ECONOMY

The Reserve Bank of Australia has cut interest rates to a record low of 2.5 per cent during its board meeting for the month of August. The latest interest rate cut is the first since the Reserve Bank has declared a 25-point cut in May 2013 when the Australian dollar was above parity with the U.S. dollar. This is also the second time interest rates have been cut in an ongoing election campaign.

Another day of piddly trading, with piddly losses for both stocks and gold. So let's turn back to our thoughts.

The market has called Bernanke's bluff. The melt-up is on. After spending the past few months trying to convince the market that the US economy is improving, putting an end to QE and zero interest rates, the market isn't buying it.

Due to the botulism scare that rocked the New Zealand dairy industry, the Fonterra Shareholders' Fund units fell to its lowest level in 2013. Other dairy companies in New Zealand also saw a drop in units amid investor concerns that earnings will take a tumble due to the recent whey protein bacterial contamination. The New Zealand dollar also took a tumble as currency investors reacted to the ongoing uncertainty.

The Olympic Spirit, which is "to build a peaceful and better world which requires mutual understanding with a spirit of friendship, solidarity and fair play," hangs on a balance next 2014. Gay international athletes bound to compete for the honor of their respective countries in the 2014 Olympics in Russia will be specifically targeted as the country steps up its anti-gay quest.

For months, EU and China has been engaged in a semi-trade war, the events of which seemed inevitably moving towards a full-blown trade war between the two important economies. The two sides have engaged in a tariff war for months.

Knowing fully well it continues to be hounded by intrigues and controversies regarding its management of Church-related funds, the Vatican bank Institute for Religious Works has opened up a Web site for everyone to see as it aims for transparency in all its dealings.

The New Zealand dollar is on a 5-year high as it approached 89 Australian cents on August 1 as investors banked on New Zealand's economy over Australia where the nation is currently experiencing an economic slowdown.

Charges of grand theft and commercial burglary have been slapped against an employee of United Airlines and his girlfriend for allegedly stealing passenger items from luggage detained at the airport, following the crash of Asiana Airlines Flight 214 in early July.

Agriculture Minister of Australia, Joel Fitzgibbon, has announced there will be a new scrutiny on live animal trade. The move comes after calls for enhancing the industry following mistreatment of animals in 2011.

At least two people have died from the heat wave currently enveloping eastern and southern China, which on Tuesday has breached the 35 degrees C (95 degrees F) mark. For the first time ever, the China Meteorological Administration (CMA) has activated a level two emergency heat wave response as meteorologists forecast temperatures could reach 38 degrees C to 41 degrees C well into the first week of August.

Apart from the customary mandated paid sick and vacation leaves, a Russian lawmaker is proposing to offer another two paid days off for its menstruating women employee labour force.

Australian consumers have found themselves appalled at recent report uncovering taxpayers Down Under are paying 50 to 100 percent more than the U.S. buyers of the same technology products. The report by the parliamentary IT pricing inquiry committee prompted calls for consumer protection and policy change.

Manufacturers of Russian vodkas stand to suffer potential losses after the global LGBT movement has unilaterally decided to ban the type of alcoholic drinks from gay bars in response to Russian President Vladimir Putin's crackdown against the sector in his home country.

The Reserve Bank of Australia's Governor Glenn Stevens is expected to Australian dollar's outlook within the week as investors are showing confidence in the market. Governor Stevens said he will give the signal whether he will cut rates further in August.

China, the world's chief emitter of carbon dioxide greenhouse gases, is poised to invest 1.7 trillion yuan (AU$298 billion) to remedy the growing air smog pollution problem lording over its horizons which has killed thousands and sickened hundreds over the years. Specifically, the amount will be used to institute programmes and measures to combat the smog situation in Beijing, Tianjin and Hebei province.

The school principal of the Indian school who served free lunch to its students, yet some unfortunately died due to pesticide poisoning, has been arrested on Wednesday.

Now that the newly-born son of the Duke and Duchess of Cambridge has been named as His Royal Highness Prince George of Cambridge, designs of commemorative chinaware bearing his actual name have been released online and made available for pre-order for royal watchers and souvenir collectors.

House prices in Australia rose to a three-year high in the June quarter, climbing by 2.8 per cent. Compared with 2012's data for the month of June, current house prices rose 5.4 per cent in one year. According to the quarterly report of the Australian Property Monitors (APM), this level of growth has not been seen since March 2010.

The U.S. International Trade Commission barely makes headlines not until Samsung and Apple went all out filing lawsuits and patent cases all over. While American consumers do not often talk about the commission, that may soon change as the decision passed under it affects one of the most valued and popular consumer electronics company to date.

South Korea's youth's love for smartphones has gone bordering addiction. The federal government is poised to introduce nationwide counseling programs for youngsters by the end of the year to curb the rising technology-related affliction.

The revenues and earnings of Peabody Energy in Australia dropped dramatically in June due to high operating costs and weak coal prices. The coal mining company has already tried to implement cost-cutting measures but to no avail.

Construction of new government buildings in China will be taking a backseat in the next five years as part of latest measures to curb unnecessary spending and corruption in the whole country.

Two years after the great 9.0 magnitude earthquake that hit Japan and the resulting tsunami that damaged the Fukushima Daiichi nuclear plant, its operator Tokyo Electric Power Co (Tepco) finally admitted on Monday that the stricken facility had likely poured contaminated radioactive water into the ocean waters.

Still reeling from the devastating floods in June, China has been struck again with another catastrophe. On Monday, China's western Gansu province was hit by two earthquakes, killing 89 and injuring more than 500 people. Authorities feared the death toll could go up as about 1,200 buildings had collapsed and tens of thousands more badly damaged.

Consistently shunning preferential treatment and special attention, Pope Francis has done what most heads of state would not. For his first overseas international trip since becoming the 266th pontiff, Pope Francis opted to carry his own luggage bag, fall in line and then wait for his turn to board commercial aircraft Alitalia for his week-long visit to Brazil in celebration of the World Youth Day 2013 festivities in his home continent.

IT exporters like Infosys are looking into strategies of stalling their employees from working overseas, as calls for immigration reform have urged politicians to respond to loss of jobs and a pushback in the economy.

The quarterly State of the States report issued regularly by CommSec once again named on Monday Western Australia as the strongest state in the Land Down Under.

The United Nations has issued a warning to all 750 million smartphone users around the world to be wary of the removable SIM card on their smartphones. A German research firm has discovered a flaw in the old encryption technology used to make the device operational, enough to make it susceptible to the illegal activities of hackers.