BUSINESS

Business confidence remains high albeit a very slight tinge of wariness in the country's business sector. This is according to the latest of the National Australia Bank's quarterly business survey published today.

The Adelaide Airport had a brief security concern this morning when a man suddenly broke in with his car crashing into the tarmac. The man suspected of drunk-driving or mentally ill has been subdued by the airport police moments after the said incident.

China has lifted reserve requirements for six large commercial banks in order to slow the pace of the economy. The 50-basis point lift in reserve requirements to 17.5 percent is a temporary measure, expected to be in place for just two months.

U.S. stocks turned lower ahead of the close of Monday's regular session, as industrial stocks lost ground. The Dow Jones Industrial Average recently fell 7 points to 11,000 and the S&P 500 Index fell 1 point to 1,164.

On the Sydney Futures Exchange this morning, the share price index futures contract was three points higher at 4718 points. Trading overseas lacked luster as Wall Street closed almost unchanged.

In overnight trade in the US, the major indices finished largely unchanged, with the Dow Jones Industrial Average climbing back above the 11,000 point level after falling early in very thin Columbus Day trade and ahead of a busy week of Q3 earnings.

The offshore session overnight was a bit of a non-event. Volumes were also down on Wall Street given the Columbus Day public holiday. The small amount of movement came from a lift in the US dollar Index. This contributed to a fall in both the price of copper and of oil.

The Australian share market closed at a five month high after firmer commodity prices drove gains in the resources sector.

The Australian share market made slight gains today after reaching a five month high in early trade.

Virgin Galactic's suborbital spaceship has made its first solo glide flight from Mojave Air and Space Port in California, as it continues to undergo very strict testing before it can carry tourists to space.

Australia's biggest sexual harassment case may be ended this week if both parties agree on the terms that plaintiff Kristy Fraser-Kirk and defendants David Jones company officers and former CEO Mark McInnes.

A shaft nearly half a mile long stands to be reinforced since it is the only way out now for 33 miners of the San Jose gold and copper mine in Chile. Rescue efforts and the events that led to the collapse of the mine roof should be noted as a learning opportunity for mining companies in Australia.

Virgin Blue Holdings Ltd (ASX: VBA) said on Monday that total loss incurred on its computerised reservation system crash last month could run from $15 million to $20 million.

Australian mining firm Indophil Resources NL jumped to the highest in 10 months in the ASX after one of the Philippines' s largest conglomerate San Miguel Corp. agreed a share placement worth $40-million in the company on October 8.

With the US unemployment rate steadying at more than nine percent and as investors fidget while anxiously waiting for the October board meeting minutes of the US Federal Reserve, the Australian bond market coursed through a flat start on Monday’s opening.

The Dow Jones Industrial Average closed above 11,000 Friday for the first time since May as a bleak jobs report boosted expectations that the Federal Reserve will move to stimulate economic growth.

US private sector payrolls (employment) rose by 64,000 in September, just short of expectations for a 74,000 gain in jobs.

Reserve Bank of Australia (RBA) interest rates are running at an average of 4.732 percent since February 2008, the year when the global financial crisis (GFC) hit hard.

Iron ore mining giant Fortescue Metals Group Ltd (ASX: FMG) announced on Monday a new bank facility of up to $2.06 billion which the company said it would utilise to finance the expansion of its mining operations.

Giant retailer Woolworths Ltd (ASX: WOW) said on Monday that its $704 million off-market buy-back has been wrapped up as the company gave credit to encouraging shareholders support, which it maintained was instrumental in the successful transaction.

Weak share market sentiment for the nation's largest telecommunications provider becomes the impetus to retain customer confidence.

Queensland Premier Anna Bligh is convinced that the opportunities carried by the November 22 public float of Queensland Rail National’s coal freight operations offer sufficient incentives that effectively eclipse the initiative’s alleged risks.

On the Sydney Futures Exchange this morning, the share price index futures contract was 22 points up at 4717 points. Trading is expected to be influenced by the Australian Bureau of Statistics (ABS) housing finance data to be released later this morning.

Deputy Governor Ric Battelino of the Reserve Bank of Australia is optimistic that there would be turnaround in the property and real estate sectors as an encouraging shift of financing models will pave the way for future growth.

The relative strength of the Australian dollar against other currencies will not be bogged down by another round of interest rate increases. This was the assurance given central bank Deputy Governor Ric Battellino on Friday.

Profit takers ruled the day on Friday as the waited job figures from the Department of Labor clouded the prospect of quantitative easing by the Federal Reserves and weighed down on the record gains posted by the Australian dollar this week.

Local stocks pulled back slightly today, but still mirrored the weakness of Wall Street as the benchmark S&P/ASX200 index was down 10 points, or 0.21 per cent, at 4,681.3 points, while the broader All Ordinaries index had eased 5.9 points, or 0.12 per cent, to 4,740.3 points.

After the market’s remarkable gains this week, the first following three weeks of losses, Australian shares retreated at the end of the week as the highs that marked the stocks performances finally settled on firmer levels and detracted from the week’s picked up points.

Australia's QR National has completed the acquisition of some A$3 billion worth of loans from 11 banks before its planned initial public offering, the company said in statement today.