POLITICS & POLICY

China accused Australia and the United States Wednesday of reviving Cold War policies with their enhanced security arrangement that will deploy U.S. Marines in Australian territory.

In a study presented at the 17th U.N. conference on climate change in Durban, South Africa, an alliance of environmental groups warned that efforts will be in vain as long as banks are willing to finance expansion of the coal industry, one of the world's biggest sources of greenhouse gases.

The two West Australia power firms signed supply contracts on Wednesday with gas suppliers. The deal would boost gas security for residents.

The current slump in the global prices of rare earth metals (REM) is a more than open indication the global market is now poised for a renewed growth demand in the sector, Nicholas Curtis, chairman of Lynas Corp., explained to shareholders at its annual meeting on Wednesday.

A naval officer accused of physical abusing a female subordinate informed a military court on Wednesday that his actions were justified by intent to instill discipline and were executed with full consent of the subject sailor.

Exports of rare earth metals (REM) from China stood at only 11,000 tonnes from January to September, accounting for only 40 per cent of the overall export quota for 2011. Latest figures likewise showed a 65 per cent fall year on year.

The Australian sharemarket is gaining for the fourth consecutive day with the All Ordinaries index (XAO) currently up around 2.2 pct. This makes it the fourth consecutive session of improvements locally and means that Australian shares have jumped by around 5 pct so far this week. All sectors are currently trading higher.

The Federal Court ruled on Wednesday in favour of Metcash in its $215-billion purchase of Franklins supermarkets. The decision was a humiliating defeat for the Australian Competition and Consumer Commission (ACCC) which opposed the takeover.

Fair Work Australia (FWA) may likely have another tough labor dispute to handle soon following the collapse of talks between Fremantle Port workers and management. The port workers have announced a 48-hour strike beginning at dawn of Friday.

Manufacturing activity remained flat in November according to the latest Australian Industry Group - PwC Australian Performance of Manufacturing Index (Australian PMI®). The Australian PMI® was broadly unchanged, up just 0.4 points to 47.8, to remain below the 50 points level separating expansion from contraction.

Bell FX Currency Outlook: The AUD has had a huge rally overnight following coordinated intervention from the world's major central banks.

The Queensland parliament on Wednesday voted 47-40 to pass into law a bill recognising and legalising same sex civil unions.

Three substantial economic developments announced in quick succession Wednesday morning, including efforts from several central banks to shore up the global financial system, prompted global stock markets to soar and sent the Dow Jones Industrial Average up by more than 400 points. Central banks around the globe announced a coordinated plan to make dollar funding cheaper for European banks.

MORNING REPORT (7.30am AEDT) The world´s major central banks acted jointly on Wednesday to provide cheaper US dollar liquidity to European banks. The surprise emergency move included the US Federal Reserve, the European Central Bank, and the central banks of Canada, Britain, Japan and Switzerland.

The Duchess is set to make the Holidays a fashionable one by commissioning dresses from the high end fashion house.

Greater accountability and better fiscal management are needed to achieve more inclusive growth in developing Asia-Pacific nations, Asian Development Bank (ADB) President Haruhiko Kuroda said on Wednesday.

Minmetals Resources Limited (HKSE:1208) ("MMR") has appointed mining industry stalwart Anthony Larkin as an independent non-executive director of the company to further strengthen the board's project risk assessment capabilities.

The New York Film Critics Circle named the starkly beautiful silent film "The Artist" the year's best film Tuesday. "The Artist," also earned the best director award for French filmmaker Michel Hazanavicius.

Korea's Samsung had won the first legal battle against Apple Inc. as an Australian court overturns the decision disallowing the sale of the Galaxy tablet in the country on Wednesday.

A deal secured by Optus with NBN Co has assured the telco of just compensation in the event the National Broadband Network project of Prime Minister Julia Gillard becomes a casualty of political wrangling in Canberra.

A Chinese daily has scored the United States and its NATO allies for its arrogance in conducting unilateral military operations in Asia that so far not only failed to resolve the Afghan War but also fuelled more terror activities.

France's Council of State, which hears cases against decisions of the national government, has annulled the 2007 and 2008 rules of the agriculture ministry suspending the planting of genetically modified corn in the country.

The Federal Government will reduce the baby bonus to parents by $400 starting September 2012 so it can save money.

Russian President Dmitry Medvedev switched on a missile early-warning radar station in the Baltic port city of Kaliningrad Tuesday in a move to counter the U.S. and NATO missile defence shield for Europe.

The 14-year-old boy from Sydney found guilty of marijuana possession in Bali, Indonesia will be home before Christmas as his two-month sentence handed on Friday will cover the time he spent in detention in Denpasar while his trial went on.

The fiscal crisis now hitting the Eurozone has not only immobilized the region and sent panic jitters to other nations, it has also rendered shipments of a majority of Chinese exporters to slump in the past few months, data from a newly released survey showed.

A group of Chinese enterprises, led by the Aluminum Corporation of China (Chinalco), is eyeing to develop the Simandou iron ore project in Guinea in West Africa.

Australian authorities will look deeper on the report of an Apple iPhone that suddenly self-combusted shortly after the landing of a regional carrier last week.

Australia Post Chief Executive Ahmed Fahour knows how to turn a problem into an opportunity. He showed his success on Tuesday when the agency he heads opened its 24/7 operations that relies heavily on delivery and pick up of parcels ordered online by Aussies.