BUSINESS

The two giant technology giants, Google and Facebook, upped their ante this week as they battle for supremacy in the cyberworld.

The International Monetary Fund has cut its forecast for global economic growth. The IMF expects growth of 4.0 percent this year, down from its previous forecast of 4.3pct. The Australian economy is tipped to grow 1.8pct this year and 3.3pct in 2012.

Fears about Greece's debt crisis battered U.S. stocks again Tuesday, with a market rally all but evaporating in the session's final hour following reports that the heavily indebted country's negotiations with international inspectors may drag on and could still fall apart

Global financial overseer IMF warned Tuesday that the European Union and the United States face recession if the sovereign debt crisis is not resolved even as it predicted lower economic growth for the two countries.

Often referred to as China's Caterpillar, Sany Heavy, the largest construction machinery manufacturing company of China, is all set to launch its expansion phase despite volatile market trends, by planning an IPO in the Hong Kong stock market later this month. Sany Heavy reportedly aims to raise around $3.3 billion from this offering.

If you can't stand the heat, get out of the kitchen. This idiomatic expression seems to be the labor policy of Amazon.com at its warehouse in Lehigh, Penn., if what workers there say is to be believed.

Google Inc. opened its Google+ social network to the world on Tuesday, removing the required invitation to join the search giant's rival to Facebook. Click google.com/+ to join in.

It seems like smartphones running on Google's Android platform are slowly, but surely winning the race, while crowd favorite Apple Inc.'s iPhone 5 is still sleeping in some overseas production plants. Android phones now have bigger screens, an improved interface, more powerful processors, and now, virtual wallets?

Leighton subsidiary Thiess has secured a major $100 million contract with Fortescue Metals Group (ASX: FMG) for Phase One development works on the Solomon Hub iron ore mine in Western Australia’s Pilbara region.

First home buyers are poised to make a strong return to the property market as they move quickly to beat the loss of stamp duty concessions at the end of the year.

Lime Door Brands, the Australian company that manages Shane Warne's underwear brand has entered into voluntary liquidation.The company which is also behind the lingerie and dress line by burlesque star Dita Von Teese held a creditors' meeting yesterday but hasn't released a statement about the future of the company.

Aussie PlayStation gamers have escaped Sony's controversial 'agree or boot out' strategy that U.S. and Canadian gamers have to follow.The new clause will allow Sony to ban gamers from the PlayStation Network unless they agree to forfeit the right to pursue legal action should the PSN have future security breaches. Users will need to agree to the new clause after they log in or they won't be able to use their online accounts.

Amid uncertainty about the economic outlook for some major OECD countries, Australia forecasts agricultural export earnings to rise in 2011-12.

The Green Building Council of Australia (GBCA) and Austrade have launched two new publications designed to promote Australian green building capability to overseas governments, private sector developers, architects, engineers, specifiers and distributors of green building products.

UK-based Rio Tinto announced it recently increased its copper mineral resources to 106 million tonnes at its wholly-owned Kennecott Utah Copper Bingham Canyon Mine.

China is becoming concerned that Europe's continuing financial meltdown will harm its exports, as the U.S. plans to launch a trade enforcement action against the world's No. 2 economy.

After a series of recalls due to faulty parts on existing models and reduced production output following the devastating March 2011 earthquake and tsunami, hopes are high for Toyota Motor Corp. it will be able to swing back to profits from its U.S. sales beginning in October.

Apple’s new app helped find lost iPhone.

The quality that consumers perceive is being provided by mortgage brokers, in comparison with banks and credit unions, will improve following the introduction of the NCCP, according to the MFAA.

iPhone 5 release may be behind the schedule as the tear-shaped design cause manufacturing issues.

Windows 8 development tablets are selling like hotcakes on eBay, going for as much as $2,700 apiece, even though they were designed for testing purposes only. The tablets are not supposed to go on the market until 2012.

A $200 million wind farm project that will generate 109.5 megawatts of power will soon be erected in Illinois.

Federal Court Justice Peter Jacobson ruled on Tuesday in favor of Metcash's and Pick n Pay's planned purchase of supermarket chain Franklins for $250 million because the transaction would not violate the country's anti-trust laws.

If anyone is most excited for the much-awaited launch of Apple’s iPhone 5, it should be none other than Samsung Electronics, which reportedly plans to block the sale of the smartphone on its own turf, South Korea.

The value of gold as an investment was further confirmed as mining executives in two separate gold fora forecast the precious metal's rise in price amid a weak global economy.

By Greg PeelThe Considerations for Monetary Policy section of the minutes of the RBA's September policy meeting were relatively brief.

Moody's Investors Service classified on Monday the corporate debts of Australian companies as attractive risk. With the classification, the Aussie firms will not find it difficult to refinance their $23 billion debt over the next two years, Herald Sun reports.

FNArena is surveying investor sentiment in Australia in an effort to generate, over time, a similarly leading gauge as the AAII Investor Sentiment Survey in the US.

Complicating matters last night were reports of another big loss for German Chancellor, Angela Merkel in a state election in Berlin on Sunday.