BUSINESS

The Australian market closed on its highs of the day shrugging off the doubts over global growth that plauged it for most of the week.

David Ryan, the controversial chairman of Transurban (ASX:TCL), a leading international toll road developer in Australia, has stepped down. His resignation spared him a confrontation with furious shareholders at the annual meeting in October.

South Korea’s Ssangyong Motor is set to be taken over by Indian firm Mahindra & Mahindra as creditors of the troubled company announced on Friday that the utility vehicle specialist edged out competing bidders from France, Japan and India.

AGL Energy Ltd plans to spend A$10 billion ($9 billion) building renewable production capacity by 2020 in line with Australia's quest to source a fifth of its power needs from alternative sources.

Shares in Australia's telecom giant Telstra Corporation Ltd (ASX: TLS) have plummeted to a record low, intensifying yesterday's loss of almost 10 per cent due to unsatisfactory full-year results.

Perth-based Kingrose Mining Ltd revealed on Friday that it has poured its first batch of gold and silver bars from its Indonesian mining project in Way Lingo following the site’s year-long development that cost $13.39 million.

Giant energy firm Chevron Corporation revealed on Friday that it has discovered fresh gas deposits on its Carnarvon Basin offshore project in Western Australia where the company is developing two huge liquefied natural gas LNG facilities.

The Australian and New Zealand currencies managed to pare losses in today's trading as investors thrived on confidence that the Japanese government will soon intervene to strengthen the yen.

The Australian stock market was higher at midday thanks to gains in the mining sector.

Sigma Pharmaceuticals (ASX:SIP) has denied market rumours it has received a higher 65¢-a-share takeover bid from South Africa's Aspen Pharmacare Holdings.

Myer recorded a mixed 4Q sales result but lifted earnings guidance for the full year, the result being brokers remain generally positive on the outlook for the stock.

A brief look at important company events and economic data releases next week.

US bank repossessions of mortgaged residential property were the second highest on record in July.

National Australia Bank (ASX: NAB) said small- and medium-size enterprises confidence has declined, two days after announcing a delay in its projected business banking growth.

Commercial building activities are declining in favour of state-funded public projects, according to a survey.

Giant oil company Chevron dismissed on Friday a workers’ union report of a housing ship that allegedly slammed into a barge off the Pilbara coast and endangered the lives of numerous workers aboard the vessel at that time.

Australian newspaper circulation has slid in the three months to June 30, according to recent data.

Telstra Corporation Ltd (ASX: TLS) announced today that private equity firms General Atlantic and Apax Partners have agreed to effectively underwrite a planned stockmarket float of SouFun Holdings Ltd, China's second-largest online real estate website where the Australian telecom giant is major shareholder.

It was a quiet night for currencies overnight, the AUD grinding higher at one stage, back above USD0.9000.

The Aussie dollar experienced a roller coaster ride over the last 24 hours dropping to 0.8920 in Asia before bouncing back to 90 cents in early Europe only to retest 0.8920 in North American trade overnight.

U.S. stocks fell for a third straight day Thursday as a revenue warning from Cisco Systems weighed on other technology stocks, including Hewlett-Packard and Microsoft, while disappointing U.S. jobs data also sent jitters across the market.

The Australian share market has received a mixed lead from offshore markets, with Wall Street and oil prices ending weaker, while metals gained.

The controversial debates in the mining sector have hit Australia's reputation as a safe destination for mining investment and exploration, according to a survey.

The Dow recovered from a 110 point fall on higher jobless claims to close down 58 on low volume.

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