BUSINESS

Vacancy rates in Melbourne's central business district has dropped by almost 20 percent compared to rates in January amidst new office development according to research from Savills International.

Australian retail trade at current prices decreased by 1.1 per cent in October, seasonally adjusted, following a revised rise of 0.1 per cent the previous month, according to data released today by the Australian Bureau of Statistics.

Thiess, an Australian mining contractor wholly owned by Leighton Holdings Ltd (ASX: LEI), announced today it has won a landmark $5.5 billion mine development and coal mining contract in India.

Australian-based AMP Capital Property sold West Auckland's LynnMall shopping center US$174 million Kiwi Income Property Trust.

ESCO Corporation, a global provider of engineered consumable products, announced today the acquisition of all of the issued and outstanding shares of Austcast Pty Ltd in Brisbane, Australia, and its subsidiary Newlcast in Dunedin, New Zealand.

Property industry groups are calling for the government to provide more details on the US$35.7 billion National Broadband Network (NBN) deal specifically affecting property developers.

The Australian Dollar is higher this morning and trading at USD 0.9685 on a more bullish tone as strong data drove traders towards riskier assets.

U.S. stocks soared into the new month, rising more than 2% as investors looked for good news from Europe and found solace from the latest domestic economic numbers.

The Australian dollar was one of the most active currencies during the Asian session yesterday as it dealt with disappointing local data in contrast to favourable developments offshore.

The US ADP employment report showed that private sector payrolls expanded by 93,000 in November, the biggest rise since November 2007 and above expectations for a gain of 69,000.

The Australian share market closed flat after weaker than anticipated September quarter growth figures and a negative US lead.

Australian stocks tracked sideways today, but the flat finish was a fairly impressive outcome given weaker than expected economic growth figures and a downbeat offshore lead.

Global miner Rio Tinto (ASX: RIO) on Wednesday gave the green light to a further US$1.2 billion investment in its drive to lift annual iron ore production capacity in Western Australia's Pilbara region to 283 million tonnes per annum (Mt/a).

The New South Wales Department of Environment, Climate Change and Water is planning to expand the National Australian Built Environment Rating System (NABERS) that rates an office building's energy efficiency from five star rating scale to six or seven stars.

Up to 5000 bank clients of National Australia Bank (NAB) flooded its official website to file damage claims arising from NAB’s computer system glitch that started on Wednesday morning last week and extended onto the early part of the current week.

The prime industrial market in Melbourne is expected to fare the best compared to other cities in the county and even the Asia-Pacific region until 2014 based on a fair value index report made by property advisers DTZ.

Pressures over utility bills and other living costs outweighed concern about interest rates, despite widespread expectations of rate hikes throughout 2011, a new survey shows.

One of Australia's most diversified property group, Stockland, is choosing to concentrate on developing retail projects and slow down investments in office projects.

MLC, the wealth management division of the National Australia Bank (ASX: NAB), today announced the purchase of the remaining equity in financial advice business, Meritum Financial Group.

Local stocks have fallen into the red at lunchtime in the East, following disappointing economic growth numbers.

Australia's GDP rose 0.2 per cent in the third quarter and 2.7 per cent from the year-earlier period, the Australian Bureau of Statistics said today.

Despite the recent scare episodes on a number of its flights in November, Qantas Airways Ltd still managed to raise its passenger traffic prior to the incidents as the Australian national carrier revealed that more domestic and international travellers took Qantas flights in the month of October.

The Australian Capital Territory Government assures that the environmentally certified Molonglo Valley development will be affordable even for new home buyers.

In a survey compiling the answers of 1,061 respondents it was found that close to one in every 10 home buyers believe that the recent Reserve Bank interest hike may force them to sell.

Bankers today cautioned Australian customers about a recurring telephone survey scam which is using an organisation's name in an attempt to defraud bank customers.

An increasing number of Australians are shifting from personal loans to credit cards, particularly for lower sums, a new report by an independent market analyst shows.

Australian manufacturing activity contracted in November due to the ongoing impact of the strong Australian dollar, rising interest rates and skill shortages, new data show.

Flamboyant Virgin Group owner Richard Branson has decided to re-enter the media business via the glossy electronic magazine Project, which is exclusively intended for the iPad and purportedly targeting millions of audience currently owning the now ubiquitous Apple gadget.

Median property prices in Brisbane continue to drop for the fifth month in a row with a 0.2 percent slide in October.