BUSINESS

The Aussie began local trade yesterday flirting with parity, however a greater than expected drop in Building Approvals and ongoing flood concerns saw levels plunge down to 0.9945 by early afternoon.

The Australian dollar continued to drift lower overnight as investors remained sidelined ahead of US employment numbers being released tonight.

U.S. stocks were mostly lower Thursday as retail and telecommunications shares lagged and euro zone debt worries prompted some investors to step back from the market's recent surge.

US comparable chain store sales rose 3.1pct in December from a year earlier, according to the International Council of Shopping Centres.

Property developers can expect to have a slow year ahead as the demand to renovate and build houses drop based on figures reported by Australian Bureau of Statistics.

Commodities bounced back in the U.S. upon release of better than expected December employment figures and good performance in the service industries, reflecting better economic prospects and growth in the demand for industrial, crops and energy.

Atlas Iron Ltd (ASX:AGO) says it is on track to meet 2011 goals as it exported 1.42 million tonnes of DSO during the December 2010 quarter.

Local stocks had another volatile day’s trade, but managed to close in positive territory today, thanks to some late buying in mining companies.

Australia and New Zealand Banking Group Ltd (ASX:ANZ) issued debt worth $3 billion in a three-part sale, according to IFR, a Thomson Reuters News Service.

The Australian bond market weakened on Thursday’s opening as US employment data improved.

Holden Commodore has become Australia's highest-selling vehicle for the 15th consecutive year, according to sales figures released today by the Federal Chamber of Automotive Industries (FCAI).

Toyota has been confirmed as the best-selling automotive brand in Australia in 2010 as the local new-vehicle market cracked one million sales for only the third time.

The Queensland disaster has urged analysts to review Australian major insures as flood claims take its toll. The industry as a whole could face up to $1 billion in losses, according to preliminary estimates.

Australia's largest soft-drink manufacturer, Coca-Cola Amatil Limited, is predicting lower earnings for the last half of 2010 due to difficult weather conditions in the country during the past year.

The 2011 outlook for property prices is set at modest three percent with Sydney and Perth forecast on becoming the best performing markets says the Australian Property Monitors.

As weather conditions around the world become more and more unpredictable, it becomes sound advice for home owners to be prepared to face many possible scenarios.

Australia’s services sector showed signs of under performing in December according to the recent Australian Industry Group/Commonwealth Bank Australian Performance of Services Index.

Floodwaters seem to be reaching its peak soon in some areas in Queensland as authorities appoint Maj. Gen. Mick Slater to lead recovery efforts in the state.

Local stocks are once again underperforming European and US markets, with the Australian bourse flat at lunchtime in the East.

Australia's top soft drinks bottler Coca-Cola Amatil (ASX: CCL) said severe floods and lower consumer demand had hurt its second half earnings.

Resources sector service provider NRW Holdings Ltd (ASX:NWH) has been awarded a $35 million contract extension by a wholly owned subsidiary of Rio Tinto Ltd (ASX:RIO), Simfer SA.

Australia's services sector continued to underperform in December largely due to falls across the professional services sub-sectors including property & business services and finance & insurance, all of which were affected by the ongoing interest rate rises and strong exchange rates.

The Australian dollar has fallen back below parity this morning following strong buying of the USD overnight.

U.S. stocks are poised to start the year with a third straight day of gains as encouraging data from the labor market and service sector point to a firming economic recovery.

The Australian dollar slumped against the Greenback for the third consecutive day as economic effects of flooding in North Queensland start to come into question.

The US services sector grew at its fastest pace in more than four years in December.

Private equity firm TA Associates announced today the completion of the investment made by its private equity funds and subordinated debt funds (collectively, "TA") in Evanston Capital Management, LLC, an established institutional hedge fund-of-funds manager.

New homes sold in the country in November dropped by 0.2 percent says a sales survey.

The Australian share market has closed lower with mining and energy stocks losing ground in thin and directionless trade after commodity markets took a hit overnight.