Spot gold grew on Tuesday, albeit marginally, in what could be seen as a festive carry over from Monday's positive improvements in the eurozone and China's easing of the reserve requirements ratio for itsbanks.
In a bid to avert experiencing the same fate of its fellow Asian neighbor, China's National Energy Administration (NEA) on Monday announced it has started a series of 13 research and development projects aimed to improve emergency response mechanisms in cases of "extreme disasters" related to nuclear power plants failure, state-run Xinhua news agency reported.
Imports of the chilled liquefied natural gas (LNG) by the world's third largest economy rose to a record high in January as Japan continues to veer away from nuclear power dependency, shutting down on Monday another clear reactor damaged as a result of the March 2011 earthquake and tsunami that hit the resource-poor country.
A new study suggested that coal and unconventional fuel sources will do more harm to earth's climate than oilsands.
Prime Minister Julia is scheduled to host a dinner date with three gay couples on Tuesday night, in which the small talks are expected to focus on the proposed same-sex union currently lodged at the Parliament.
The Department of Labor is now undergoing a public comment period up until the end of February concerning a new rule which tackles wage protections to two groups that are predominantly female: casual babysitters and companions for the elderly and infirmed.
Positive developments with the euro zone set to approve a second bailout for Greece as China slashed its banks' reserve requirements ration helped pave a generally good start for major commodities this week.
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.
Prime Minister John Key on Monday said the $6B figure related to proceeds of state-owned assets was to "our best estimates." The PM’s statement was a modification of how Finance Minister Bill English described the proceeds of state-owned assets sales.
Foreign Minister Kevin Rudd has been blamed for causing trouble within the Australian Labor Party, with one former ally strongly suggesting that the former Prime Minister should either shut up or move out.
The Prime Minister remembered the 70th anniversary of the bombing of Darwin, Darwin though his speech about this "dark" event.
The Australian stock market had opened flat this morning as momentum is yet to build up with the meeting among European leaders proceeding as of posting time.
The U.S. dollar fell to a near two-week low against the euro Monday on hopes European finance ministers would agree on conditions for another loan for Greece.
Bell FX Currency Outlook: The AUD is holding steady around USD1.0750 as investors wait for news out of Europe regarding Greece's EUR130bio bailout package.
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.
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.
Senior Labor leaders have called on Ms Gillard to resolve the ALP wrangling once and for all, and this can be done by booting out the man pinpointed as the main source of the party rift, Foreign Minister Kevin Rudd.
The Ringling Brothers and Barnum & Bailey Circus will be allowed to use bullhooks on elephants during its performances in Atlanta this week despite a countywide ban on the devices.
The Gillard Government recently announced that they are allotting AU$1 billion in funding for manufacturers in order to improve energy efficiency as well as in reducing pollution.
The Gillard Government is serious in ensuring that they are taking a stand against youth binge drinking.
Positive developments over the weekend are seen casting good leads for the Australian stock markets on Monday. China's decision to cut its reserve requirement ratio on Saturday, by 50 basis points, taking effect 24 February, will improve risk sentiments today and lift the bearish mood, analysts said.
Bell FX Currency Outlook: The Australian dollar has risen this morning to the high 1.0700's after China's weekend move to yet again lower the reserve
requirements it imposes on its banks.
From Morrison Securities Pty. Ltd:
The Dow Jones Industrial Average pushed higher for the second day after European leaders signaled progress toward an agreement on a second bailout for Greece. Both the Dow and Standard & Poor's 500 stock indexes made runs at multiyear milestones, but a late rally lost momentum ahead of the long, holiday weekend.
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.
Gold imports by China in the last quarter of 2011 have overtaken those by India, recognized top global importer of the precious safe haven yellow metal, during the same quarter, and it is most possible that China will snatch that title from its neighbor and fellow Asian emerging economic leader this 2012.
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.
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.
A proposal on how to address five remaining sets of preconditions is holding up the temporary operating license earlier approved by the Atomic Energy Licensing Board of Malaysia for Australian miner Lynas Corp.
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...
