BUSINESS

Two of Australia's major banks, Westpac Banking Corporation and the National Australia Bank (NAB) are seen following its two competitors in implementing higher interest rates after government authorities tighten up on exit fees.

Australia's banks will need to review all their mortgage exit fees on existing and new mortgages following the release of the Australian Securities and Investments Commission's (ASIC) guidance, the Australian Bankers' Association (ABA) said.

U.S. stocks erased their morning losses Wednesday, moving tepidly into positive territory in afternoon trading, though global concerns continued to weigh on sentiment ahead of a meeting of world leaders.

New claims for unemployment insurance in the US fell by 24,000 to 435,000 in the latest week - below expectations of 450,000. The four-week average of claims is at 26-month lows.

Australian stocks were sold off heavily in afternoon trade, as news out of China pulled down many markets around the region.

Bega Cheese has bought a $22 million or equivalent to 15 percent stake in the Victorian dairy company Warrnambool Cheese and Butter (WCB).

The Industry Funds Management and the Queensland Investment Corporation has acquired the Port of Brisbane for $2.3 billion, reports said.

Consumer stress is significantly overstated by the narrow focus on interest rates according to Deutsche Bank research.

Giant retailer and conglomerate Wesfarmers is seeking for more female inputs on its boardroom activities as the company aims to see more than 50 percent of its directorship eventually occupied by women executives.

The number of bank branches has grown for the ninth consecutive year, according to a survey released on Wednesday by the Australian Prudential Regulation Authority (APRA).

Google gave its employees $1000 cash holiday bonuses and a minimum of 10% salaray increase set to be implemented next year.

As questions on the integrity of Rolls Royce engines that power the A380s continue to mount, Singapore Airlines has decided to replace them and ordered three of the carrier’s superjumbos grounded pending the installation of new engines.

Australia's biggest wheat producer AWB Limited (ASX: AWB) has posted a net loss of more than $55 million for fiscal year 2010 as the drought affected the quality of the grains produced and the nearing merger with the Canadian firm Agrium Ltd (TSX and NYSE: AGU).

Consumer confidence is putting a damper on retailers' Christmas spirits, according to an industry body.

Consumer confidence in Australia skidded to a five-month low as family finances became tighter due to rising mortgage fees, following the interest rate adjustments early this month.

Air New Zealand (NZE: AIR) said on Wednesday that charges that it was part of price fixing in air cargo services had been dropped by the European Commission.

Google launches eight new applications today.

The Australian Competition and Consumer Commission warned executives of Qantas Airlines Ltd. that it maybe criminally liable for an alleged involvement in a price-fixing cartel along with 11 other air cargo companies fined by the European Commission.

The Australian Dollar is slightly lower this morning, trading just above parity against the US Dollar as we head towards the G20 leader's summit in Seoul this week.

U.S. stocks declined slightly Tuesday while commodities rallied as inflation fears increased as investors continued to digest the Federal Reserve's stimulus plans.

Volatility continues across currency markets and the Aussie is caught up in the maelstrom with a US2-cent range over the last 24 hours and a low just beneath parity.

US wholesale inventories rose by 1.5pct in September ahead of expectations for a 0.7pct rise.

Chemical contamination scare rose anew as routine tests on Arrow Energy’s Moranbah coal seam gas project in central Queensland yielded traces of a carcinogen in the site’s three gas wells.

The Australian sharemarket has pulled back for the second day this week with the energy sector by far the market's biggest drag.

A professional association for real estate agents in Victoria is calling on politicians to address housing affordability in the state as data show the number of first home buyer numbers has fallen sharply as a result of rising property prices, shortage of stock and higher state government taxes.

Oil and gas producer AWE Ltd (ASX: AWE) has identified a potential gas resource at its Perth Basin Shale Gas play.

Australian telecommunication firms jointly criticised the proposed network scheme of the national broadband network by NBN Co, describing the plan as a magnet for huge compensation suits and a stumbling block for further infrastructure initiatives.

Royal Dutch Shell has decided to sell off 10 percent of its stake on Woodside or more than 78 million shares, a move characterised by analysts as a step away from the giant oil firm’s non-core businesses.

Rolls-Royce has reportedly zeroed in on the specific cause of the engine blow out suffered by Qantas Flight 32 that forced the aircraft to an emergency landing in Singapore last week.