BUSINESS

All good things have to come to an end and unfortunately the S&P 500 could not make it four out of four successive gains. US equities saw selling right up until the close, with the bears easily winning the session. The NASDAQ was the worst performer, losing 2.2% while the S&P fell 2.1% and the Dow Jones Industrial Average shed 1.6%.

The Australian sharemarket rose almost one per cent in the second day of gains, as markets recovered from last week's massive losses on hopes of a solution to Europe's debt crisis. However, the market investors remained unsure whether a solution to the crisis could be found amid conflicting media reports. The benchmark S&P/ASX200 index had risen 34.9 points, or 0.87 per cent, to close at 4,039.5, while the broader All Ordinaries index rose 34.2 points, or 0.84 per cent, to 4,097.7.

US durable goods orders fell by 0.1pct in August after rising by 4.1pct in July. Economists had expected a flat result. Non-defense orders excluding aircraft rose by 1.1pct. And applications for US mortgages rose by 9.3pct last week as refinancing demand rose in response to lower mortgage rates. The index of refinancing applications rose by 11.2pct while loans to purchase new homes rose by 2.6pct.

In the recently published 2011 IT Industry Competitive Index report, South Korea ranks 19th place with 60.8 points.

(4.30pm AEST)Investor confidence remained strong today, with the local market managing to hold onto and add to yesterday's 3.5pct gain. Markets around the Asian region were generally firmer, after the Greek parliament approved a contentious property tax law which is crucial to its austerity plan and its commitments to secure bail-out funds. The local share market lost a little steam in afternoon trade but closed higher by 0.8pct, with the All Ordinaries Index (XAO) adding 34.2pts to 4097....

South Korea's ruling Grand National Party seeks to ameliorate relations with neighbor North Korea through economic cooperation and humanitarian assistance, The Korea Times reported.

Japanese Finance Minister Jun Azumi announced on Tuesday that his government is willing to shoulder a portion of the burden in connection with the rescue proposal for Greece if the EU can put together a logical plan to reduce market worries.

Energy giant BP on Wednesday has called on the NSW government to reconsider its decision to extend its policy on mandating both biodiesel and ethanol-blended petrol in NSW.

The Australian and New Zealand dollars dropped against their Japanese and U.S. counterparts as fears that the global economy woes may worsen.

The European Commission (EC) announced on Wednesday that the European Union has proposed a financial transactions tax that is set to take effect in 2014.

Facebook has denied it monitors users who have logged out of the service. Australian hacker Nik Cubrilovic this week accused Facebook of using to cookies to track users even after they've logged out of the site.

Signing the largest leasing deal in the history of the Ipswich CBD, the Queensland Government has secured the entire commercial component of the new nine-story office tower being developed as part of the $1 billon Ipswich City Heart development.

Just in time for the Christmas buying and spending season, Toshiba announced on Tuesday plans to offer a whole new range of affordable laptops and netbooks in October. A Toshiba laptop will be readily available to suit anybody's needs and budget. Prices range from $300 to $630.

A controversial group buying campaign conducted by a consumer group will not undermine brokers, one of its non-bank participants has claimed.

RP Data has previewed upcoming house price data, saying little recovery is expected in August.

China's massive importation of soybean and rapeseed oil, including palm, is seen to cause a global imbalance in the production and supply chain of the commodity, Hamburg-based researcher Oil World said.

Don't expect the iPhone 5 to be something different from iPhone 4. Chances are they are just the same device with a few upgrades in hardware and updates on the iOS. Consider it a smaller iPad 2 without the iPhone 4's antenna issues.

Hopes of a coordinated European bailout plan propelled copper futures to end sharply higher Tuesday, with December delivery reaching 15.65 US cents, or 4.5 per cent, to $US3.4395 per pound on the Comex division of the New York Mercantile Exchange.

First Home Buyers in New South Wales are acting quickly upon pre-approvals in an effort to beat the clock before the stamp duty concession runs out at the end of the year.

The Housing Industry Association (HIA) sought on Wednesday for interest rate cuts amid weak home sales.

Be careful and don't take the sharp rebound in markets for granted or think it's the sudden emergence of an uptrend.

A number of leading indicators have painted a mixed picture of Australia's construction industry over the first half of the year, according to a report by Research and Markets.

The cryptic message “Let’s Talk iPhone” in the Apple’s invite may mean that the handset can be controlled by speech.

A new report by the Committee for Economic Development of Australia (CEDA) found that an unconscious bias against female workers persists across the country.

Apple finally decided to quell the rumors about the next generation iPhone when it sent out email invitations on Tuesday to a press event called "Let's Talk iPhone".

World oil prices has moved up more than 5 percent on Tuesday on encouraging news that European fiscal managers are working overtime on a bailout fund to contain the region's debilitating sovereign-debt crisis.

MIDDAY REPORT (12pm AEST)The Australian sharemarket is gaining for the second straight day with the ASX 200 index (XJO) up 0.5 pct or 20.5 pts to 4025.1 while the broader All Ordinaries index (XAO) is also 0.5 pct or 22.2 pts higher to 4085.7. Shares improved by 3.5 pct yesterday, breaking three consecutive sessions of losses.

Australians appear to be reluctant in acquiring new properties for now as a new industry survey showed mere moderate gains in the real estate sector in August, posting sales improvement of only 1.1 percent in the month.

A report released by the G-20’s Financial Stability Board is calling on Australian legislators and finance managers to implement measures that will minimize the country’s dependence on the big four banks.