POLITICS & POLICY

Nickel miner Western Areas reported on Tuesday a 64 per cent decline in its first half net profit due to lower prices of the commodity. From July to December 2011, the firm logged a $24.1 million net profit, down from $67.2 million compared to the same period a year ago.

Despite the prospect of defeat meeting their initiatives, two Australian lawmakers introduced separate bills on Monday supporting the federal legislation of gay union in the country.

Korea Gas Corp (KOGAS), South Korea's state-run gas company, announced on Monday it would be importing in 2012 a total of 36.46 million tonnes of liquefied natural gas (LNG), or 1.6 trillion cubic feet of natural gas, presumably to ensure a steady and constant supply of the commodity for domestic purposes.

Brisbane Lord Mayor Graham Quirk announced on Tuesday an ambitious 20-year plan that aims to double the city's economy to $217 billion by 2031. The growth, which includes boosting job creation, would ride on the back of the state's resources boom.

Prime Minister Julia Gillard insisted on Tuesday that her acceptance speech was not prepared two weeks before she assumed the post vacated by Kevin Rudd, belying an earlier interview that suggested otherwise.

While hundreds of jobs continue to be shed across Australia since the start of February as businesses complain of the strong currency and weak consumer confidence, workers in Holden would enjoy up to a 22 per cent wage increase spread over the next three years.

Rising funding costs prompted major Australian banks to lift their mortgage rates despite the freeze on cash rate imposed last week by the Reserve Bank of Australia (RBA).

National Australia Bank (NAB) and Commonwealth Bank on Monday joined ANZ Bank and Westpac in raising their interest rates. That means the big four had decided to be independent of the Reserve Bank of Australia's (RBA) overnight cash rate decisions.

Bell FX Currency Outlook: The AUD rallied yesterday after the Greek Parliament passed the austerity measures required by the European Commission, but failed to breach 1.0800.

The Australian stock market is seen heading for a slow but steady start on Tuesday with the positive global markets performance extending limited gains on commodities and other risk-related assets.

Stocks added to gains and hit session highs in afternoon trading, buoyed by the adoption of austerity measures by Greece's Parliament. The Dow Jones Industrial Average was recently ahead 82 points, or 0.6%, at 12884. The Standard & Poor's 500-stock index advanced 10 points, or 0.8%, to 1353, and the Nasdaq Composite gained 29 points, or 1%, to 2933.

The Australian sharemarket has kicked off the new trading week higher, with the All Ordinaries Index (XAO) up 0.9 pct or 36.8 pts to 4359.4. Futures were initially pointing to a slightly lower start to trade, however turned positive once the Greek parliament passed new austerity measures despite a number of violent protests in seven Greek cities.

A hundred life-sized sea lion cut-outs are displayed on the shores of Wellington's Oriental Bay on Monday as a conservation organization calls on the public and the government to protect the critically endangered New Zealand sea lions.

Commodities from copper to crude oil, in three years to five years, may plummet anywhere from 50 per cent to 70 percent from existing level prices as a domino effect of a China potentially falling into a recession by 2015, a mutual fund CEO said.

The Federation of Electric Power Companies of Japan on Monday said the country had imported a total of 5.23 million tonnes of liquefied natural gas (LNG) in January, compared over 4.12 million tonnes a year earlier.

A looming trade war between China and the European Union over the latter's carbon pricing scheme is the least that the world needs at this time, with major economies already reeling from the effects of the widespread debt crisis in the euro zone, according to the head of the International Air Transport Association (IATA).

Prime Minister Julia Gillard appears to be losing her sheen in the money department as new data released by Newspoll showed that Australians now lean heavier on the Coalition bet, Tony Abbott, as the better economic manager.

On Friday, most of the world's crucial commodities line-up was down spurred by weak Chinese economic data, losses in the euro and renewed problems in Greece over a failed negotiation for its bailout deal.

The big four are apparently determined to veer away from the Reserve Bank of Australia's (RBA) overnight cash rate policy. The Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) are expected to launch a review of their interest rate after Westpac and ANZ Bank hiked their rates on Friday.

Official data from China's Bureau of Custom confirm that exports and imports by the world's second-largest economy had indeed fallen this January from a year ago.

Video clips of a former Afghan Army soldier emerged this week, containing his admission of attacking members of the coalition forces serving in Afghanistan last year.

Australian stocks are in for a rough day as there are not enough leads from other markets to rally on Monday's opening, analysts say.

Prime Minister Julia Gillard issued on Friday a new directive that requires members of the cabinet to secure clearance with her office prior to their appearance on Australian newspapers.

Bell FX Currency Outlook: The AUD tumbled on Friday from the close to 1.0800 to open just below 1.0700 this morning as financial markets became nervous before the vote on austerity measures by the Greek Parliament.

Stocks were dragged down for their worst one-day loss in about six weeks by tumult over the Greek bailout, disappointing readings on the U.S. economy and a downgrade of nearly three dozen Italian banks.

ANZ Bank announced on Friday that it will increase its variable home loan and small business interest rates by 0.06 per cent. The announcement establishes ANZ's independence for the Reserve Bank of Australia's (RBA) overnight cash rate policy which the central bank at kept on Tuesday at 4.25 per cent.

The federal government of Australia launched on Thursday a $340-million energy programme designed to provide energy efficiency to businesses, local government and communities.

On Thursday, the governments of China and Canada renewed yet again their bilateral ties over a planned sale of some $3 billion uranium yellowcake exports to the world's second-largest economy.

More jobs in Australia continue to be placed on the chopping block as the axe moves to the construction industry. Kell & Rigby, one of Australia's oldest building firms, announced on Thursday the loss of 500 jobs.