POLITICS & POLICY

Although the 2013 federal election in Australia is still months away, politicians in the country are definitely paving the way for their party's victory this early. Signs of early political campaigns include promises and criticisms of other political parties in a bid to get the sympathy of voters.

Stocks sank into the red in late trading Wednesday, as worries about Europe and weak U.S. data eclipsed earlier optimism about financial stocks' outlooks. The Dow Jones Industrial Average dropped 0.6%, or 77.42 points, to 12496.38. Midday, it briefly edged above 12598. The Standard & Poor's 500-stock index fell 9.3 points, or 0.7%, to 1314.88, and the Nasdaq Composite fell 24.46 points, or 0.9%, to 2818.61.

In response to broad hints from Prime Minister Julia Gillard that the Labor-led government plans to revive a previous initiative to lower corporate tax rate to 29 per cent from 30 per cent, business groups issued a challenge to her.

After a stronger start to the day, the Australian sharemarket eased slightly with the All Ordinaries Index (XAO) falling 0.2 pct or 6.8 pts to 4111.5. The volume of shares traded remained a little light ahead of the all-important Greek elections which will be held in just four days. Stocks were largely evenly split between gains and losses.

It's a tradition in Britain and the Commonwealth for the queen to award special honors each year on her birthday. This year, the controversial philosopher Peter Singer becomes a Companion in the Order of Australia.

In yet another wave of "truth in advertising" lawsuits, embattled Tropicana is now fending off approximately 20 lawsuits at once because of blatant truth-slanting labeling that misleads consumers to think that they are buying fresh, unadulterated, good-for-you OJ.

Foreign Minister Bob Carr confirmed on Wednesday that Aussie lawyer Melinda Taylor was under detention by Zintan authorities, belying an earlier report by the Libyan central government that she was being held outside of a prison facility.

Bell FX Currency Outlook: The Australian Dollar is hovering around USD0.9950 this morning, after an interesting night with equity markets gaining, despite increasing concerns over the Euro debt crisis.

Opposition leader Tony Abbott sought on behalf of BHP Billiton (ASX: BHP) from Prime Minister Julia Gillard a written assurance that the mining tax would never be imposed on copper, gold and uranium.

Stocks staged a rebound rally as investors cheered the potential for more stimulus from the Federal Reserve and as Europe's central bankers repeated their call for unified efforts to combat the region's financial issues. The Dow Jones Industrial Average surged 162.57 points, or 1.3%, to 12573.80 on Tuesday, erasing Monday's 143-point slide.

Australian Prime Minister Julia Gillard hinted on Tuesday night of lower corporate tax rates after the federal government scrapped the proposal. She said lower corporate tax rates would benefit workers and the community in terms of more jobs available and better pay over time.

Detained Australian lawyer Melinda Taylor could be held in Libya for 45 more days, according to a statement issued on Monday by the office of the Attorney-General, confirming an earlier declaration provided by authorities in Zintan, where the Aussie was 'arrested' Thursday last week.

More than 1,000 workers at the Modder East mine operation of Gold One International's South African mine have been terminated from their jobs as an aftermath to their week-long illegal protest action.

Australia faces potential revenue stream going down the drain again as workers for another coal miner based in central Queensland state goes on strike effective Monday next week.

Love is that matters, according to Prime Minister Julia Gillard, as she reiterated Monday night her opposition on proposals to legalise gay marriage in Australia.

China might get dumped over the potentially big Belinga iron ore in Gabon, the AAP news agency reported, quoting Raymond Ndong Sima, Prime Minister of Gabon.

Another extremely sad revelation following a decade of war - new Pentagon statistics are showing that the military is losing an average of one soldier per day not to combat in Afghanistan, but to suicide.

The world remains heavily dependent on fossil fuel but a new report issued by the UN Environment Program on Monday highlighted an emerging trend that points to the increasing investments on renewable energy by key economies across the globe.

Molycorp, Inc.'s takeover bid over Canadian rare earths processor Neo Material Technologies Inc is now a done deal.

The Dow industrials snapped a four-day winning streak as investors questioned whether Madrid's weekend agreement to seek bailout funds for its banks will restore confidence in the Spanish economy. The Dow Jones Industrial Average declined 142.97 points, or 1.1%, to 12411.23 Monday.

Guinea is now ready to produce its first iron ore through its joint venture Guinea Development Corporation, with the first shipment expected to be loaded by June 30.

Bell FX Currency Outlook: The news of a Spanish bailout boosted the AUD over the long weekend, briefly trading above parity, but it has since retreated back as investors come to the realisation that this is merely a quick fix.

Australia is gaining further inroads in China's economy, this time via Guangdong, considered as the most prosperous province in the Asian economic powerhouse and home to a lucrative market of more than 100 million people.

The Australian sharemarket lost ground for the first time in four days today, with the All Ordinaries Index (XAO) falling 1.1 pct or 45.5 pts to 4111.2. Shares have only fallen by 0.14 pct over the past five days however. All sectors lost ground, however some of the miners performed strongly. Markets have been treading water ahead of the all-important Greek elections on 17 June.

The Australian government criticised on Friday ongoing efforts by interest organisations in India to curb the flow of Indian investments to coal mining projects into the country, specifically in Queensland.

The Coalition assailed the incompetence displayed by the Labor-led government in handling the latest human smuggling controversy that led to the shocking flight of an Iraqi national tagged by media reports as a major operator in the illegal activity.

Yesterday the Australian share market closed higher for the third straight day, with the All Ordinaries Index (XAO) adding 1.3% or 52 points to 4,156 points.

The gauntlet was let go by the Australia & New Zealand Banking Group (ANZ) on Friday, according to Federal Treasurer Wayne Swan, adding that one of the Big Four ended the week with a solid message to its peers - passing the full rate cut is possible.

It has been seven years since Australia and China first conducted their bilateral talks towards a possible free trade agreement (FTA). This year, Australia wants that FTA officially and formally signed.