BUSINESS

As questions on the integrity of Rolls Royce engines that power the A380s continue to mount, Singapore Airlines has decided to replace them and ordered three of the carrier’s superjumbos grounded pending the installation of new engines.

Australia's biggest wheat producer AWB Limited (ASX: AWB) has posted a net loss of more than $55 million for fiscal year 2010 as the drought affected the quality of the grains produced and the nearing merger with the Canadian firm Agrium Ltd (TSX and NYSE: AGU).

Consumer confidence is putting a damper on retailers' Christmas spirits, according to an industry body.

Consumer confidence in Australia skidded to a five-month low as family finances became tighter due to rising mortgage fees, following the interest rate adjustments early this month.

Air New Zealand (NZE: AIR) said on Wednesday that charges that it was part of price fixing in air cargo services had been dropped by the European Commission.

Google launches eight new applications today.

The Australian Competition and Consumer Commission warned executives of Qantas Airlines Ltd. that it maybe criminally liable for an alleged involvement in a price-fixing cartel along with 11 other air cargo companies fined by the European Commission.

The Australian Dollar is slightly lower this morning, trading just above parity against the US Dollar as we head towards the G20 leader's summit in Seoul this week.

U.S. stocks declined slightly Tuesday while commodities rallied as inflation fears increased as investors continued to digest the Federal Reserve's stimulus plans.

Volatility continues across currency markets and the Aussie is caught up in the maelstrom with a US2-cent range over the last 24 hours and a low just beneath parity.

US wholesale inventories rose by 1.5pct in September ahead of expectations for a 0.7pct rise.

Chemical contamination scare rose anew as routine tests on Arrow Energy’s Moranbah coal seam gas project in central Queensland yielded traces of a carcinogen in the site’s three gas wells.

The Australian sharemarket has pulled back for the second day this week with the energy sector by far the market's biggest drag.

A professional association for real estate agents in Victoria is calling on politicians to address housing affordability in the state as data show the number of first home buyer numbers has fallen sharply as a result of rising property prices, shortage of stock and higher state government taxes.

Oil and gas producer AWE Ltd (ASX: AWE) has identified a potential gas resource at its Perth Basin Shale Gas play.

Australian telecommunication firms jointly criticised the proposed network scheme of the national broadband network by NBN Co, describing the plan as a magnet for huge compensation suits and a stumbling block for further infrastructure initiatives.

Royal Dutch Shell has decided to sell off 10 percent of its stake on Woodside or more than 78 million shares, a move characterised by analysts as a step away from the giant oil firm’s non-core businesses.

Rolls-Royce has reportedly zeroed in on the specific cause of the engine blow out suffered by Qantas Flight 32 that forced the aircraft to an emergency landing in Singapore last week.

Business conditions slumped to their lowest in October, following a significant slowdown in activity in the construction and retail sector.

Australian stocks are giving back a little today, after profit takers moved in on Wall Street overnight, sending the Dow Jones Index off two year highs.

Australia Pacific LNG Pty Limited today said it has received state environmental approval for its coal seam gas (CSG) to liquefied natural gas (LNG) project.

Australia's housing sector is providing the basis for robust demand for structural wood products in Australia, according to new research.

The AUD has opened relatively unchanged this morning after a fairly non-eventful night.

U.S. stocks slipped Monday as returning concerns over European sovereign debt added to worries about the effects of the Federal Reserve's recent actions.

A brief US Dollar rally saw the Aussie lose ground during onshore trade yesterday with a minor increase in October Job Advertisements failing to provide any support.

Russia has echoed China's comments ahead of the G20 summit, saying the US should consult other countries before pumping cash into its economy.

Australian borrowers are taking flight to refinancing and lowest possible rates as the polical debate on banking competition intensifies.

Luxury homes will be auctioned tonight at the Sydney Opera House as 11 prime pieces of property including five in Sydney and one in Brisbane will be up for grabs and estimated to cost A$30 million.

High-level talks between the United States and Australia will take place today as U.S. Secretary of State Hillary Clinton initiated discussions on China's monopoly of rare earths, which are used as key components in military systems.