BASIC MATERIALS

Minmetals Resources Limited (HKSE:1208) ("MMR") has appointed mining industry stalwart Anthony Larkin as an independent non-executive director of the company to further strengthen the board's project risk assessment capabilities.

Mindoro Resources Ltd (TSX VENTURE: MIO) (ASX: MDO) (FRANKFURT:WKN 906167) announced that it has received commitments for C$1.2 million in Australia under its Private Placement which was announced on 22 November 2011. Trading of the Company's CDIs on the ASX will re-commence today. The Lead Manager of the Australian component of the Private Placement is DJ Carmichael Pty Ltd based in Perth.

Rio Tinto and Chinalco joint venture (JV) for exploration in China - Chinalco Rio Tinto Exploration Co. Ltd. (CRTX) - has been officially registered as a business in China.

From Stan Shamu, Markets Strategist, IG MarketsGlobal markets extended their losses overnight on deepening concerns about the European debt crisis, after a poorly-received German debt sale. Germany failed to find buyers for 35% of the bonds it offered at an auction. There was also a swathe of disappointing economic data, with European services and manufacturing output shrinking for a third month, US durable goods orders falling and unemployment claims topping forecasts.

Australian supermarket operators Coles and Woolworths have recently added home brands to their shelves, which elicited negative comments from global food manufacturer Heinz and other branded food producers.

The Australian government has assured mining companies and opposing sectors their demands will be met in the final version of the proposed mining tax bill.

The hard times have caused Australians to eat out less, but many Aussies are not giving up their daily coffee fix.

Rio Tinto Alcan intends to close the Lynemouth aluminium smelter, subject to the completion of a 90-day consultation process with employee and union representatives. The company is also in exclusive discussions regarding the potential sale of the power station at the site.

Commodity explorer and miner, Alkane Resources (ASX: ALK), has upgraded its resource of zirconia and rare earths at Dubbo in the central west of NSW.

China's clampdown on its rare earths production has alarmed trading partners led by Japan, which intends to take up the issue at the Asia-Pacific Economic Cooperation Forum in Hawaii.

Thai firm Mitr Phol Sugar Corporation offered on Wednesday A$4.45 per share cash price for stocks of Australian sugar producer MSF to hike its stake in the company. Mitr Phol currently owns 22 per cent of MSF. The offers values MSF at A$313 million

The various and extensive use of permanent magnets in electronic gadgets, radars, hybrid cars, energy efficient solar panels and wind turbines will continuously push the demand and price for rare earths in 2012.

Despite the hurried city life, a new study released on Wednesday said that urban Aussies prefer freshly brewed coffee while their rural counterparts favour instant coffee.

German sportswear and gear manufacturer Adidas is the latest victim of cyber attack. The company's Web site was closed on Sunday after a sophisticated and criminal hacking incident.

There is a shifting preference among Australians in their choice of alcohol consumption in favor of premium drinks over traditional beers.

The latest seasonally adjusted Australian Industry Group - PwC Australian Performance of Manufacturing Index (Australian PMI®) contracted in October, albeit at a slower rate than recent months, rising 5.1 points to 47.4. The decline was particularly pronounced across the clothing and footwear sub-sector and sub-sectors linked to the construction industry.

Resource-related projects are expected to significantly boost the engineering and commercial construction sectors over the 2011/12 and 2012/13 financial years, according to Australia's leading construction companies.

AFTERNOON REPORT (4.30pm AEDT)Local stocks managed to erase all of yesterday's gains during Tuesday's session, with fear and caution again at the forefront of investors' minds. Overnight, sentiment wasn't helped by negative commentary from Germany's Finance Minister who warned it was unrealistic to expect a definitive solution to the European debt crisis at this weekend's European Union summit.

MIDDAY REPORT (12pm AEDT)The Australian sharemarket is down 1.6 pct or 71.5 pts to 4266.4, effectively wiping out all of yesterday's impressive gains. Markets tumbled overnight due to concerns that the European debt solution might fall short of expectations.

Australia's central bank has hinted that benchmark cash rates in the country may go down after months of being held at 4.75 percent.

More than half of Australian mid-market companies are not properly prepared for persistent fluctuations in business conditions, according to the inaugural Commonwealth Bank Future Business Index.

Cementing its commitment in developing an open pit mine in South Australia, BHP Billiton has announced on Wednesday that the company's board has earmarked US$1.2 billion in pre-commitment capital for the first phase

Australia's business and other industry groups are now on the quandary as to the passage of the carbon tax legislation in Congress now waiting for the final stamp of approval in the Senate.

BHP Billiton’s multi-billion dollar Olympic Dam Expansion Project has gotten approval from the Minister for Mineral Resources Development Tom Koutsantonis, but still subject to certain conditions.

AFTERNOON REPORT (4.30pm AEDT)The local share market posted its fourth win in a row today, kick-starting the trading week on a positive note. Investor sentiment remained buoyant after German and French leaders agreed to do all that is necessary to secure the recapitalisation of European banks. Share markets around the Asian region were generally positive, despite ratings agency Fitch cutting the credit ratings of Italy and Spain. The All Ordinaries Index (XAO) gained 37.3pts or 0.9pct to 42...

The Australian sharemarket is surprisingly holding up very well despite a fall in U.S shares on Friday. The All Ordinaries index (XAO) is up 1.1 pct or 46.4 pts to 4271.4, adding to the 3.8 pct gains recorded last week.

The share market rally continued today, with local stocks gaining for the third session in a row. Investor optimism was boosted by strong gains in the US and Europe overnight after the European Central Bank announced new measures to provide cash strapped banks with liquidity.

Australian shares leapt the most in almost three years as investor sentiment improved on renewed optimism a solution is near at hand for the Eurozone debt crisis. The local market opened more than one per cent stronger after Wall Street surged for its second straight day, then eased slightly after midday but soared in the last hour of trading. By the close, the benchmark S&P/ASX200 index had reached its highest level since September 21, rising 143.4 points, or 3.65 per cent to 4,069.9 and the br...

Coca-cola retained for the 12th straight year the number one spot on the annual 100 global brands list published on Tuesday.