BUSINESS

Drug manufacturer Sigma Pharmaceuticals Ltd (ASX: SIP) said on Wednesday that it has absorbed a $220 million non-cash impairment that led to a whopping half year net decline of 780 percent to $218.527 million as compared to the $32.217 million of profit that the company achieved in the previous half year.

Australia's second biggest airline Virgin Blue has announced that its reservation and check-in systems are now back in business after another technical glitch occurred early this morning.

Queensland is set to earn from increasing demand in sugar. The growing demand is setting higher prices for the commodity in the world market.

The Minerals Council of Australia is taking the cudgels for Cameco Corporation as it declared on Wednesday that the disapprovals voiced out by both the Northern Territory government and the opposition on the planned uranium mine site at the Angela Pamela deposits near Alice Springs were wholly premature.

The Western Australian government confirmed on Wednesday that it has initiated communications with Mitsubishi Corporation of Japan to clear out circulating stories that the Japanese firm is abandoning its role on the Oakajee Port and Rail project.

The country's largest telecommunications company assured its investors of the same dividend payment in the 2010 financial year.

The Australian dollar rallied again last night, trading to a new 2 year high of 0.9685, as investors continued to sell the USD.

The US Richmond Fed manufacturing index fell from 11 to -2 in August. The sub indices including shipments, service revenues, and retail sales revenues were also in negative territory.

U.S. stocks climbed Tuesday despite drops in consumer confidence and central Atlantic manufacturing conditions, as investors saw the economic weakness as a sign the Federal Reserve may be more likely to introduce more stimulus.

With little to go on the Australian Dollar put in another quiet performance during Asia yesterday, oscillating primarily between 0.9585 and 0.9610.

Food sources and the growing middle class population of China will be a pressing global concern in the future.

The Australian sharemarket opens higher today.

The Australian currency ran into profit-taking on Tuesday but hovered within striking distance of levels last seen in the 1980s as excitement over a possible domestic rate rise next week kept it well supported.

The Australian sharemarket still ended lower on Tuesday after clawing back most of its early losses.

Glencore International AG, the world's biggest commodities trader, and part owner of Australian mining firm XStrata Plc has contracted HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc as its lead underwriters bond offering in succeeding months.

The emerging nations are now in the driver's seat of the world economy, according to the chief executive of a major US investment firm at the Forbes CEO conference in Sydney on Tuesday.

Australian farm chemicals manufacturer Nufarm (NUF.AX) is still confident it can record higher profits after its sales performance hit new lows in its key subsidiaries.

Fisher Investments chief executive Ken Fisher described the present world economic conditions as similar to previous downturns.

The commodities futures market has shown a strong, steady performance despite the existing global market volatilities, which analysts said were still part of the crisis aftershocks.

Treasurer Wayne Swan has rejected an Access Economics prediction that the budget will slip back into deficit after a surplus in 2012/13.

Mud holes along the Sydney – Melbourne rail track are seen as an effect of the recent re-sleeping project of the government-owned Australian Rail Track Corporation (ARTC).

The Australian Securities Exchange (ASX) admitted on Tuesday that it was entertaining the possibility of merger with smaller exchange groups and talks were indeed being conducted leading to that eventuality.

The Australian currency continued to trade near a two-year high on Tuesday noon as a hawkish Australian interest rate outlook offset profit-taking.

The Australian bourse remained in the negative territory at Tuesday noon after receiving mixed leads from offshore trading overnight.

Chief executives remain positive about the prospects for the Australian economy, despite an inconclusive general election leaving the country in political limbo for days, according to fresh data released today.

Tourism Queensland is setting aside the 'Where Else but Queensland' theme for a new one.

WorkSafe Victoria said on Tuesday that it has issued directives for Esso Australia to check on the alleged corrosion problems at its Longford oil and gas facilities following the occurrence of the series of oil and gas leaks in August this year and November last year.

His entrepreneurial spirit will not be put down easily, not by a technical glitch or by any other trouble at hand. Billionaire Richard Branson launched his latest space tourism project amidst a flight technical glitch that grounded his airline company Virgin Blue.

High-end retailer David Jones Ltd (ASX: DJS) said on Tuesday that it is right on track to achieve its 2010/11 profit guidance though it admitted that in order to reach the higher range of its earnings forecast, the company must experience a full swing recovery for the whole of the fiscal year.