BUSINESS

The US economy grew at a 1.6pct annual pace in the June quarter, down from the original estimate of 2.4pct. Economists had tipped a result near 1.3pct. US consumer sentiment rose from 67.8 to 68.9 in August, short of forecasts near 69.6.

U.S. stocks climbed Friday, with DuPont, Alcoa and Caterpillar leading broad gains. Investors took comfort in Federal Reserve Chairman Ben Bernanke's promise to do what it takes to support an economic recovery, along with a better than feared revision of second quarter economic growth.

The Australian Dollar is stronger across the board today and moved sharply higher against the greenback late in the offshore session on Friday.

US markets put in a good session to close the week out on Friday as Federal Reserve Chairman Ben Bernanke eased market concerns by saying the Fed was willing to do whatever it takes to stabilise the recovery. A better-than-expected reading on Q2 GDP also had the markets in a good mood.

Port and rail assets firm Asciano Group (ASX: AIO) is competing for all three parcels of the the mineral resources co-operative CBH Resources Limited (ASX: CBH).

The mandatory renewable energy target (RET) scheme would raise energy prices.

Commercial and residential projects could go back to the planning table due to the uncertainty in the proposed National Broadband Network (NBN).

Consumers increased their preferences for buying organic products this year.

The combined forces of Julia Gillard of the Labor party, Tony Abbott of the Liberal/National coalition, and the independents Tony Windsor, Rob Oakeshott, and Bob Katter could support regional development.

The report commissioned by the group shows prices for wheat in Australia have been generally steady over the last week. However, it noted that South Australia and Western Australia saw wheat price increases of $10 due to strong exporter interest.

Australian Capital Territory (ACT) Chief Minister Jon Stanhope expressed disappointment with public transport provider ACT Internal Omnibus Network (ACTION). He stressed that the ACTION management failed to comply with legislation.

It was maybe an afterthought but Myer Holdings Ltd (ASX:HVN) chief executive Bernie Brookes expressed regret on Friday that his company went public last year as he revealed frustrations on dealing with shareholders, alluding to the experience as similar to ‘herding cats’.

Australian online retailers need a strong physical presence in order to boost sales.

Electrical retailer Harvey Norman Holdings Ltd (ASX: HVN) said on Friday that it saw an eight percent growth on its annual profit as it added that further growth could be expected in the current financial year.

The Abacus Property Group (ASX: ABP) is offering new debt facilities amounting to $536 million.

Australian share market closed moderately higher, building on Thursday's positive performance, ahead of the release of revised US June quarter growth figures later tonight.

The Australian share market turned around in afternoon trade, to post another session of gains.

Across Asia, regional markets are mixed following weaker overseas leads and ahead of tonight's Q2 GDP read and Bernanke's economic speech. The Nikkei 225 is the best performer, up 1% while the Hang Seng, Kospi and Shanghai composite were all hovering around the flat line.

Based on the Master Builders State housing industry report, the introduction of six-star energy requirements for new homes caused the increase. Master Builders' director of housing policy Paul Bidwell said seventy percent of the cost increase can be attributed to the one-off impact of six-star energy requirements rather than significant increases in labour and/or material costs.

Toll road operator Intoll Group Stapled Securities (ASX: ITO) announced on Friday that it has endorsed the revised takeover proposal of its suitor Canada Pension Plan Investment Board (CPPIB), stating that the new bid was an enhancement of up to 2.5 percent from the original submission in July.

Power and Water Corporation is losing employees because of a very old network.

Fairfax Media Ltd (ASX: FXJ) announced on Friday that it has regained profit for 2010 financial year despite a slide on its overall revenue as it looks forward for more growth in the remaining months of the year.

Workers taking the Joondalup and Mandurah lines of Transperth may have been late this morning due to the strike stage by train drivers.

The number of available rental properties in Sydney was 1.6 percent in July. The figure is close to the 1.7 percent vacancy rate in January 2010.

Reports of alleged artificial adjustments in performance ratings and a secret redundancy program has put the corporate news and gossip website, Firm Spy, in trouble with two law firms.

US jobless claims fell 31k to 473k in the past week. Those people remaining on unemployment benefits after drawing an initial week of aid fell 62k to 4.46 million.

Blue chip stocks fell Thursday, with declines in Cisco Systems, International Business Machines and J.P. Morgan Chase pushing the Dow Jones Industrial Average below the psychologically important 10000 mark on continued worries about economic growth.

The Conference Board Leading Economic Index for Australia rose 0.1% in June 2010 however private capital expenditure unexpectedly fell -4% from the previous quarter causing the Aussie to dip momentarily to 0.8830 US Dollars midday in Asia

Bloomsbury is banking on the heavy anticipation of Harry Potter and the Deathly Hallows to mitigate its declining profit.