BUSINESS

Local stocks advanced today, underpinned by strength in mining stocks on firmer commodity prices and the release of the Argus report on the planned mining tax.

It appears that rich people don’t do charity anymore and Australian businessman Dick Smith admits disappointment as he realised that much of Corporate Australia’s major players are not up to donating a fraction of their incomes at least even only during the holiday season.

The Australian share market closed firmer, boosted by mining stocks that were driven by arise in commodity prices to 27 month highs overnight.

New research shows renewable energy is fast-becoming an alternative for Australian consumers.

Home owners in Queensland ranked as one of the regions with the most number of borrowers in arrears based on a FitchRatings report.

Newcrest Mining Ltd (ASX:NCM) said today its Bonikro gold mine in Cote d'Ivoire has reduced site activities to a minimum due to the situation following the elections in the African country.

Iron ore miner Giralia Resources Ltd’s board of directors gave its go signal on the $828 million off-market takeover bid tossed by Atlas Iron Ltd and prodded its shareholders to put their stamp of approval on the proposal.

The New Zealand Ministry of Transport (MoT) today approved the proposed alliance between Virgin Blue and Air New Zealand, allowing the two to operate integrated services on trans-Tasman routes.

Global mining giant Rio Tinto Ltd formally dangled an acquisition offer to Riversdale Mining Ltd that news reports said could reach a high of $3.78 billion.

The recent ‘ad valorem’ tax on property transfers implemented in July 1 that charges a 0.2 percent tax on transfers between $500,000 and $1 million, and 0.25 percent tax on transfers above $1 million was found to fall short of revenue expectations and may deter future investments in New South Wales.

A landmark in the city’s central business district, the former McGill’s book store, was sold in a competitive auction for $12.04 million.

The Reserve Bank of Australia’s (RBA) decision to pause for a rate hike in December was largely influenced by the prevailing financial troubles besetting the European continent, which it noted had markedly deterioarated.

Building materials supplier Boral Ltd (ASX:BLD) has penned a deal to acquire Owens Corning Masonry Products LLC (Cultured Stone) from Owens Corning, a stone veneer company in North America.

Buyer interest for Centro Property Group’s shopping malls has garnered US$13.3 billion worth of bids as the first round ended last week.

The Australian bond market closed firmer as mounting Korean military tension drove investors to safer grounds.

Budget carrier Jetstar Airways reabsorbed a pilot it fired in November for publicly criticising the company’s safety standards and cabin staff hiring measures.

Metal producer BlueScope Steel (ASX:BSL) has executed a A$1.35 billion syndicated facility agreement.

Local stocks are tracking higher in early trade, thanks to stronger commodity prices and a positive lead from European markets.

Australia's annual population growth rate stalled to 1.7 per cent in the year ending June 2010, according to preliminary figures released today by the Australian Bureau of Statistics (ABS).

Virgin Blue Holdings Ltd's (ASX: VBA) Keith Neate today stepped down as the company's chief financial officer.

Developer Lend Lease today announced it has entered into an agreement with Bilfinger Berger SE to acquire 100 per cent of Valemus Australia, the parent company of Abigroup, Baulderstone and Conneq, for A$960 million.

Western Australia has the highest loan delinquency rates in the country with two percent of its home loan payments delayed by more than a month compared to the national average of 1.54 percent says Fitch Ratings.

The AUD has opened more than half a cent higher this morning after a firm night on US and European equity markets and also continued concerns about the European debt issues saw the demand for the AUD pick up.

U.S. stocks ticked higher Monday, as energy stocks were boosted by cooler temperatures.

Sovereign risk concerns in Europe continue to occupy the minds of traders and the associated risk aversion is likely to keep a lid on the Aussie around the US99 cent mark.

The Chicago Fed National Activity Index fell from -0.25 to -0.46 in November.

The Australian share market finished the day weaker after sagging bank stocks outweighed gains to the energy sector.

Local stocks ended in the red today, as a tumble on the Chinese share market saw investors bail out of banking and mining stocks.

The US$850 million Oracle project in the Gold Coast is now in receivership with KordaMentha now in charge of operating the twin tower development that includes 505 high-end apartments, a resort plus retail and commercial office space.