POLITICS & POLICY

Hungary has formally expressed its approval for the development of the Mecsek Hills Uranium mine project through a joint venture, Australian miner Wildhorse Energy (WHE) announced on Wednesday.

NBN Co flatly denied that Australia's $36-billion nationwide broadband roll out has hit a snag following reports that major contractors attached to the federal initiative were mulling possible pull outs from the project that has been plagued by numerous delays.

The World Trade Organization (WTO) has been asked to intervene on the prevailing rare earths dispute by world economic leaders - the U.S., European Union and Japan against China.

Prime Minister Julia Gillard urged the Senate today to pass the Rob Oakeshott bill, which the House of Representatives has approved Wednesday night, that would pave the way for the Australian government to implement offshore processing on refugees seeking protection in the country.

Investors pushed stocks to a second consecutive day of gains as a rise in oil prices and positive readings on the U.S. housing sector lifted sentiment ahead of a two-day European summit meeting.

Bell FX Currency Outlook: The Australian Dollar is slightly higher this morning, currently trading at USD1.0080 ahead of another two day European summit.

China National Petroleum Corp (CNPC), the country's biggest oil and gas producer, has been granted the go-ahead to construct a $133.6 million worth liquefied natural gas (LNG) storage terminal project on Hainan island.

We all know that time apart makes the heart grow fonder. Based on this thinking, investors should have celebrated today due to markets improving for the first time in five trading days. The mining sector lost a little ground, however all other regions of the market recorded at least modest gains. The All Ordinaries Index (XAO) ended 0.7 pct or 27.7 pts in the back to 4084.

A consortium composed of Qatar Petroleum, ExxonMobil Power Ltd. and Total Gas & Power Venture is mulling to build a 500-megawatt combined heat and power (CHP) plant at the South Hook liquefied natural gas import terminal in Wales. The terminal is said to be the biggest regasification hub in entire Europe.

Due to survey results that point to a likely defeat of the Australian Labor Party in the 2013 election, the party is tapping more into technology to win more votes. ALP leader and Prime Minister Julia Gillard urged Labor MPs to tap mummy bloggers on social networking sites such as Facebook.

With all the hype of new nuclear power generators being constructed in different parts of the world and Japan's much hyped reopening and rekindling of its nuclear power supply generation, prices of spot uranium basically remain unchanged at $50.75 per pound U3O8 last week, TradeTech said.

The Labor-led government wants to push ahead with the Malaysian people-swap deal while the Coalition insists on its proposal to establish offshore processing in Nauru, conflicting ideas that independent MP Rob Oakeshott says can be fused by his bill.

Will the much-hyped, industry shaping $65 billion mega-merger between commodities trader Glencore International Plc and blue-chip miner Xstrata Plc, what with the investor retaliation over the planned retention payments for Xstrata Plc executives, ever push through? Or will it just remain forever floating in oblivion in a project that can be described as what could have been?

Canadian company Orbite Aluminae Inc. announced on Tuesday it has successfully extracted the first commercial samples of heavy rare earth oxides and scandium from its aluminous clay deposit at its Grande-Vallee property in Quebec, aided by the use of its patented heavy rare earth and rare-metal extraction and separation technology.

With less than a week before the Gillard government starts the collection of the $23-per tonne carbon tax, the Opposition is using all means to discredit the tax. The Coalition strategies include tapping small Australian businesses to post fliers that apologises to customers for hiking their prices on account of the carbon tax.

U.S. authorities announced on Tuesday the arrest of 24 suspected hackers tagged by the Federal Bureau of Investigation (FBI) as responsible for the pilferage of credit cards and bank accounts information from Asia, Australia, Europe and the United States.

Bell FX Currency Outlook: The Australian Dollar is trading slightly higher this morning on renewed thoughts the RBA will leave the cash rate on hold at its meeting on July 3 and that the Australian economy, in general, is holding up in the face of Europe's woes.

Consumer discretionary and energy shares led a modest rebound in U.S. stocks after data showed home prices fell less than expected in April. The Dow Jones Industrial Average climbed 32.01 points, or 0.3%, to 12534.67.

Global demand for liquid-fuel, such as oil, condensates, and natural gas liquids, has been forecast to grow 0.9 per cent between 2010 and 2035, to 109.5 million barrels a day, the US Energy Information Administration said Monday in a published report titled 'Annual Energy Outlook (AEO) for 2012.'

At least 50 jobs of varied nature stand to get affected in the recently concluded strategic business review of Ivanhoe Australia Ltd., which it conducted to cut costs and generate savings for the company.

Unlike the Coalition, Australian business operators firmly believe that the country's carbon pricing will remain in place despite vows by Opposition Leader Tony Abbott that he will repeal the tax if he wins government power in 2013.

Mining magnate Clive Palmer reportedly clashed with Opposition Leader Tony Abbott last week over policy differences within the Liberal Party, reports said.

Yesterday the local market closed lower, The All Ordinaries Index (XAO) lost 22 points to 4,072points.

The Australian Senate recommended on late Monday amendments to the country's Marriage Act that will pave the way for the legalisation of gay marriages, which both the Government and the Coalition have been opposing vehemently.

Some 35 jobs have been saved from the latest sale of two businesses, along with a number of assets, which belonged to collapsed Australian engineering firm Hastie Group.

Liberal senior member Ian Macfarlane is a firm believer of Opposition Leader Tony Abbott, who has come under fire this week for apparently playing deaf and blind over the plight of boat people seeking refuge in Australia.

Bell FX Currency Outlook: The Australian Dollar dipped below Parity last night (a "reverse" Parity party) as headlines started to emerge ahead of this week's EU summit as clear signs are yet to emerge the global industrial cycle has bottomed and a lack of policy clarity from the euro area being evident.

Majority of submissions to a Senate committee that investigated marriage equality are in favour of a legislation that would permit gay couples to marry. Almost 60 per cent or 46,000 submissions that the committee received backed the legalisation of same-sex union.

Jewellery investors in India are turning their focus on diamonds, shying away from gold as prices of the safe haven yellow metal continue to outrule the rupee.