Vittorio Hernandez

Another large company in Australia may axe hundreds of jobs. Employees of the two Caltex refineries at Kurnell in Sydney and Lytton in Brisbane have expressed fear of losing work after the oil firm wrote down $1.5 billion value of its refining assets as it continues to conduct a review of refining future in Australia.

Commonwealth Bank of Australia (CBA) Chief Executive Ian Narev said on Thursday that the bank is not ruling out an independent interest rate cut if global financial conditions would improve.

Despite hundreds of jobs axed since the start of 2012 as large Australian firm reported lower profits, the country's unemployment rate actually went down to 5.1 per cent in January from 5.2 per cent in December 2011.

Westpac reported on Thursday unaudited quarterly profit of $1.5 billion, which is 3 per cent lower compared to the same quarter a year ago of $1.55 billion.

The Australian share market lost ground from the open of trade today, in line with falls on the U.S. markets overnight. All Ordinaries Index (XAO) is down 1.5 pct or 64.4pts to 4263 at lunchtime. All market sectors were in the red with the biggest slides occurring in the S&P/ASX 200 Materials sector off 2.17 pct and the best performing sector of the day being the S&P/ASX 200 Telecom Services sector helped by market heavy weight, Telstra Corporation Limited (TLS) up $0.02 to $3.43 cents a share a...

The labor dispute that has plagued Qantas for months has taken its toll on the air carrier's bottomline. The flag carrier reported on Thursday an 83 per cent decline on its half year net profit which plummeted to $42 million compared to a year ago.

The Australian sharemarket was trading in the red until some upbeat comments from the head of China's central bank gave the market a boost. The All Ordinaries Index (XAO) rose by 0.2 pct or 8.5 pts to 4327.4. Most sectors gained some ground, however the miners and health care stocks held the market back.

Demand among Australian businesses for credit has plummeted to a four-year low, a survey by the National Australia Bank (NAB) showed. Enterprises that required no credit went up to 67 per cent from 64 per cent.

The Adani Group, an Indian conglomerate, is planning to build a new open-cut and underground mine in Queensland. The Carmichael Coal Mine, touted to be the largest in the Australian state, would be mostly on the Moray Downs cattle station about 100 kilometres north of Emerald.

Australian cities are some of the most expensive places in the world, according to the latest Economist Intelligence Unit's (EIU) Worldwide Cost of Living 2012 report. The roster, released on Wednesday, ranked Sydney as the 7th and Melbourne the 8 th most expensive global cities.

The Australian share market is trading flat at midday in the East, following a steady finish on US share markets overnight. European stocks slumped in response to ratings downgrades from agency Moody's and while US stocks had been lower in early trade, they rallied into the close to finish relatively unchanged. The All Ordinaries Index (XAO) is down 2.3pts to 4316.6 at lunchtime.

After hiking its interest rate by 10 basis points on Monday, Commonwealth Bank of Australia (CBA) reported on Wednesday a 19 per cent increase in profit compared to a year ago. CBA registered a record profit of $3.624 billion for the December half.

The Australian market wiped out yesterday's gains and fell 0.9 pct or 40.5 pts to 4318.9. Yesterday, global markets performed well following the Greek parliament's decision to pass tough new austerity measures.

Nickel miner Western Areas reported on Tuesday a 64 per cent decline in its first half net profit due to lower prices of the commodity. From July to December 2011, the firm logged a $24.1 million net profit, down from $67.2 million compared to the same period a year ago.

Brisbane Lord Mayor Graham Quirk announced on Tuesday an ambitious 20-year plan that aims to double the city's economy to $217 billion by 2031. The growth, which includes boosting job creation, would ride on the back of the state's resources boom.

While hundreds of jobs continue to be shed across Australia since the start of February as businesses complain of the strong currency and weak consumer confidence, workers in Holden would enjoy up to a 22 per cent wage increase spread over the next three years.

It has been a muted start to the local trading day, following ratings downgrades of several European nations by Moody's. The local share market was tipped to receive a boost, after US and European markets rose overnight in response to the solid vote in the Greek parliament to approve austerity measures. However, after the bell on Wall Street, Moody's downgraded the credit outlooks on Triple A ratings of France, the UK and Austria to negative; and cut the ratings of Italy, Portugal, Spain, ...

National Australia Bank (NAB) and Commonwealth Bank on Monday joined ANZ Bank and Westpac in raising their interest rates. That means the big four had decided to be independent of the Reserve Bank of Australia's (RBA) overnight cash rate decisions.

The Australian sharemarket has kicked off the new trading week higher, with the All Ordinaries Index (XAO) up 0.9 pct or 36.8 pts to 4359.4. Futures were initially pointing to a slightly lower start to trade, however turned positive once the Greek parliament passed new austerity measures despite a number of violent protests in seven Greek cities.

The bill introduced by Australian Health Minister Tanya Pilbersek in Parliament that seeks to put in place a means testing for health insurance rebates is expected to receive parliamentary approval by the third week of February. The aim of the bill is to add $2.4 billion to government coffers.

More Australians are expected to be disappointed if not angry at ANZ Bank. The bank announced on Monday a cut - not in interest rates, but in jobs

Another fresh war is brewing between Australia's supermarket giants. From fresh produce, Coles and Woolworths are now battling for the title of being the number one supporter of sustainable fish species.

Despite the labor dispute between Qantas and the unions being under Fair Work Australia for arbitration, a word war erupted between Qantas Chief Executive Alan Joyce and the pilots union.

The local share market is trading flat in the early session, as investors respond to the passing of a new austerity plan by the Greek parliament. Opponents to the plan have rioted in Athens over the weekend, however the vote, which paves the way for a new bailout package for the stricken Eurozone country, is expected to bring some stability to European markets. The All Ordinaries Index (XAO) is up 5.5pts or 0.1pct to 4328.1

The big four are apparently determined to veer away from the Reserve Bank of Australia's (RBA) overnight cash rate policy. The Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) are expected to launch a review of their interest rate after Westpac and ANZ Bank hiked their rates on Friday.

ANZ Bank announced on Friday that it will increase its variable home loan and small business interest rates by 0.06 per cent. The announcement establishes ANZ's independence for the Reserve Bank of Australia's (RBA) overnight cash rate policy which the central bank at kept on Tuesday at 4.25 per cent.

The federal government of Australia launched on Thursday a $340-million energy programme designed to provide energy efficiency to businesses, local government and communities.

More jobs in Australia continue to be placed on the chopping block as the axe moves to the construction industry. Kell & Rigby, one of Australia's oldest building firms, announced on Thursday the loss of 500 jobs.

Four days after it retained the overnight cash rate at 4.25 per cent, the Reserve Bank of Australia (RBA) lowered on Friday its inflation and growth forecast for the first six months of 2012.