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Business

Breaking news business

Rising demand for pilots and technicians

Lilly Vitorovich 4:30pm More than 500,000 new commercial airline pilots and technicians will be needed in the Asia-Pacific region by 2035, according to aircraft maker Boeing.

Fantastic shareholders approve $361m bid

Prashant Mehra 2:18pm Fantastic Furniture says 99.97 per cent of votes at a scheme meeting were cast in favour of accepting a $361 million takeover by Steinhoff Asia Pacific.

Positive result for Botanix safety test

Trevor Chappell 1:07pm Skin disease treatment developer Botanix Pharmaceuticals has successfully completed a safety trial of its Permetrex drug delivery formulation.

EnergyAustralia's $1.5bn for renewables

Ethan James 6:48pm Electricity and gas supplier EnergyAustralia has committed to investing $1.5 billion in wind and solar energy projects across eastern Australia.

Engineering weighs on construction in Nov

11:07am A big fall in engineering construction and continued contraction in home building has kept the construction sector in decline in November.

Banks, miners lead share market higher

Trevor Chappell 4:47pm The share market has gained almost one per cent on a positive lead from Wall Street and improving confidence in the resources sector.

Delays to cut Alacer Gold's output

5:31pm Turkey-focused miner Alacer Gold has cut its 2016 output guidance and raised cost guidance for the year after production delays.

TPG jumps on reassuring earnings update

Lilly Vitorovich 5:18pm TPG shares have rallied after the telco reiterated its earnings guidance following Vocus Communications' disappointing update last week.

Iluka revives $375m Sierra Leone takeover

9:26am Mineral sands miner Iluka Resources has revived its takeover of Sierra Rutile Limited after its concerns about leakage at SRL's Gangama dam site were resolved.

Stocks to watch

4:30pm Stocks of interest on the Australian share market

Bunnings CEO John Gillam steps down

Ethan James 6:37pm After 12 years as Bunnings chief executive and managing director, John Gillham has announced he is stepping down.

International markets roundup

7:41am News from the world's major stock markets

Aussie dollar drops as economy stumbles

Lilly Vitorovich 5:24pm Investors dumped the Australian dollar following much weaker than expected economic growth data for the September quarter.

Economy in reverse but recovery expected

Marty Silk 4:09pm The economy has slowed dramatically, but economists are forecasting a swift return to growth despite concerns about household and government spending.

Telcos call for end to 'outdated' USO

Trevor Chappell Telcos want changes to the Telecommunications Universal Service Obligation after the Productivity Commission said it was no longer relevant.

Economy likely contracted 0.2% in Sept qtr

Soft public and private capital expenditure and weak export volumes in the September quarter likely slowed economic growth in negative territory.

Euro nod near for OncoSil cancer treatment

Trevor Chappell OncoSil Medical expects European regulators to approve its treatment for pancreatic cancer early in the new year.

Govt spending falls 0.7% in Sept qtr

The Australian Bureau of Statistics has released the official government finance figures for the September quarter.

Mobile purchases fuel online sales

Petrina Berry A significant uplift in shoppers buying goods via their smartphones in the past year has boosted online retailers' sales and helped small businesses grow.

Current account deficit lowest in 2 years

Australia is earning more from international trade, but imports are growing faster than exports, official figures show.

Vocus OKs submarine cable project

Vocus Communications is moving ahead with plans to build a new submarine cable system that will link Australia to Singapore and Indonesia.

BMW to pay $77m after ASIC credit inquiry

Stuart Condie BMW Finance will work to identify as many as 15,000 customers who may have suffered hardship as a result of what ASIC called its "sales-driven culture".

Stocks to watch

Stocks of interest on the Australian share market

Surfstitch board cut down amid rebuild

Marty Silk Surfstitch has appointed Quiksilver Europe founder Harry Hodge to its board and four executive directors have quit as it tries to turn around its fortunes.

Origin to divest some upstream assets

Prashant Mehra Gas and power retailer Origin Energy will divest its conventional upstream oil and gas business through an IPO on the ASX.

RBA content with weak Sept GDP

Marty Silk The Reserve Bank is expecting a downside surprise for growth forecasts, but seems content with the current financial conditions and the economic outlook.

International markets roundup

News from the world's major stock markets

Aust shares gain as confidence returns

Australian shares have shown a near across-the-board rise in the wake of gains on Wall Street and investors shrugging off fears over Italy's referendum outcome.

Weaker forecast GDP weighs on $A

Trevor Chappell The Australian dollar is still slightly higher against the greenback despite being pulled back by weaker GDP forecasts.

NAB and Westpac move on mortgage rates

Stuart Condie NAB is increasing variable rates on investor home loans by 0.15 percentage points, while Westpac will lift its interest-only mortgage variable rates.

