BUSINESS

The Reserve Bank of Australia (RBA) said on Thursday that the country is already out of sync with the US economy and has slowly shifted its focus on the movements of the fast-expanding Chinese economy, currently the nation’s biggest trading partner and largest consumer of its natural resources.

Bauxite miner Alumina Ltd (ASX: AWC) revealed on Thursday that its third quarter operating costs for the current year could soar by as much as $US11 million or $A11.73 million following the power outages and equipment commissioning problems that hit its Alumar refinery in Brazil.

The Liquor Hospitality and Miscellaneous Workers Union (LHMU) insists on a reasonable pay increase in order to end the work-to-rule ban in hospitals across Western Australia.

The Australian sharemarket was weaker at Thursday noon, as profit takers drive losses among materials and financial stocks.

Wesfarmers Ltd (ASX: WES) subsidiary Coles Supermarket said on Thursday that it is set to open some 100 new format stores within the current financial year, with about 60 new format supermarkets already operating in the whole of Australia, which the company said was integral to the fiver-year recovery blueprint for Coles.

Budding Australian businesses are tapping the largest consumer market in Asia by taking part in the China International Small and Medium Enterprises Fair (CISMEF).

Australian consumers expect prices to increase in September, opposing falls over the past four months, thanks to a string of strong economic data, a survey shows.

Rare earths miner Arafura Resources Ltd (ASX: ARU) said on Thursday that it has requested for a pre-market trading halt until September 20 pending the revelation of its new processing complex.

Consumers seem to enjoy the thought of continuous discounts, and still keep their belts tight.

Budget carrier Jetstar announced on Thursday that it would add 39 daily flights in the New Zealand domestic routes starting February next year, further boosting talks of impending service rivalry between the Qantas subsidiary and Air New Zealand.

The Queensland Government will be resuming properties to build a new train station at Yeerongpilly on Brisbane's southside.

Australian airline company Virgin Blue requested the U.S. Department of Transportation for a three-week extension for submitting its argument.

Retail firm Myer Holdings Ltd reported on Thursday that its full-year net profit plunged by almost 40 percent for fiscal 2010 as the after-effects of the global financial crisis wreaked havoc on consumer confidence, further deteriorating the already difficult business environment the company had faced on the past financial year.

Sydney pushes forward in keeping tourists attracted even as tourism operators fear of continuing drops in visitor numbers in the months ahead.

Mineral resource firm Reed Resources Ltd (ASX: RDR) said on Thursday that it may be spinning off some of its various project portfolios in Western Australia though the company said that it is holding on to the Barrambie vanadium project while plans are underway to reactivate the Comet gold project in Kalgoorlie by June 2011.

On Wall St overnight, US stocks clawed back from early weakness to post modest gains after a swathe of economic data came in mostly lower.

After a relatively quiet trading session for the AUD overnight, the local unit continues to retain its bid tone this morning, currently trading just below USD0.9400.

US industrial production rose by 0.2pct in August, in line with expectations. Capacity use edged up from 74.6pct to 74.7pct. The Empire State manufacturing survey eased from +7.10 to +4.14 in September, below expectations for a result near +8.0.

U.S. stocks rose Wednesday as encouraging forecasts from Kraft Foods and McKesson boosted investors' expectations of how the corporate sector is faring in the weak economy.

Origin Energy Limited (ASX: ORG) and PNG Energy Developments will undertake an 18-month feasibility study for building an 1800 megawatt power plant on the Purari River in the Papua New Guinea (PNG) highlands.

Queensland Treasurer Andrew Fraser proudly announced that the multi-billion-dollar float of Queensland Rail is rolling according to plans.

Control over time-billing practices should be in place before external controls and greater regulation will be imposed on the entire legal profession.

Trading at the Australian share market is expected to strengthen today after Wall Street rebounded.

The Australian currency was half a cent stronger at Wednesday noon and trading near a two-year high after the greenback weakened on reports of US quantitative easing overnight.

The Australian dollar reached a five-week peak against the yen on Wednesday, while holding not far from two-year highs on the greenback, as Japan stepped in to sell yen.

The Australian stockmarket ended Wednesday with its strongest performance in over four months, bolstered by regional markets and with National Australia Bank and gold miners posting solid gains.

Origin Energy (ASX: ORG) announced today it will sign an agreement with the governments of Papua New Guinea and Queensland to support the potential development of a renewable hydroelectricity project.

China admitted on Wednesday that the $US38.5 billion or $A41 billion proposed takeover bid of Australian giant mining firm BHP Billiton Ltd (ASX: BHP) for Canadian fertiliser maker Potash Corporation of Saskatchewan has elicited considerable attention from the Chinese government.

BHP Billiton Ltd (ASX: BHP) chief executive Marius Kloppers said on Wednesday that the federal government should start treating carbon price as revenue neutral since effective measures on carbon emission reduction would mostly lead to considerable cost impact on consumers.