POLITICS & POLICY

Mortgage applications filed and processed in Australia went up dramatically in November, according to mortgage broking firm, the Australian Finance Group (AFG) . AFG has registered an 18.4% increase in mortgages processed in November worth an estimated $2.9 billion.

Federal Treasurer Wayne Swan has filled up the upcoming board vacancies in the Reserve Bank of Australia (RBA), naming personalities that experts said know their way on the ins and outs of the financial world.

Global frenzy for gold, considered by many as a safe haven to guard one's personal fiscal health, still has a long way to go.

The Reserve Bank of Australia has decided to slash rates further, pegging the country's benchmark rates to 4.25 percent.

The legal counsels of parties arrested during Occupy Sydney demonstrations are elevating the charges to the High Court for an ultimate ruling.

India, still hot from winning a successful bid to develop the 1.8-billion ton Hajigak iron-ore reserves in Afghanistan in November, is poised yet again to make a business proposition, this time, to develop the country's Aynak copper deposits.

Liberal MP Malcolm Turnbull asked Opposition leader Tony Abbott to allow coalition MPs to vote according to their conscience on the same-sex marriage bill. Mr Abbott has not ruled out a conscience vote, but said he will come out with a decision when he reads the legislation.

Overnight US market closed higher after a mid-session glitch that saw the index slide over 50points on the news that the Financial Times, out of London, had reported the rating agency Standard's & Poor's was likely to cut 6 key European nations AAA credit ratings. After the initial shock the market turned higher. Dow Jones Index and NASDAQ both ended stronger.

The Australian Competition and Consumer Commission (ACCC) had conceded defeat in the $215-million Metcash purchase of Franklins Supermarkets. After a prolonged legal battle, a Federal Court judge ruled last week in favour of Metcash despite opposition by the competition regulator.

Peruvian President Ollanta Humala has placed four northern highland provinces under a state of emergency to stop violent protests against a U.S. mining firm that injured dozens of people and forced an airport to shut down.

When the March 2011 earthquake struck Japan and ruined its Fukushima nuclear power plants, not only did it make a global impact on the use and safety of nuclear power plants and accompanying environmental and health hazards, it also altered world market dynamics in the supplies and prices of liquefied natural gas (LNG). And as nations grow more increasingly alarmed and concerned over the planet's rising changing global weather patterns, it is not surprising that many will venture into the us....

Federal Court Justice Michelle Gordon, in a landmark decision on Monday, ruled that late payment fees on credit card charged by the ANZ Bank are considered penalties and is a breach of contract on the part of the customer.

Australian indicators point to a stable economy yet the pressures emitted from Europe may convince the Reserve Bank of Australia (RBA) to implement another rate reduction when its board reconvenes today.

Standard & Poor's placed 15 euro nations on review for a possible downgrade of their credit rating. Included in the review are Germany, France, Austria, Belgium, Finland, the Netherlands and Luxembourg which all have AAA credit ratings, but could be cut by one notch.

Bell FX Currency Outlook: The AUD is slightly stronger this morning after news filtered out of Europe that plans for a new treaty and fiscal rules in the region has been agreed upon.

From Craig James, Commsec Chief EconomistMORNING REPORT (8.00am AEDT) The US ISM services index fell from 52.9 to 52.0 in November - the lowest level in almost two years (January 2010). While new orders rose, the employment reading fell. Any reading above 50 indicates expansion of the services sector. Meanwhile US factory orders fell 0.4pct in October, in line with forecasts.

The NSW government is being primed to help rescue the Murray-Darling Basin, but the Office of Water has set out plans to cut jobs. The NSW Office of Water has called for voluntary redundancies in Parramatta, Penrith, the city and Wolli Creek, reports the Sydney Morning Herald.

A new study by the International Energy Agency predicts that solar energy from solar photovoltaics, concentrating solar power and solar hot water will account for one-third of overall global energy consumption by 2060.

The Australian sharemarket managed to extend its gains in the second half of the day with the All Ordinaries index (XAO) rising 0.8 pct or 33.2 pts to 4379.5. This makes it the sixth straight day the market has improved adding to the 7 pct gains posted last week.

On Saturday, Dec. 3, the 2011 Miss Earth pageant was held at the U.P. Theatre located in Diliman Quezon City. It was Miss Ecuador, Olga Alva, who shone the most and bagged the major prize

The world's largest consumer of energy, China, is poised to spend $473.1 billion on clean energy investments in the next five years.

Global consumers and manufacturers dependent on rare earth metals (REM) for their products better brace themselves for a further supply crunch as China, the world's foremost supplier of the precious REM, will cut down overall production output to just about 70 percent by 2015.

Tax cheating convictions for the September quarter went up 20 per cent as the Australian Taxation Office (ATO) stepped up its campaign to run after residents who cheat on their income tax returns.

Iran claimed Sunday that it has "captured" a spy drone belonging to the U.S., as the U.S.-led International Security Assistance Force in Afghanistan admitted that one of its reconnaissance aircraft went missing last week.

Despite the tax authorities' high-profile campaign against tax evasion, the country has recorded a 20 percent spike on tax offenses, according to the latest report issued by the Australian Taxation Office (ATO).

The gloomy scenario of the world's rare earth metals (REM) industry, compounded by a shrinking supply and expensive market prices, have pushed consumers to scout alternative materials to aid their respective manufacturing activities that mostly rely on the precious REM.

Australia's Labor government will increase the yearly intake of refugees to 20,000 from 13,750. However, the almost 50 per cent hike would be based on the condition that the refugees are processed offshore.

Aggressive behavior being displayed by labor unions could soon hurt the overall economic situation in Western Australia, according to Rio Tinto chief executive Tom Albanese.

The Australian sharemarket is kicking off the new trading week a touch higher with the All Ordinaries index (XAO) up 0.5 pct or 23 pts to 4369.3. All sectors are higher with the exception of the utilities which are a touch lower at lunch.