BUSINESS

The Australian sharemarket slumped by 1.7 per cent, having its worst day in seven months and closing at a 1.5 month low. All sectors finished in the red following a 2 per cent slump in U.S. equities fuelled by disappointing manufacturing data.

Telsytes survey finds that Australians are the quickest subscribers to switch from one provider to another.

U.S. researchers will be fishing California fish kelp off the waters of Malibu to test and determine the levels of radiation they have received from the radioactive material spewed into the ocean waters by the crippled Fukushima nuclear power plant.

The Australian share market has followed Wall Street's downbeat lead and is lower by 1.3 per cent at lunchtime in the East.

Prime Minister John Key has calendared the month of March to discuss with his top leaders the need to hold a referendum to change the country's flag. He wants a black flag with a silver fern on it. But Kiwis all over it seemed are divided over the topic.

Canada's Quebec have enough heavy rare earths minerals to spur the demand for electric cars in the future, a study made by the KPMG-SECOR commissioned by Matamec Explorations Inc. and Toyotsu Rare Earth Canada (TRECan) had revealed recently.

Barbie dolls often receive bad rap when it comes to positive body image influences for little girls. With its impossibly thin build, the buxom doll simply has unrealistic body proportions. According to Barbie makers, the iconic toy’s design isn’t meant to be a realistic one. Her controversial disproportionate measurements are apparently a practical choice.

The only word to describe the trading on the US market overnight is brutal.

In US economic news, the ISM manufacturing index fell from 56.5 to an 8-month low of 51.3 in January, short of forecasts for a result near 56.0. Construction spending rose by 0.1% in December, close to forecasts.

Kremlin officials said on Monday that Russia is working to have a free trade deal with New Zealand by the yearend. The agreement would include Belarus and Kazakhstan, the New Zealand Herald reported.

In the Land Down Under, Westpac, Australia New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA) and the National Bank of Australia (NAB) are collectively known as the Big 4 because they dominate the country's banking system. But side-by-side with global banks, the 4 lenders are just the Small 4.

Apple Inc shares declined 8.24 per cent after the opening bell on Feb 2 as investors continue to be disappointed of the company's smaller than expected iPhone sales last Q1 FY 2014. Apple's Q2 guidance also did not meet investor and analyst expectations.

Maleny Dairies has issued a recall of its three milk products due to a possible contamination with E.coli bacteria in Queensland, Australia. According to Queensland Health, Maleny Dairies will be pulling out three of its products from Coles, Woolworths, IGA and other stores.

Optus, a telecommunications company in Australia won a five-year satellite and broadband contract with NBN Co., a corporation owned by the Australian government who is assigned to design, build and operate the National Broadband Network (NBN) in Australia. The said deal between the two Australian companies was announced by NBN Co. on Monday, Feb. 3, 2014. Optus reportedly won the NBN Co. contract after a competitive tender process.

Locals stocks finished largely unchanged, with holidays across the region keeping a cap on trading volumes. This week, the highlight locally is likely to be the Reserve Bank's statement tomorrow and a monthly jobs report in the U.S. on Friday.

A team of nuclear experts from the United Kingdom is currently being lined up to help in the decommissioning of the crippled Fukushima power plant in Japan. They are engineers from Sellafield, where one of Britain's worst nuclear accident, occurred.

Royal Dutch Shell announceed that its 900 Australian petrol station will be put out in the market

Australia and New Zealand remain dream migration destination according to Gallup’s Potential Net Migration Index

The February reporting season has started and is set to showcase how Australian companies have fared over the first half of the financial year.

With Chinese Luna New Year well underway and the year of the horse being welcomed in, some may have missed the official China PMI print for December on Saturday which came in a tick under estimates at 50.5.

In US economic news, personal income was flat in December (forecast +0.2%) while spending rose 0.4% (forecast +0.2%). The Chicago purchasing managers index eased from 60.8 to 59.6 in January (forecast 59.0). US consumer sentiment rose from a preliminary reading of 80.4 in January to a final reading of 81.2 but was down from 82.5 in December. The employment cost index rose 0.5% in the December quarter.

While the Auckland Police and the Auckland Medical Office of Health has not objected to the application by the Chow brothers for the renewal of the licence of their Penthouse Club and adjoining brothel Galaxy Club and application for a new licence of strip bar Mermaids and brothel Splash Club, a rival company tried to block the applications.

Neighbours Down Under Australia and New Zealand are currently studies in contrast, insofar as their economies are concerned.

Apple Inc has paid $36.4 million in tax for 2013 fiscal year despite declaring revenues of over $6 billion in Australia. The Cupertino-based tech giant generated $52 million after paying $88.5 million. The company had acquired a net profit after tax from $58.5 million in 2012 to $40.1 million when Apple paid taxes in Australia.

The Australian share market finished slightly higher today, but still lost ground over the week as investors around the globe remained concerned about emerging markets.

The last 12 hours have seen volatility subside relative to the previous day. European and US stock indices finished higher and the atmosphere in currency markets, particularly for emerging markets was stabilising. Notwithstanding the improved general tone sellers has the edge at the open of the local session, although the losses were contained to a modest size.

Toyota is poised to recall six model units in North America over concerns the fabrics in those models' heated seats doesn't comply with safe flammability standards.

With emerging market currencies beginning to calm, we are finally seeing the moves we would have expected to see on the back of the tapering decision. The US dollar index bounced back above 81 while equities advanced despite some mixed US economic data. This suggests that focus was perhaps on a recovery in emerging market bourses particularly for Turkey and Mexico. The earnings season in the US continued to progress favourably and this also encouraged investors to bid equities higher. Facebook p...

In US economic news, the advance reading of economic growth (GDP) for the December quarter was at 3.2% - in line with forecasts. New claims for unemployment insurance rose by 18,000 to 348,000 in the latest week - above forecasts for a result near 330,000. And the pending home sales index fell 8.7% to 92.4 in December.