BUSINESS

Local stocks are once again trading in the red mid-session, due to concerns about the impact the Queensland floods will have on insurers and banks, and thanks to a weak lead from offshore markets and a fall in metals prices in London.

The proposed gas hub slated at James Price Point, north of Broome, will impact the local housing raising prices and increase rents says the president of the Real Estate Institute of Australia

The AUD had a somewhat volatile night during the offshore session last night, especially compared to its recent tight trading ranges.

The Chicago purchasing managers index for December was revised down from 68.6 to 66.8, but this is still well up on the 61.9 reading in November.

Australian Retail Sales gained for the month of November with the figure coming in at 0.3% compared with previous month’s abysmal reading of -1.1% .

U.S. stocks were mainly lower Monday, as worries mounted over the health of the euro zone economy and deal activity weighed on the Dow Jones Industrial Average.

Retailers will be pleased to see an increase in retail figures in November, but this will not be enough to save the year, according to the Australian National Retailers Association (ANRA).

Australian stocks made small gains as losses among big miners were offset by higher retail and industrial shares.

The Australian share market managed a small win today, after trading in the red for most of the session.

Transfield Services (ASX: TSE), an Australian provider of operations, maintenance, asset management and project management services, says its earnings have not been materially impacted by the Queensland floods.

Customers of Wesfarmer’s (ASX: WES) Coles supermarkets have donated over $1 million to help the victims of the Queensland flood disaster.

Arc Exploration (ASX: ARX) had recommenced on its highly prospective West Papua project held under a strategic alliance with global mining player Anglo American.

Flood damages to coal hauler QR National’s rail network could reach $46 million, severely affecting the company’s earnings for the fiscal year, says analysts.

Australians' demand for fixed rate home loans has not been this high since May 2008, according to loan approval figures from the country's largest independently-owned mortgage broker.

Retail trade increased in November 2010 with turnover rising by 0.3 percent from a 0.8 percent decline in October.

Activity in Australia's construction industry remained relatively subdued in December last year, according to the the latest Australian Industry Group Australian Performance of Construction Index (PCI).

Dwelling approvals in the country dropped by 4.2 percent in November 2010 says the Australia Bureau of Statistics Building Approvals.

Construction activity in Australia in December continued to decline with only the engineering construction showing improvement.

Virgin Blue Group (ASX: VBA) and Skywest airlines have inked a 10 year strategic alliance to service regional Australia with Skywest operating up to 18 new Virgin Blue branded turbo prop aircraft to a number of existing and new destinations around Australia.

Local stocks have started the trading week on a muted note, following a weak offshore lead and a fall in commodity prices.

As major Australian retailers push for tax for online purchases, Australians are forecast to spend $36.8 billion by 2013 says PayPal Australia.

The Australian dollar opens up little changed form Friday’s level in the low 0.9900’s after the release of US employment data on Friday night which generally disappointed the market.

The financial sector led a drop in U.S. stocks Friday as an adverse foreclosure ruling for banks in a Massachusetts court gave investors another cause for concern, in addition to a disappointing jobs report.

US non-farm payrolls (employment) rose by 103,000 in December, short of expectations for a lift of 150,000.

The Aussie continues to be on the back foot against the Greenback as a raft of positive releases Stateside indicated that the US economy is heading in the right direction and the that F.O.M.C. will continue with QE2 over the next several months.

Properties found in the New South Wales region of Northern Rivers are selling well with Wollongbar becoming the most popular area.

The company announced it will return $800 million via a fully franked special dividend of just under $140 million, nd a proposed capital return of $661 million, subject to shareholder approval.

Government funded National Broadband Network operator NBN Co today reminded Australia's development industry of new arrangements to provide fibre broadband infrastructure in new estates.

Queensland’s floodwaters struck a blow to local tourism in addition to losses incurred from production losses in the mining and agriculture industry.