BUSINESS

Australian energy firm Santos Ltd (ASX:STO) has flagged a $500 million to $1 billion equity raising to fund its Gladstone LNG project after signing a deal with state-run Korea Gas Corp (KOGAS).

Local stocks were unable to sustain the recent rally during today’s session, and ended the final trading day of the week in the red.

The Australian share market closed lower after big market contributors in the resources and banking sector ended weaker.

Anglo-Australian Rio Tinto (ASX: RIO) said production at its New Zealand Aluminium Smelters Ltd subsidiary was being cut by about 5 percent due to high electricity prices.

During the ANZ annual general meeting, ANZ chairman John Morschel warned that in spite of its fast recovery, Australian economy will be highly sensitive to the debt struggles of Europe and US.

Beginning July 1, 2011, buildings that make the necessary changes to cut down on energy consumption will be eligible for a one-off bonus tax deduction worth 50 percent of the cost of the eligible eco-assets or capital works.

The Australian competition watchdog has given the go-ahead to South African-based Aspen Pharmacare Holdings to buy Sigma Pharmaceuticals Ltd (ASX:SIP) pharmaceutical's division for $900 million.

The Australian bonds opened stronger after overnight rebound of the US Treasury market.

One of the country’s most top property groups, Stockland, has been given the inaugural CitySwitch signatory of the year award for improving office energy efficiency and cutting down carbon emissions by 800 tons annually.

New South Wales authorities have approved design revisions to Lend Lease's concept plan for Barangaroo South that will allow it to offer improved spaces for retail clients.

Local stocks are trading flat at lunchtime in the East, following six days of gains.

As Australians become wealthier and the economy grows, high housing prices are expected to remain.

Queensland construction industry is struggling as developers try to pay off interest charges on unfinished projects delayed due to the rainy season and upcoming holidays.

Hastings Funds Management Ltd, as responsible entity for the managed investment schemes comprising the Hastings Diversified Utilities Fund (HDF), today announced the execution of a binding agreement to sell its interests in South East Water (SEW) to global asset manager CDPQ.

The Australian dollar has opened slightly higher this morning, regaining ground lost late in the offshore session.

Copper mining company Equinox Minerals Ltd (ASX: EQN) announced today that it has a relevant interest in Citadel Resource Group Ltd of 56 per cent and that its recommended takeover offer for Australia-based metals and gold mining company Citadel has been declared free of all defeating conditions.

Consumer inflation expectations declined to a 4 month low, capping the Australian Dollar at 0.9875 US Dollars during the morning session.

US jobless claims fell by 3,000 to 420,000 in the past week. The four week moving average of claims - considered to be a better measure of labour market trends - fell for the sixth straight week to a two-year low.

U.S. stocks rose Thursday, following generally upbeat economic data and as global bellwether FedEx delivered an optimistic full year forecast.

The Australian share market firmed 0.3 per cent by the market close after treading water during a trading session dominated by lacklustre offshore leads and exceptionally light volumes.

Local stocks managed to make it six wins in a row today, as investors shrugged off a weak offshore lead and focused on positive economic data.

HedgeFund.Net study shows that the funds-of-hedge funds estimated total assets of $920 billion on the third quarter represents 4 per cent increase during the year.

Ipswich city center's US$1 billion redevelopment is set to begin by the end of 2011 and scheduled to finish by 2016.

Global miner Rio Tinto Ltd (ASX:RIO) expects the total gross proceeds for the divestment of the majority of Rio Tinto Energy America will be at least US$2.0 billion.

Sydney has released its latest Metropolitan Plan that maps out how the city will manage future employment, housing and population needs.

Brockman Resources Ltd (ASX: BRM) says it is in advanced negotiations with Fortescue Metals Group Ltd (ASX:FMG) for an end-to-end rail haulage, port access and marketing service for its wholly-owned Marillana Iron Ore Project in Western Australia.

Fueled by the inflow of capital from investors who now appear to have more appetite for riskier assets, Hedge Fund Research, Inc. (HFR) Wednesday reported an increase in the number of hedge fund launches for the third quarter.

Victorian energy consumers sought out competitive market offers as prices of electricity and gas continued to hike in 2009-10, according to a report issued today by the State's energy regulator.

Macarthur Coal (ASX:MCC) has cut its first-half profit guidance by 18 per cent after wet weather affected coal mining operations and due to a stronger Australian currency.