Vittorio Hernandez

The Australian share market is trading lower at lunchtime in the East, following an unconvincing lead from offshore markets and due to a lack of major economic data to guide investor sentiment. The All Ordinaries Index (XAO) is down 19.2pts or 0.4pct to 4352.9.

Foreign Minister Kevin Rudd resigned from his post Wednesday night, leading to a leadership battle in the Australian Labor Party. Rudd, who was ousted as prime minister by Julia Gillard in 2010, said he has lost her confidence.

The Australian sharemarket rose slightly today for the fourth consecutive day. Four straight sessions of gains is something the market has not accomplished since the end of November last year. The All Ordinaries Index (XAO) edged higher by 0.1 pct or 3.9 pts to 4372.1.

SR Exports, Australia's largest producer of tomatoes, blamed on Wednesday the country's supermarket giants for their poor business which led to the agricultural company's voluntary administration and loss of 60 jobs.

The Minerals Council of Australia is supporting the minerals resource rent tax. Mitch Hooke, chief of the council, told a Senate hearing in Canberra on Tuesday that the proposed 30 per cent tax on profits of large coal and iron producers is workable.

About 2,700 small enterprises folded up in Australia in the last quarter of 2011, indicating the weak national economy outside the booming mining sector.

The Australian share market is trading flat in the early session, after US and European share markets failed to rally overnight, despite Eurozone officials approving the second Greek bailout deal. At lunchtime in the East, the All Ordinaries Index (XAO) is lower by 4.2pts or 0.1pct to 4364.

The Reserve Bank of Australia (RBA) has backed the claim of Australian lenders that funding costs sourced from overseas have risen.

Alcoa clarified on Tuesday media reports that it has offered Point Henry smelter workers job offers in Saudi Arabia to work in a joint venture project.

The Australian sharemarket rose for the third consecutive session today, with the All Ordinaries Index (XAO) gaining 0.8 pct or 35.4 pts to 4368.2. This has been the best start to a new week since early January 2012. All sectors recorded healthy gains by market close with energy, mining and industrial stocks the standouts.

The 300 employees of shuttered Air Australia were given assurances through email by the company's director, Michael James, that the business was sound hours before it was placed on administration.

More jobs in Australia continue to be axed as companies go into administration or shutter outlets. The latest jobs to be cut belong to employees of a tomato producer and steel manufacturer.

To appease Alcoa workers in Geelong who may lose their jobs as the company reviews the viability of its Point Henry aluminium smelter facility, Alcoa has dangled a more than 100 per cent hike compensation package. The big if is conditioned on the workers being posted in Saudi Arabia,

The Australian Competition and Consumer Commission (ACCC) is seeking evidence from supplies of supermarket giants Coles and Woolworths to nail the two grocers on unfair competition charges.

The Australian share market is trading higher at lunchtime in the East, as investors await the outcome of talks between Eurozone finance ministers to secure a Greek rescue deal, and digest another busy day of results. The All Ordinaries Index (XAO) is firmer by 19.6pts or 0.5pct to 4352 in early trade.

A large French bank, Societe Generale, doubts the big four Australian banks' claim of rising funding costs, which they cited as a reason for hiking mortgage rates Feb. 7, while the Reserve Bank of Australia held the overnight cash rate at 4.25 per cent.

The Australian sharemarket kicked off the new trading week strongly, with the All Ordinaries Index (XAO) rising by 1.4 pct or 59.5 pts to 4332.8. Almost all sectors improved with the exception of the telcos after Telstra (TLS) went ex-dividend today for its 14 cent a share distribution.

Woolworths has upped the ante in its ongoing reign for supremacy in Australia's supermarket war by moving the battle into the virtual world. By launching a virtual supermarket in Sydney, shoppers could buy groceries from Woolies using their mobile phones.

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.

Australian mining giant Rio Tinto (ASX: RIO) will roll out the first automated train in 2014. The company will spend $518 million that will run the world's first driverless long-distance, heavy-haul rail network.

The Business Council of Australia (BCA) is against the use of taxpayers' money to bailout weak industries such even if such a move has the potential of saving jobs.

Bendigo and Adelaide Bank reported on Monday a first-half profit drop of 67 per cent due to weak demand for loans and higher funding costs. Bendigo registered a net profit of $57.9 million in the second half of 2011, down from $173.9 million for the same period in 2010.

The Australian share market has kick-started the trading week on a strong note, thanks to positive offshore momentum. The People's Bank of China announced on Saturday that it would cut the reserve requirement ratio (RRR) for banks by 50 basis points, effective from February 24. The move is being seen as a good sign across Asian markets as it frees up capital and boosts liquidity. There are also hopes Eurozone Finance Ministers will agree on the Greek bailout deal later this evening. At luncht...

Today marks the end of an eventful week for the Australian sharemarket. Shares rose on three occasions, had its worst daily performance in 2012 yesterday and there were 36,000 more jobs created in January than expected. The All Ordinaries Index (XAO) edged higher by 0.4 pct or 16.1 pts to 4273.3.

In the same way that summer outfits such as board shorts and bikini tops and bottoms are easy to take off after a romp in the beach, jobs in clothing companies such as Pacific Brand and Billabong are easily being shed.

Australia and Asia's richest woman is making her voice heard again in national affairs. She proposed in article in the Australian Resources and Investment Magazine slated to be published March 1 that the Canberra no longer be considered the capital city, but to move major government offices to Alice Springs.

Queensland Premier Anna Bligh said in Friday that she will lobby with Qantas Chief Executive Alan Joyce not to shed 500 aircraft engineering and catering jobs in the flag carrier. She made the statement a day after Mr Joyce announced a review that would lead to the axing of jobs after Qantas posted an 83 per cent decline in profit due to the labor dispute and fleet grounding.

Australia and New Zealand (ANZ) Bank reported on Friday unaudited December quarter profit of $1.48 billion. It is up 4.1 per cent from $1.4 billion profit for the same quarter a year ago. Unaudited net profit reached $1.7 billion.

It was great to see the Australian share market bouncing back from yesterday's losses at the open of trade today. Yesterday the market posted its worst day of 2012.Today, with the All Ordinaries Index (XAO) slumping by 1.6 pct or 70.2 points to 4257.2. This morning the All Ord's opened 40 points higher and by lunch the All Ordinaries Index (XAO) had given back most of its early gains as investors because a bit more cautious head of trading tonight in the U.S. ahead of the Presidents Day lo...