BUSINESS

Japan is selling yen to stem a rise that is threatening economic recovery.

Gold mining firm Focus Minerals Ltd said on Wednesday that the company’s annual profit for fiscal 2010 soared by more than 300 percent as its newly-refurbished treatment plant paved the way for better-than-expected output that led to a 50 percent increase on its production rate.

Analysts from Royal Bank of Scotland (RBS) said on Wednesday that giant mining firms BHP Billiton Ltd and Rio Tinto Ltd could soon be eclipsed by the soaring iron ore production of Fortescue Metals Group Ltd.

Mark McInnes, former chief executive of Australian department store David Jones Ltd (ASX:DJS), has disposed about a fifth of his shares in the company since his departure in June, in order to raise $1.2 million to settle a tax obligation linked to his hasty exit.

The Australian stockmarket was half a per cent stronger at Wednesday noon, as higher prices for base metals and gold bolstered resources shares.

A slight increase of 0.1 percent in skilled job vacancies was seen in September.

Consumer confidence had a surprising dip in September, according to data released today.

Margaret River producers added its voice to the snowballing opposition on the planned coal mining exploration in the area, apparently convinced that the proposal will eventually lead to the destruction of the local agricultural industry.

The Australian Bureau of Statistics (ABS) survey puts Sydney residents as the richest in the country.

Australian conglomerate Woolworths Ltd (ASX: WOW) announced on Wednesday its issuance of up to $US1.25 billion ($A1.33 billion) worth of US bonds that the company said would be utilised to refinance its existing debt facilities.

The mines have been an attraction even for those who glitter in the corporate world.

September 16 marks the sixth month that Clem7 toll tunnel in Brisbane has formally opened its road for vehicular traffic yet its operator, RiverCity Motorway Group (ASX: RCY), was not bent on celebrating the milestone for apparent reasons.

The Challenger Financial Services Group will be reopening its Howard Mortgage Trust and “recommence commercial lending” through a restructuring scheme.

Postgraduate studies may be expensive but the return of investment is great when one returns to the workforce.

Junior mining firm CGA Mining Ltd (ASX: CGX) reported on Wednesday that its Masbate gold venture in central of Philippines has been ramping up the project’s throughput, chalking up consistent gains that surpassed so far earlier projections.

U.S. stocks were mostly slightly lower Tuesday as investors worried about the economy despite better than expected signs from the retail sector that boosted Best Buy, J.C. Penney and Kroger. The Dow Jones Industrial Average declined 17.64 points, or 0.17%, to 10526.49, its first drop in five sessions.

The Australian Dollar has out-performed the other major currencies over the past week, and this continued last night, with the AUD setting a new 2 year high of 0.9450 following rumours that the US Federal Reserve will announce quantitative easing measures as early as November.

US retail sales rose by 0.4pct in August, above expectations for a 0.3pct gain. Excluding autos, sales were up 0.6pct with food stores and gasoline stations doing best. And US business inventories rose by 1.0pct in July, the largest increase in two years. Stocks are at 14-month highs.

Speculation the U.S. Federal Reserve will purchase up US$1 trillion in government bonds to aid the economic recovery has weakened the greenback across the board pushing the Australian Dollar to a two-year high near 0.9450 during brisk overnight trade.

Stockland Corporation Limited (ASX: SGP) could launch another takeover attempt for Aevum Limited (ASX: AVE) in six months.

The Commonwealth Bank of Australia (ASX: CBA) injects vitality into the business community through its viewpoint report on urban and rural worker salaries.

Investor concerns on the U.S. economic recovery has brought the Australian share market to open lower today.

The Australian currency had kept most of the gains made in the past 24 hours, but failed to remake a five-month high reached on Monday.

Australian gold company Cleveland Mining today announced it has secured mining heavy-weight Donald Bailey as a non-executive director.

The Australian sharemarket ended the day in positive territory despite gains being shaved in afternoon trade.

Commonwealth Bank of Australia (CBA) said on Tuesday that it has formally commenced its strategic partnership with Vietnam International Bank (VIB) following the handing down of regulatory approvals from the Vietnamese government.

Food and retail franchisor Allied Brands (ASX:ABQ) said today it still has the rights to distribute Baskin Robbins products in Australia.

Virgin Blue Holdings Ltd (ASX: VBA) chief executive John Borghetti reiterated his belief on Tuesday that Australian-based carriers must forged useful alliances that would enable them to provide affordable international networks to passengers and all the possible attending perks.

Australian growers can look forward for a bountiful harvest season as the Australian Bureau of Agriculture and Research Economics (ABARE) released its forecast on Tuesday which pointed to an estimated 40 million tonnes of yield that would mostly come from the rain-soaked areas of the country such as New South Wales.