BUSINESS

The chairman of coal to supermarkets conglomerate Wesfarmers (ASX: WES) has joined the BHP CEP in supporting the idea of a carbon tax but thinks Australia should wait for other countries to introduce a levy first.

Construction giant Leighton Holdings Ltd (ASX: LEI) said on Wednesday that its Asian subsidiary would be taking part in a joint venture that is set to develop Hong Kong’s new $660 million sewerage sludge treatment facility.

McDonald's cannot open a store in the Barossa Valley, a major wine-producing region and tourist destination of South Australia, the Development Assessment Panel has ruled.

The proposed sale of Queensland Rail National will proceed as planned, according to QR National chief executive Lance Hockridge, who added that the company’s reputation alone has already attracted enormous investor interest in the share float.

The Australian authority in residential housing forecasts a 9.5 percent downturn in housing next year.

Key management positions remain elusive to working women in top 200 Australian companies.

Australia and New Zealand Banking Group Limited (ASX: ANZ) announced it will pay primary-caregivers a $4,000 childcare allowance as part of new measures to "attract and retain talented women."

Iron ore mining firm Fortescue Metals Group Ltd (ASX: FMG) has been ordered on Wednesday to pay damages of up to $US3.7 million or $A3.81 million following a shipping contract row with Armada (Singapore) Pte Ltd that arose when FMG cancelled its five-year deal with Armada in January 2009.

Virgin Blue cancelled anew some flights scheduled for Wednesday, in what the company labelled as a planned disruption, following the resumption of its computerised check-in services today.

Depression resulting from job strain is pulling down the economy by $730 million each year.

The blockbuster $120 billion merger deal between BHP Billiton Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) to fuse their Pilbara iron ore operations in Western Australia could be fizzling out even before its actual realisation as Fairfax dailies carried stories of a crumbling agreement between the two giant resource firms.

U.S. stocks rallied to a five month high Tuesday, boosted by encouraging services sector data and hopes that global central banks will follow Japan's lead in stimulating economic growth.

The US ISM services index rose from 51.5 to 53.2 in September.

The recent rally of the Australian Dollar took a major hit yesterday as the RBA announced its decision to keep interest rates on hold at 4.5%.

What a rollercoaster ride the past 24hrs have been for currency markets, starting yesterday with the RBA leaving the official cash rate unchanged at 4.50%.

Internet marketing research company comScore, Inc. (NASDAQ: SCOR) announces the availability of mobile-optimized tagging for publishers, set to provide significantly enhanced measurement of mobile audiences across the world.

Wall Street saw record gains overnight, its highest climb in the past five months, spurring a new round of weaker opening for Australian bonds on Wednesday as analysts said that safe-haven assets like bonds almost naturally go on a spiral down direction when equities gallop on their way up.

On the Sydney Futures Exchange this morning, the share price index futures contract was 63 points higher at 4691 points.

The Australian currency continued to fall against the greenback after the Reserve Bank of Australia (RBA) decided to leave its cash rate steady at 4.5 per cent at its Oct 5 board meeting.

The Australian stock market hardly reacted to the Reserve Bank of Australia's surprise move to keep interest rates on hold for the fifth straight month, and are still trading lower, after US and European equities ended weaker.

Australia's biggest wheat producer down AWB Limited (ASX: AWB) is now very close to be acquired by Canadian firm Agrium Inc. ((TSX and NYSE: AGU) as the Foreign Investment Review Board (FIRB) gave its nod to the deal.

The Australian dollar plunged more than one US cent after the Reserve Bank of Australia (RBA) surprised markets by leaving the cash rate on hold.

The Australian stock market staged a late-session recovery on Tuesday to finish 0.4 per cent lower as the Reserve Bank of Australia's unexpected move to hold official rates steady helped shares move out of their hole.

Touted by South Australia Premier Mike Rann as the most advanced hot sedimentary aquifer project in the country ever, Panax Geothermal Ltd (ASX: PAX) said on Tuesday that its Penola project saw a breakthrough as the company revealed that the Salamander-1 well in Otway Basin could shortly become a geothermal energy production well.

Australians consumed more fast food and dined out often in August providing a boost to retail sales, which grew by 0.3 percent, the Australian Bureau of Statistics said.

Emerging iron ore mining player Brockman Resources Ltd (ASX: BRM) revealed on Tuesday that its planned Marillana project in the Pilbara regions of Western Australia could eventually amassed a rich yield of up to $35 billion through the course of its projected 25 year life.

Activity in Australia's services sector slowed for the fifth consecutive month in September, according to data released on Tuesday.

The outlook for Australian corporate bonds over the next few years could be promising as global rating agency Standards & Poor’s said on Tuesday that bond growths would be experienced soon as the sector sets out to ramp up its presence in the financial market.

Australia posted another trade surplus in August, which would be on its fifth consecutive month on the back of higher exports of coal and lower imports of industrial machines and aircraft.