BUSINESS

Mortgage exit fees for new home loans in Australia will be abolished beginning July 1 as part of efforts to overhaul banking law.

A consumer watchdog group says major retailers should concentrate on improving services instead of applying GST to goods bought from overseas-based websites.

Anglo-Australian miner Rio Tinto (ASX: RIO) has completed the sale of a 61 per cent interest in Alcan Engineered Products (AEP) to a number of investment funds.

Local stocks are trading in the red today, following a muted lead from Wall Street and a sharp fall in oil and gold prices.

Coal to supermarkets conglomerate Wesfarmers Ltd (ASX: WES) says full-year sales from its Curragh coal mine in Queensland may be as much as 11 percent lower than a previous forecast after heavy rains disrupted operations.

The AUD has opened lower this morning, retreating from its recent highs it struck over the New Year’s break.

US factory orders rose by 0.7pct in November, beating forecasts centred on a decline of 0.1pct.

U.S. blue chip stocks edged higher Tuesday after minutes from the Federal Reserve's last meeting showed the central bank registered moderate improvement in the economy and saw no reason to modify its major bond buying program.

A fall in equities, gold and oil has seen the Australian Dollar slip against the Greenback as investors flock back to safety.

Pursuant to an undertaking entered into with the Australian Competition and Consumer Commission (ACCC), Power Balance Australia has posted a corrective advertisement withdrawing its earlier claim regarding their product’s boosting effects on a person’s strength, balance, and flexibility.

The Philippine Stock Exchange (PSE) is set to buy a new surveillance system early this year for better market governance.

Trade publication HFN reported that by end of 2010, hedge funds assets under management reached $US2.4 trillion after raking in a total of $US79.5 billion in the last 11 months from metal and emerging market ventures.

Local stocks closed flat on the first trading day of 2011, under-performing US stocks which rose to fresh two year highs during Monday’s session.

The Australian share market closed flat on its first day of trade for 2011 as the materials sector continued to lead the index early in The Australian share market closed flat on its first day of trade for 2011 as the materials sector continued to lead the index early in the new year. the new year.

Real estate agencies have been penalized for underquoting expected sale prices at auctions.

ANZ Banking Group Ltd's (ASX:ANZ) failed bid for Korea Exchange Bank (KEB) has broadened its outlook on the potential for expansion in northern Asia, The Australian has reported.

Woodside Petroleum Ltd (ASX:WPL) said it has suspended production at oil fields off the Western Australian coast after gale force winds on Saturday showed signs of developing into a cyclone.

Demand for rental housing was tighter during the New Year as supply failed to meet the rise in demand.

Building and construction materials group Boral Ltd (ASX:BLD) remains bullish on the US market.

Local stocks are trading flat at lunchtime in the East, following a volatile start to the trading year.

Eastland Medical Systems Ltd (ASX:EMS) says its non-executive director Michael Stewart remains committed to the company even after disposing 6.67 million shares in the medical products firm just before Christmas.

Resource giant Rio Tinto Ltd (ASX:RIO) could find itself working with some new partners at its Simandou iron ore project in Guinea, according to the Australian Financial Review.

National carrier Qantas Airways Ltd (ASX:QAN) is looking to build a $300 million commercial jet biofuel plant in Sydney with US bioenergy company Solena.

Manufacturing activity continued softened in December with few signs of any pick up according to the latest seasonally adjusted Australian Industry Group - PwC Australian Performance of Manufacturing Index.

With insider trading forming the crux of the current Federal Bureau of Investigation’s probe on hedge funds, financial firms begin to be wary of the once highly sought-after “ expert consultations” offered by expert network service providers.

The AUD continues to break hit new highs as the strengthening equity markets and higher commodity prices see investors increase their demand for riskier currency such as the AUD.

U.S. stocks kicked off the new year with a rally to fresh over-two-year highs Monday, boosted by data showing improving manufacturing conditions and rising construction spending.

The US ISM manufacturing index rose from 56.6 to a seven month high of 57.0 in December.

The Australian Dollar traded a quiet 30-pip range throughout Asia on New Year’s Eve with an increase in Private Sector Credit providing only a short term-boost.