POLITICS & POLICY

The Craig Thomson saga continues to unfold like a soap opera as an anonymous female sex trade worker claimed that the embattled MP was her client.

Bell FX Currency Outlook: The Australian dollar has opened this morning around USD.9760, after trading down to a low of USD0.9690 overnight as European equities followed Asia's lead falling around 2.5%.

U.S. stocks reversed steep losses to finish the day roughly flat, though European stocks and the euro tumbled to 2012 lows amid growing chatter about a potential Greek exit from the euro zone

The Australian sharemarket lost ground for the first time this week, with the All Ordinaries Index (XAO) down 1.3 pct or 54.7 pts to 4118.8. Last night, U.S markets finished flat while European shares managed to gain for the second consecutive day.

Protesters against the proposed construction of the uranium mine project in Wiluna town in the northern Goldfields raised Australia is inciting global destruction should it continue to push with the project.

With no more nuclear reactors to help augment its energy requirements, Japan's imports of liquefied natural gas (LNG) as well as crude oil have soared by as much as 14.9 per cent and 12.9 per cent, respectively, in April, data from the country's Ministry of Finance said.

The government of the Philippines stands to gain as much as $13 billion from the proposed copper-and-gold mine project to be constructed by Xstrata-owned Sagittarius Mines Inc. (SMI) in the southern part of the country, the BusinessMirror newspaper reported on Tuesday.

The Liberals withdrew on Wednesday a motion to suspend embattled crossbencher MP Craig Thomson from the Australian Parliament. Christopher Payne, the manager of Opposition business, initially sought the suspension of Mr Thomson for 14 days and a possible longer suspension following Mr Thomson's statement of Parliament on Monday.

The fate of whether to release or not the highly controversial temporary operating license (TOL) that Lynas Corp. needs to fire up its beleaguered rare earths processing plant in Malaysia has been committed to be known in the next two weeks.

Despite the surveys suggesting that Aussie voters were not inclined to give the Labor-led government a fresh mandate in 2013, Prime Minister Julia Gillard has reasons to smile these days following the approval attached to her economic policy by the Paris-based Organisation for Economic Cooperation and Development (OECD).

Effective January 2013, exports of Australian products into Malaysia will get to enjoy 97.6 per cent tariff-free entry and will increase to 99 per cent by 2017.

Yesterday, the Australian share market improved for the second straight day, with The All Ordinaries Index (XAO) up over 49 points to 4,173 points. But in morning trade today the market fell back into the red.

Bell FX Currency Outlook: This morning the Australian dollar is over a US cent lower, currently trading at USD0.9790 after comments about the possibility of Greece leaving the Euro currency resulted in risk aversion trading, and in turn, a fall in the AUD.

U.S. stocks erased gains from a day spent mostly in positive territory to close flat Tuesday, as worries resurfaced in late trading about potential European instability.

The Australian sharemarket improved for the second straight day, something which has not happened in around 3 weeks. The All Ordinaries Index (XAO) jumped 1.2 pct or 49.1 pts to 4173.5. The market improved as the day wore on and ended close to the highs of the day.

Taiwan has alleged that China is working on building its own warships or aircraft carriers which it can use for eventual warfare in the future.

While defending charges over sexual harassment charges filed by staff James Ashby, Australian Parliament House Speaker Peter Slipper continues to perform his duties, but away from the public eye.

Australia, which has yet to fully develop its rare earths sector, is eyeing France, the UK and Germany as possible export targets for its future rare earths and lithium products.

Companies engaged in producing raw commodities, particularly coal, iron ore and copper, may look to sunnier skies as China jumps to apply solutions to control its slowing economy. Specifically, the country is looking to the infrastructure sector to lead this economic rally, state-backed newspaper China Securities Journal reported on Tuesday.

Maverick Senator Nick Xenophon wants the federal government to follow the way of New South Wales, Queensland and West Australia and establish a body similar to that of the Independent Commission Against Corruption (ICAC).

The Coalition has downplayed reports that its likely win in next year's general elections would lead to a federal government that is not tax-friendly with tech titans maintaining local operations in Australia.

Amid the hype brought by China's suspension of coal and iron ore cargo shipments and its apparent controlled economic slowdown, the copper unit of Xstrata, the world's fourth-largest copper miner, remained confident the world's second-largest economy will continue to import its main product nonetheless.

As expected, opponents have come out to challenge what could be Australia's first ever uranium mine project.The Conservation Council of Western Australia (CCWA) said it is opposed to the construction of the uranium mine project in Wiluna town in the northern Goldfields on the basis that Toro Energy has yet to provide a safe and reliable track record in uranium mine construction, development and maintenance.

The Australian share market started the week stronger and has also gained in morning trade today, Yesterday the All Ordinaries Index (XAO) closed 26 points higher at 4,124 points. Helping to wipe away some of the pain from the 5.6% loss last week.

An official of a sex industry consulting firm dashed hopes of embattled MP Craig Thomson for video footage of people who enter and leave brothels in New South Wales the past six years.

Bell FX Currency Outlook: The Australian Dollar is just north of USD 0.9900 after sentiment was boosted slightly due to supportive comments from policymakers.

Saudi Arabia has eclipsed Russia as the world's biggest oil producer first time in six years after the country in the Middle East jacked up its crude output to a 31-year high in March.

In what could be a firm testament of its cooling economic activity, a number of China's raw commodity trading houses have suspended their cargo shipments of coal and iron ore amid the continued drop of the prices of the two commodities in the world market.

The bulk of Australian troops will be out of Afghanistan by 2014 as scheduled but Prime Minister Julia Gillard has assured the Asian nation that her commitment will be sustained further in the form of development aids.