POLITICS & POLICY

A communiqué draft released by the Group of 20 economic world powers yesterday has cautioned that the ongoing global recovery is still fragile as showcased by recent volatility in the financial markets.

Encouraged by positive indicators coming from the US market and other major worldwide markets, oil prices surged yesterday with New York’s light sweet crude delivery for July hitting $US73.28 per barrel and London’s Brent North Sea steadying at $US74.18 per barrel.

Cape Grim is a cold, windy and isolated place located at the end north west of Tasmania. It is home to some of the cleanest air on the planet and is considered the most significant air measuring station in the southern hemisphere.

Tata Motors of India has announced on Wednesday that the world’s cheapest car, the Nano, would again started rolling out from its new western India plant following the company’s forced desertion of its near-completed factory in Singur, West Bengal which was marred by violent land ownership dispute in 2008.

The movie "Australia" featuring local talents Nicole Kidman and Hugh Jackman may have a failure in the box office, but it sure does help tourism in Australia very interesting to travelers.

The Reserve Bank of Australia (RBA) announced on Tuesday it keep key interest rates 4.5 percent, but analysts said the central bank may resume the most aggressive series of rate increases in the Group of 20 in the third quarter.

The Australia Securities and Investments Commission (ASIC) has resumed proceedings in the Federal Court of Australia against two companies engaged in finance broking.

An independent corruption watchdog report said Wednesday that an ex-officer of the NSW Housing Department should be indicted following its findings that he failed to disclose conflict of interests in work contracts that are worth millions of dollars.

The Japanese government on Tuesday described as "regrettable" Australia's decision to file charges against Tokyo before the International Court of Justice (ICJ) regarding its whaling practices.

Bad news for miners. The government of Australia reiterated its position on Tuesday it will press ahead with the planned controversial resource tax without making significant concessions to the mining sector, Treasurer Wayne Swan said.

AXA Asia Pacific Holdings Limited (AXA APH) and National Australia Bank Limited (NAB) have agreed to extend until July 15, 2010 end of day the agreement relating to the proposed transaction whereby NAB will acquire 100% of AXA APH, retain the Australian and New Zealand businesses of AXA APH and sell to AXA 100% of the Asian businesses of AXA APH.

US Federal Reserve Chairman Ben Bernanke urged on Monday members of the Group of 20 world powers to closely coordinate financial reforms in its aim to strengthen the global economy as he leaves note that governments’ international cooperation is a must in overhauling market rules following the global financial crisis.

Cabinet documents revealed on Tuesday that the Federal Government has been planning an advertising campaign for weeks to promote the new tax laws before it declared the controversial new mining super profits tax.

South Korea, China and Japan have stepped up calls for further free-trade talks that could lead to the creation of a unified economic bloc as South Korean President Lee Myung-Bak hosted a three-way summit with Chinese Premier Wen Jiabao and Japanese Prime Minister Yukio Hatoyama.

Following some pick ups early this year, luxury may be back in style as consultancy firm Bain & Company said Sunday that the luxury goods industry sales in 2010 would grow by four percent to 158 billion Euros or $A229.78 billion with much of the sales spikes to be seen within the first half of the year.

A Federal Labor candidate on Monday is hopeful that the proposed resources super profit tax may be amended or revised.

Documents obtained by a local media revealed that Reserve Bank governor Glenn Stevens has pitched in to lobby for Indonesia's central bank to obtain a banknote printing contract brokered by a Jakarta middleman.

Australian smokers may be forced to quit smoking once a ban on tobacco advertising and products will be pushed through in South Australia from 2012.

The Federal Government's proposed resource super profit tax became another controversy for British investors as they worry that other governments around the world might follow and implement their own tax.

The Australian Competition and Consumer Commission (ACCC) has approved the proposal of Australia Post to charge basic stamp from 55 to 60 cents citing the need for the government-owned company to raise more revenues amidst declining usage of the traditional snail mail.

The Australian government said on Friday it would file formal charges against Japan before the International Court of Justice (ICJ) over Tokyo's continued hunting activities that kills hundreds of whales a year in the name of scientific research.

The Rudd administration is ramming the controversial proposed 40% resource tax on the throat of the mining industry, and announced it would use emergency powers to launch a massive advertising campaign to promote the program.

Japan’s economic woes continues piling up as reports released on Friday spoke of rising unemployment in three straight month leading to April, plunging consumer prices index and declining household spending.

Laurie (Lirim) Emini, a director of Opes Prime Stockbroking Limited (OPSL) has been charged with further offences arising from the investigation by the Australian Securities and Investment Commission (ASIC) into the company's collapse.

A survey by the Australian Associated Press showed that most economist are holding on the belief that the Reserve Bank of Australia (RBA) will give borrowers a breathing room this June and opt for a pause in raising the cash rate as the eurozone debt crisis continues and China’s searing economy raises a lot of questions.

Apple contractor Foxconn has started instituting precautionary and even bizarre measures to protect its workers and business in the aftermath of reported nine suicides this year at the company’s giant facility in southern China.

Beijing has suddenly become hesitant in buying more Euro reserves and is reportedly set to re-evaluate its holdings of eurozone debt amidst the worsening sovereign debt crisis in Europe as representatives of China’s State Administration of Foreign Exchange (SAFE) met with foreign bankers based in the Chinese capital to shed light on the issue.

It may not be something to celebrate about but thanks to the financial crisis, Australia’s greenhouse emissions has dropped by 2.4 percent last year though conservationists weren’t too happy at all at the prospect of a rebounding economy, which should mean that those unwanted gasses should spew out again and only the sky is the limit.

A new United Nations (UN) report published on Wednesday said that the world economy is poised to recover from last year’s crunch with up to three percent growth this year and 3.2 percent improvement by next year, while warning at the same time that only a solid recovery could recoup job losses and fill the production backlog created by the deep recession.