BUSINESS

Canadian firm Potash Corp has scored the apparent tactics of BHP Billiton Ltd to spread ‘doubt and confusion’ about the company’s future following the giant resource firm’s hostile bid for the world’s largest manufacturer of fertiliser.

A report published in a Japanese daily has indicated on Wednesday that BHP Billiton Ltd agreed to cut by seven percent coking coal prices that the company is set to ship into Japan for the last quarter of 2010.

The Commonwealth Bank of Australia (ASX: CBA) is all set for a core banking development project that will put the cost-to-income ratio for its retail banking as the lowest in the world.

In the US overnight, the major indices finished largely unchanged as stronger-than-expected consumer confidence and a rise in home prices helped ease fears that the economy is faltering. Financials were helped by regulatory approval for a Chinese investment in Morgan Stanley.

The Australian Dollar has opened fairly unchanged this morning to be trading at USD0.8920 after trading below USD0.8900 late yesterday.

US consumer confidence rose from 51.0 to 53.5 in August, above expectations for a result near 50.5. The S&P/Case Shiller home price index for 20 metropolitan areas showed a 0.3pct rose in seasonally adjusted terms in June, above forecasts for a 0.2pct gain. But the Chicago purchasing managers index eased from 62.3 to 56.7 in August.

U.S. stocks eked out a tiny advance Tuesday, with AT&T, J.P. Morgan and Merck among the gainers in the conclusion of a bruising month for the market.

Australian economic data released yesterday surprised the market somewhat with Retail Sales, Building Approvals and the Current Account all coming in above expectations.

Housing and business activity data from the largest economy in the world provided the impetus for the Australian dollar to open slightly higher than Tuesday.

The first day of September seems to begin well with the Sydney Futures Exchange.

Australian companies are holding off on investment deals with banks.

Westpac Banking Corporation (ASX: WBC), the Commonwealth Bank of Australia (ASX: CBA), the National Australia Bank (ASX: NAB), and the Australia and New Zealand Banking Group (ASX: ANZ) accumulated $798 billion of mortgage debt.

China should not be allowed to become a direct investor in the mining and agriculture business

The Commonwealth Bank of Australia Ltd (CBA) is now the leading business lender in the country as it edged out the National Australia Bank Ltd (NAB) thanks to its remarkable satisfaction levels in the market.

The Australian share market slumped more than 1 per cent on Tuesday, trimming yesterday’s increases as resource stocks and major banks slumped on ongoing uncertainty about the US economy.

Retail figures in July have shown significant growth but the figures are being propped up by the lifestyle choices of ordinary Australians as they spend their money on takeaway food, cafes and restaurants, says the Australian National Retailers Association (ANRA).

Oil and gas explorer Petsec Energy Ltd (ASX: PSA) reported on Tuesday that it suffered earnings retreat as the drilling moratorium in the Gulf of Mexico continues leading to dismal half year figures for the company.

The Housing Industry Association (HIA) considers the 2.3 percent increase in building approvals in July a modest figure.

A lift in dwelling approvals in July provides a cause for cautious optimism that the wavering residential building upturn can regain momentum, according to Master Builders Australia, the peak body for the building and construction industry.

The Reserve Bank of Australia (RBA) reports an increase of 2.8 percent in total credit made available by financial institutions over the year to July.

The production of red meat made a significant contribution to South Australia's agricultural production.

Mining firm Minara Resources Ltd (ASX: MRE) reported on Tuesday gains on its half year profit despite the prevalence of volatility in nickel and cobalt prices, which are the company’s present market focus.

The Australian stock market was lower at midday as doubts about the recovery in the global economy dragged down miners and banks.

The number of dwelling units approved rose in July, according to data released today by the Australian Bureau of Statistics.

The Australian Bureau of Statistics (ABS) reports a decrease in current account deficit during the second quarter of 2010.

Cafes, restaurants and takeaway food services are driving retail trade up, according to new data released today.

Toll operator RiverCity Motorway Management Ltd (ASX: RCY) said on Tuesday that it may have to deal with a substantial financial problem very soon following the $1.56 billion write downs of its Clem 7 tunnel road in Brisbane.

The Reserve Bank of Australia assistant governor Guy Debelle points at mis-assessment as one of the key factors in the financial crisis.

A new line of Holden’s Commodore series will soon race through Brazilian roads as the car maker revealed on Tuesday that the new VE Series II model would be exported to the South American country under the name Chevrolet Omega.