POLITICS & POLICY

Police investigators are looking into claims that the popular BlackBerry Messenger had a role in the riots that have besieged London for three days.

Two of Australia’s major banks, Commonwealth Bank and Westpac have joined the growing number of lenders cutting home loan interest rates. Will the other big lenders follow?

David Cameron is flying back from Italy to chair an emergency meeting in Downing Street after riots in London continued unabated in its third day.

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.

Australia's two large banks, the Commonwealth Bank (CBA) and Westpac (WBC), have cut back its fixed home loan rates without waiting any further for the central bank's next move.

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.

Echoing a move made by other government agencies as of late, the FBI on Monday debuted its first in-house mobile application called Child ID.

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.

The Australian share market staggered deep Monday, breaching the safe range of 4000 as investors opted to sell and in spite assurances that the Asia-Pacific markets are yet to feel the immediate impact on its sovereign ratings.

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.

The number of job advertisements published on Australia's newspapers and online fell 0.7 percent in July seasonally adjusted terms compared with June.

Zooey Deschanel, Paula Abdul, and many more gathered for the exclusive Fox All-Star Party in Pacific Palisades on August 8.

Some of Hollywood's famous Latino faces gathered for the Starlite Charity in Gala in the picturesque city of Benhavis, near Marbella Spain.

Some of today's most important actors and entertainers gathered for the annual Hollywood Foreign Press Association installation luncheon in Beverly Hills.

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%.

Construction group Leighton Holdings (ASX: LEI) has warned that more workers will be killed on building sites if the government does not make an overhaul of occupational health and safety laws.

Australian smokers will be forced to patronise cheap cigars from China and Indonesia if the federal government would not allow deadline extension of the plain packaging measures for tobacco products in the country, which takes effect on July next year.

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.

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).

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...

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..

NSW households wanting to cut down on their electricity bills using solar will be left in limbo for almost a year according to documents released today.

Australia has earned the new title "Next Golden State" for all the right reasons. However, is the mining sector boom benefiting all or just a few?

Madeline Pulver, who spent 10 hours trapped with a bomb chained to her neck is well and in good spirits but she is "tired and sore," said her father, William.

The Senate has passed the executive remuneration reforms, and ready or not public companies are now subject to new rules.

The Australian Pesticides and Veterinary Medicine Authority (APVMA) is revising labelling requirements for agricultural and veterinary (agvet) chemicals.

A security firm has discovered the largest series of cyber attacks to date with a single server hacking more than 70 corporations and government organizations including the United Nations.

Australia's services sectors offering accommodation, cafes & restaurants, transport & storage, property & business and personal & recreational service have recorded gains in July, according to the latest services index survey from the Australia Industry Group in collaboration with the Commonwealth Bank.

Zimbabwe needs an extra $73 million (44.8 million pounds) in humanitarian aid this year, mainly due to increased food needs for vulnerable groups despite improvements in the agriculture sector, United Nations agencies said on Tuesday.