ECONOMY

Declining Euro economies have catapulted Brazil past the United Kingdom this year, placing number six on the strength of the former's rising trade partnerships with growing Asian economies, mostly led by China, Japan and India.

Australian supermarkets are passing off foreign products as Made in Australia by using loopholes.

A survey by consumer watchdog Choice found that 52 per cent of shoppers are unaware of their rights regarding the purchase and return of products.

Retailers are jostling to get a prime piece of the projected $1.1 billion gross that the Boxing Day is expected to generate on Monday, a fraction of the more than $14 billion that Australian consumers are set to unleash in the days ahead.

Finally some Christmas cheer for investors, with the stock market closing higher on the last trading day before the break. It was a shortened trading day, the market closed at 2pm AEDT. The All Ordinaries Index (XAO) added 49.9pts or 1.2pct to 4192 while the S&P/ASX 200 Index (XJO) was firmer by 496pts or 1.2pct to 4140.4.

Local stocks once again ended in the red today, as investors remain cautious about buying equities in the lead up to the end of the calendar year and due to more uncertainty in the Eurozone. The All Ordinaries Index (XAO) closed down 48pts or 1.2pct to 4142.8 while the S&P/ASX 200 Index (XJO) fell 48.7pts or 1.2pct to 4090.8.

Australians drank less beer in 2011 causing a 6 per cent decline in domestic beer consumption. Despite this development, brewer Coopers expanded its market share by 1.5 per cent and produced a record 62.9 million litres of beer.

It was a bad year of Australia's insurance industry which had to pay out more than $4 billion in insurance claims due to the natural calamities that battered the country in 2011.

Bell FX Currency Outlook: After a bullish run throughout yesterday's local session, the AUD has been sold off again overnight.

Philip Morris has ramped up on Tuesday its legal battle against Australia's planned cigarette plain packaging laws that the giant tobacco company said will rob its of its intellectual property rights.

Overseas investors hold one third of the new Australian apartment market. That's about 13,000 apartments in 37 projects spread across Australia, said property group CBRE.

The long-awaited Christmas rally finally came true for investors today, who were willing to buy equities following a strong showing on offshore markets in the wake of positive economic data out of both the US and Germany. All sectors on the local share market recorded growth, with the All Ordinaries Index (XAO) firmer by 83pts or 2pct to 4190.

Softer export markets and shifts to use of natural gas will offset the benefits of lower stocks and consolidation for many coal producers in 2012, according to a report by Fitch Ratings.

Australian banks reminded customers on Wednesday that Dec 24 until Dec 27 are bank holidays. That means that payments between the banks and other financial institutions would not be processed during the four-day period.

Stocks of Billabong International Limited (ASX: BBG) fell 34 per cent after the Gold Coast firm forecast lower earnings for the first half of the financial year and issued a profit downgrade due to the chilly summer weather.

The Internet and magazines helped 8 million Australians who renovated their homes in the past 12 months.

As Myers and other major retailers revealed plans to reduce their store numbers to survive the ongoing slump, sellers' group has expressed optimism that a considerable pick up late into the holiday season could offer some relief.

The Australian government announced on Sunday that it would allow by July 2012 the entry to the country of season workers from the Pacific Islands to be employed in fruit and vegetable farm

Australian miners such as BHP Billiton and Rio Tinto and the country's steel industry are to be affected by the weaker metal demand in China for 2012.

Days after menswear store Fletcher Jones announced the closure of several outlets, the weak retail environment claimed another victim. Giant Myer (ASX: MYR) announced on Monday it would shutter in 2012 weak performing chains.

More Australians are planning to work past the compulsory retirement age, a report released by the Australian Bureau of Statistics said.

Former Australian Prime Minister Paul Keating said on Thursday that the government should not have intervened in the Qantas labor row. Instead of referring the problem to Fair Work Australia, he said the Gillard government should have let Qantas Chief Executive Alan Joyce take full responsibility for the consequences of his unilateral decision to ground all Qantas fleet.

Bell FX Currency Outlook: The Australian Dollar has opened trading around the USD0.9920 level after trading up to USD0.9990 overnight.

Latest data released by China's Ministry of Commerce showed foreign direct investment (FDI) in November into the world's second-largest economy tumbled to $8.76 billion, a 9.76 per cent drop from a year ago, and its first in 28 months, spurred by the economic crisis in Europe and weakness in the US.

Another Australian retailer fell victim to the weak business environment. Menswear chain Fletcher Jones will close one third of its outlets and lay off 61 employees.

Dumping the current organizational make up Queensland Health was too drastic a move that Premier Anna Bligh has resorted to just because one person committed grave mistakes.

Mining has again fueled positive movements in the Australian economy as the latest survey commissioned by National Australia Bank (NAB) indicated that business conditions in November jumped sufficiently enough for specks of growth to take effect.

More trips would link Singapore to Australian cities. SilkAir will offer direct trips from Darwin to Singapore four days weekly beginning March 26.

Bell FX Currency Outlook: The Australian Dollar is hovering around Parity following a night of slightly disappointing US Data and the FOMC (Federal Open Market Committee) rates decision this morning.