BUSINESS

World Bank president Robert Zoellick reported on Wednesday that the recent worldwide financial crisis had resulted to an additional 60 million people living in poverty as he noted that economic gains achieved in global recovery remained frail and tentative in some economies across the globe.

Australian beer and wine maker Foster's Group Ltd (ASX:FGL) was forced to issue a clarifying note to the market after its internal earnings target was unintentionally revealed today.

Australia-based oil and gas explorer and producer Petsec Energy Ltd (ASX:PSA) has cut down its 2010 production and revenue projections to 4.0 Bcfe (billions of cubic feet equivalent) and $US28 million ($31.94 million) respectively.

The latest National Australia Bank’s (NAB) quarterly index of business confidence released on Thursday showed that belief on economic conditions retreated by 14 points to three index points in the June quarter as mounting worries on financial markets turbulence applied heavy burden on Australian firms.

Australian gold producers Bendigo Mining (ASX:BDG) and BCD Resources (ASX:BCD) have entered into a scheme implementation arrangement to merge the companies into a larger mining business.

Andean Resources has a high quality project at Cerro Negro but at least one broker does not want to get carried away just yet.

Australia's largest gold mining company Newcrest Mining Ltd (ASX:NCM) has reported a 26 per cent lift in gold production in the June quarter, boosted by record output at its Telfer and Gosowong sites.

Workers for Australian telecommunications and media company Telstra (ASX:TLS, NZX:TLS) will have little sympathy for their discharged colleagues, says the union representing many of the telco's employees.

Energy firm Santos Ltd (ASX: STO) said on Thursday that its operations in Cooper Basin would continue to be plagued by flooding in Central Australia, as the company reported that production declined by 11 percent in the June quarter but sales volume and revenue saw a spike of two percent and 20 percent respectively.

Australia's average superannuation fund generated a profit of 10.4 per cent for the year to June, the first gain in three years.

A few shareholders vented their frustration with the Westpac Office Trust's (ASX:WOT) disappointing performance, while a massive majority gave the nod at a unitholder special meeting called in Sydney yesterday to vote on Mirvac Group's (ASX:MGR) $1.2 billion takeover of the trust.

The AUD has opened back below USD0.8800 this morning after financial markets retreated on Federal Reserve Chairman Ben Bernanke's comments before a US Senate Banking Committee.

On Wall St, early gains after strong results from Apple and Morgan Stanley were quickly erased once Fed Chairman Ben Bernanke began his speech.

The US Federal Reserve chairman, Ben Bernanke, delivered semi-annual testimony on the economy, saying that the outlook for the economy was ´´unusually uncertain.´

Stocks dropped broadly Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank is not prepared to consider further stimulus in the near term despite what he called an unusually uncertain outlook.

The Australian Dollar opens lower against the greenback at 0.8780. The Aussie was supported around US88 cents during local trade yesterday by further talk of a rise in the official cash rate.

BHP Billiton may be 'cautious' about the outlook for global growth and demand for its many commodities, but it is at lea...

Shares in Woolworths weakened yesterday after Australia's largest retailer revealed another quarter of slowing sales gr...

Perth-based mineral tester, Ammtec, has used a very positive earnings update to again remind shareholders that they shou...

The ongoing merger between the gold mining industries big players, Newcrest and Lihir, has reportedly sparked its first ...

AXA Asia Pacific Holdings says it expects first-half operating earnings to rise 5.7% as it continues discussions with th...

Facebook announced on its official blog that the number of people using the social-networking site had reached 500 million. The figures mean one in every 14 people on the planet has now signed up to the online community.

Bernanke opened his mouth and Wall Street plunged in a heartbeat last night. Dow down 109. (Locked for subscribers until 10:00 AEST)

The Australian stock market is forecast to open lower, after major indices on Wall Street shed more than 1 per cent and the benchmark crude oil contract plunged below $US77 a barrel on the US Federal Reserve's dull outlook for the American economy.

The Australian dollar opened lower, after the US Federal Reserve confirmed fears that the US economy has weakened.

Coles has announced a plan to phase out the use of sow stalls by its producers by the end of 2014, with the first shipments of cage-free pork in the Coles Butcher line beginning next year. Coles already offers sow stall-free pork in the Otway, Linley Valley, and KR branded Outdoor Reared ranges.The ...

Consumer advocacy group CHOICE has awarded Michel's Patisserie top honours in a review of ten of Australia's coffee chain stores.CHOICE brewed and reviewed espressos made from the standard beans used at ten of Australia's top coffee chains.Michel’s Espresso beans came out 'a clear winner', with a ...

Brokers are sticking to 24% upside targets for BHP.

Australian investment banking major Macquarie is seeking offers valued at approximately US$3.5 billion for Real Estate Investment Trust (REIT) Sprint Finance Corp. If a deal is successful, it would be the largest sale of a U.S. based REIT in over three years.The Bloomberg news service which cited un...