Expert Tells Queensland Committee CSG Not Damaging to Aquifers
It's the word of an expert from the Department of State Development, Infrastructure and Planning versus residents on whether coal seam gas (CSG) would damage the environment or not.
Mea Culpa: Former Prostitute Denies Craig Thomson was a Client
Nine Network's A Current Affair TV show was spared the embarrassment as well as paying a former prostitute $60,000 for a controversial interview which it did not air the last minute. The ex-sex trade worker initially claimed that embattled MP Craig Thomson was her client which could have provided evidence to the Fair Work Australia (FWA) charge that Mr Thomson misused Health Services Union (HSU) funds to pay for services of hookers.
Australian Stock Market Report – Afternoon 6/6/2012
After a shaky start to the day, the Australian sharemarket managed to edge higher for the second consecutive session. In the first few hours of trade, shares changed directions more frequently than a lost tourist however settled with the release of some important economic news. The All Ordinaries Index (XAO) rose 0.3 pct or 12.3 pts to 4104.7.
Age Discrimination Commission Seeks Major Revamp of Laws to Protect Older Workers
The Age Discrimination Commission is proposing major changes of state and commonwealth laws to protect older workers from structural discrimination which would prevent them for working after they retired.
David Jones, Myer Attempt Sales Recovery With Up to 60% Discounts
Although both Australian retailers David Jones and Myer registered sales slump in the last quarter, the two are bent on recovering lost ground by offering hefty discounts for their mid-season clearance sale which begin Wednesday or a day ahead of the sale opening by department stores.
Dreaded “O” Word Hits QR National
Outsourcing - the boon of Asian workers and the bane of western employees - is about to hit an Australian rail operator. Reports said that QR National will shed 500 jobs mostly in Queensland as it transitions from a state-owned company to a listed firm.
Qantas Forecasts Profit Nosedive
The newly appointed chief executive of Qantas's international operations has a lot of work cut out for him following the warning of by Qantas Chief Executive Alan Joyce of an expected net loss of $330 million for the financial year that ends this June.
Australian Stock Market Report – Midday 6/6/2012
The Australian share market is trading relatively flat in the early session, with the main indices see-sawing between positive and negative territory. Stronger than expected GDP numbers saw the All Ordinaries Index (XAO) hit a high of 4112 points just after 11.30am AEST, but at midday in the East the market has pulled back a little. The XAO currently firmer by 8pts to 4100.4.
Interest Rates Hold Off: Study Reveals Banks Earn $6.2M Daily by Not Fully Passing RBA Rate Cut
The issue of Australian banks earning mega profits while borrowers are being slapped with high interest rate cropped up again with the release on Wednesday of a report by the Australian Institute.
Australian Stock Market Report – Afternoon 6/5/2012
The optimists out there often say things such as "It might be stormy now, but the rain won't last forever". Those words rang true for markets (not so much the actual weather) today in Sydney. Shares rose for the first time in five days, with the All Ordinaries Index (XAO) up 1.5 pct or 59 pts to 4092.4. The market ended close to its best level of the day and improved in the second half of trade (following the central bank's rate cut).
RBA Cuts Interest by 25 Basis Points to 3.5%
As expected by economists and analysts, the Reserve Bank of Australia (RBA) cut on Tuesday the overnight cash rate by 25 basis points to 3.5 per cent. The move aims to pre-empt the possible repercussions of the uncertainty if Greece will leave the Eurozone and weakness of the Chinese an American economies.
Abbott Cites Threat of Global Financial Crisis as Reason Not to Collect Carbon Tax
Coalition leader Tony Abbott has resorted to using a metaphor to warn Australians of the ill-effects of the carbon tax scheduled to be collected beginning July 1.
ANZ Shifts 110 Melbourne, 250 Bangalore Staff to French IT Firm
ANZ Bank has outsourced its IT testing and environment services to Capgemini, a French information technology firm
Australian Stock Market Report – Midday 6/5/2012
The Australian share market has rebounded from yesterday's two percent drop and is posting solid gains ahead of this afternoon's interest rate decision. At lunchtime in the East, the All Ordinaries Index (XAO) is firmer by 49.4pts or 1.2pct to 4082.8, after hitting a high of 4095 points.
Police Fines Brisbane Driver $250 for Eating McDonald’s Hotcakes While Behind the Wheels
While many motorists have been fined by different police forces in key cities for using their mobile phones while driving, a 25-year-old Brisbane man was penalised $250 for eating McDonald's hotcakes while behind the wheels.
