BUSINESS

Wesfarmers says the market share of Coles supermarket lagged behind in the 2009-10 fiscal year and more work was required to make a successful recovery.

China could soon be freed from over-dependence on imported gas as reports by the Financial Times on Monday cited aggressive initiatives coming from Beijing, allegedly pushing for the expeditious development of the country’s huge gas deposits.

Australia's largest project development and contracting group Leighton Holdings (ASX:LEI) said today that its wholly owned subsidiary Leighton Asia has secured a A$172 million contract for the provision of mining services at the Martabe Gold Mine in North Sumatra Province, Indonesia.

Electrical and furniture retailer Harvey Norman Holdings Ltd (ASX:HVN) has posted a moderate rise in full-year sales, although its fourth-quarter figures were hit by weaker consumer sentiment.

The Australian bourse was floating in morning trade after higher-than-expected sales figures from Wesfarmers and gains in banking shares.

The latest report from Baxter of the US leads brokers to suggest CSL is gaining market share at that company's expense, though opinions remain divided on the value in CSL at current levels.

The cost of conducting business in Australia nudged a bit higher in the last three months leading to June, according to the latest figures furnished on Monday by the Australian Bureau of Statistics (ABS), suggesting as well that consumer prices are poised to absorb minimal impacts in the next few months.

Perceptions of improving credit quality had been shown in the performance of Asia-Pacific corporate and sovereign bonds in the last five weeks

A contraction in lending to small and medium enterprises in favour of households is starting a dangerous trend for the Australian economy, said National Australia Banks' (ASX: NAB) head of business banking Joseph Healy.

Australia's biggest insurer by market value QBE Insurance Group Ltd. recorded the biggest drop in Sydney trading in five months as it reported first half profits were off target.

Investment firm Australian Foundation Investment Company Ltd (AFIC) (ASX: AFI) said on Monday that following this year’s dipping profit results, the company is adopting a careful approach on investment decisions that it would make in 2010/11.

Australia's CEOs are squeezed to defend their earnings forecasts as the profit reporting season takes shape and optimism mounts that some top companies will post profit growth for the first time since the global financial crisis.

Overseas oil explorer ROC Oil Company Ltd (ASX: ROC) admitted on Monday that its June quarter output showed weaker numbers as compared to the previous production period, though the company remained steadfast that it would reach its production guidance target this year.

Average profit growth could be as high as 20 per cent across the sectors for the 30 June reporting season on the back of improving local economic condition

As extra value-add, FNArena publishes book reviews this week. Today's is the first in an initial series of three.

Australia's major retailer Wesfarmers (ASX: WES) says it had a strong performance over the year after boosting sales by 4.3 per cent at its Coles supermarket business.

Australian and Japanese and stock futures jumped as European banks hurdled the stress test reducing uncertainties that a global economic recovery is slowly happening.

Fuelled by spiking demands from China and India for its resources and equally boasting of a steady growing labour market, Western Australia proved itself as the country’s strongest performing economy, soaring past the ACT as it slid to second spot on the latest CommSec state and territory economic rankings.

The Australia Dollar has opened up in the mid 0.8900's after another modestly strong showing from US and European equity markets on Friday.

The Australian share market is expected to open stronger today, bolstered by gains on Wall Street last Friday.

Only seven of 91 European banks failed stress tests - Hypo Real Estate Holding AG, Agricultural Bank of Greece SA and five Spanish savings banks. The European regulators say the seven banks need to raise 3.5 billion Euros in capital.

Despite the uncertainty facing the European banking system the AUD/USD remained range bound on Friday bouncing between 0.8900 and 0.8970 for the majority of the Asian and offshore trading sessions.

The Australian market looks set to follow the US lead today with the ASX 200 called to test 4500 on open.

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Inflation and the impact on local interest rates will dominate attention in Australia (see first story) this week.The CP...