BUSINESS

Bravo’s hit series The Real Housewives of Beverly Hills star, Kyle Richards and husband Mauricio Umansky have bought a new Bel-Air property for more than $3 million.

Latest date from the Australian Industry Group's Australian Performance of Construction Index (Australian PCI) in conjunction with the Housing Industry Association, has shown that developments in engineering construction mitigated effects in the national construction industry as it helped slow the rate of contraction in December. While lifting 1.6 points to 43.8, the seasonally adjusted index remained below 50 indicating a contraction in activity.

The Australian Industry Group on Friday announced the launching of several practical measures to assist thousands of businesses affected by the flooding to get back on their feet and resume normal operations.

U.S. stocks are lower Thursday, with the Dow Jones Industrial Average dipping in and out of negative territory as investors fret that stronger-than-expected growth in China would lead to more policy measures to cool its economy.

US existing home sales soared by 12.3 per cent to annual rate of 5.28 million far surpassing forecasts for a rise to 4.85 million.

The Aussie reversed its 3 day gains against the US Dollar as investors abandoned higher yielding assets. Overnight the Aussie fell to 0.9830, its lowest level in a week.

The Australian dollar has opened lower thismorning as investor's concerns about China weighed onthe local currency.

Australia's QR National estimates coal haulage will fall by as much as 20 million tonnes in the current quarter due to the recent flooding in Queensland state.

Air New Zealand (NZE:AIR) has acquired a substantial shareholding in Australian-based airline Virgin Blue (ASX: VBA).

Global miner BHP Billiton Ltd (ASX:BHP) has reported record iron ore production and shipments for both the half year and quarter ended December 2010 despite the impact of ongoing tie-in activities related to its growth projects.

Giant telecommunication firm Telstra Corporation Ltd sets its sight on fresh sales and marketing approach following the impending departures of the telco’s two senior executives.

Australia’s two major airports on Thursday reported spikes on the number of passengers traveling through Melbourne and Sydney in 2010, with both terminal managements attributing the rise to record influx of Chinese and other Asian visitors flocking into the two Aussie cities.

Anglo-Australian mining giant Rio Tinto (ASX: RIO) has pledged another $1 million dollars to the Queensland Premier's Flood Appeal.

Westpac Banking Corporation (ASX:WBC) is providing a range of additional initiatives to support customers and local communities impacted by the devastating Queensland floods.

Virgin Blue Group of Airlines (ASX: VBA) is working in partnership with Tourism Queensland following the floods to help bring back as much business as possible to local communities.

Property experts agree that to rebuild the damage caused by the flooding investor confidence must be restored and communities be made more resilient.

BHP Billiton (ASX: BHP) has approved the increased capital expenditure for the Esso Australia-operated Kipper and Turrum projects in the Gippsland Basin, offshore Victoria.

The Australian sharemarket is pulling back after gaining yesterday with the All Ordinaries index (XAO) off by 0.5pct or 26.1pts to 4918.1.

Suburbs damaged by the flood waters in Brisbane may not be rebuilt confirms says Premier Anna Bligh as residents prepare for another wave of flooding.

A decline in consumer confidence did not hamper the Australian Dollar as it broke parity with the Greenback.

Zacks Investment Research on Tuesday issued a research note to investors downgrading Westpac Banking Co., shares from an "outperform" rating to a "neutral" rating.

U.S. stocks pulled back Wednesday to session lows as softer-than-expected earnings from big banks weighed on sentiment.

US housing starts fell by 4.3pct to a 529,000 annual rate in December, the lowest in over a year and below forecasts centred on a result near 550,000.

The AUD's direction today is likely to be driven by the release latertoday of a number of pieces of key Chinese data.

The Australian sharemarket has started off the day slightly stronger with the All Ordinaries index up by 0.1pct or 6.3pts to 4917.9 after receiving a positive lead from both U.S and European markets overnight.

Outdoor clothing and equipment company Kathmandu Holdings Ltd says its performance for the six months to January 31 is expected to be significantly ahead of the same period last year.

Leighton Holdings Ltd (ASX: LEI) today bolstered its contribution to the Queensland Premier’s Disaster Relief Appeal to $2 million, to further assist flood victims in central and south east Queensland.

Retailer and coal miner Wesfarmers Ltd (ASX: WES) expects flooding in Queensland state to significantly reduce output at its Curragh coal mine until the March quarter, the company said on Wednesday.

The devastating Queensland floods have left many residential and commercial properties inundated as residents come to grip with the effects of the flood and try to return back to their homes and businesses.