BUSINESS

Australia’s services sector showed signs of under performing in December according to the recent Australian Industry Group/Commonwealth Bank Australian Performance of Services Index.

Floodwaters seem to be reaching its peak soon in some areas in Queensland as authorities appoint Maj. Gen. Mick Slater to lead recovery efforts in the state.

Local stocks are once again underperforming European and US markets, with the Australian bourse flat at lunchtime in the East.

Australia's top soft drinks bottler Coca-Cola Amatil (ASX: CCL) said severe floods and lower consumer demand had hurt its second half earnings.

Resources sector service provider NRW Holdings Ltd (ASX:NWH) has been awarded a $35 million contract extension by a wholly owned subsidiary of Rio Tinto Ltd (ASX:RIO), Simfer SA.

Australia's services sector continued to underperform in December largely due to falls across the professional services sub-sectors including property & business services and finance & insurance, all of which were affected by the ongoing interest rate rises and strong exchange rates.

The Australian dollar has fallen back below parity this morning following strong buying of the USD overnight.

U.S. stocks are poised to start the year with a third straight day of gains as encouraging data from the labor market and service sector point to a firming economic recovery.

The Australian dollar slumped against the Greenback for the third consecutive day as economic effects of flooding in North Queensland start to come into question.

The US services sector grew at its fastest pace in more than four years in December.

Private equity firm TA Associates announced today the completion of the investment made by its private equity funds and subordinated debt funds (collectively, "TA") in Evanston Capital Management, LLC, an established institutional hedge fund-of-funds manager.

New homes sold in the country in November dropped by 0.2 percent says a sales survey.

The Australian share market has closed lower with mining and energy stocks losing ground in thin and directionless trade after commodity markets took a hit overnight.

Local stocks fell into the red today, underperforming a stellar gain on London's FTSE Index and a quarter of a percent win on the Dow Jones Index.

Australia’s job market showed signs of improving as job vacancies were up by 3.2 percent in 2010 compared to the previous year reports job agency IPA Recruitment.

Queensland residents severely affected by the worst flooding in decades are urged to seek assistance via the Australian Government’s Disaster Recovery Payment.

Starting January 3, 2011, Fairholme Allocation Fund (FAAFX) will be part of the list of options for investors.

Iron-ore miner Fortescue Metals Group Ltd (ASX:FMG) has appointed Neville Power as its new chief operating officer.

Australia and New Zealand Banking Group Ltd (ASX:ANZ) has defended claims that it spent less on funding costs in 2010 than in 2009, and called an analysis by the Australian Institute "simplistic," The Australian Financial Review reported.

Australia's national carrier Qantas Airways is set to announce this week the resumption of its Airbus A380 flights to Los Angeles from January 17, The Australian Financial Review said on Wednesday in an unsourced report.

The Queensland flooding has hit major commodity supplies like wheat, coal and sugar sparking speculations of a crisis for the year.

Macarthur Coal (ASX:MCC) has downgraded its profit guidance again as the flood crisis in Queensland continues to significantly impact mines in the state.

Mortgage exit fees for new home loans in Australia will be abolished beginning July 1 as part of efforts to overhaul banking law.

A consumer watchdog group says major retailers should concentrate on improving services instead of applying GST to goods bought from overseas-based websites.

Anglo-Australian miner Rio Tinto (ASX: RIO) has completed the sale of a 61 per cent interest in Alcan Engineered Products (AEP) to a number of investment funds.

Local stocks are trading in the red today, following a muted lead from Wall Street and a sharp fall in oil and gold prices.

Coal to supermarkets conglomerate Wesfarmers Ltd (ASX: WES) says full-year sales from its Curragh coal mine in Queensland may be as much as 11 percent lower than a previous forecast after heavy rains disrupted operations.

The AUD has opened lower this morning, retreating from its recent highs it struck over the New Year’s break.

US factory orders rose by 0.7pct in November, beating forecasts centred on a decline of 0.1pct.