POLITICS & POLICY

A very "fast-moving" band of rain has brought an unexpected large amount of rainfall, submerging Sydney's CBD in panic-gripping flash floods on Wednesday morning.

The Australian dollar has opened near USD 104.50 after an up-and-down offshore session.

Hong Kong-listed China Foods Ltd, consumer food arm of Cofco, China's largest state-owned food conglomerate, is eyeing to purchase wineries located in Australia and the United States, in an acquisition that could be worth at least $20 million.

Combined naval forces from Australia and Canada have seized some 500kg of heroin valued at $100 million from a boat in what could be one of global maritime history's biggest multi-national naval operation. The bust operation happened somewhere in the Indian Ocean.

What! The International Space Station has been invaded by an alien? People back on Earth got concerned for the team aboard the station, but eventually learned they were goofed because it was an invasion concocted no less than by renowned Chris Hadfield, Canadian astronaut and the commander of Expedition 35. Still all part of April Fool's day global phenomenon commemoration.

Bell FX, IG Markets Currency Outlook: The Australian Dollar has returned from the Easter break slightly better ahead of the Reserve Bank of Australia announcement later today.

North Korea’s declaration of “state of war” against South Korea has been feared to spiral out of control, especially after its related threats thrown at its nemesis’ ally: the United States.

North Korea has declared “state of war” with South Korea, emphasising that the “long-standing situation of the Korean peninsula as finally over.” The declaration was made through Pyongyang’s Korea Central News Agency (KCNA). It also made some threats to dissolve the United States in a government statement read on Saturday, March 30.

Shares of Australia's largest gold producer, Newcrest Mining Ltd. (NCM), tumbled in Sydney on Friday to a four-year low after the mining firm slashed by 10 per cent its annual production guidance output.

The Human Rights Campaign on gay marriage showed its support with the sharing of a red equal sign image on numerous social networking sites like Facebook, Twitter, Tumblr, Instagram and Pinterest. However, the symbol received mixed reactions from millions of social media users where some posted the Red Equal Sign to show support while the others shared funny images instead.

The bushfire that raged through Dereel in western Victoria on Thursday, although fanned by the continuing dry hot summer, may have been intentionally staged up, according to arson detectives.

The standoff between the Mongolian government and Rio Tinto (ASX: RIO) is worth $303 million in a planned progressive royalty to be collected on the Oyu Tolgoi copper mine.

Bell FX, FXstreet, IG Markets Currency Outlook: The Australian Dollar remains firm and trading USD 1.0500 heading into the start of the local trading day, but some bearish movement is seen going towards the Easter holiday.

Happy Easter! Oh, wait, it's April Fool's Day, too. Perhaps it's time for some funny tricks on your children's annual Easter Egg Hunt? Whatever you do, keep it light and keep your "targets" out of harm's way. If you're looking for some funny photos or memes to post to your social media page, start the slideshow and pick your favorite.

A fast-moving bushfire west of Melbourne has claimed several buildings, with at least 40 more houses under threat. Three firefighters and one resident have been reportedly injured.

Issues on funding as well as where to house the future development bank to rival the World Bank and the International Monetary Fund have stalled the member nations of the BRICS group (Brazil, Russia, India, China and South Africa).

Chinese netizens are now wild with fury after reports with accompanying photographs showing a 7-month-old baby forcibly aborted out of his mother's womb by Chinese family planning authorities went viral over the weekend.

IG Markets, Bell FX Currency Outlook: The Australian Dollar has maintained its overnight gains trading within the range of USD1.0489 to 1.0500 USD at the start of the trading day.

What stopped the global financial crisis of 2008 from getting completely out of hand? Governments did. They bailed out, merged, financed, guaranteed, and handed out 'Get Out of Jail Free' cards for anyone who found themselves in trouble. Without government intervention, the financial system would've failed.

It's only end of March but families, friends and Australian troops stationed at Afghanistan have been given an early Christmas treat as the Australian government closes down its main base at Tarin Kot by end of the year, effectively sending back home 1,000 troops.

Contributions led by emerging Asian economies such as Indonesia, Mexico, Turkey and China have catapulted Asia to become the leader in cutting carbon emissions for better environmental conditions. However, on a per country level, Australia listed way down below.

After suspense was increasing to almost unimaginable levels, at last Cyprus secured a bailout, thus avoiding bankruptcy. It seems that negotiations were indeed dramatic, but the wraith of another crisis in Europe was headed off at least for the nearest future.

Residents in retirement villages, for the very first time, as well as low income earners in the state of NSW are poised to receive energy rebates to assist them manage their respective escalating power bills, the state government announced on Tuesday.

The same-sex marriage debate in the U.S. continues to heat up and will be a level higher with the Supreme Court hearing arguments on Tuesday on the challenge to California's ban on gay marriages and Proposition 8 raised by lesbian couple Kris Perry and Sandy Stier.

Banks across Cyprus are expected to be deluged with account holders withdrawing their money despite the setting aside of the controversial deposit tax when the lenders open their door once again on Thursday, March 28. The Central Bank of Cyprus, which ordered all banks closed since March 16 to prevent a bank run, allowed on Monday the banks to reopen by Thursday following a new bailout scheme.

Bell FX, CMC Markets Currency Outlook: The Australian Dollar was well bid in overnight trading, particularly against the EUR, as initial optimism over the Cyprus bank bailout plan gave way to concerns about what it could mean for other European economies. Nonetheless, this does not remove the cautious stance of most investors leading into the Easter holiday.

Global coffee company and coffeehouse chain Starbucks Corporation had forecast China will become its second largest coffee-drinking market by 2015, possibly bumping off Canada. To facilitate this, it plans to open a whopping 1,500 number of stores across China in the next two years, to turn the tea-loving nation into a coffee-loving one.

As expected, Prime Minister Julia Gillard announced on Monday her cabinet revamp after Thursday's leadership challenge dare made by senior Labor Minister Simon Crean.

Westfield Group has divested half of its controlling shares in six malls in Florida, United States for US$700 million as part of its continuing strategy efforts to reallocate shopping center interests. The sell-off was made to U.S. real estate firm O'Connor Capital Partners.