BUSINESS

Air New Zealand informed its shareholders on the company’s annual meeting on Friday that it had a tough year for fiscal 2010 but the airline’s chairman expressed optimism that good days are ahead and recovery would accelerate come next year.

Taxi fare payment company Cabcharge Australia Ltd (ASX: CAB) will pay $15 million in penalties and costs related to legal action taken against it by the consumer watchdog.

As debate continues on whether the country has a housing bubble, fresh data suggests Australians are borrowing heavily to keep pace with the rapid growth in house prices.

Natural gas producer Liquefied Natural Gas Ltd (ASX: LNG) is unfazed by the delays that plague its Fisherman’s Landing project at Gladstone, saying that the company enjoys the same amount of confidence it felt during the initial stage of the Queensland gas exploration.

New South Wales and Queensland cotton farmers are set to earn big with the expected increase in cotton harvests this winter.

Africa-focused gold miner Gryphon Minerals Ltd (ASX: GRY) said on Friday that it raised capital of up to $45.2 million through share placement, adding that an additional $3 million would be raised via share purchase plan for total fund of $48.2 million to be utilised for fast-tracking its gold projects in West Africa.

The Australian dollar eased on Friday as soft Asian stock markets gave investors an excuse to take profits from recent gains.

Australian stocks slipped on Friday, led weaker by banking shares after a poor reading on the U.S. labour market pushed Wall Street lower overnight and eroded confidence about its recent rally.

Viterra Inc of Canada said on Friday that it would sustain the completion of the planned $110 million Minto malthouse in southwest Sydney, which was initiated by ABB Grain Ltd prior to its acquisition by the Canadian firm for $1.6 billion in September 2009.

The federal government on Friday released the final budget outcome for the past financial year, which showed a $54.8 billion deficit, or 4.2 per cent of gross domestic product (GDP).

Real estate developer Mirvac Group (ASX: MGR) is getting fresh funding through the bond market.

International mining giant Rio Tinto Ltd (ASX: RIO) said on Friday that it is set to spend an estimated $242 million to add up in the initial $96 million allocated earlier this year to expand the iron ore operational capacity of the company’s Dampier Port in the Pilbara region on Western Australia.

Australia is only two years away from experiencing a surge in refinancing activity, financial experts predict.

Real estate investment firm CFS Retail Property Trust (ASX: CFX) said on Friday that it has sealed a deal with Austexx Proprietary Ltd to purchase its four direct factory outlet (DFO) centres for $498 million.

Australia and New Zealand's manufacturer of clay and concrete products calls on the state governments to release more land for real estate development.

A significantly large number of companies are ignoring negative comments posted in either company websites or social networking media sites.

Giant resource company BHP Billiton Ltd announced on Friday that it would commence its $US1.5 billion ($A1.57 billion) joint development of the Macedon gas field off the coast of Exmouth in Western Australia with Apache Northwest.

Australian investors may find interest in the poultry business down New Zealand.

US existing home sales rose from 13-year lows, up by 7.6pct in August - marginally above expectations. The increase in sales lowered the supply of home on the market from 12.5 months to 11.6 months supply. The US leading indicators index rose 0.3pct.

U.S. stocks dropped Thursday, as weakness in the jobs figures and in European economic data knocked blue chips into the red for the second-straight session.

The Australian Dollar held onto recent gains yesterday and traded quietly throughout the Asian session, hovering between 0.9530 and 0.9574.

The Melbourne Institute Household Saving and Investment Report shows the lowest share of debt free households since the start of the survey in March 2001.

The Australian shares market opened lower on Friday. Share prices are expected to slightly drop following a rise in unemployment claims in the U.S. and a troubled European economy.

The Odin's Warriors Motorcycle Club stands to collect a million dollars when it hands over its clubhouse to the state government.

Leighton Contractors has been awarded a contract by Chevron Australia to deliver the civil and underground works package for the Gorgon Project valued at more than $800 million, the company said in an issued statement today.

The improving global economic environment is clearly shown in the renewed optimism of some 1,904 executives who are expecting to rake in higher profits in the near term, according to the latest results of the McKinsey survey released this month.

The Australian currency hanged onto 26-month highs as investors waited for possible quantitative easing measures by the US Federal Reserve.

The Australian sharemarket has closed slightly higher in a mostly quiet day as holidays in key Asian markets kept activity to a minimum, and after receiving mixed overseas leads.

Children's wear retailer and exporter Pumpkin Patch Ltd said full-year profits rose 76 percent as the company cut expenditures to compensate for falling sales.