POLITICS & POLICY

This weekend stargazers were in for a double treat as the annual Perseid meteor shower dazzled from midnight of Aug. 12 and pre-dawn on Aug. 13.

Kate Middleton and Victoria Beckham are friends that have similar fashion preferences, with one focusing on a conservative flair while the other goes for glamorous and sexy.

Prime Minister David Cameron said on Thursday that government was considering blocking the use of social media services like FaceBook, Twitter, BlackBerry Messenger to prevent riots.

Now more than anything else do locals in many areas in London need to feel that much-needed support after the disturbing riots that ravaged the country’s many establishments, not to mention the devastating effects it caused many of the victims and their families.

Australia's central bank is again under pressure as to how it will play the key benchmark key rates in the near term as unemployment and inflation rates rose in recent weeks.

America never forgets. Or at least, it takes time for this “big great nation to heal”. After all these years, names who may have been big in the first place and became bigger after being implicated in murders or scandals and hot issues Americans feel strongly against, pay the price for being remembered for what they had done or embroiled themselves into.

The $14-million Madame Tussauds Museum is making its way Down Under and Australians are keeping their eyes on their favorite starswho will be featured in its opening in Darling Harbour, Sydney.

A motley group of London-based music labels are fearing the loss of stocks after a major distribution warehouse got burned to the ground due to the London riots.

After four nights of the worst riots in decades, Britain's capital is quiet but the aftermath of the unrest continues with courts open through the night to deal with 1,200 arrested looters.

It was another interesting session on the Australian share market, as investors reacted to fresh sovereign debt worries out of Europe and a surprise rise in the local unemployment rate. The All Ordinaries Index (XAO) fell 1.5pct on open, outperforming near 5pct losses witnessed on Wall Street overnight.

Across Asia, regional markets are mixed following the wild ride in overnight equity markets that saw the US and European indices close sharply lower. After larger falls on the open, the major indexes have rallied to be trading well off their lows. The Shanghai Composite and Kospi are the best performers, up 0.4% and 0.3% while the Hang Seng and Nikkei 225 are both down 1.2%.

Australians campaigning for animal rights will rally across the country on Sunday, August 14, in support of legislation that will determine the future of the live export trade. This comes after the first shipment of cattle since the lifting of the live export ban to Indonesia left the Port of Darwin on Wednesday and the government announcing a new package of subsidised loans and grants to cattle producers affected by the suspension of trade.

Australia's economy generated more part-time jobs in the month of July rising 22,100 to 3.40 million, emphasizing the state of local firms that are not woven within the industries of the mining sector.

St. George and ING Direct have joined the wave of fixed rate cuts, and an MPA Top 100 Broker has predicted an RBA cut may not be far behind.

Electrical goods and furniture retailer Harvey Norman has started laying off employees as it moves to shutdown down under performing Clive Peeters and Rick Hart Stores. Up to 100 staff could be out of work due to the Harvey Norman restructure.

MARKET CLOSE (4.30pm AEST)Well after the strangest of days for the Australian market yesterday, shares locally improved strongly for the second consecutive day. The ASX 200 index (XJO) rose 2.6 pct or 106.5 pts to 4141.3 while the broader All Ordinaries index (XAO) jumped 2.7 pct or 110.7 pts to 4207.4. This takes the gains for the week to just under 1 pct so far.

As if lifting the suspension is not enough, the Australian Government has announced an extra $70 million in assistance for cattle raisers and other related businesses affected by the recent temporary suspension of live cattle to Indonesia.

In the wake of this week's share market meltdown, a new report from Ernst & Young reveals that the threat of higher taxes to be slapped on the the resources sector could weaken the Australian economy, which narrowly escaped the contagion of the financial crises two years ago.

MARKET CLOSE (4.30pm AEST)The Australian sharemarket had a dramatic trading Tuesday as stocks staged an amazing comeback with the ASX 200 index (XJO) up 1.2 pct or 48.7 pts to 4034.8 while the broader All Ordinaries index (XAO) rose 1 pct or 40 pts to 4096.7.

Police investigators are looking into claims that the popular BlackBerry Messenger had a role in the riots that have besieged London for three days.

Two of Australia’s major banks, Commonwealth Bank and Westpac have joined the growing number of lenders cutting home loan interest rates. Will the other big lenders follow?

David Cameron is flying back from Italy to chair an emergency meeting in Downing Street after riots in London continued unabated in its third day.

MIDDAY REPORT (12.30pm AEST)The Australian sharemarket is currently trading at its lowest level since July 2009, with the All Ordinaries index (XAO) down 4.5 pct or 181.4 pts to 3875.3. The major U.S and European markets tumbled significantly overnight, leaving us with a negative lead too difficult to shrug off.

Australia's two large banks, the Commonwealth Bank (CBA) and Westpac (WBC), have cut back its fixed home loan rates without waiting any further for the central bank's next move.

The Australian Bankers' Association (ABA) has criticized the planned initiative by the Greens Party to put a cap on ATM fees that can be charged by banks, which may result to pass on fees to customers if pursued by Parliament.

Echoing a move made by other government agencies as of late, the FBI on Monday debuted its first in-house mobile application called Child ID.

AFTERNOON REPORT (5.20pm AEST)Stocks around the Asian region fell further into the red today as investors reacted to the decision by ratings agency Standard and Poor's to downgrade the long-term credit rating of the United States from AAA to AA+. Investors and traders remained on edge despite the Group of Seven industrial nations pledging a coordinated effort to ensure financial markets have enough liquidity.

The Australian share market staggered deep Monday, breaching the safe range of 4000 as investors opted to sell and in spite assurances that the Asia-Pacific markets are yet to feel the immediate impact on its sovereign ratings.

Human rights organisation Amnesty International welcomed the High Court's extension of the injunction stopping the deportation of the first group of asylum seekers to Malaysia. It said it was horrified that the Australian Government is continuing to try to make an example out of vulnerable people, including unaccompanied children.