POLITICS & POLICY

The federal government's illegal war on drugs is big business for lobbyists who profit on making sure you never have access to marijuana, whether for recreational or medicinal purposes.

A firm and steady opening has set in the Australian stock market today and analysts are closely watching if it would break the barrier resistance of 4320, an indicator that a change in sentiment towards the positive amidst concerns of the economy's correlation to China's economic slowdown may take place.

Bell FX Currency Outlook: The Australian dollar has opened this morning just over 1.0600 after equity markets had a strong run last week and successfully pushed the AUD higher once more.

U.S. stocks closed mostly flat Friday, punctuating the broader market's biggest weekly gain of the year in muted fashion after a soft reading on consumer sentiment. The Dow Jones Industrial Average fell 20.14 points, or 0.15%, to 13232.62. Blue chips snapped a seven-session streak of gains, the Dow's longest winning run in 13 months.

Despite a late attempt at a comeback this afternoon, the Australian sharemarket ended in the red for the third time this week. The All Ordinaries Index (XAO) eased by 0.1 pct or 2.2 pts to 4364.7. The miners were a drag on trade despite slightly stronger commodity prices overnight

What's the moral justification behind your appointment? That's the question that JJ Domingo, a political blogger from Manila, asked the Renato C. Corona, the present Chief Justice of the Supreme Court of the Philippines. Corona is facing an impeachment trial that will reach its conclusion this month.

Amid posting a favourable fourth quarter 2011 net profit that soared more than triple from a year ago, Aurizon Mines Ltd. said it is very much amenable to merger talks with other companies.

Government tax measures have been configured to benefit both the public and business communities, especially the small players, according to Federal Treasurer Wayne Swan.

A day after announcing itself up for sale, shares of Montreal-based gold miner La Mancha Resources Inc. jumped 19 per cent on Thursday, the most in 17 months.

Indonesia has expressed full support for the growing regional cooperation between Australia and the United States, with key ministers of the populous Asian country assuring Canberra that its security pact with America poses no serious problem among emerging power-players in the region.

All Ordinaries Index (XAO) closed 9 points lower yesterday, but after another strong session in the U.S and with European markets hitting a fresh 8-month high, our market opened higher this morning. But it have already fallen into the red and by lunchtime The All Ordinaries Index (XAO) had lost ground and is currently off 0.23 pct or 10 points to 4356.7. Volumes are very light and are expected to stay that way throughout the day ahead of a raft of key economic data out in the U.S. tonight and ne...

The upbeat sentiment in the U.S. and European markets is seen cascading to Australian share and dollar markets on Friday.

Bell FX Currency Outlook: The Australian dollar has recovered ground trading back above USD1.0500 this morning as global share markets continue to rally.

Stocks rose, as the S&P 500 topped 1400 for the first time in nearly four years, after firm readings on the jobs market and manufacturing activity. The Dow Jones Industrial Average rose 36 points, or 0.3%, to 13220, with less than an hour before Thursday's closing bell. The Dow industrials are on course for a seventh consecutive gain, the longest streak since an eight-session run ended in February.

The Australian sharemarket lost ground today for the second time this week, with the All Ordinaries Index (XAO) easing 0.2 pct or 8.7 pts to 4366.9. This follows on from two consecutive sessions of gains with the Aussie market rising by 2 pct on Tuesday and Wednesday combined.

Yesterday the Australian share market followed global markets higher, closing at a seven month high. So far today the market has been hit by falls in mining and energy stocks, the All Ordinaries Index (XAO) off 0.27 pct or 11 points to 4363.9. Today is options expiry for ASX listed companies so the volumes this morning and opening prices were heavily impacted by this once a month event.

Spurred by China's renewed growing appetite for iron ore plus gaining prices in the Asian market, Ukrainian iron ore miner Ferrexpo Plc has projected to increase its output generation of iron ore to 12 metric tonnes a year effective 2013.

Brunei has renewed a supply contract agreement with a Japanese consortium this week to deliver some 3.4 million metric tonnes annually of liquefied natural gas (LNG) for 10 years, effective early 2013.

The Atomic Energy Licensing Board (AELB) of Malaysia is poised to invite international observers to come over Malaysia to help the board come up with the most appropriate project to monitor the supposed radiation emissions of the highly debated rare earths processing plant of Lynas Corp. in Gebeng, Kuantan, Malaysia.

Australian bankers anticipate no major problem to be spawned by the Senate inquiry on the sector, expressing even full cooperation when required by the Parliament.

Opposition Leader Tony Abbott has expressed his support on the planned legal challenges aired by mining billionaire Clive Palmer against the upcoming carbon pricing scheme that is set to take effect July this year.

Fair Work Australia (FWA) has completed its inquiry on the alleged violations committed by former top-ranking officials of the Health Services Union (HSU) in Victoria but wrongdoings seen so far fell short of leading into a likely criminal case.

Queensland mining magnate Clive Palmer said that he would launch a legal challenge against the carbon tax before the Australian High Court. The basis of his planned challenge is a legal advice that the tax, slated to take effect July 1, is not constitutional.

Cabinet Minister Stephen Conroy has defended the choice of outgoing Australian Stock Exchange Chairman David Gonski as new head of the Australian Future Fund. He made the statement in response to the push by other Australian Labor Party members for Peter Costello to head the $77-billion fund.

Bell FX Currency Outlook: The Australian dollar extended its recent decline again overnight as the USD strength story continued.

Australian shares and currency markets are seen taking a step back on Thursday after striking gains yesterday. The continuing strength of the USD will drag on the AUD and commodity-related stocks. However, listed firms with big dollar exposures are likely to gain from this USD-AUD trend.

MORNING REPORT (7am AEDT - Due to the change in daylight saving hours in the US - Wall street now closes at 7am AEDT)In the Euro-zone, the consumer price index was unchanged at a 2.7pct annual rate in February, as expected. In the US, the current account deficit widened by $16.5 billion to US$124.1bn in the December quarter, above expectations near $114.2bn and equivalent to 3.2pct of GDP. In the UK, claimant count unemployment rose by another 7,200 in February. The claimant count rate of u...

U.S. stocks traded roughly flat on the day as the Dow industrials struggled to post a sixth straight gain, one day after the Federal Reserve said most of the biggest U.S. banks passed the latest round of stress tests. The Dow Jones Industrial Average edged up three points, or less than 0.1%, to 13181, in Wednesday afternoon trading.

The Australian sharemarket recorded its best daily improvement in three weeks yesterday and gained almost as impressively today. The All Ordinaries Index (XAO) rose 0.9 pct or 39.1 pts to 4375.6 and is close to hitting its highest level in seven months.