BUSINESS

Resigned Barclays chief executive Bob Diamond admitted before the British Parliament that bank personnel may have been involved with low balling or rate fixing since 2005 but insisted that he no direct knowledge of the illegal practices until three years ago.

Qantas's worst fears of further losing share of the lucrative domestic market were confirmed. Aviation industry reports said that Virgin Australia ferried more domestic passengers in the past 12 months to May compared to Qantas.

The local share market is trading virtually flat at lunchtime in the East, on low volumes. Investors haven't been given a lot of guidance with Wall Street closed overnight for the Independence Day holiday and many treading water ahead of the European Central Bank's rate decision tonight, where it's tipped rates could be cut to a record low of 0.75pct. At lunchtime in the East, the All Ordinaries Index (XAO) is down 10.4pts or 0.2pct to 4203.4.

While the Opposition, the New South Wales government and some businesses such as bakery chain Brumby's are blaming the carbon tax for rise in prices, Australia's retail industry is rejoicing because the carbon compensation caused the sector's growth rate to hit a two-year high.

By Greg PeelEuropean stock markets had been on a tear since the EU summit produced a welcome result but the next step in the process is to see what further relief the ECB might be able to provide.

Virgin Australia has launched codeshare services with Virgin America in conjunction of this year's Fourth of July celebrations.

What Apple has been harping about, and with late affirmation coming from both Microsoft and Google, got another boost this week as research firm NPD DisplaySearch declared that mobile computing will be core of the tech world and tablet computers will fuel its growth.

Nokia Lumia is the product of both Nokia and Microsoft as it teams up to have a bigger share of the smartphone market that is being dominated by Apple and Google Android.

Microsoft and Google has just released their newest tablet models in the market with the hopes of claiming a market share in the growing tablet demand. Presently, Apple is dominating the tablet market share with their own iPad line but this new products from Microsoft and Google would surely ensure a very competitive atmosphere in the market.

Microsoft is set to release Xbox 720 sometime in the near future and there are new rumors speculating that Microsoft has plans of changing the name of the gaming console from Xbox 720 to Xbox 8.

Facebook, the popular social networking site, is known for having the "like" button. There are recent reports stating that Facebook is now developing a "want" button in order to have another source of revenue for Facebook.

According to the reports released late on Friday, Bristol-Myers Squibb Co (BMY) is planning to buy Amylin Pharmaceuticals Inc (AMLN), a biotechnology company, for nearly about 5.3 billion dollars cash price.

Android 4.0 or Ice Cream Sandwich (ICS) was first introduced to the public last year. Ever since it was introduced, statistics show that Android ICS update has already rolled out for 10.9% for all Android-based devices.

Recent reports are stating that the next-generation iMac will have the popular Retina Display feature that recent Apple devices have. The target date for the iMac with Retina display is set to be around October, 2012.

Giant telco Telstra Corporation introduced this week its fresh service offering called 'Everyday Connect', which the company said will provide flexibility to subscribers' shifting communication habits.

Toothpaste manufacturers were berated by consumer watchdog Choice for claiming extra whitening properties of their branded products even if it contains the same ingredient as that of cheaper labels.

"France is rotten," said a friend yesterday. "I don't know why you came back. Half the people are broke. The other half are crazy...

While the children of Gina Rinehart, Australia's richest woman, are battling it out with the family matriarch for control of the clan's billions of dollars, her half-sister is not interested in claiming a part in the Hancock fortune.

"QE3 Probability" Could Boost Gold, No Need for Gold Standard "Until Money Collapses Completely"By Ben TraynorSPOT MARKET gold prices traded close to $1610 an ounce for most of Tuesday morning in London, after breaking through the $1600 mark during the earlier Asian session.

Numerous reports reveal that Apple is slated to reveal their latest iPhone, iPhone 5 and iPad Mini this coming October in order to directly compete with Google's newest tablet, the Galaxy Nexus 7.

Apple has succeeded in banning Samsung Galaxy Tab 10.1 and Samsung Galaxy Nexus in the US market due to supposed patent violation done by Samsung. This ruling could affect Samsung's over-all standing in the smartphone market and could also potentially affect the release of Samsung Galaxy S3 in the US.

By Greg PeelThe Dow rose 72 points or 0.6% while the S&P gained 0.6% to 1374 and the Nasdaq added 0.8%.

By Chris Tedder, Research Analyst FOREX.comIt was an interesting session during Asian trade with some very jumpy price action in the FX market due to low levels of liquidity, with many investors choosing to remain on the sidelines ahead of the US holiday.

Google first revealed Android 4.1 or Android Jelly Bean at last week's Google I/O conference in San Francisco. This Android update will bring about new and additional features for Android-based devices.

Was the disclosure of an unconfirmed takeover offer necessary at all? David Jones believes so as it informed the Australian Securities Exchange (ASX) Monday night that transparency was its utmost concern when it broke the news of an impending buyout that failed to materialise.

Samsung's Galaxy Tab 10.1 will continue to miss out the American market, at least for the moment, as a U.S. court affirmed its earlier decision to ban the sale of the tablet pending the conclusion of the patent infringements case brought up by Apple against its South Korean nemesis.

Apple scored significant legal wins last week but the start of the fresh week saw the firm lagging behind its fierce competitors, Google and Samsung, in terms of market dominance in the lucrative U.S. market.

By Greg PeelYesterday gaming machine company Aristocrat Leisure ((ALL)) provided the market with first half profit guidance (ALL accounts on a calendar year) without providing an operational update.

Yields data confirmed that Qantas continues to lose heavily even in the once-profitable domestic operations. According to reports, Qantas suffered a 0.8 per cent decline in its international operations in monthly yields and an even larger 1.3 per cent for its domestic operations.