Vittorio Hernandez

Mining giant Rio Tinto (ASX: RIO) announced on Wednesday that it will push through with its $15-billion expansion plans despite a 22 per cent dip in its half-year profit and weak commodity prices.

Local stocks closed higher for the third consecutive session today, boosted by hopes the European Central Bank will soon engage in government bond buying, delivering stimulus to the global economy. European shares rose to fresh four month highs overnight, while US shares also rose in thin trade. By close on the Australian share market, the broader All Ordinaries Index (XAO) had risen by 21.5pts or 0.5pct to 4332.9.

While Australian mining firms and the political Opposition have been crapping about the mining tax, Barrick Gold Corporation backed the Gillard government's mineral resources rent tax (MRRT) and carbon tax.

Overnight European and the US markets continued to mount solid gains as expectations increase over new central bank intervention in the markets. Concerns over global oil supply pushed oil prices higher and US banking stocks lifted. Shares in UK banking group Standard Chartered fell over 23% after New York banking regulators accused Standard of helping Iran avoid sanctions by concealing US$250 billion worth of transactions over the last 10 years. Standard management said the allegations were inco...

Queensland nurses protested on Wednesday in a rally at Brisbane the changes to the state's health services which they said could be fatal to patients.

Besides the carbon tax and Australian states, another scapegoat - or scapedog - was blamed for the rise in electricity bills of some homeowners. Ergon Energy is blaming pet dogs for failure of the utility firm's employees to read some electric meters.

The Australian dollar closed Tuesday at 105.76 US cents from 106.60 on Monday. It is a four-month high which analysts attributed to the decision of the Reserve Bank of Australia's (RBA) to retain the overnight cash rate at 3.5 per cent.

Despite the absence of a typhoon, monsoon rains which dumped 300 millimetres (12 inches) of rain in the Philippine national capital region (NCR) caused half of Metro Manila to be flooded. The amount is thrice the daily average of 80 to 100 mm of rain, the Philippine weather bureau said.

Local stocks hit a fresh three month high today as a further stabilisation of the European debt crisis supported resource and financial stocks. Trading volumes remained thin however, on the back of yesterday's Bank Holiday in NSW and the ACT, and with many traders attending the annual Diggers & Dealers mining conference in Western Australia. The All Ordinaries Index (XAO) rose by 18.5pts or 0.4pct to finish the day's trade at 4311.4.

Despite the lack of a storm signal, torrential rains since Monday flooded parts of the Philippines, especially the national capital region (NCR). Hard hit by the heavy rains is Metro Manila where some parts are several metres deep in flood water.

On Monday the Australian share market kick started the trading week on a positive note with the All Ordinaries Index (XAO) is up 49.7points, finishing at a new 12 week high.

Prime Minister Julia Gillard sought on Tuesday an overhaul of Australia's electricity supply market amid observations of the swift rise in power prices which states and the Opposition blame on the one-month old carbon tax.

Retailer Harvey Norman warned on Monday of a 40 per cent decline in the company's profit due to hefty discounts. The firm estimated pre-tax profit for the year to June at $227 million, down from the previous financial year's $373 million.

Gina Rinehart, Australia's richest woman, has not given up her bid to gain a seat in Fairfax Media's board despite being rejected by the company. This time she has used a different tactic to gain a board seat by writing directly to retail investors.

Silver Lake Resources will purchase for $426 million another Western Australia gold miner, Integra Mining, in the process creating one of the country's largest producer of the yellow metal.

The failure by the timber industry and environmental groups to reach an agreement on Monday would result in the Tasmanian government stepping in to resolve the impasse. The battle over the largest temperate rainforest in the region has extended to mining in the Tarkine wilderness.

Local stocks had a strong start to the trading week, albeit on very low volumes as many traders took advantage of the NSW/ACT Bank Holiday. Positive jobs numbers out of the US helped boost sentiment while many also bought into stocks ahead of the upcoming reporting season, which starts tomorrow. The All Ordinaries Index (XAO) added 49.9pts or 1.2pct by close to finish at a level of 4292.9.

The Liberals in Canberra promised to repeal the Australian Capital Territory (ACT) ban on free plastic bags if they grab the territory's political leadership after the October ACT polls. The position is a U-turn from the previous stand taken by the Libs in 2004.

The Australian Capital Territories (ACT) government said on Monday that it is monitoring the situation in Tasmania after the territory's Legislative Assembly prepares a draft law to recognise same-sex marriage.

Economists forecast lesser chances of another overnight cash rate cut by the Reserve Bank of Australia (RBA) when it sits down on Tuesday for its regular monetary board policy rate meeting.

The Australian share market has kick started the trading week on a positive note, thanks to strong jobs numbers out of the US on Friday. 163,000 jobs were created in the US economy in July, above expectations. The jobs numbers saw European shares hit a four month high on Friday night, while US stocks were also propelled. Locally, the All Ordinaries Index (XAO) is up 49.7pts or 1.2pct at lunchtime in the East to 4292.7pts.

An Ecuadorian court ordered on Sunday oil and gas giant Chevron to pay $19 billion fine for polluting the Amazon province of Sucumbios. Court Attorney Juan Pablo Saenz warned Chevron of oil embargoes if Chevron would not comply with the court fine.

The $3.15 billion writedowns in BHP Billiton's (ASX: BHP) shale gas and nickel operations which caused the firm's chief executive to forego his bonus may not be the last for the mining giant.

Disappointment was the theme of the trading day, after European Central Bank chief Mario Draghi last night missed his opportunity to become Super Mario. Despite bold commentary late last week, the ECB took no firm action to inject more stimulus into the global economy. The ECB instead left its refi rate unchanged at 0.75pct, with the Bank of England also leaving rates on hold at 0.5pct. The disappointment caused US and European investors to sell out of equities last night and the same occurred h...

Visa had rolled out a transaction card and identification document for British children. Called VisaCitizenCard, the plastic money allows the loading of money in a prepaid card for use in daily transactions.

The Australian sharemarket is losing ground for the second time this week. The All Ordinaries Index (XAO) is down 1 pct or 42 pts to 4248.1. No sectors are escaping the selling, with the miners by far the biggest drag on trade.

The Angry Birds are targeting not just pig's lairs, but also public investors. Rovio, the Finnish market of the most downloaded mobile app in the world, announced plans to go public in late 2013.

Just as technology has almost wiped out the use of typewriters, pagers and the snail mail, another tradition may be bound to history books due to technological innovations.

The administrator of candy retailer Darrell Lea said on Thursday that it will shutter 32 out of 66 outlets which are losing money. The move would cause about 200 store workers to lose their jobs.