POLITICS & POLICY

Australia Stock Market Report - CLOSE - 08/11/2011

It was another interesting session on the Australian share market, as investors reacted to fresh sovereign debt worries out of Europe and a surprise rise in the local unemployment rate. The All Ordinaries Index (XAO) fell 1.5pct on open, outperforming near 5pct losses witnessed on Wall Street overnight.
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Harvey Norman Folds Up Clive Peeters, Rick Hart Brands

Electrical goods and furniture retailer Harvey Norman has started laying off employees as it moves to shutdown down under performing Clive Peeters and Rick Hart Stores. Up to 100 staff could be out of work due to the Harvey Norman restructure.

Australia Stock Market CLOSE- 08/10/2011

MARKET CLOSE (4.30pm AEST)Well after the strangest of days for the Australian market yesterday, shares locally improved strongly for the second consecutive day. The ASX 200 index (XJO) rose 2.6 pct or 106.5 pts to 4141.3 while the broader All Ordinaries index (XAO) jumped 2.7 pct or 110.7 pts to 4207.4. This takes the gains for the week to just under 1 pct so far.

Aussie Gov't Offers Financial Aid to Live Cattle Industry

As if lifting the suspension is not enough, the Australian Government has announced an extra $70 million in assistance for cattle raisers and other related businesses affected by the recent temporary suspension of live cattle to Indonesia.

New Resource Taxes Could Be Australia's Bane

In the wake of this week's share market meltdown, a new report from Ernst & Young reveals that the threat of higher taxes to be slapped on the the resources sector could weaken the Australian economy, which narrowly escaped the contagion of the financial crises two years ago.

Australia Stock Market - CLOSING - 08/09/2011

MARKET CLOSE (4.30pm AEST)The Australian sharemarket had a dramatic trading Tuesday as stocks staged an amazing comeback with the ASX 200 index (XJO) up 1.2 pct or 48.7 pts to 4034.8 while the broader All Ordinaries index (XAO) rose 1 pct or 40 pts to 4096.7.

Australia Stock Market - Midday Report - (08/09/2011)

MIDDAY REPORT (12.30pm AEST)The Australian sharemarket is currently trading at its lowest level since July 2009, with the All Ordinaries index (XAO) down 4.5 pct or 181.4 pts to 3875.3. The major U.S and European markets tumbled significantly overnight, leaving us with a negative lead too difficult to shrug off.

Australian Bankers Oppose Cap on ATM Fees

The Australian Bankers' Association (ABA) has criticized the planned initiative by the Greens Party to put a cap on ATM fees that can be charged by banks, which may result to pass on fees to customers if pursued by Parliament.

Australia Stock Market Report - CLOSING (08/08/2011)

AFTERNOON REPORT (5.20pm AEST)Stocks around the Asian region fell further into the red today as investors reacted to the decision by ratings agency Standard and Poor's to downgrade the long-term credit rating of the United States from AAA to AA+. Investors and traders remained on edge despite the Group of Seven industrial nations pledging a coordinated effort to ensure financial markets have enough liquidity.

Amnesty Intl Horrified on Australia-Malaysia Deal: It 'Punishes' Children

Human rights organisation Amnesty International welcomed the High Court's extension of the injunction stopping the deportation of the first group of asylum seekers to Malaysia. It said it was horrified that the Australian Government is continuing to try to make an example out of vulnerable people, including unaccompanied children.

Asia-Pacific Markets Report - (08/05/2011)

Across Asia, regional markets are getting hammered after the plunge that was seen in world markets overnight. Participants are becoming very fearful of a global economic slowdown, led by the likes of Europe and the US as they succumb to their enormously high debt levels. The Hang Seng is the worst performer, down 4.9% while the Nikkei 225, Kospi and Shanghai Composite are all down between 1.9% and 3.6%.

RBA: Australia's Growth Subdued; Inflation To Rise

In a more straightforward and realistic stance, Australia's central bank has slashed down its economic growth forecast for the country as the imminent play of global market forces turned for a more shaky turn during the week.

Australia's Construction Sector Still Weak

The national construction industry remained in the doldrums in July with further declines in activity, employment and new orders. The latest Australian Industry Group Australian Performance of Construction Index (Australian PCI®) in conjunction with the Housing Industry Association, rose just 0.3 points to 36.1. It was the 14th consecutive month of contraction for the sector (readings below 50 indicate a contraction in activity).

Australia Stock Market Report - Closing 08/04/2011

AFTERNOON REPORT (4.30pm AEST)The local share market came under more selling pressure today, falling to 13 month lows as investors fretted over the health of the global economy and as a fall in tourism arrivals showed our strong dollar is continuing to have a negative impact on parts of our economy. Key US jobs data due out tomorrow night also kept many out of the market, with institutional buyers not willing to commit until it's clear how many jobs the world's biggest economy added i...

President Barack Obama's Birthday Bash [PHOTOS]

The President of the United States of America had a star-studded birthday dinner at the Aragon Entertainment Centre in his hometown of Chicago on Wednesday night as celebrities serenaded him on his big day..

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