Vittorio Hernandez

To level the playing field between bricks and mortar store operators in Australia and overseas-based online shops, New South Wales Treasurer Mike Baird is proposing a large reduction in the floor price for general sales tax (GST) exemption for items bought overseas from online retailers.

Prime Minister Julia Gillard cut short her participation in the Asia-Pacific Economic Co-operation (APEC) leader's summit in Vladisvostok, Russia due to the death of her father, John Gillard, on Saturday.

The Australian sharemarket improved for the third time this week, with the All Ordinaries Index (XAO) rising by 0.4 pct or 17.2 pts to 4348.8. The gains over the last few days have helped the local market break a two week losing streak.

Local stocks are moving higher for a second consecutive session in early trade, on the back of positive offshore moves after the European Central Bank announced plans to tackle the Eurozone crisis head on. The ECB agreed to launch a new bond buying program, designed to restrain borrowing costs for embattled nations. The move saw investors willing to take on more risk overnight, sending European shares higher and Wall Street finish at a four year high. At lunchtime in the East, the All Ordinaries...

The three-week strike that has stopped construction activities at different Grollo sites has just ended. The Construction, Forestry, Mining and Energy Union (CFMEU) lifted its blockade at the Myer Emporium job site, prompting Grocon Chief Executive Daniel Grollo to agree to resume negotiations with the union.

A report commissioned by Tasmania's Labor-Green government valued the state's forest at almost $3 billion in carbon cash based on its wilderness' ability to store 4.4 billion tonnes of carbon.

Bank customers scored a major victory on Thursday after the High Court overturned a Federal Court decision and ruled that bank fees they questioned in a class action suit could be considered penalties.

A report released Friday by Insolvency and Trustee Service Australia pointed to single males in the age bracket 40 to 44 as those at the highest risk of declaring bankruptcy.

Gina Rinehart has several titles only she could claim such as Australia's richest person and the world's wealthiest woman. However, her recent comments about Australian minimum wage earners and YouTube remarks on the country's global competitiveness earned her a new title - Queen of Mean.

The Australian sharemarket improved for the second time this week, with the All Ordinaries Index (XAO) jumping by 0.8 pct or 33.9 pts to 4331.6. Healthcare stocks lost modest ground while all other sectors ended the day higher. The consumer discretionary, mining and energy sectors were the best performers.

Suggestions from the Australian Christian Lobby (ACL) that a gay lifestyle is more hazardous than smoking caused Prime Minister Julia Gillard on Thursday to pull out from addressing the lobby's national conference in October.

Local stocks are rising in early trade, with investors seemingly more willing to take on risk ahead of tonight's European Central Bank meeting in Brussels. A fall in the unemployment rate to 5.1pct is also helping sentiment. At 12.15pm AEST, the All Ords is up 37.9pts or 0.9pct to 4335.6.

Consumer advocate Choice is pushing for better country of original labelling after a review found that the two supermarket giants in Australia have less locally made products on its shelves.

The Australian dollar still remains under pressure, trading under 1.0200 as iron ore prices continue to weaken.

A swordfish impaled the leg of a 20-year-old fisherman off the Queensland coast on Wednesday. The victim caught the fish and was hauling his catch into his boat about 190 nautical miles off the Southport Seaway.

The Australian Capital Territory announced on Wednesday the construction of the country's largest solar power plant. Fotowatio Renewable Ventures (FRV) will build and operate a 20-megawatt facility in a 50-hectare solar farm in Tuggeranong.

Risk assets were mixed through Europe and US trade ahead of the ECB press conference later today. The euro spiked on reports that the ECB will undertake an unlimited and sterilised buying of sovereign debt with maturities of up to three years, but would refrain from setting yield caps. EUR/USD advanced to a high of 1.2625 and remains sidelined above 1.26.

A day after he was accused by Treasurer Wayne Swan of being the loyal servant and paymaster of Australia's richest woman, Gina Rinehart, Coalition leader Tony Abbott kept his distance from the controversial wage ideas of the mining tycoon.

The US Redbook weekly chain store sales index was up 2.5pct on a year ago, ahead of the 1.5pct annual gain in the previous week. US productivity grew at a 2.2pct annual pace in the June quarter while labour costs rose at a 1.5pct annual rate.

Local stocks closed in the red for a second consecutive session today, with losses generally broad-based. Disappointing US manufacturing data released overnight weighed on global sentiment, while the upcoming European Central Bank meeting has also added an air of caution; giving investors in Europe a reason to sell. The All Ordinaries Index (XAO) closed down 27.9pts or 0.6pct to 4297.7 after hitting an intra-day low of 4281.5.

A report released Wednesday by carbon analysts RepuTex estimates savings of $2.5 billion for Australian polluters with the two new policies regarding the carbon tax announced last week by the Gillard government.

The Australian sharemarket is losing ground for the second time this week and for the sixth time in eight sessions. Global markets ended in the red, with particular weakness flowing through to European equities (shares). Shares in Germany dropped by 1.2 pct and Moody's, one of the big three ratings agencies put the European Union's Aaa credit rating on negative watch. The All Ordinaries Index (XAO) is down 0.9 pct or 41 pts to 4284.6.

The stand-off between builder Grocon and the Construction, Forestry, Mining, and Energy Union (CFMEU) entered its third week on Wednesday with the protest of construction workers spreading to two more sites.

While the Reserve Bank of Australia (RBA) had retained on Tuesday the current 3.5 per cent overnight cash rate for the third consecutive month, the central bank at the same time signaled it is ready to cut rates in October.

Pakistan accepted on Tuesday night 22,000 Australian sheep stranded at sea for two weeks after Bahrain rejected the shipment over fears the animals are sick of orf or scabby mouth disease.

Gina Rinehart, Australia's richest person, refuses to be muzzled even if her controversial comments generate debate in the country. After her hit column in a mining industry magazine which came out last week, Ms Rinehart used on Wednesday popular video sharing site YouTube to air her thoughts once more on national issues.

The Australian sharemarket lost ground for the first time this week and for the fifth time in seven sessions today. Global markets were subdued last night due to the closure of U.S markets for Labor Day. In fact, it was one of the least eventful sessions in Europe since December last year. The U.K's FTSE index rose 0.82 pct, Germany's DAX edged higher by 0.6 pct and France's CAC40 gained by 1.19 pct. Locally, the All Ordinaries Index (XAO) slid by 0.6 pct or 26 pts to 4325.6.

The Reserve Bank of Australia (RBA) retained the current overnight cash rate of 3.5 per cent on Tuesday. The central bank's decision did not surprise the banking community which had anticipated the unchanged rate.

The local share market is slightly lower mid-session, with no clear direction for investors after US markets were closed overnight for the Labor Day holiday. Base metals prices however rallied in London trade as weak Chinese and European manufacturing data prompted hopes that central banks across the globe will take action to boost economic growth. At lunchtime in the East, the All Ordinaries Index (XAO) is down 16.1pts or 0.4pct to 4355.5.