BUSINESS

The Australian dollar collapsed from near its highest in three weeks as a report likely to show economic growth in China-the country's largest trading partner-has likely slowed down.

Chinese investors represented by four consortiums appeared to be eyeing US insurance giant American International Group’s (AIG) Asian unit AIA Group for possible acquisition following Britain’s Prudential unsuccessful bid to takeover the insurance arm in June.

Pimco said Tuesday that Australia has solid economic fundamentals and is one of the top destinations for investment.

A new study by the APRA (Australian Prudential Regulation Authority) has identified a huge discrepancy between the paid fees by superannuation retail funds and those paid for funds not-for-profit, indicating that retail fees show generation of revenues rather than actual expenses.

Across Asia, regional markets are mostly lower this afternoon, choosing to ignore Alcoa's better-than-expected Q2 earnings result and instead focusing on Chinese comments reiterating their intention to curb property prices.

The Townsville port is on the cusp of experiencing growth in its iron ore shipments, with the first shipment of two trial batches set to leave the port tomorrow bound for China’s Beilun Port, near Shanghai.

Uranium producer Energy Resources of Australia Ltd (ERA) reported on Tuesday that the Darwin-based company suffered a 36 percent decline in its first half uranium oxide output even as it admitted that expected full year production could be up to 18 percent lower from the results posted last year.

NQBP Corp (North Queensland Bulk Ports Corporation), the government owned construction firm, has announced plans of exploring the viability of building a new Dudgeon Point export terminal, granting rights to Adani Group, an Indian construction firm, to head the project.

Investment manager Aurora Funds Ltd saw a tamed debut at the Australian Stock Exchange (ASX) on Tuesday as its shares remained untouched by 1100 AEST and with merely 320 shares being traded by 1345 AEST, with its stock price steadying at $2.00 per share.

Andrew Forrest's Fortescue Metals Group stands the Gillard government's proposed minerals resources rent tax (MRRT) should not proceed in its current shape.

The Australian sharemarket is gaining for the 2nd day this week with the All Ordinaries index (XAO) flat at lunch.

Due to large amounts of rainfall this May, farmers of New South Wales are expecting some record-breaking harvest amounts for this winter, the NSW government has said.

A sluggish morning trading affected Australia's stock market S&P/ASX 200 Index as it declined 0.3 percent to 4,397.50 as of 12:48 p.m. in Sydney. New Zealand's NZX 50 Index shed off 0.3 percent to 3,004.56 in Wellington.

Australia’s Ceramic Fuel Cells Ltd has been given an innovation award on Monday for its work on developing energy-efficient electricity generation units, as handed out by the NRW.INVEST in Germany.

Robust sales and encouraging profits resulted to better business conditions in the month of June as companies gained steadier outlook in the same month, that according to the latest survey of the National Australia Bank (NAB) released on Wednesday.

The inability of the spot uranium price to break out of the doldrums (down again this week) has led to broker target price cuts for Australian miners.

Minara Resources has reported its share of nickel produced at the Murrin Murrin mine in Western Australia slumped 15 per cent both on quarter and from the previous year.

National Australia Bank's Monthly Business Survey for June showed business oconfidence levels were steady as conditions improved slightly.

Mineral sands explorer Iluka Resources Ltd said on Tuesday that the company’s expected rutile production output from its Murray Basin Stage 2 project in Victoria would be a bit lower as compared to the announced forecast made in February.

Australian companies are set to deal with higher finance rates as the major banks reprice business loans.

Giant aluminium firm Alcoa reported on Monday that its second quarter net income peaked to $155 million, far exceeding the company’s previously announced earnings guidance and improving from the quarterly loss it suffered from the previous year.

National Australia Bank may pump up to 387 million pounds ($A664.79 million) more into its British arm Clydesdale amid increasing pressures from UK regulators to aid local units .

Heavy equipment specialist Emeco Holdings Ltd said on Tuesday that the company’s annual net profit should reach the lower rung of earnings guidance previously announced, effectively matching its targeted range of $40 million to $41 million and only $3 million shy from the maximum $44 million earlier set.

Queensland premier Anna Bligh has confirmed industry talk the state government has been encouraging proponents to combine projects.

The recently established Dagong credit rating agency has made its first sovereign assessments, rating US bonds AA, Britain's AA- and Australia's AAA.

US Federal Reserve chairman, Ben Bernanke, has indicated that improving small business access to finance is a key factor needed to support economic recovery.

U.S. stocks edged up Monday, led by technology stocks, including Microsoft and SanDisk, following ratings upgrades from analysts, although jitters over second quarter earnings reports and disappointing import data from China weighed on Alcoa and other materials stocks.

Canadian Ivanhoe Mines insists its shareholder rights plan does not violate any of British-Australian Rio Tinto's existing contractual rights.

Australia's dollar fell from its highest level in almost three weeks to an intraday low near 87 cents on the back of a drop in imports of iron ore and copper by China, the nation's biggest trading partner.