BUSINESS

Crude oil saw its prices declining again for two straight days on Tuesday as global markets were rubbed in by the jittery European economic conditions with the Euro losing out to the mighty dollar as investors continue to shun the continent on worries of further debt crisis-related financial issues.

The elderly and the superannuation industry would most welcome an increase in the superannuation guarantee (SG) levy because it will mean more than 10 percent in retirement income.

The Business Council of Australia is holding on to the new Gillard government's promised tax summit.

The Australian Dollar has opened slightly lower this morning and is trading just above USD 0.9100.

As markets in Asia, Europe and the United States saw their stocks plunging in quick successions on Tuesday, investors again rallied to the proverbial safe asset and pushed up gold futures, climbing by as much as $US1259.30 per ounce at closing.

The US conference board employment trends index fell from 97.4 to 96.7 in August. The index is still up 9.4pct on a year ago.

Financial stocks including American Express, J.P. Morgan Chase and Bank of America led U.S. stocks lower Tuesday as the market cooled off from last week's rally while worries over the health of European banks recirculated

The legislation of reforms to regulate the telecommunications sector should come first before the complete implementation of the National Broadband Network.

The largest mortgage broking group in Australia revealed a significant rise in first home buyers who secured their services for the past two months.

Global financial services firm UBS suggested rising mortgage rates before the end of the year.

A low closing for U.S. stocks led to a low opening at the Australian shares market.

The Australian bourse finished flat on Tuesday, with gains in financials opposed by falls in the big miners.

Junior coal miner MetroCoal Ltd (ASX: MTE) issued clarifications on Tuesday that the company has yet to finalise its actual resource estimate on its Columboola project in central Queensland following statements from its Chinese partner that showed estimates based merely on historic and publicly accessed data.

Oil and gas explorer Drillsearch Energy Ltd (ASX: DLS) announced on Tuesday that it has raised its stakes on four wet gas finds in Cooper Basin at South Australia, revealing at the same time that company shares would enter trading halt on the same day.

As anticipated by many economists, the Reserve Bank of Australia (RBA) has opted to maintain the country’s interest rates on its current level, the fourth consecutive months that the cash rates have been stationary, with a rise last seen in May this year.

A new survey to measure borrower and would-be borrower sentiment for housing loans shows a decrease in the confidence level among home buyers.

The Reserve Bank of Australia (RBA) announced a widely expected decision on Tuesday as it kept rates on hold and gave borrowers yet another month to breathe easy over mortgage repayment costs.

Aquaculture specialist Clean Seas Tuna Ltd (ASX: CSS) admitted on Tuesday that up to 80 tonnes of kingfish were wiped out as a huge fish kill occurred on its Eyre Peninsula facility in South Australia, which the company attributed to human error.

The banking industry should comply with the standards of the global banking regulator.

Gold mining company St Barbara Ltd (ASX: SBM) issued a proposal on Tuesday outlining its intent of consolidating its share base in order to lure more international institutional investors.

The Australian stockmarket was flat at Tuesday noon, as investors took extra caution while waiting for the Reserve Bank of Australia's move on rates and a possible announcement on which political party will rule.

The Transport Workers Union in New South Wales (NSW) is shifting police attention from truck drivers to trucking companies over illegal drug use.

The confidence of Australia's executives is showing clear signs of improvement, according to the latest Dun & Bradstreet (D&B) Business Expectations Survey released on Tuesday.

Forestry Tasmania said on Tuesday that declining global demand for wood products has pulled down its profit for 2010 as it revealed that it incurred an operating loss of up to $8 million the recently concluded financial year, following the $9 million gains it posted in the prior period.

The Australian debt market showed optimism by opening strong before the release of the Reserve Bank of Australia's (RBA) interest rate decision.

Australia's economy is set to boom within the next 10 years, according to a leading economist.

The local market will likely trade in a tight range today as investors wait for the rate decision from RBA this afternoon as well as announcement from the remaining three independents to decide which party might lead the next Australian Government.

Construction activities in August remained weak sending the number of new houses to plunge after 16 months.

Gold mining firm Andean Resources Ltd (ASX: AND) flatly denied on Tuesday that it intentionally violated the listing and merging rules when it did not inform the stock exchange about the takeover bid it received from Eldorado Gold Corporation.