POLITICS & POLICY

The Australian Government Overseas Aid Program (AusAID) spent $110,000 for the training of aid workers in the martial arts technique of kung fu.

U.S. MarketsU.S. stocks dropped into negative territory as investors digested the Federal Reserve's gloomy assessment on the U.S. economy, adding to concerns about Apple's surprise earnings disappointment. The Dow Jones Industrial Average fell 46 points, or 0.4%, to 11530. The Standard & Poor's 500-stock index lost 12 points, or 1%, to 1213, and the Nasdaq Composite shed 44 points, or 1.7%, to 2613.

MORNING REPORT (7am AEDT)US consumer prices rose by 0.3pct in September, underpinned by food and energy prices. But the core rate - excludes food and energy - rose by 0.1pct, to stand 2.0pct higher than a year ago. And housing starts soared by 15pct to a 658,000 annual rate in September, above forecasts for a result near 590,000 and the highest level since April 2010. Building permits were lower by 5pct to 594,000, below consensus estimates.

It seems that William and Kate much prefer regular bikes rather than pricey, luxurious cars when they get around their London hometown in Anglesey, Wales.

The "Rolling in the Deep" singer has nothing but great things to say about England's Royal family, especially that she shares the same citizenship with them.

Optimism towards a better economy in Australia is beginning to set in, according to the latest Westpac-Melbourne Institute Leading Index.

Amidst the stress weighing down on the present global financial situation, specifically in Europe, Australian banks are robust enough to ride out any new fiscal storms, according to the Reserve Bank of Australia (RBA).

It turns out that the mystery man who swept Pippa on the dance floor in a gala was her ex boyfriend, Charlie Astor.

Cattle owners are in for good news as the drought forecast to hit US beef exports will give Australia's cattle industry the opportunity to increase output and take advantage of near-record prices.

Controversy appears to await Queen Elizabeth even before she arrived on Wednesday night in Canberra. An animal rights group is threatening to hold a protest while Queensland flood victims feel slighted by the non-inclusion of their area in what could be the royal's last visit to Australia.

Her Majesty The Queen and the Duke of Edinburgh will arrive in Canberra Wednesday evening for a 10-day visit to the ACT, four cities and three states.

U.S. stocks hit fresh session highs after a report circulated that France and Germany had agreed on a EUR2 trillion plan to combat Europe's sovereign debt crisis. The Dow Jones Industrial Average rose 250 points, or 2.2%, to 11651, after earlier falling as much as 101 points. The Standard & Poor's 500-stock index gained 32 points, or 2.7%, to 1233, led higher by financial and industrial stocks. Each of the index's 10 sectors traded in positive territory.

MORNING REPORT (7am AEDT)US producer prices rose by 0.8pct in September, driven by higher energy prices. Economists had tipped a gain of only 0.2pct. But the core rate - excludes food and energy - rose by 0.2pct, just above the consensus forecast for a 0.1pct rise. And the NAHB/Wells Fargo Housing market index hit a 17-month high in October, lifting from +14 to +18.

The bus drivers union agreed on Tuesday night to an Industrial Relations Commission order to lift a ban on gas-powered buses in Sydney. The explosion of a gas-powered bus prompted public bus drivers to raise their protest by refusing to get on the road, resulting in huge inconvenience among Sydney passengers at peak hour Tuesday.

A suspected explosion in a gas-powered bus prompted public bus drivers to park their vehicles instead of getting on the road, creating commotion among Sydney passengers at peak hour. Fearing the risk of another explosion, drivers are refusing to drive 700 gas-powered buses after learning about a video footage of a bus in fire reportedly after an explosion.

Telstra has told shareholders the company will consider a share buyback after approval and implementation of the deal with NBN Co.

A list of actors and actresses from Australia who made it big in the glitz and glam world of Hollywood.

For the carbon tax law to be effective and efficient, governments must not only look on imposing them on businesses and manufacturers, particularly mining groups involved in oil, coal, natural gas and other fossil fuels exploration. Governments must also look into taxing a plain consumer to complete the whole carbon supply chain.

Lady Gaga performs ala Marilyn Monroe at the Clinton concert.

Professor George Williams warned on Tuesday that a repeal of the carbon tax as threatened by Opposition leader Tony Abbott would cost Australian taxpayers millions of dollars.

Shareholders of Telstra have agreed and voted in favor of the $11 billion deal with the Australian government, allowing Telstra's fixed-line dominance be used by the NBN Company.

Last Saturday, former President Bill Clinton celebrated his 65th birthday. Although his original birthday was on Aug. 19, it was a belated treat to also celebrate "A Decade of Difference: A Concert Celebrating 10 Years of the William J. Clinton Foundation."

Although 2008 and 2011 are only three years apart, Australian Treasurer Wayne Swan said on Monday that governments now are better prepared, banks are stronger and there are plans in place to address a looming second round of global financial crisis.

It has begun. Politics, along with political grandstanding, are most likely to hamper the start of expansion works into BHP Billiton's $30-billion Olympic Dam copper and uranium mine project.

MIDDAY REPORT (12pm AEDT)The Australian sharemarket is down 1.6 pct or 71.5 pts to 4266.4, effectively wiping out all of yesterday's impressive gains. Markets tumbled overnight due to concerns that the European debt solution might fall short of expectations.

Unemployment jitters have alluded at least 5,000 workers of Rio Tinto after the Anglo-Australian global miner announced on Monday it wants to divest from thirteen of its aluminum units, including refineries and smelters, to restructure its Alcan aluminum business and reinforce the company's financial performance.

Australia's central bank has hinted that benchmark cash rates in the country may go down after months of being held at 4.75 percent.

Taking a leap of faith to apply for an internship in the Big Apple proved fruitful for this young writer.

The high cost of living is putting more low-income Aussies at risk of falling into poverty, a report says. Poorer households are compelled to spend more of their income on essential goods and services due to price hikes on these non-discretionary items, such as food and electricity, a report by St Vincent de Paul Society says. As a result, households' health and education expenses are delayed, if attended at all.