BUSINESS

The Philippines has long been one of the more overlooked real estate investment markets in Asia. After all, the Philippines has not been known for having both political and economic stability as well as clear rule of law - like in Singapore.

MIDDAY REPORT (11.45am AEST)The local share market is slightly weaker at lunchtime in the East, as the stalemate over the US debt crisis continues. A vote on the Republican plan to raise the US debt ceiling in the House of Representatives has been delayed. The All Ordinaries Index (XAO) is down 7.6pts or 0.2pct to 4531.6.

By Greg PeelThe economists at ANZ now expect the RBA will raise the cash rate from 4.75% to 5.00% next Tuesday.

Westpac-owned St.George Bank now has one of the most competitive rates in the market for two-year fixed home loans, following an interest rate decrease of 0.10 per cent pa to 6.89 per cent pa for Advantage Package customers.

Singapore-owned budget carrier Tiger Airways will have to refund money to passengers booked to fly until next Thursday.

As people move from rural to urban settings in search of economic opportunities, urban agriculture is becoming an important provider of both food and employment, according to researchers with the Worldwatch Institute.

By Greg PeelThe Dow closed down 62 points or 0.5% and the S&P lost 0.3% to 1300 while the Nasdaq managed a 0.

The Reserve Bank (at least until recently) has also been signalling that further monetary tightening is likely to be needed at some point, and the higher than expected June quarter inflation outcome is consistent with this.

Wesfarmers' shares partly recovered from a sharp and irrational sell-off yesterday after it released its 4th quarter financial year 2011 sales figures for its Coles and Bunnings retail chains.

Tonight we get the first estimate of US second quarter economic growth and the news is not expected to be convincing. Growth estimates from confused American economists range from around 1.3% to 2.5%, with consensus at around 1.9% (all annual rates), or unchanged from the weak first quarter.

It is not strange to hear about cars, jewelry or money being stolen. These days, desperate thieves are choosing bizarre targets: copper wires, air conditioning units, storm drain covers, grapes, ambulances, pain killers and even bees.

Computer-aided detection (CAD) technology, which analyzes mammography images and marks suspicious areas for radiologists to review, has been widely hyped and pushed on women as a way to insure invasive breast cancer is spotted on mammograms.

US jobless claims (new claims for unemployment insurance) fell from 422,000 to 398,000 in the latest week, well below expectations for a result near 415,000. The pending home sales index rose from 88.8 to 90.9 in June. But the Kansas City Fed manufacturing index eased from +22 to +2 in July.

- Aston continues to develop Maules Creek project- Recent share price gains see UBS downgrade on valuation grounds- Macquarie retains Outperform, see Aston as a ripe takeover targetBy Chris ShawAston Resources ((AZT)) is developing the Maules Creek coal project in the Gunnedah Basin in New South Wal...

A stock-market rally evaporated late in Thursday's session as investors fixated on Washington's debt-ceiling impasse, overshadowing better-than-expected jobs data. The Dow Jones Industrial Average finished 62.44 points lower, or 0.51%, at 12240.11, the blue-chip measure's fifth straight loss. The Standard & Poor's 500-stock index shed 4.22 points, or 0.32%, to 1300.67, led lower by telecommunications stocks. The Nasdaq Composite eked out a 1.46 gain, or 0.05%, to 2766.25.

AFTERNOON REPORT (4.30pm AEST)Ongoing concerns about the US debt crisis saw markets around the Asian region heavily sold off again today. Investors remain concerned that even if US lawmakers come to an agreement over the raising of the debt ceiling, the US could still have its AAA credit rating downgraded. Japan's Nikkei index eased by 1.6pct today while the All Ordinaries Index (XAO) fell 73.4pts or 1.6pct to 4539.2 while the S&P/ASX 200 Index (XJO) eased by 73.6pts or 1.6pct to 4463.8....

Origin Energy Limited (ASX: ORG) and American partner ConocoPhillips has announced the approval of the $20 billion funding required in its liquefied gas project in Australia that targets to supply the Asian Region.

The latest report by Telstra, Mobile Innovation – The Next Frontier for Growth and Productivity for Insurers, launched in conjunction with the Financial Services Council, has identified new opportunities for the insurance industry to better use mobile phone technology in delivering services.

MIDDAY REPORT (12.15pm AEST)Local stocks are under heavy selling pressure in early trade, following another slump in US equities overnight and falls on the commodities markets. Wall Street recorded its biggest one day fall in nearly two months as the stalemate over raising the US debt ceiling continues. At lunchtime in the East, the All Ordinaries Index (XAO) is down 50.6pts or 1.1pct to 4562.

Tiger Airways will not be flying anytime soon, belying previous reports that the Singapore budget carrier will resume its Australian operations next week.

Investment bank Macquarie Group is sticking to its earnings forecasts despite the negative impact of subdued financial market activity.

Today at 4pm Rudi and Greg will discuss, debate and argue about the local an international financial markets and how they are impacting on your investments.

World-leading solar researchers and industry members in Australia are collaborating to develop new ways of generating zero-emissions electricity using a printing machine to produce solar cells.

FNArena has added another video to its Investors Education section on the website by ATW founder and trader Jerry Simmons.

Australian retail-to-coal conglomerate Wesfarmers today posted $11.7 billion sales across its retail chains, a 5.8 percent increase in the fourth quarter from a year earlier.

Owners and managers in Australia are warned of cyber security risks and are advised to take the necessary measure to protect their businesses from hacking.

Aussie Home Loans has called on the Reserve Bank to show restraint next Tuesday, August 2, when the RBA board meets again to decide on the course of interest rates.

By Greg PeelThe Dow fell 198 points or 1.6% while the S&P lost 2.0% to 1304 and the Nasdaq plummeted 2.

The Great Australian Dream could remain just a dream with house prices moving from being affordable to severely unaffordable in the last 10 years.