POLITICS & POLICY

Pilots of Virgin Australia have thumbed down a Enterprise Bargaining Agreement (EBA) offered by the airline management.

It is back to one bidder for troubled Australian surfwear retailer Billabong International.

U.S. stocks eked out slight gains Wednesday, supported by strength in the housing sector, as energy stocks dragged the market lower with oil futures tumbling. The Dow Jones Industrial Average (DJI) closed up 13.32 points, or 0.1^*1, at 13,577.96, led by shares of Walt Disney Co. (DIS) and Home Depot Inc. (HD).

Bell FX Currency Outlook: The AUD still remains firm as continued stimulus from around the world provides the AUD with a yield advantage.

Clarence House announced on Wednesday that Prince Charles and wife Camilla will visit Australia, New Zealand and Papua New Guinea in November. The couple's trip, part of Queen Elizabeth's Diamond Jubilee celebrations, will be from Nov 3 to 16.

It was both a dark and bright day for gays and lesbians in Australia on Wednesday as Parliament rejected the same-sex marriage bill, while Liberal Senator Cory Bernardi resigned as parliamentary secretary for derogatory remarks he made against gay marriages.

Western Australia's first uranium mine project, five years after a ban was lifted that constricted uranium mining in the area, has received new and stricter environmental conditions from an independent appeals committee.

It seems prices of key steelmaking ingredient iron ore has seen better days, and is now nearing its glorious end.

Canadian mineral exploration company Pacific Wildcat Resources Corp. (PAW) has sold its Muiane Tantalum mine assets in Mozambique to Muscadine Ltd.

In light of the rising incidence of insider attacks in Afghanistan, NATO announced on Tuesday a temporary and selective ban on joint operations with members of the country’s government security forces.

The U.S. International Trade Commission (ITC) is set to undertake an investigation lodged by Japanese maker Hitachi Metals Ltd. against a group of 30 companies which the latter alleged imported and sold goods that infringed the technology patent of its sintered rare earth magnets.

After an independent review of the Fair Work Act, Workplace Relations Minister Bill Shorten is seeking feedback from the states on a proposal to limit penalty rates to 11 Australian public holidays.

Amidst serious budget concerns from both Labor and Coalition lawmakers, Prime Minister Julia Gillard is likely to grant federal subsidies of around $1.4 billion each year that will finance higher pay for private childcare workers.

Shares of Macmahon Holdings Ltd. fell deep on Wednesday morning after the Australian construction and mining firm announced it is cutting into half its full year earnings estimate guidance for 2012-13 and that its chief executive, Nick Bowen, has resigned.

Bell FX Currency Outlook: The Australian Dollar is relatively unchanged this morning as markets continued to consolidate recent moves in what was essentially a quiet session overnight.

The Dow Jones Industrial Average rebounded to eke out a narrow gain Tuesday, though most stocks finished lower as investors digested a downbeat earnings forecast from economic bellwether FedEx. The Dow rose 11.54 points, or 0.1%, to 13564.64, climbing for the fifth time in six sessions and bouncing back from Monday's 40-point decline.

Labor is basking on what looked like a second wind that can be used to propel its chances come the 2013 federal election, and the man, Kevin Rudd, the party caucus had ousted in 2010 is joining in the fun.

Shares of Australian diversified miner Western Desert Resources Ltd surged to a three-month high on Tuesday as the Northern Territory gold, iron ore and copper explorer announced it has received a A$435 million ($457 million) takeover bid from the Meijin Energy Group of China.

Mining giant Rio Tinto Coal Australia has hit back at the Queensland government and its proposed hike on coal royalties with more job reductions.

Sierra Leone, the West African nation that holds some of the world's richest iron ore deposits, has been approved to receive a $6.9 million loan disbursement by the International Monetary Fund (IMF).

Prince Harry was out of harm’s way during the daring Taliban raid on a NATO base Friday last week, which killed two U.S. service members and destroyed six combat planes by the coalition forces, reports said.

Debt-saddled Fortescue Metals Group Ltd. on Tuesday said prices of iron ore will rebound in the near term to $120 a metric tonne.

Prince Harry was out of harm’s way during the daring Taliban raid on a NATO base Friday last week, which killed two U.S. service members and destroyed six combat planes by the coalition forces, reports said.

U.S. stocks snapped a four-day streak of gains as concerns about steel demand weighed on materials shares and a late selloff in crude oil dented the energy sector.

In what could be an apparent surrender to the prevailing price conditions of commodities in the global market today, resource-rich nation Australia on Tuesday had lowered its mineral and energy exports forecast for 2012/13.

Reserve Bank of Australia (RBA) governor Glenn Stevens remains in the good grace of key Labor and Coalition figures despite swirling allegations that he was a direct party in the attempted cover-up of reported corruption that plagued the central bank subsidiaries in 2009.

Bell FX Currency Outlook: The Australian Dollar has weakened overnight as the rally in equity and commodity markets associated with the US Fed's third round of quantitative easing last Thursday night lost strength.

The Muthoot group, India's 125-year-old non-banking financial giant, has launched a 'Muthoot Group Apps' for Apple and Andriod phones and tablets users that enables the consumers to purchase gold and silver coins.

Australia's mounting mining sector crisis escalates as another mining firm on Monday slashed jobs and suspended exploration plans in the face of the dropping prices of iron ore in the world market.