S&P Gives Greece 1 In 3 Chances Of Leaving Eurozone
Ratings agency Standard & Poor's forecast Tuesday that after its June 17 election, Greece will have one-in-three chance of abandoning the euro in the coming months.
Banks Likely to Retain a Part of Expected RBA Rate Cut
All eyes are not only on the Reserve Bank of Australia (RBA) which announces on Tuesday its decision on the overnight cash rate, but also on Australian banks if it will pass in full any rate reduction.
Australian Stock Market Report – Afternoon 6/4/2012
The Australian sharemarket lost ground for the fourth straight session, with the All Ordinaries Index (XAO) down 2 pct or 83.5 pts to 4033.4. The ASX200 Index also closed below 4000 pts for the first time since November last year. All sectors lost ground, with the exception of the gold producers and the defensive telcos.
UNESCO Berates Australia on Great Barrier Reef Preservation, Management
Green groups in Australia have found an ally in the United National Educational, Scientific and Cultural Organisation (UNESCO) in protecting the country's Great Barrier Reef.
Aussie Parents Protest Rising Childcare Costs
Australian parents are protesting the rising cost of child care in the country. Reports said that the cost of child care went up 11 per cent in the past 12 months.
Ferguson Warns of Roy Hill Iron Ore Project Failure Unless it Gets Foreign Workers
Resources Minister Martin Ferguson warned on Monday of a possible failure of the $9.5-billion Roy Hill iron ore project unless the venture gets foreign workers. He said the controversy generated by the enterprise migration agreement (EMA) places at risk not only Roy Hill but also $243 billion worth of future mining investments.
Australian Stock Market Report – Midday 6/4/2012
It's been a terrible start to the trading week, following big slides on US and European equity markets on Friday night. A key European manufacturing gauge came in lower than expected, sending Germany's DAX Index down 3.4pct, while a weak jobs report out of the US saw the Dow Jones index slump almost 275 points. Only 69,000 jobs were created in the US in May, versus expectations of job gains of 150,000. Locally, the Australian share market continues to be sold off with the All Ordinaries In...
Threat of Triple Financial Disaster Looms Over Global Economy
Economists warned of a triple disaster that is looming over the global economy following release over the weekend of jobs data in the U.S. and weak factory output in China. They identified the disaster as chaos in Europe, recession in the United States and slowdown of the Chinese economy.
Minimum Wage Hike Boon and Bane: Business Groups Warn of 'Massive' Job Losses
The Friday announcement by Fair Work Australia (FWA) that boosted the minimum wage in the country by $17.10 a week to $606.40 produced an almost violent reaction from employers.
Australian Stock Market Report – Afternoon 6/1/2012
The Australian sharemarket fell for the third consecutive session today, with the All Ordinaries Index (XAO) down 0.4 pct or 16.8 pts to 4116.9. Half the market actually improved today, however the energy, mining, industrials and consumer discretionary stocks all ended significantly lower. Modest gains from the financial sector were not enough to lift the market higher. Last month, shares fell by 7.5 pct, which was the worst performing month in two years (let's hope this month is better).
Combet Claims 1/3 of Opposition MPs Boosted Mining Shareholding While Condemning Carbon Tax
Climate Change Minister Greg Combet criticised Opposition MPs for speaking against the carbon tax while at the same time boosting their investment in mining which is a major contributor to greenhouse gas emissions.
David Jones, Myer Suffer Sales Slump
Major Australia's retailers such as David Jones and Myer continued to suffer from the weak consumer confidence. David Jones reported on Thursday a 2.9 per cent dip in sales to $399.8 million for the three months to April 28. Myer last week registered a 2.1 per cent decline in third quarter like-for-like sales.
FWA Hikes Minimum Wage by $17.10 a Week
Fair Work Australia (FWA) awarded on Friday a $17.10 per week increase in pay to the country's minimum wage earners. The award, though, is less than the $26 weekly raise that unions sought.
Australian Stock Market Report – Midday 6/1/2012
The Australian share market has started the new trading month on a similarly disappointing note as May, following falls on US and European markets overnight. Concerns about the health of the Spanish financial system saw most European markets ease overnight, while weaker than expected GDP or economic growth figures out of the US saw Wall Street slump modestly. The Australian share market shed 7.5pct in the month of May making truth of the adage "Sell in May and Go Away". In early trade the ...
Qantas Exec Admits to FWA Air Carrier Considered Lockout Option 2 Weeks Before Fleet Grounding
Qantas unions are again up in arms against Qantas Chief Executive Alan Joyce after another airline official confirmed to Fair Work Australia (FWA) that the company's executive committee discussed a lockout option two weeks before Mr Joyce unilaterally grounded the air carrier's fleet for two days.
