BUSINESS

With continental equities in the US and Europe surging back in recovering losses registered in the previous day, demand for gold futures slid back a bit on Wednesday as investors picked up some confidence on concerns about European sovereign finances.

The proposed global bank reforms are designed to prevent another financial crisis. However, increasing the liquidity of the banks draws in dangers for depositors.

Former BHP Billiton head Don Argus will be protecting the Australian mining industry as he chairs the mineral resources rent tax (MRRT) consultation panel.

The seven-week stall on the National Broadband Network (NBN) Company's work seems to be enough to prepare the company for a redirection.

European and U.S. markets closed higher during overnight's trading, thereby, raising hopes for a strong trading in the Australian share market today.

The US Federal Reserve Beige Book - a summary of conditions across Federal Reserve districts - reported ´´widespread signs´´ of a slowdown in economic activity.

The Aussie dollar held firm in Asia yesterday despite a negative lead from offshore markets during the previous sessions trading between 0.9100 and 0.9130 for the majority of the day.

Australian fashion designer Dana Mathers has been credited with leading a new fashion trend in the US.

The Australian currency recuperated on Wednesday as it attracted steady demand below 91 US cents, helping it withstand losses in Asian stocks.

The Australian stockmarket closed in negative territory on Wednesday, with financials and miners dragging down the market.

Australian Bureau of Statistics (ABS) housing finance data released before noon indicates a relatively weak demand for housing.

The Australian currency was lower at Wednesday noon after poor offshore trading overnight carried over into the local session.

The Australian stock market was weaker at Wednesday noon, following a slide on Wall Street, but wine manufacturer Foster's Group Limited (ASX: FGL) was soaring on takeover news.

Well-known wine manufacturer Foster's Group Limited (ASX: FGL) rejected an offer from an international private equity firm to buy 100 percent of the wine assets of Treasury Wine Estates.

Toyota Motor Corporation and Toyota Australia announced today that they have initiated a safety recall on its top-selling HiLux ute.

Perth-based mining firm Mirabela Nickel Ltd (ASX: MBN) said on Wednesday that it is set to raise about $US152 million or $A167.08 million to fund its debt repayment dues and growth plans, with some allocations for the company’s operational expenditures.

The rising skills shortage in information and communications technology (ICT) has given birth to a new recruitment service in the nation's capital.

Australia's quarterly energy and mineral resource export earnings climbed 41 per cent to the second-highest, according to government data released today.

The Australian Industry Group (AiGroup) welcomes the end to a two-week political uncertainty. Yet the business group calls for stakeholders other than the independents and the Greens to participate in governance.

A surging demand for Australian wheat could mean a continuing increase in export prices.

Crude oil saw its prices declining again for two straight days on Tuesday as global markets were rubbed in by the jittery European economic conditions with the Euro losing out to the mighty dollar as investors continue to shun the continent on worries of further debt crisis-related financial issues.

The elderly and the superannuation industry would most welcome an increase in the superannuation guarantee (SG) levy because it will mean more than 10 percent in retirement income.

The Business Council of Australia is holding on to the new Gillard government's promised tax summit.

The Australian Dollar has opened slightly lower this morning and is trading just above USD 0.9100.

As markets in Asia, Europe and the United States saw their stocks plunging in quick successions on Tuesday, investors again rallied to the proverbial safe asset and pushed up gold futures, climbing by as much as $US1259.30 per ounce at closing.

The US conference board employment trends index fell from 97.4 to 96.7 in August. The index is still up 9.4pct on a year ago.

Financial stocks including American Express, J.P. Morgan Chase and Bank of America led U.S. stocks lower Tuesday as the market cooled off from last week's rally while worries over the health of European banks recirculated

The legislation of reforms to regulate the telecommunications sector should come first before the complete implementation of the National Broadband Network.

The largest mortgage broking group in Australia revealed a significant rise in first home buyers who secured their services for the past two months.