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Scoopon has refunded about $1 million to Air Australia passengers who were stranded when the air carrier collapsed on Friday. These travelers purchased their Air Australia tickets from Scoopon, a group buying site.

The labor dispute that has plagued Qantas for months has taken its toll on the air carrier's bottomline. The flag carrier reported on Thursday an 83 per cent decline on its half year net profit which plummeted to $42 million compared to a year ago.

The Australian stock market on Wednesday will try to put away the lacklustre sentiments generated by the U.S. and European indices overnight with a focus on a few earnings reports due to be released today.

From MORRISON SECURITIES PTY. LTD: U.S. stocks fell Tuesday as investors considered weaker-than-expected retail sales data and watched for progress in Europe over Greece's debt.

Stocks added to gains and hit session highs in afternoon trading, buoyed by the adoption of austerity measures by Greece's Parliament. The Dow Jones Industrial Average was recently ahead 82 points, or 0.6%, at 12884. The Standard & Poor's 500-stock index advanced 10 points, or 0.8%, to 1353, and the Nasdaq Composite gained 29 points, or 1%, to 2933.

Despite the labor dispute between Qantas and the unions being under Fair Work Australia for arbitration, a word war erupted between Qantas Chief Executive Alan Joyce and the pilots union.

Stocks were dragged down for their worst one-day loss in about six weeks by tumult over the Greek bailout, disappointing readings on the U.S. economy and a downgrade of nearly three dozen Italian banks.

More jobs in Australia continue to be placed on the chopping block as the axe moves to the construction industry. Kell & Rigby, one of Australia's oldest building firms, announced on Thursday the loss of 500 jobs.

To defuse the ticking retail frenzy of grabbing the latest Apple phone- the iPhone 4S-- Chinese authorities and American-owned Apple Inc. have joined forces to tackle the problem of illegally selling the handset in China's black markets.

The European Aviation Safety Agency (EASA) ordered safety checks on all Airbus A380 jets following reports that a Qantas A380 plane suffered cracks after it hit severe turbulence over India in January.

The Australian stock market is perceived to maintain its current bouyant status thugging within its comfort zone range between 4,200 to 4,300 with the absence of catalysts to bring forth a major boost, analysts said.

U.S. stocks pared losses to inch higher as investors digested headlines over a Greek debt-restructuring deal that would allow the euro-zone country to avoid a default.

Aussies are vacationing in droves overseas with New Zealand, the U.S. and Indonesia as their favourite destinations. Figures from the Australian Bureau of Statistics said that in 2011, Australians made 7.8 million international trips.

The positive leads from U.S. markets may not impact much on local stocks especially the currency-sensitive ones with the rate pause initiated by the Reserve Bank of Australia (RBA), analysts say.

Further drops in activity and new orders saw the national construction industry spend another month in the red according to the latest Australian Industry Group Australian Performance of Construction Index (Australian PCI®), in conjunction with the Housing Industry Association. The seasonally adjusted index fell by 1.2 points to 39.8 in January, marking the 20th consecutive month that the sector has contracted (readings below 50 indicate a contraction in activity).

U.S. stocks drifted lower as the recent rally paused, with investors shifting focus to wrangling in Greece over fiscal austerity. The Dow Jones Industrial Average eased 38 points, or 0.3%, to 12824 as the last hour of trading approached. The Standard & Poor's 500-stock index lost 2.7 points, or 0.2%, to 1342, and the Nasdaq Composite declined 7.8 points, or 0.3%, to 2898.

Asian banks made its way to the top 20 international bank brands of the year 2011, highlighting how they have so far bested the global financial turmoil and their future potential, the latest Banking 500 Report said.

Qantas Chief Executive Alan Joyce has opposed proposed changes in the Qantas Sale Act and cabin crew laws. He warned that planned changes being discussed in the Australian parliament could lead to job losses and reduced aviation access.

After popular file-sharing website Megaupload was shut down last week by the U.S. Federal Bureau of Investigation, the next site in danger could be the aptly named The Pirate Bay.

After encountering turbulence in 2011 due to a prolonged labor dispute with three labor unions, flag carrier Qantas Airways is set to soar in 2012.

The Australian stock market is off to a slow start on Friday with commodity-related stocks led by Lynas Corp (ASX: LYC), Aquarius Platinum Ltd (ASX: AQP), Atlas Iron Ltd (ASX:AGO) hitting some gains as of 10:00 AM (AEST).

For some, it’s like winning the lottery. Workers at Melbourne-based Grenda bus company were surprised to receive bonuses reaching up to $30,000 after the company owners sold off its transit operations and allocated $15 million to its loyal staff.

FROM MORRISON SECURITIES PTY. LTDU.S. stocks rose broadly, moving to within striking distance of a multi-year high, as investors were bolstered by solid manufacturing reports around the world.

"It's all speculation." Air New Zealand boss Rob Fyfe told of the rumors about his career movement. As he is expected to step down late this year, Fyfe has been reported to have been recruited for a job at Sir Richard Branson's Virgin Group.

Australian flag carrier Qantas was dealt another blow on Tuesday when rating agency Moody's Investors Service downgraded the air carrier's credit rating to Baa3 from Baa2. Moody's explained the cut in long-term senior unsecured rating of Qantas to expectations of ongoing pressure on the company's credit profile.

Australia's stock market had not moved in pace with the rest of the Asia-Pacific markets on Tuesday and is seen to remain flat on Wednesday's trading, but some action will push media-related stocks led by Fairfax Ltd.

Australia's retail sector will witness more shopping activities in the first quarter of the current year, according to the latest indicators summing up the Australian Food and Grocery Council (AFGC) CHEP Retail Index.

The Australian Competition and Consumer Commission (ACCC) said on Tuesday that it will seek an injunction from the Federal Court to stop Air Asia from publishing misleading advertisements.

Auckland International Airport has marked record international travel for the week ended January 8, with over 170,000 international arrivals or departures, beating the travel records during the final stages of the Rugby World Cup 2011.