BUSINESS

Australian energy firm Santos along with its joint-venture partners have committed to investing $16 billion into the Queensland economy in the coming five years through the Gladstone gas project.

Australian banks are offering emergency relief packages to customers impacted by the floods in NSW and Queensland and other areas.

Rio Tinto (ASX: RIO) has declared force majeure on supplies of aluminium from its Boyne smelting division in Australia's Queensland state due to severe flooding.

World's leading and most diverse derivatives market place CME Group Inc., has announced the completion of the refinancing of its three-year revolving credit and term loan agreement with an original maturity date of August 2011.

Midway Market Neutral Fund returned an estimated 3.25% in December, net of fees and expenses. This brings our unaudited 2010 net return to 53.47%. This was a particularly successful year for Midway's investors. While we are indeed pleased with this absolute return, we are even more pleased knowing that it was produced with a low relative risk profile.

Mr Kim Wong, former Managing Director of Wintech Group Limited (Wintech), has appeared in the Melbourne Magistrates' Court after his arrest on nine criminal charges following an ASIC investigation.

The Australian dollar has opened higher today, as the USD weakened on the back of a worse than expected US Labour report released overnight.

The health care sector led U.S. stocks lower Thursday, after Merck halted a clinical study, but successful bond auctions in Spain and Italy helped shore up sentiment.

The Australian Dollar declined from 0.9960 to 0.9920 against the US Dollar yesterday after the release locally of the Unemployment and Participation Rate.

US Federal Reserve Chairman Ben Bernanke anticipates that the US economy should grow in the 3-4pct range over 2011, however growth of this magnitude is ´´not going to reduce unemployment at the pace´´ he would like to see.

The local share market rose to its highest level in two weeks, posting its best win for 2011 today, on the back of a strong offshore lead and hopes the worst of the Queensland flooding has now passed.

The Australian stock market posted its strongest day in six weeks, with investor sentiment buoyed by offshore news and a lower than expected flood peak in Brisbane.

The announcement made today by Santos Ltd. on the approval of the US$16 billion Gladstone Liquefied Natural Gas Project (GLNG) in Queensland, Australia will lead to the creation of 6,000 jobs in the short to medium term as seen by politicians.

Westpac Banking Corp. (ASX: WBC) has set up a mobile banking centre at Brisbane's primary flood evacuation precinct to allow displaced victims of the devastating Queensland floods to perform basic banking transactions and cash emergency relief cheques.

While the Brisbane River peak is expected to be lower than expected at 4.6 meters, an estimated of 15,268 residential and commercial properties are expected to be affected by the flooding with the suburbs Brisbane City, St. Lucia, West End, Rocklea and Graceville being the worst hit.

Mining and construction contractor Macmahon Holdings Ltd (ASX: MAH) says a number of its mining and construction projects in Queensland have been impacted by the ongoing severe weather conditions.

The Australian bond market slightly declined on Thursday’s opening after investors’ appetite for riskier assets grew on better global prospects.

Areas devastated by flood waters can look forward to years of rebuilding with homes, infrastructure and businesses damaged.

Conquest Mining (ASX:CQT) says its operations remain unaffected by the floods in southern Queensland with mining and processing continuing as normal.

The local share market is well supported today, thanks to a strong offshore lead and firmer commodity prices, coupled with a relief rally on hopes the worst of the Queensland flooding has passed.

Anglo-Australian fund house Henderson Group plc (ASX:HGG) has announced the acquisition of a rival fund manager, Gartmore Group, for around $530 million.

Insurance Australia Group Ltd (ASX:IAG) has been sunken with claims arising from the devastating Queensland floods, but says it is too early to estimate the likely claim costs.

Microsoft Australia has appointed Michael Gration as director of public sector group in Australia. Gration takes responsibility for sales and marketing of all levels of government accounts which includes defence, education and health.

An estimated 2,400 claims have been submitted to the Insurance Australia Group with more expected to be filed as rains continue to pour.

A survey by Hedge Fund Compensation showed that majority of hedge fund professionals are expecting higher annual pay and bonuses as the hedge fund industry posted better-than-expected returns last year.

Managed futures gained 2.85% in December according to the Barclay CTA Index compiled by BarclayHedge. The Index was up 6.26% for the year.

U.S.-based, CoreLogic, has announced that it would buy Australian real estate information company, RP Data for $191 million or about AU$1.65 per share in addition to a 5 cents per share dividend.

The Australian dollar has rallied strongly overnight, pushing back above USD0.9900.

Investors piled into U.S. stocks after a Portuguese government debt auction eased immediate worries about the euro zone.