POLITICS & POLICY

MORNING REPORT (6am AEST)US initial jobless claims edged up by 8,000 to 365k in the final week in July. The 4-week average of jobless claims - a better indication of the underlying trend in the labour market - eased modestly to 365,500. US factory orders fell by 0.5pct in June, well below expectations for a 0.5pct rise. Orders for non-defence capital goods excluding aircraft - seen as a measure of business confidence and spending plans - slipped 1.7pct in June.

The Opposition had admitted that it would take them some time to repeal the carbon tax if the Coalition wins the 2013 election in Australia. That means despite the promise by Coalition leader Tony Abbott, Australian businesses would be paying the carbon price of $23 per tonne, which is passed on the consumers, at least for another 12 months.

China had recovered some 1,000 tonnes of illegally mined rare earths in two separate police crackdown operations last week as it continued to intensify and strengthen the management of the sector. At least 50 individuals were detained because of the operations.

Fair Work is generally working and living up to expectations save for some rooms for improvements, according to an assessment report issued on Thursday by the government review panel.

Cats and kittens have been "speaking up" on Facebook, thanks to funnymama.com and other meme-focused websites spreading some cat lovin' on the web. Cats can be so cold, defiant and snooty. Yet in spite of their stuck-up "attitude," these felines can be so adorable. See some of the funniest and cutest cat photos in the accompanying slideshow.

The Labor government is cold to suggestions that Australia needs to accommodate long-term presence of U.S. nuclear strike force group within its borders, in the northwest region specifically.

Ned Kelly, the famous outlaw hanged in 1880 for leading a gang of bank robbers in Victoria and killing three police officers, could very well rest in peace now 133 years after his death after a new exhumation licence was signed by the Victorian government on Thursday that effectively allows the return of the remains of the notorious bushranger to his family and descendants.

A three-man panel released on Thursday its first review of the Fair Work Act. The panel said that despite the criticism by business of the legislation, the act was working as intended and did not decrease competitiveness or caused excessive cost increase.

At least 350 jobs are in for the taking once the gold mine project of Alkane Resources starts constructing in New South Wales (NSW), its first gold mine to be developed in several years. The gold mine will be located near Dubbo in the state's central west.

Investors of Australian iron ore developer Sundance Resources, along with industry experts, are keenly awaiting latest developments if the Perth-based miner will bite into a lowered takeover bid by Hanlong Mining of China.

Australia’s rescue operations within the territorial waters of Indonesia will soon be governed by a formal agreement between Canberra and Jakarta, a top official of the Indonesian government hinted late Wednesday.

Bell FX Currency Outlook: The Australian dollar is trading just under 1.0500 and is well supported on any dips at the moment. Australia:

U.S. stocks finished a tumultuous day of trading a touch lower, as investors were whipsawed by the latest Federal Reserve policy statement and a raft of trading irregularities. The Dow Jones Industrial Average declined 32.55 points, or 0.25%, to 12976.13 after the Fed's statement. Before the announcement, the blue-chip Dow had been up about 30 points.

Although electricity has been brought back to India a day after a massive blackout caused darkness to 620 million Indians, the south Asian country is expected to continue to grapple with power problems in the next two decades.

Nations around the world, primarily those in Europe, have been patiently "courting" officials of the home rule government of Greenland for potential access into the latter's natural resources after latest satellite data showed that almost 100 per cent of Greenland's ice sheet surface experience melting over a stretch of four days in July, a report said.

Australia and the United Arab Emirates have entered into a uranium sales accord where Australian uranium will be sold UAE to support the latter's nuclear power programme.

A U.S.-based defence think-tank has advised Washington to invest on a multi-billion military capability build up in northwest Australia to effectively underpin America’s refocus efforts in the Asia-Pacific region as articulated by U.S. President Barack Obama in late 2011.

A rising Australian dollar, coupled with cost increases and low domestic demand has pushed Australia's manufacturing sector to post its lowest ever growth in three years in July, which could also get worse with the implementation of the carbon tax.

In what is considered to be the first casualty of the carbon tax commotion, a Melbourne gym has been fined, and paid dearly, for its misleading claims on the supposed impact of the tax to the cost of its memberships.

Federal Treasurer Wayne Swan revved up his criticisms of mining magnates, claiming that the likes of Andrew Forrest, Gina Rinehart and Clive Palmer represent ‘unashamed self-interest’ and run in counter with ‘egalitarian patriotism’.

Saif al-Islam Gaddafi feared he would be ‘murdered’ by Libyan authorities under the guise of a court trial, according to a new filing lodged by the defence lawyers of Muammar Gaddafi’s son before the International Criminal Court (ICC) on Tuesday.

In a bid to restore business confidence in Australia, National Australia Bank (NAB) Chief Executive Officer Cameron Clyne insisted the country has a 10-speed economy, not a two-speed economy.

Bell FX Currency Outlook: The Australian Dollar is fairly much unchanged today after the currency markets played out a quiet session as they await the meeting outcomes of the FOMC and the ECB.

"This looks even worse than it would normally because there's an impression that India's economy is falling apart right now," a finance executive said.

The Dow fell Tuesday, as investors looked past a host of positive economic signals and ahead to the Federal Reserve's policy-setting statement, though the blue-chip benchmark ended July with its ninth monthly advance in 10.

The Environmental Protection Authority (EPA), environmental watchdog of Western Australia, has given its support to the construction of a $6 billion worth 350 million tonne per year capacity iron ore processing port facility near Karratha.

Caltex Australia Ltd. is targeting a selloff of A$300 million worth of bonds to raise much needed additional capital amid the shutdown of its 57-year old Kurnell refinery in Sydney.

U.S. STOCKSJ.P. Morgan Chase dragged the Dow Jones Industrial Average into negative territory, marking the ninth-consecutive Monday the blue chips have closed lower.

Gay marriage proponents gained further ground as conservative New Zealand Prime Minister John Key said on Monday that, using conscience vote, he would likely support a Labor-sponsored bill on same-sex union.