BUSINESS

The Australian share market closed weaker on Tuesday, dragged down by financial stocks and profit taking after recent gains.

Motorola Solutions announced the launch of three new video solutions: Realtime Video Intelligence (RTVI), Optimized Video Security and ALT1000 Automatic License Plate Recognition (ALPR) Surveillance Trailer at the 2010 International Association of Chiefs of Police (IACP) conference.

Military vehicle manufacturer Thales Australia announced on Tuesday that it would have to let go a hundred workers before Christmas, blaming the job cuts to the high-flying Aussie dollar and reduced manufacturing contracts secured by the company.

Boosted by strong indications of investors support, Foster’s Group planned demerger of its wine businesses and brewery operations appeared to be picking up steam as the company declared that once shareholder gives the green light, the separation could be realised by the first half of 2010.

Australian shares retreated today, as sellers moved in following the impressive gains made during yesterday's trade.

Australian shadow treasurer Joe Hockey questioned the merger of the Australian Stock Exchange (ASX) and the Singapore Exchange whether the merger is Australia's interest.

The Australian Banana Growers' Council (ABGC) called on retailers to ensure consumers reap the benefits of an abundance of bananas from major production areas by cutting off price of the fruit.

Australian regulators will have their hands full scrutinising the $8.4 billion mega deal between the country’s stock exchange and Singapore, which is poised to emerge as the dominant entity once the takeover agreement reaches realisation, tentatively by the second quarter of 2011.

Following reports published by Access Economics that Western Australia is poised for a solid production growth by next year, the WA Chamber of Commerce and Industry called on the federal government to devise ways that would encourage the influx of skilled workers into the state.

The Australian share market has come off highs reached yesterday, as regulatory hurdles put a dampener on the proposed merger between the ASX and Singapore Exchange.

Leighton Contractors, a wholly owned subsidiary of Australia's largest construction company Leighton Holdings Limited (ASX: LEI), has been awarded $670 million worth of new road work.

Commonwealth Bank of Australia (ASX: CBA) has warned significantly higher funding costs will impact banks in the short to medium term underscoring the challenge ahead for the deposit deficient sector.

The AUD has opened slightly weaker this morning after strengthening during the later parts of our trading session yesterday and the start of the offshore session overnight as a result of some unexpectedly strong data for Australian producer prices.

U.S. stocks gained Monday, as a weaker dollar boosted materials and hopes for further central bank stimulus kept the market edging higher.

US existing home sales rose by 10pct in September to an annual rate of 4.53million, well above forecasts centred on a rise of 4pct to 4.30 million.

The Aussie spiked sharply above US99 cents during local trade yesterday after stronger-than-expected producer price data (PPI) increased the prospects for an interest rate rise next month.

The local share market soared today as news the Australian Stock Exchange plans to merge with the Singapore Exchange boosted investor sentiment.

The Australian share market closed higher on Monday, led by financials and resources, as a possible merger between the Australian Stock Exchange and Singapore Stock Exchange boosted positive sentiment.

Australia must prepare as early as now for the end of the mining boom or else feel the wrath of internal and external pressures on the monetary and fiscal situation of the country, Reserve Bank Governor Mr. Glenn Stevens said today.

The A$1.75-billion unsolicited offer by the Kohlberg Kravis Roberts & Co (KKR) does not reflect the real "value" of the company, listed company Perpetual Ltd. (ASX: PPT) said in today.

With the release of its first of a series of issues papers, the Australian Communications and Media Authority (ACMA) today signalled it intends to shake up the Numbering Plan, which sets out the rules for the use and administration of telephone numbers in the country.

Russell Balding has announced his departure as CEO of Sydney Airport in early 2011 at the conclusion of his employment contract.

Australian Rail Track Corporation (ARTC) has reported that the limited train movement of the west line track near Wodonga has resumed its run this morning, 6am, Sydney time.

The Australian share market has surged today, on news that the ASX (ASX) has entered into an agreement to merge with the Singapore Exchange (SGX). At lunchtime in the East, the All Ordinaries Index (XAO) is up 57pts or 1.2pct to 4776.6.

Leighton Holdings Limited (ASX: LEI) today said it will be making an application to the Takeovers Panel seeking a declaration of unacceptable circumstances and consequent orders in relation to the proposed takeover bid by Spanish company Actividades des Construcción y Servicios' (ACS) for Leighton's German parent Hochtief AG.

A sense of urgency to pay down home loans ahead of rate hikes combined with low personal savings is seeing many Australians embrace credit cards as a means of meeting everyday expenses, new data suggest.

Rio Tinto Ltd's (ASX:RIO) would still pursue its planned Oyu Tolgoi copper and gold project in Mongolia despite some strain with Canadian partner Ivanhoe Mines.

US stocks closed mixed on Friday as good corporate earnings were weighed against concerns over the dollar as G20 finance ministers held talks in South Korea in a bid to avert a currency war.

The Aussie opens higher on Monday at 0.9850 and received a boost after comments by U.S. Treasury Secretary Timothy Geithner at the weekend's G-20 conference.