Vittorio Hernandez

The once-booming resource sector in Australia is slowing down due to lower commodity prices.

After another low trading and low news day the European and US, markets closed slightly weaker. Investors were still concerned about key economic news and announcements later in the week. As European investors wait on the outcome of the Euro leaders meetings in Greece and the US investors await on key housing data and Chinese economic news. Yesterday Chinese market hit a new 52 week low and the Aussie market lost nearly 2points to 4,391 points.

The Australian Automotive Aftermarket Association (AAAA) warned on Tuesday of the loss of 30,000 jobs in the car parts industry and an $800 million export market unless the government extends it assistance.

Amid global uproar on excessive executive pay, two chief executive officers from Australia would have made a good case study on the matter.

Australian flag carrier Qantas grounded two pilots who argued inside the cockpit of a Boeing 747 at the Dallas-Forth Worth International Airport. Their debate was over take-off calculations which they should enter into the plane's computer.

Coalition leader Tony Abbott suffered a double whammy in two successive days. On Monday, he was ejected by Parliament during a heated Question Time and the next day reports said support for Labor continued to rise despite the introduction of the carbon tax in July.

Investors took somewhat of a breather today, as China's Shanghai Composite fell to its lowest level since 2009 on worries there may not be any forthcoming stimulus from the Central Bank of China. The mood was in stark contrast to global markets on Friday, where US and European markets gained albeit in thin trading volumes. European markets rose to 13-week highs as Germany gave its backing to the European Central Bank's efforts to support the Eurozone while the S&P 500 Index on Wall Street ...

Following a weak start to the session, the Australian sharemarket is a few points higher, with the All Ordinaries Index (XAO) up 0.1 pct or 5.7 pts to 4399.5. A number of companies have gone ex-dividend today, which is putting downward pressure on the broader market.

Australian banks lost on Friday the country's longest-running court case after appeal judges in the West Australian Supreme Court upheld a ruling that ordered the lenders to pay creditors of the collapsed Bell Group almost $3 billion.

Consumer groups are pushing for larger prints on unit prices of grocery items for shoppers to benefit the most from comparative unit prices that supermarkets post based on a common weight, volume or number.

BHP Billiton (ASX: BHP) inked a native land agreement in the Pilbara with the Nyiyaparli people. The signing would lead to expansion of the mining giant's iron ore operations and boost its output to 350 million tonnes by 2020 from the current 120 million tonnes.

To help reverse its sagging financial standing, flag carrier Qantas will feature supermodel Miranda Kerr in a national advertising campaign for the airline.

To save Australia's reefs and marine life, scientists from the University of Queensland are proposing new methods for protection against heat stress such as the use of shade cloth.

There's been some positive momentum gaining across global markets over the past 24 hours after German Chancellor Angela Merkel voiced support for the European Central Bank's efforts to prop up the Eurozone. US share markets rose to four month highs overnight, while European markets also rallied. Here positive earnings reports helped boost sentiment with the All Ordinaries Index adding to yesterday's gains, up 1pct. Over the week, the market gained 2pct.

Local stocks are continuing to add to yesterday's gains, thanks to strong earnings results and positive offshore leads. European and US share markets moved higher overnight on hopes of further stimulus measures after German Chancellor Angela Merkel voiced support for the European Central Bank's efforts to support the Eurozone. Mid-session, the All Ordinaries Index (XAO) is up 28.2pts or 0.6pct to 4381.7.

At the rate that Russia has purchased official gold reserves, the European nation logged the largest increase in global official gold reserves purchases over the five year period 2008 to 2012. Russia bought over 500 tonnes of the yellow metal.

Australian businesses could save up to $125 billion a year or $625 billion over the next five years if it shifts to cloud computing, Cloud Accounting Australia review of case studies said.

Creations of leading American fashion designer Ralph Lauren would still be available despite the end of a 23-year licence deal between the fashion brand and Australian accessories outfit OrotonGroup in June 2013.

Tropical fish species are showing up in Australian waters as a response of marine life to climate change. The report on oceans and climate change, released Friday, called the movement as southern migration.

Green and health groups are seeking protection of Alice Springs from uranium mining. To give the initiative a stronger push, the Arid Lands Environment Centre (ALEC) and the Public Health Association of Australian (PHAA) asked Northern Territory Resources Minister Kon Vatskalis to come up with a special reserve land order.

The Australian sharemarket improved for the third time this week, with the All Ordinaries Index (XAO) gaining 1.1 pct or 46.5 pts to 4353.5. The energy and financial sectors led the rest of the market higher, while the property trusts ended flat.

Local stocks are trading higher at lunchtime, following a mixed lead from overseas market and commodity prices. The European markets closed lower on growth concerns and rumours percolating around the markets that Spain is preparing to ask for an official bailout. The US markets were again mixed after stronger than expected US economic data have raised more doubts that the Federal Reserve will hold off from easing at its next policy meeting.

A taskforce made up of trade unions and manufacturers submitted on Thursday its report to Prime Minister Julia Gillard containing more than 40 recommendations.

A former manager of a subsidiary of the Reserve Bank of Australia (RBA) alleged that a central bank account was set up in the U.S. for the payment of bribes which is a violation of anti-corruption laws in the United States.

The car repair industry in Australia criticised on Thursday the decision by the Australian Competition and Consumer Commission (ACCC) not to require the recall of 24,000 made-in-China vehicles with asbestos fibre parts.

The Federal Magistrates Court in Sydney slapped on Wednesday a $15,500 fine on a Qantas and a manager for bullying an employee. Citing the Fair Work Act, the court said Qantas manager Peter Cawthorne coerced aircraft engineer Luke Murray into withdrawing a claim worth $10,000.

Commonwealth Bank of Australia (CBA) customers would likely find it harder to accept the bank's explanation that following Reserve Bank of Australia's (RBA) overnight cash rate decisions could threaten its profitability.

The Australian sharemarket eased a touch for the first time this week, with the All Ordinaries Index (XAO) falling 0.2 pct or 10.4 pts to 4307. The mining sector was the biggest drag on trade, with the S**9**P/ASX 200 Materials index slumping by 1.35 pct or 131.2 pts to 9620.7.

Local stocks are trading in the red at lunchtime, following an unconvincing offshore lead and mixed commodity prices. A report showing the Eurozone economy shrank in the second quarter met expectations, and European shares rose in thin trade, however US markets were again mixed as were commodities. At midday in the East, the All Ordinaries Index (XAO) is down 22.5pts or 0.5pct to 4294.9.