POLITICS & POLICY

Slumping telecommunications and industrial shares weighed on U.S. stock benchmarks as investors struck a cautious tone ahead of corporate earnings season. The Dow Jones Industrial Average shed 71 points, or 0.5%, to 13313 midafternoon trading on Tuesday. The S&P 500 gave up seven points, or 0.5%, to 1455, extending its slide from a five-year closing high on Friday.

Bell FX Currency Outlook: The Australian Dollar remains steady after a quiet night in offshore markets. Australia: In contrast to every other trading day so far this year, the negative correlation between risk sentiment and the US Dollar has reasserted itself in overnight markets.

Australian shoppers on the lookout for great, massive bargain finds may well ought to splurge these first few months of 2013 as retail businesses prepare to further slash already discounted items for sale just to be able to overcome the sector's burgeoning sales slump and somehow boost profit.

The Australian summer had been made more agonizing by the bushfires. The country's continued rising temperatures had been the crux of insurance companies as incidence claims have now surged by more than $42 million and yet more still likely to come in as the blazes unexpectedly occur with the dry weather.

With bushfires happening left and right in Australia, the Bureau of Meteorology is now analysing data to support theories that the series of successive high temperatures this January 2013 alone already broke the country's past scorching records.

Local NSW police have started to alert the residents of Kybean Valley of potential exposure to a raging bushfire that started near the Mount Forest Road, Carlaminda area.

Police immediately apprehended Jacob Cox-Brown in Astoria, Oregon when one of his friends reported the drunk-driving stunt posted on his Facebook status. The 18-year-old American teenager allegedly smashed and damaged two cars on New Year’s Day.

Bell FX Currency Outlook: The Australian Dollar has remained steady overnight despite the markets reassessment of last week's FOMC minutes.

In the past few days, Australia has been fighting back the danger that bushfires caused to the country. 21 out of the 100 accounted bushfires in New South Wales are still uncontrolled as firefighters, authorities and residents continue to prepare in battling the worst fire situations in Australia history.

Australia is fast gaining the confidence of the international community, a reality signalled by its recent appointment as chair of the United Nations sanctions committee, Foreign Minister Bob Carr said on Monday.

With Australia experiencing its first massive bushfire catastrophe in 2013 in Tasmania, it would be best to start doing a checklist of what to do in the event a bushfire erupts in your place, as well as a list of things to prepare in case you decide to battle out the bushfire yourself.

Barely a few days into the first month of the new year 2013 and Australia has experienced its first worst bushfire catastrophe in the state of Tasmania where more than 100 people have been reported missing and more than 100 properties ravaged down by more than 40 burning bushfires.

Tasmania Police Inspector John Arnold confirmed that majority of the 100 names listed on the missing persons list were finally located amidst the horrible Tasmania bushfire. According to ABC Radio reports, Inspector Arnold also declared that there is no death report yet based on the information that the police currently have.

Shares of Australian rare earths miner Lynas Corporation jumped as much as 7.2 per cent in early morning trade at 1146 AEDT as the mining company disclosed its highly controversial processing plant in Malaysia continued to post significant progress in the production of the precious metals which are essential components to a number of technological advancements.

Bell FX Currency Outlook: The Australian Dollar briefly touched below 1.0400 on Friday night but recovered as the US non-farm payrolls for December met expectations.

Stocks ended the first week of the new year with a bang, with the S&P 500 notching a five-year high and the Dow securing its biggest weekly gain since December 2011. The Dow Jones Industrial Average added 43.85 points, or 0.3%, to 13435.21 after December job growth roughly met economists' estimates and a reading on non-manufacturing economic activity was surprisingly strong.

Just when a full-blooded rally gets underway, the Fed comes out and spoils it! Last night (Aussie time) saw the release of the minutes to the Fed's December board meeting.

Ending compulsory voting in Queensland would lead to the eventual rise of radical politics in Australia, National Senator Barnaby Joyce said on Friday.

Bell FX Currency Outlook: Australian Dollar still strong peaks at a two week high as the United States avoids fiscal cliff.

Without fanfare, President Obama has reauthorized a law that allows the U.S. government to conduct surveillance on overseas activities of suspected spies and terrorists.

Prince Harry's drunken behavior could place him in trouble anew. After courting the Queen's wrath for his naked photos while partying in Las Vegas with American girls four months ago, the British monarch may be headed for another royal dressing down.

Bell FX Currency Outlook: Australian Dollar peaks at a 2-week high as the United States avoids a fiscal cliff. The local unit traded back above 1.0500 against the Greenback in overnight trade as US Congress approved a bill rolling back a package of tax hikes and spending cuts that had threatened to push America back into recession.

Politics is a very volatile career, as some Australian politicians discovered in 2012. The tagline of popular reality TV show Project Runway captures it all for these five MPs who not only made headlines but also fell from power. As host Heidi Klum would say it, "One day you're in, and the next day you're out," which definitely applied to these five MPs.

Last year, 2012, was a crucial year in the political life of Opposition leader Tony Abbott because of challenges to his leadership and even interpersonal skills that may cost him his dream to be Australia's prime minister in 2013.

If the question of who would be Australia's next prime minister was asked a year ago, the answer would have been obvious.

Bell FX Currency Outlook: The Australian Dollar is trading at USD 1.0380 this morning. The major news was the White House / Senate 'deal', and this saw the NZD rally yet interestingly, the AUD underperformed relative to the NZD, GBP and CAD.

Like any other political figure, Australian Prime Minister Julia Gillard is a top target for parodies, ranging from her dancing 2012's monster hit Gangnam style to a TV programme that was based on her character.

While 2013 will be a crucial year for Australian Prime Minister Julia Gillard because the election result will determine if she will remain in her post or be replaced by Opposition leader Tony Abbott, 2012 was certainly a banner year for the leader of the Australian Labor Party and the country's first female prime minister.

Prime Minister Julia Gillard stressed on national unity while Opposition Leader Tony Abbott impressed upon Australians that the Coalition’s economy-centric 2013 agenda is “the positive choice.” The two leaders delivered their respective New Year’s messages Monday morning.