Overall outlook for iron ore consumption and trade continues to look bright even as Chinese demand for the raw commodity may wither in the next years.
A closer cooperation on infrastructure projects between Australia and China is expected to emerge from the newly-signed deal that governments of the two nations hope would further strengthen their trade relations despite the tensions that recently arose.
Developing economy India has forged a memorandum of understanding (MoU) with Afghanistan which outlines a cooperation for the development of the war-torn country's iron and steel sector.
Internship arrangements have reportedly been abused by many employers that the Fair Work Ombudsman has been prodded to look deeper into allegations that companies have been using the set-up to enjoy 'free services' from hapless workers.
Bell FX Currency Outlook: The AUD is lower this morning due to a drop in sentiment offshore, brought on by worries about Spain's economy and Friday's weak US non-farm payrolls data.
In US trade, markets declined in a decidedly risk-off session. A sharp rise in Spanish and other peripheral European sovereign debt yields dented investor confidence. The inability of Spain's fiscal austerity measures to alleviate the pressure in the bond market is worrisome, as Economy Minister Luis de Guindos declined to rule out a rescue for the country, and Bank of Spain Governor Mr Ordonez said Spanish lenders may require additional capital if the economy weakens more than expected.
US wholesale inventories rose by 0.9pct to $478.9 billion in February. The surge in inventories was largely driven by a rise in petroleum inventories which gained 3.9pct - the biggest increase in a year. US ICSC chain store sales rose by 4.1pct last week compared with a year ago. Same store sales are expected to rise between 3-4pct in April.
Less than three months before the Gillard government starts to collect the carbon tax on July 1, the measure continues to generate criticism from various sectors of Australian society. A tax expert questioned the carbon tax's constitutionality on Tuesday and charities warned on Wednesday of its impact on the services it provides poor people.
The Australian share market opened 30 points lower after the Easter break. Last Thursday, the 5th of April, the market ended slightly lower with the All Ordinaries Index (XAO) down 0.4 pct to 4,402. Over the Easter holiday break U.S. non-farm payroll numbers, key monthly job data, came in weaker than expected and concerns about inflation in China saw Asian and U.S. markets fall and today our market has followed their lead.
Prime Minister Julia Gillard has adopted a hands-off policy in dealing with the Craig Thomson affair, insisting that the matter should be resolved by following the due course of the law.
A new estimate by an independent mining-industry consulting firm has elevated the proven and probable rare earths reserves at the Mountain Pass, California rare earths mine of American miner Molycorp Inc. to as much as 36 per cent.
Bell FX Currency Outlook: The AUD is unchanged after the Easter break despite some weaker than expected US payrolls data which was released during Friday's offshore trading session.
Australians will have to pay more on home bills once the carbon tax takes effect in July this year but the federal government said these additional expenses will be erased by considerable rebates under the tax program.
Bringing back the budget to surplus by next year is imperative for the Australian economy despite claims that deep spending cuts could hamper economic growth.
Keeping out China from Australia's multi-billion national broadband network (NBN) telecommunication build up was unjust, especially if the decision was based on mere suspicions.
The Australian sharemarket ended a little lower for the third time this week with the All Ordinaries Index (XAO) down 0.4 pct or 16.6 pts to 4402.3. Our miners have struggled this week, with BHP Billiton (BHP) down 0.86 pct or 30 cents to $34.44 while Rio Tinto (RIO) dropped 1.66 pct or $1.10 to $65.29 today.
China needs to roll out important banking reforms that Chinese Prime Minister Wen Jiabao said would hopefully rectify flaws in the distribution of much-required private capitals.
The Senate may finally have a deeper look on the probe that Fair Work Australia (FWA) has conducted on the alleged questionable practices of Health Services Union (HSU) officials following strong prodding from legislators.
ANZ Bank Chief Executive Philip Chronican said on Thursday that the bank would continue its rate setting policy independent of the Reserve Bank of Australia (RBA) decisions even if bank customers have expressed dissatisfaction with the lender.
Bell FX Currency Outlook: The Australian dollar fell to a 3 month low against the USD overnight as investors once again sold out of higher yielding assets.
The productivity commissions of Australia and New Zealand are asking for public comment on a proposal to have a single currency for the two Oceania nations.
Stocks fell as the S&P 500 notched its second-biggest decline of the year, joining a global stock selloff after a disappointing Spanish bond auction. The Dow Jones Industrial Average declined for a second-straight session Wednesday, sliding 124.80 points, or 1%, to 13074.75.
MORNING REPORT
(7am AEST)The ADP employment report confirmed another substantial gain in private sector jobs of 209k in March. The February reading was revised up to 230k. The ISM non-manufacturing report eased from 57.3 to 56.0 in March. The business activity index slipped from 61.2 to 58.9, with the new orders index also falling from 61.2 to 58.8.
The federal government of Australia is axing hundreds of jobs in various departments to meet its promise to deliver a $1.5-billion budget surplus in 2012-13. The layoffs and redundancies are part of the spending cut announced by Treasurer Wayne Swan last week.
The Australian sharemarket had an uninspiring session today, with the All Ordinaries Index (XAO) down 0.1 pct or 5.5 pts to 4418.9. Shares were down by as much as 0.5 pct at one point following some worse than expected economic data out at 11.30am (AEST). As the day wore on shares steadily wiped away those early losses.
China is dead serious in embracing free trade - the core element of capitalism - more so with the United States even as the two nations have yet to formally settle their trade disputes.
New Zealand Prime Minister John Key has said the death of a 26-year-old soldier outside of combat in Afghanistan, which “does not appear to involve the actions of another party" was "a very tragic circumstance.''
Prime Minister Julia Gillard will not support any moves to legalise illicit drug trade despite the strong support thrown behind the idea by one of her key cabinet ministers.
Gold imports by the world's leading buyer of the precious safe haven yellow metal fell more than 55 per cent in the first quarter of 2012, marred by the ongoing nationwide strike of gold bullion traders and jewelers protesting India's proposed hike in import duty on gold bars, coins and platinum.
The first phase of construction works on the Lynas Advanced Materials Plant (LAMP) in Malaysia is nearly completed, with just the temporary operating license (TOL) left as the final fuel to totally ignite the rare earths plant into full operation.
