BUSINESS

Plans to build a five star hotel in the former State Library has sent a heritage group into uproar.

Local stocks recorded another modest gain today, with mining stocks managing to outweigh falls from the banks.

Oil and gas explorer Beach Energy Ltd (ASX: BPT) has secured majority control of Impress Energy Limited (ASX: ITC) by lifting its relevant interest in Impress to above 50 per cent.

Housing loans increased by 2.8 percent in October as new personal loans and credit card growth slowed down.

The Charter Hall Retail Real Estate Investment Trust is shedding its U.S. assets and focusing on the Australian market as it sold its 60 percent interest in a United States portfolio of 32 properties in the joint venture Desco and Regency groups for US$168 million.

PanAust Ltd (ASX:PNA) today increased its production guidance for 2010 to approximately 67,000 tones of copper at an average cash cost of less than US$0.90/lb of copper after precious metal credits, estimated from 60,000oz of gold and 500,000oz of silver in concentrate.

APRA Chairman John Laker ensures covered bonds do not jeopardize depositors' interest

Commonwealth Bank of Australia (ASX: CBA) said it is fixing the late processing of accounts, which has left some retail and business customers unable to access accounts.

Local stocks are trading flat at lunchtime in the East, with losses from the banks offsetting gains from mining stocks.

Number one global carmaker Toyota Motors Corporation is on a recall mode anew as the Japanese firm announced on Monday that close to 100,000 units of Sienna minivans would be pulled out from American roads in January 2011 for some minor switch replacements.

A Residential Stamp Duty report from BankWest found that stamp duty rates in the country rose by 36 percent in the past five years with Victoria found to have the highest stamp duty charges among all the states.

Recent figures suggest that more properties are scheduled for the Australian market although overall outlook remains weak because of rising interest rates.

AGL Energy Ltd (ASX:AGK) confirmed today it has not acquired any assets in the New South Wales government's sale process for its energy retail businesses and electricity gentrader contracts.

The AUD has risen over a cent during the offshore session, currently trading around USD0.9950, with a combination of factors affecting its leap back towards parity.

The Australian Dollar rallied offshore to a monthly high as global equities and commodities soared after China refrained from raising interest rates.

U.S. stocks rose Monday after China elected not to raise interest rates and as Democrats anticipated the tax agreement would pass in the Senate.

Sporting retailer TNF Group bought prime office/warehouse space in Melbourne suburb, Scoresby, for $4.35 million

The OECD leading indicator for 29 countries lifted from 102.5 to 102.6 in October with activity accelerating in the US, China and France but easing slightly in Germany and Japan.

The Australian share market was driven marginally higher by the big four banks and miners.

A day after the government announced its proposed reforms to the financial system, Reserve Bank governor Glenn Stevens warned that the government should be careful in its attempts to promote competition in the banking sector.

Local stocks eked out a small gain today, but came off earlier highs due to falls from regional lenders and a flat finish from index leader BHP Billiton (BHP).

The exodus of key Qantas Airways (ASX: QAN) executives continues as Virgin Blue (ASX:VBA) poached another senior staff of the flying kangaroo.

Qantas Airways Ltd (ASX: QAN) says it will move into the Western Australian fly-in-fly-out (FIFO) resources air charter market, with agreement reached for the airline to purchase local operator Network Aviation.

Leighton Holdings Ltd (ASX: LEI) says its consortium has been selected as preferred proponent for New Royal Adelaide Hospital PPP project .

Australians are keeping their hands on their pockets to shop less and save more, which mean that retailers could not expect windfalls even on the usual peak mode of the Christmas shopping season.

Local stocks have kick started the trading week on a strong note, thanks to a positive offshore lead.

Australia along with Singapore and China led with the highest direct commercial property transaction volume in Asia-Pacific region amounting to US$18.2 billion, an increase of 14 percent compared to the previous quarter said an international real estate services consultant.

The Perth real estate market has had a challenging year with slow sales and properties taking about three months to get sold.

Foreign buyers and investment funds returned to the office property sector contributing US$481 million worth of investment or about 25 percent of total transactions for the year.