China changes end Murray Goulburn plans

Lilly Vitorovich Murray Goulburn and Mead Johnson Nutrition have scrapped an agreement to develop new product supply for Asia, citing regulatory changes in China.

Home prices and clearance rates hold firm

Garry Shilson-Josling, Economist Housing prices have held up, with no change last week and annual growth of 9.2 per cent, while auction clearance rates are high, contrary to normal seasonality.

Telstra's names tech expert as new COO

Robyn Denholm, a former chief financial officer and chief operations officer (COO) at global software security firm Juniper Networks, is Telstra's new COO.

Economists still gloomy on GDP after data

Economists are still bracing for a weak or even negative economic growth result on Wednesday after the latest round of economic data.

Jobs ads jump 1.7% in November: ANZ

The number of job ads jumped in November, building on a solid rise in October, ANZ says.

Service sector growth patchy in Nov

Marty Silk Service sector activity picked up in November, but it remains patchy and not not enough to signal a rebound after recent falls, Ai Group says.

Cheung Kong lobs $7.3bn bid for Duet Group

Prashant Mehra Duet shares have jumped 20 per cent after a $7.3 billion takeover bid from Hong Kong's Cheung Kong Infrastructure.

Stocks to watch

Stocks of interest on the Australian share market

International markets roundup

News from the world's major stock markets

ASX finish lower led by bank sell-off

Australian shares have closed lower amid global investor uncertainty over Europe following the resignation of Italian Prime Minister Matteo Renzi.

A$ gains as greenback pulls back

Lilly Vitorovich The Aussie dollar has gained ground against its US counterpart ahead of the RBA's rate decision and third-quarter economic data.

Renzi quits, populists seek power

Frances D'Emilio Italian Prime Minister Matteo Renzi has signaled his resignation after losing a referendum to approve constitutional reforms.

Oz share market braces for Italian results

Jacqueline Le The Australian market will begin the week by reacting to Italy's constitutional referendum and its possible effects on the euro zone.

US payrolls up, jobless rate at 9-year low

US companies added 178,000 jobs in November and the unemployment rate fell to a nine-year low of 4.6%, solidifying a case for the Fed to raise interest rates.

North Qld zinc plant set to reopen

Ethan James Red River Resources has raised $30 million to fully fund the reopening of the Thalanga zinc project near Townsville.

Jetstar to end pre-ticked booking extras

Ethan James Budget airline Jetstar will remove the automatic selection of extras on its online booking forms after talks with the ACCC.

Genex ties up funds for solar project

Genex Power has secured a $110 million debt facility for construction of its Kidston solar project in far north Queensland.

Retail spending encourages economists

Garry Shilson-Josling, Economist Economists have been cautiously encouraged by news of the third consecutive solid monthly rise in retail spending in October.

NSW kicks off sale process for power grid

Prashant Mehra The NSW government will next week launch the sale process for a 50.4 per cent stake in Endeavour Energy, the state's second-biggest electricity distributor.

Lew calls for urgent online GST changes

Trevor Chappell and Petrina Berry Retail billionaire Solomon Lew has called on the federal government to implement its changes to GST on imported goods several months sooner than planned.

Bellamy's shares tank on Chinese woes

Lilly Vitorovich Bellamy's shares have dropped almost 44 per cent after the company said weaker China sales would affect its revenue for the year.

Origin Energy revamps leadership team

Origin Energy's new CEO has appointed a new leadership team that he says reflects the need to improve performance and prepare for industry changes.

GrainCorp's US suitor pulls the pin

US firm Archer Daniels Midland, which failed in a takeover bid for Graincorp in 2013, has sold its 19.9 per cent stake in the Australian grain merchant.

Stocks to watch

Stocks of interest on the Australian share market

ResMed loses in Fisher &Paykel; dispute

Prashant Mehra Fisher & Paykel Healthcare has secured an early victory in a German court over a patent dispute with Resmed.

International markets roundup

Prashant Mehra News from the world's major stock markets

Caution sends market lower

Trevor Chappell The share market has fallen by one per cent as investors exercise caution ahead of US jobs data and the Italian constitutional referendum.

$A slips amid equity market falls

Petrina Berry The Australian dollar has lost ground as global risk-off sentiment hurts equity markets and riskier currencies.

Rio confirms SEC Mozambique investigation

Peter Trute Rio Tinto has confirmed it is cooperating with US authorities who have been inquiring since 2013 into impairments recorded for an African coal mine deal.

Import mentors to boost startups: report

Ethan James Australian startup businesses need experienced mentors from overseas to get more fledgling businesses off the ground, a new report says.

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