BUSINESS

Rising costs and forex drive down Alcoa’s third quarter profit

US-based global aluminium producer Alcoa Inc revealed on Friday that it saw dipping net income in the third quarter of the current year as volatile foreign exchange and strong energy costs were cited by the company as main contributor to its 21 percent profit slide.

Sharemarket opens low

On the Sydney Futures Exchange this morning, the share price index futures contract was 17 points down at 4684 points. Trading is expected to be cautious before the release of the U.S. non-farm payrolls report later today.

Australian stocks close flat

The Australian stock market has closed flat after an up and down Thursday where a rally in response to unexpectedly strong jobs data petered out in afternoon trade.

Australian Stock Market Report - Closing

The local share market managed a slight gain today, as strong employment data pushed the Aussie dollar to a 27 month high. The All Ordinaries Index (XAO) gained 8.2pts or 0.2pct to 4746.2 while the S&P/ASX 200 Index (XJO) added 4.5pts or 0.1pct to 4691.3.
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Leighton’s John Holland wins $348m mining contract in Queensland

Leighton Holdings (ASX: LEI) today announced its subsidiary John Holland, which is one of Australia's leading and most diversified contracting, engineering and services providers, has been awarded a $348 million contract for the provision of mining services to the 'Plains' pit of the Jellinbah Coal Mine.

Sharemarket takes a dip

On the Sydney Futures Exchange this morning, the share price index futures contract was 12.7 points down at 4674.1 points. The All Ordinaries was off 11.3 points at 4726.7 points.

World Market Overview

Stocks seesawed between small gains and losses Wednesday as investors awaited further signals on the labor market that could force the Federal Reserve to act more decisively to prop up the economy.

Wesfarmers chairman prefers carbon tax

The chairman of coal to supermarkets conglomerate Wesfarmers (ASX: WES) has joined the BHP CEP in supporting the idea of a carbon tax but thinks Australia should wait for other countries to introduce a levy first.

Barossa keeps McDonald's out

McDonald's cannot open a store in the Barossa Valley, a major wine-producing region and tourist destination of South Australia, the Development Assessment Panel has ruled.

HIA sees drop in housing

The Australian authority in residential housing forecasts a 9.5 percent downturn in housing next year.

World Market Overview

U.S. stocks rallied to a five month high Tuesday, boosted by encouraging services sector data and hopes that global central banks will follow Japan's lead in stimulating economic growth.

Daily forex forecast - 06/10/2010

The recent rally of the Australian Dollar took a major hit yesterday as the RBA announced its decision to keep interest rates on hold at 4.5%.

Australian dollar outlook 06/10/2010

What a rollercoaster ride the past 24hrs have been for currency markets, starting yesterday with the RBA leaving the official cash rate unchanged at 4.50%.

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