POLITICS & POLICY

Swan: Australia to press ahead with resource tax

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 and National Bank of Australia extend deal

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.

Bernanke calls for close cooperation among G20 nations

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.

Ad campaigns for RSPT prepared ahead for weeks

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.
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SA pushes for tobacco ban in 2012

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.

ACCC grants postage stamp cost hike

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.

Australia files suit against Japanese whaling

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.

Rudd to use emergency power to force mine tax issue

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.

OPES Prime director faces further charges

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.

Economists believe RBA will opt for a pause in June

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.

Report says China is re-evaluating Eurozone debt stakes amidst the euro crisis

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.

Greenhouse emissions down in 2009, thanks to the financial crisis

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.

UN upgrades world economic prospects for 2010-2011, sees uneven global recovery

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.

US calls for worldwide transparency on measures for combating climate change

The US climate change representative said Wednesday that all countries must adopt transparency and accept external reviews of their greenhouse emissions, leaving note that global cooperation is very important to ensure that the worldwide campaign for carbon intensity reduction is heading to the right direction.

ABS says net immigration level to Australia will drop this year

Citing changes in federal government policies and uncertain economic conditions, figures furnished by the Australian Bureau of Statistics (ABS) on Wednesday showed that net overseas migration (NOM) to the country reached 305,900 in the past 12 months leading to end of March 2009, and should slide down by end of the year.

ASIC releases information on ‘frozen funds’

Corporate watchdog Australian Securities & Investments Commission (ASIC) published information to better inform investors in 'frozen funds' about their rights in relation to the freezing of funds and to confirm which entities have received relief to assist in the redemption of funds.

Former director accused of insider trading

Dr Jeffery James Bateson, a former director of WHL Energy Ltd (WHL), has appeared in Sydney's Downing Centre Local Court on insider trading charges brought by Australian Securities & Investments Commission (ASIC).

Probe starts over Man Group’s GLG Partners acquisition

Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed acquisition of GLG Partners, Inc. by Man Group plc through two concurrent transactions: a cash merger under a merger agreement entered into among GLG, Man Group and a Man Group merger subsidiary; and a share exchange under an agreement entered into among Noam Gottesman, Pierre Lagrange and Emmanuel Roman, together with their related trusts and affiliated entities and two limit...

US Senate passes Obama-sponsored bill to reform Wall Street

The US Senate, voting by 59-39, has approved on Thursday a comprehensive reform bill poised to overhaul financial industry regulations amidst calls from many legislators and economic analysts to check the excesses of Wall Street, which are blamed by many as the biggest contributing factor in the 2008 global financial crisis.

Australia wants green business opportunities at Shanghai Expo

The Australian government has formalized its intention to expand trade opportunities with Chinese companies, particularly in the area of low-carbon investments. Australian Trade Minister Simon Crean made the statement at the launching ceremony of Australian Unlimited, a national image promoting event, in Shanghai.

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