POLITICS & POLICY

Expect bloodbath in the Gillard cabinet following the leadership challenge dare made by senior Labor Minister Simon Crean. Reports said that Australian Labor Party (ALP) leader and Prime Minister Julia Gillard will announce on Monday a cabinet revamp following recent developments in the party.

Web site Tech Crunch reported on Wednesday that the U.S. Department of Defense is allegedly planning to purchase 650,000 units of iOS devices, in effect ditching the newly released BlackBerry 10 over cost considerations.

The worst you can get from a government is tyranny. Tyranny comes in many forms, such as excessive taxation, reckless foreign wars, and persistent legislative attacks on individual liberty by psychopathic political meddlers.

Combined forces led by the Australian Federal Police (AFP) and local state police of Victoria have arrested 27 people in a year-long bust operation that involved a South East Asian drug syndicate based in Melbourne and Sydney.

At least 20 people were injured, two of whom are in critical condition, after tornadoes and powerful storms slashed through Victoria's northeast on Thursday night. It also toppled trees and ripped off roofs and shattered glasses from windows of dozens of homes and businesses.

The always entertaining Eurosceptic politician Nigel Farage summed up how Europeans should interpret the Cyprus deposit theft : 'Get your money out while you can!'

After throwing the Australian Labor Party (ALP) on Thursday in chaos by calling for settling of the party's leadership issue, Labor senior minister Simon Crean is paying a heavy price.

Bell FX Currency Outlook: Despite the tension currently existent in currency markets, exchange rates failed to move much overnight.

Former Prime Minister Kevin Rudd, whose supporters were pushing him to challenge current Prime Minister Julia Gillard for the top Australian Labor Party (ALP) post has blinked. He backed out of the leadership ballot on Thursday afternoon.

Australian Prime Minister Julia Gillard surprised Parliament on Thursday by announcing a caucus leadership ballot at 4:30 p.m. during question hour.

Alibaba Group, China's largest e-commerce company, is mulling to hold an international public offering (IPO).

China's growing dominance on a lot of things has been seen to also extend to the global online market by 2020, according to McKinsey & Co, a global management consulting firm.

The United Nations identified the important date March 21 as the “World Down Syndrome Day” (WDSD) with the aim to increase public awareness on the hereditary condition and to support the rights and well-being of the Down syndrome patients. A performance from the Down syndrome dancers will be held today at the Federation Square in Melbourne, Australia.

Bell FX Currency Outlook: Despite quite reasonable movements in core currencies overnight, the AUD is largely unchanged this morning.

Mining companies Rio Tinto and Xstrata have announced job cuts in their respective coal divisions spurred by weak prices in the global market, rising administrative and operation costs as well as the high Australian dollar.

Failure to provide a safe working environment has cost global miner BHP Billiton some $130,000 as a Perth court ordered it to pay the amount to the family of a worker who died in July 2008 at its Port Hedland iron ore operations in Western Australia.

Bell FX Currency Outlook: The Australian Dollar has fallen after the Cyprus Parliament rejected a bank deposit tax designed to save the country from bankruptcy.

Shares of Australian rare earths miner Lynas Corp surged by as much as 2 per cent as of 1315 AEDT on Tuesday over its latest win versus the protesters who are against the presence of its processing facility in Malaysia.

Bell FX Currency Outlook: The Australian Dollar has recovered in overnight trade as markets digest the situation in Cyprus and look forward to today's release of RBA minutes from its March 5 board meeting.

Owing to its growing population and urbanization, China's requirement for key steelmaking ingredient iron ore will continue to keep improving until the next decade, Murilo Ferreira, Vale's Chief Executive, said on Monday.

As an old adage goes, one cannot serve two masters. One has to be abandoned while one has to be pursued. And in the case of Australia, it's either it chooses to push through with the coal-related development projects in Queensland or push through saving and protecting the Great Barrier Reef. Bottomline, only one objective may be pursued.

On the 14th of March, California authorities issued an initial project which included a prime proposal to reform the Sacramento-San Joaquin Delta in an effort to secure water supply across the state.

On Friday night the US markets finally ended their stellar run. The Dow closed down 25 points to 14514, ending its north-moving prints at eight consecutive record highs, and ten consecutive northward moves - its longest winning streak since 1996. The S&P again found itself unable to reach its 2007 all-time high of 1576 (intraday), and closed within four points of its highest ever close of 1565, as US sentiment waned.

Bell FX Currency Outlook: Volatility has increased in the FX markets this morning after the surprise announcement over the weekend Cyprus bank depositors must assist in the bailout of their banking system.

The global markets are anticipating a dive in currency values and share prices following the delayed vote on austerity measures in Cyprus which could result in depositors in the island losing some of their savings.

Comet PANSTARRS, also known as C/2011 L4, is a non-periodic comet, which means it would show up only once in a lifetime. Astrophotographers up North have been taking advantage of the waxing crescent moon to take stunning photos of PANSTARRS. The comet gave the most stunning view with the New Moon on Mar. 13 in the sunset sky of the Northern Hemisphere.

Bell FX, IG Markets Currency Outlook: The Australian Dollar remains in positive territory after the global financial markets welcomed Australia's better than expected employment data yesterday.

Today, we struggle to hold back tears. Another major world leader has bit the dust. Venezuela's big man died. Some bleak corner of Hell took him in last Wednesday, if not before.

While the 115 cardinal electors who just elected a new pope were bound by a vow of silence and hence could not tweet during the conclave, Australian MPs are not. However, at one point, House Speaker Anna Burke was asked to consider banning the use of social media while the sessions are ongoing.