POLITICS & POLICY

Chevron Australia has unlocked more gas discoveries in the Carnarvon Basin, off Western Australia, bringing its total discovery haul to 19 just in the area alone.

Taiwan, one of the countries laying territorial claims over the islands of the South China Sea, has laid down plans to start exploring for oil and natural gas resources in the waters around Taiping Island in 2013.

A study of the activity in the South China Sea reefs had shown the coral reefs in the area greatly deteriorated at the expense of the economic growth activities in mainland China.

Financial and materials shares led U.S. stocks lower as the Senate's top Democrat warned a budget deal looks unlikely and a reading on consumer confidence tumbled. The Dow Jones Industrial Average dropped 131 points, or 1%, to 12984 in mid-afternoon trading, dipping below 13000 for the first time since Dec. 5.

Retail therapy may be slow and down, but credit card transactions during the 2012 Boxing Day Sales nonetheless have increased by as much as 30 per cent for the National Australia Bank, it said on Thursday.

China's biggest rare earths producer, Baotou Steel Rare-Earth (Group) Hi-Tech, declared middle of this week it will continue to extend its self-imposed production suspension of firing, smelting and separating of rare earths to another month, spurred by the continued dropping prices of the precious commodities in the world market.

Mark Zuckerberg’s sister and Facebook co-founder, Randi, expressed her disappointment when a personal family photo she posted exclusively for her friends was shared to the public in another social networking site “Twitter.”

Warren Richard Rodwell, an Australian national kidnapped by the Philippine extremist Group Abu Sayyaf in 2011, has resurfaced in a video to say that he is still alive. However, he also said he has lost faith in the system of his government and whatever rescue efforts, if at all, are being made for his release.

It won't be long, but the tradition of the mad dash for the Boxing Day Sales could become a thing of the past. For one, counterpart Web sites of retailers that participated in the annual discounted selling spree had laid down their wares much earlier as Australians get all the more hooked on online shopping.

After a fairly steady Asian session, risk assets declined through European and US trade ahead of the Christmas break. Market participants also remained concerned about the fiscal cliff negotiations, which we expect to get further leads on when Republicans reconvene later today.

For the first time, Prince Harry has reportedly killed a Taliban chief in Afghanistan. The Royal Prince, who is an Apache pilot, released a missile strike to eradicate the terrorist leader in the late of October.

Beleaguered Australian retailer Billabong International Ltd. has opened its financial books to a new takeover suitor group led by former Billabong director and president of its American business, Paul Naude, and his backers, Sycamore Partners Management and Bank of America Merrill Lynch. The consortium offered a takeover approach of $1.10 cash per Billabong share or roughly $526.8 million.

The world, especially those who live along the coastal areas, either evacuate this early or arm themselves with better and definitive actions concerning their homes and sources of livelihood as a recent study released over the weekend showed the ice sheet off the western part of Antartica is warming faster than earlier projected, and that sea water level forebodingly rising is not only a threat but could be the inevitable scenario in the very near future.

Scientists from the West Australian Department of Fisheries are looking into the odds that the rising high temperature of the sea waters in the state are what caused sharks to swim near the shore and eventually attack humans.

Both Australian retailers and shoppers alike are gearing up for a busy and frenzy Boxing Day post-Christmas sales middle of this week.

Bell FX Currency Outlook: The Australian Dollar has opened a full cent lower this morning from Friday's levels as the hopes of reaching a compromise on the fiscal cliff issue in the US before the end of the year were dashed.

Exports of rare earths by the world's stronghold of the precious gem, China, will remain relatively unchanged for 2013.

The northern part of Queensland state in Australia could be in for a possible tsunami threat after a group of researchers discovered a collapsing sea floor at the Great Barrier Reef.

It was more than a spike in sales that they could have projected, at the expense of those killed during last Friday's Sandy Hook shooting massacre. Manufacturers of bulletproof backpacks specially designed to cater to children's sizes and needs have reported booming sales as parents continue to get anxious over the welfare of their children a week after a 20-year-old alleged mentally deranged man opened fire and killed 26 people in Connecticut, United States.

Dropping the budget surplus vow was “betrayal of public trust,” as insisted by the Coalition but Treasurer Wayne Swan maintained that embracing economic reality is the best way to handle the domestic setting.

Shopping towards this year's Christmas countdown has proven to be beneficial, as economy-wide spending spiked in November by as much as 2.2 per cent.

MySpace co-founder Tom Anderson drew applause on Twitter after answering back to a hater who says he was unable to "keep a social network alive." Anderson aka MySpaceTom was reacting on "fear over Instagram's terms change" via his @myspacetom account on Twitter. He describes the fear to be "ridiculous," adding, "Get real, folks!" User @polotapia tweets back, "says the guys that [sic] was not able to keep a social network alive."

It's Dec. 21 and Twitter folks are tweeting as usual, making jokes and sharing news links about the day's top headline: the world still exists. But wait, it is still Dec. 20 in other parts of the world, isn't it?

On the eve of Dec 21, supposed to be the end of the world by Mayan Long Count Calendar reckoning, Australian Treasurer Wayne Swan dropped a financial asteroid that would seem like a doomsday scenario for the country's coffers. His admission that the federal government would not likely delivery its promised budget surplus in 2013 spelled the end of the road for swift economic recovery.

In the wake of the recent Sandy Hook shooting, I reached out to my contacts in law enforcement, military and (retired) FBI over the last three days, asking three simple questions:

Shock-stricken school children of Sandy Hook Elementary School have been facilitated to come back to school on January 2 at a new building as the children, their parents and school officials reclaim normalcy back in their lives after that fateful shooting spree last week that claimed the lives of 20 children and six school staff.

The Malaysian Court of Appeal has dismissed the latest application for injunction filed against Australian rare earths miner Lynas Corp by environmentalist group Save Malaysia Stop Lynas (SMSL), effectively enabling the mining firm to keep in its hand the controversial temporary operating license (TOL) on its $800-million rare earths processing plant.

Her boredom with the digitally enhanced photographs drove a 19-year-old Japanese girl to work on her artistic talent in body art. Student Choo-San from the Musashino Art University in Tokyo, Japan left an incredible impression when she painted attention-grabbing images on the human body.

Australia is actually witnessing a fierce battle being waged by two equally unpopular political leaders, one analyst said, essentially making the Julia Gillard-Tony Abbott tussle a contest of the best among the worst.