidence in earnings growth outlook- Brokers lift estimates, targets and ratings- Recent share price weakness has improved the value on offerBy Chris ShawDespite a tough macroeconomic environment in Australia, Flight Centre ((FLT)) ha...

Alas, for those who left it too late, there are no more tickets available for the Rudi Unplugged presentation on the Gold Coast this week.

Bus passengers in Brisbane are bound to be affected by a strike action planned by drivers and workers on Thursday, 21 July.

By Greg PeelThe Dow closed down 94 points or 0.8% while the S&P lost 0.8% to 1305 and the Nasdaq dropped 0.

Stocks advanced Friday, as blowout earnings from Google and a big corporate takeover overshadowed another warning about the U.S.'s credit rating and a depressed reading on consumer sentiment. The Dow Jones Industrial Average rose 42.61 points, or 0.3%, to 12479.73. The blue-chip index bobbed between positive and negative territory much of the day before the late rise.

US industrial production rose by 0.2pct in June, in line with forecasts. Consumer prices (CPI) fell by 0.2pct in June, weaker than the -0.1pct consensus forecast. But excluding food and energy (core prices) the CPI rose by 0.3pct, slightly ahead of market forecasts. And consumer sentiment slumped from 71.5 to a 2-year low of 63.8 in July.

It appears that Microsoft is planning a foray into the social networking scene with a new project called "Tulalip". The experimental project was revealed after Fusible.com spotted a teaser on socl.com, a domain owned by Microsoft.

AFTERNOON REPORT (4.30pm AEST)Local stocks tracked sideways today, with losses in the energy and consumer discretionary sectors holding the overall market back. The All Ordinaries Index (XAO) fell 2.8pts to 4539 while the S&P/ASX 200 Index (XJO) eased by 1.5pts to 4472.Merger and acquisition activity was the order of the day. Before market open, two takeover bids were announced - one in the energy sector and another in the materials sector.

Across Asia, regional markets have started the week in a mixed fashion despite the positive leads from the US on Friday. Traders continue to be very cautious ahead of what's likely to be another volatile week as debt problems in the US and Europe continues to hang over the market. The Hang Seng is 0.2% firmer for the session while the Shanghai Composite is 0.1% lower. The Nikkei 225 is closed for a holiday.

Australia's Labour Party has felt the pangs of public dismay as its popularity plunged to its lowest, according to a survey conducted by Nielsen.

Australia's New South Wales and Queensland could make a comeback in the second half if benchmark rates remain at their current levels, the June report of CommSec State of States said on Monday.