BUSINESS

Local stocks closed flat on the first trading day of 2011, under-performing US stocks which rose to fresh two year highs during Monday’s session.

The Australian share market closed flat on its first day of trade for 2011 as the materials sector continued to lead the index early in The Australian share market closed flat on its first day of trade for 2011 as the materials sector continued to lead the index early in the new year. the new year.

Real estate agencies have been penalized for underquoting expected sale prices at auctions.

ANZ Banking Group Ltd's (ASX:ANZ) failed bid for Korea Exchange Bank (KEB) has broadened its outlook on the potential for expansion in northern Asia, The Australian has reported.

Woodside Petroleum Ltd (ASX:WPL) said it has suspended production at oil fields off the Western Australian coast after gale force winds on Saturday showed signs of developing into a cyclone.

Demand for rental housing was tighter during the New Year as supply failed to meet the rise in demand.

Building and construction materials group Boral Ltd (ASX:BLD) remains bullish on the US market.

Local stocks are trading flat at lunchtime in the East, following a volatile start to the trading year.

Eastland Medical Systems Ltd (ASX:EMS) says its non-executive director Michael Stewart remains committed to the company even after disposing 6.67 million shares in the medical products firm just before Christmas.

Resource giant Rio Tinto Ltd (ASX:RIO) could find itself working with some new partners at its Simandou iron ore project in Guinea, according to the Australian Financial Review.

National carrier Qantas Airways Ltd (ASX:QAN) is looking to build a $300 million commercial jet biofuel plant in Sydney with US bioenergy company Solena.

Manufacturing activity continued softened in December with few signs of any pick up according to the latest seasonally adjusted Australian Industry Group - PwC Australian Performance of Manufacturing Index.

With insider trading forming the crux of the current Federal Bureau of Investigation’s probe on hedge funds, financial firms begin to be wary of the once highly sought-after “ expert consultations” offered by expert network service providers.

The AUD continues to break hit new highs as the strengthening equity markets and higher commodity prices see investors increase their demand for riskier currency such as the AUD.

U.S. stocks kicked off the new year with a rally to fresh over-two-year highs Monday, boosted by data showing improving manufacturing conditions and rising construction spending.

The US ISM manufacturing index rose from 56.6 to a seven month high of 57.0 in December.

The Australian Dollar traded a quiet 30-pip range throughout Asia on New Year’s Eve with an increase in Private Sector Credit providing only a short term-boost.

Suncorp Group Ltd has reassured investors it has a reinsurance program to deal with the fallout from Queensland's flood.

The possibility that interest rates may rise further discouraged first home buyers from entering the market in 2010.

The Australian stock market has finished 2010 on a disappointing note, dropping almost one per cent amid broad based declines.

Global miner BHP Billiton has confirmed a A$1 million donation to the Queensland Premier's Disaster Relief Appeal to assist with Queensland flood relief efforts.

Floods in Queensland have brought transportation of grains by rail and road to a halt, GrainCorp Ltd (ASX:GNC), the country's largest grain handler said on Monday.

The share market ended the final day of 2010 in the red, following weakness from offshore markets and due to end of year book squaring.

A strong basket of US economic data overnight has led to further movement away from the safe-haven Greenback and into high-yielding assets such as our Australian Dollar.

Western Australia’s so-called Taj-Mahal-on-the-Swan, a mansion built by well-known entrepreneur, Pankaj Oswal, may possibly be up for sale after financial difficulties put Oswal’s fertilizer company in receivership.

Giant global resource firm BHP Billiton Ltd is aiming to sustain the remarkable growth seen on its petroleum division over the past year and prowling the market for possible acquisition target is its way of further ramping up production outlook for some years ahead.

Qantas Airways Ltd's (ASX: QAN) budget airline Jetstar has hinted it could further expand in Singapore and New Zealand this year as it forecasts opportunities in the region to grow, The Australian reported.

The Federal and Queensland state governments have announced extra assistance for small businesses and primary producers affected by the flood crisis.

Trading volumes continue to be light on the local market.