BUSINESS

Giant resource company BHP Billiton Ltd announced on Friday that it would commence its $US1.5 billion ($A1.57 billion) joint development of the Macedon gas field off the coast of Exmouth in Western Australia with Apache Northwest.

Australian investors may find interest in the poultry business down New Zealand.

US existing home sales rose from 13-year lows, up by 7.6pct in August - marginally above expectations. The increase in sales lowered the supply of home on the market from 12.5 months to 11.6 months supply. The US leading indicators index rose 0.3pct.

U.S. stocks dropped Thursday, as weakness in the jobs figures and in European economic data knocked blue chips into the red for the second-straight session.

The Australian Dollar held onto recent gains yesterday and traded quietly throughout the Asian session, hovering between 0.9530 and 0.9574.

The Melbourne Institute Household Saving and Investment Report shows the lowest share of debt free households since the start of the survey in March 2001.

The Australian shares market opened lower on Friday. Share prices are expected to slightly drop following a rise in unemployment claims in the U.S. and a troubled European economy.

The Odin's Warriors Motorcycle Club stands to collect a million dollars when it hands over its clubhouse to the state government.

Leighton Contractors has been awarded a contract by Chevron Australia to deliver the civil and underground works package for the Gorgon Project valued at more than $800 million, the company said in an issued statement today.

The improving global economic environment is clearly shown in the renewed optimism of some 1,904 executives who are expecting to rake in higher profits in the near term, according to the latest results of the McKinsey survey released this month.

The Australian currency hanged onto 26-month highs as investors waited for possible quantitative easing measures by the US Federal Reserve.

The Australian sharemarket has closed slightly higher in a mostly quiet day as holidays in key Asian markets kept activity to a minimum, and after receiving mixed overseas leads.

Children's wear retailer and exporter Pumpkin Patch Ltd said full-year profits rose 76 percent as the company cut expenditures to compensate for falling sales.

The wave of mergers and acquisitions (M&A) is beginning to improve as the financial reforms have begun to take shape in the last six months.

Minerals explorer Murchison Metals Ltd (ASX: MMX) said on Thursday that it is upgrading the mineral resource estimate on its Jack Hills magnetite and hematite iron ore project in Western Australia.

The Federal Court handling the celebrated David Jones sexual harassment case wants Kristy Fraser-Kirk to name the names of women she alleged were willing to join and prosecute the lawsuit that is turning out to be biggest sex-related legal case in Australia

Central bank economists have denied claims that Australia's housing market is in a bubble, although investors are concerned over prices posting a 19 per cent rise this year and more than 160 per cent increase in the past decade.

Virgin Money is adding up life insurance to its current portfolio of motor vehicle insurance as the company revealed on Thursday that it is set to forge an alliance with Tower Australia Group Ltd by early 2011.

Commonwealth Bank of Australia (ASX: CBA), the nation's biggest mortgage lender, has joined an increasing number of banks in revising forecasts for an interest rate hike to October.

Gold mining firm Beadell Resources Ltd (ASX: BDR) gears up further in divesting the company’s non-core assets as it announced on Thursday the $31.25 million sale of its Brazilian Amapa project iron ore royalty to Anglo Pacific Group Plc of London.

New Zealand's domestic economic growth has been hampered by the low agricultural production in the second quarter, which could put more pressure on the central bank to keep borrowing rates unchanged.

The Australian currency was flat at Thursday noon as investors await news on the possible resumption of quantitative easing measures by the US Federal Reserve.

The Australian stock market was slightly weaker at Thursday noon, following a negative lead from the US markets overnight.

Copper mining firm CuDeco Ltd (ASX: CDU) said on Thursday that a major institutional investor infused placement investment of up to $20 million into the company, allowing the institution to get a 6.84 percent interest in the emerging resource industry player.

Queensland's Gold Coast is attracting international investors in the self-storage industry because of its reputation as Australia's fastest-growing city.

Australian stocks are marginally lower at lunchtime in the East, following a negative offshore lead and lack of market moving economic data. The All Ordinaries Index (XAO) is lower by 7.2pts or 0.2pct to 4667.5.

U.S. stocks slipped Wednesday, with Microsoft, Bank of America and J.P. Morgan Chase leading the decline as investors worried about the Federal Reserve's Tuesday suggestion that the economy may need additional stimulative measures. The Dow Jones Industrial Average dropped 21.72, or 0.20%, to 10739.31, breaking a five session winning streak and marking its biggest one day drop since Sept. 7.

The AUD traded solidly throughout Asia yesterday consolidating stoically above 0.9550 for most of the day.

Australian's financial positions have declined slightly, according to data released today.