POLITICS & POLICY

Australia is now one in a list of countries with the most expensive essentials from food to housing, according to a study. In fact, key essentials are now pricier in Australia than in London, New York and Singapore, prompting Aussies to call Australia as the land of the great big rip-off, reports said.

U.S. coal giant Peabody Energy said it will increase seaborne export coal volumes at its Wilpinjong and Millennium mines in Australia by 3 million tonnes to 5 million tonnes after expanding both operations.

The independent Environmental Integrity Project, an environmental watchdog group, in a report released on Tuesday said some 20 sites in 10 US States risk toxic contamination from coal ash.

There are more liquor shops in poorer suburbs than anywhere in Victoria, according to new data. Either the locals want more liquor, or they just could not resist what is right in front of them.

Member-nations of the Organization of Petroleum Exporting Countries (OPEC) have agreed to raise its oil yield quota to 30 million barrels a day (mbpd), which is actually what the cartel has almost been producing lately.

A lawyer representing Muammar Gaddafi's daughter, Aisha Gaddafi, said on Wednesday he had sent a letter to the prosecutor of the International Criminal Court (ICC) to ask if an enquiry had been launched into the killing of her father and brother.

The Australian sharemarket lost ground for the second time this week with the All Ordinaries index (XAO) ending the day 1.2 pct or 52 pts lower to 4197.8. Today's falls have wiped out almost all of the gains recorded so far this month. In fact since the start of the month, shares have only edged higher by an unimpressive 0.3 pct.

China's largest patrol ship will guard its territory in the East China Sea, where a group of uninhabited islands also being claimed by Japan and Taiwan is located.

South Korea has been added as one of Australia's close military allies as the two nations formally agreed on Wednesday to conduct more joint exercises in the future in hope of further cementing their ties.

Terrorist groups lurk on social networks like Facebook and YouTube to entice people to join their movement, according to a new study.

Weather reports over Bay of Plenty, where MV Rena is wedged in on a reef, said the area will experience increasing winds on Thursday at speeds of 30 knots, bringing swells up to 4m high. Marine authorities fear of damages that the ill weather could inflict on ill fated vessel MV Rena.

Japan is set to spend some $8 billion that will upgrade its air capability, possibly opting for a fleet of radar-evading F-35 combat jets manufactured by American firm Lockheed Martin, reports said.

As exports and home sales continue to slide, no thanks to the continuing European debt crisis and stringent real estate policies at the home front, China's manufacturing has been forecast to contract for a second month in December.A preliminary reading of HSBC Holdings PLC's China purchasing managers' index (PMI) released Thursday (2:30GMT) showed the activities in the country's mainland's factories continue to dip in December, 49.0.

Asian buyers of the much coveted precious metal gold went into a buying spree as other skilled investors liquidated their investments of the safe haven metal on speculation of a dollar strength rising.

The Mackay Conservation Group warned of the danger of the new coal terminal being planned in Queensland a day after the state government announced the award of tracks of land to two companies which will develop the ports.

Morningstar has again launched its yearly pick for the top fixed-income managers of the year. The tough criterion will again focus on how these managers delivered outstanding returns based on a sound strategy for the long term and not just on the highest returns made for the fiscal year.

The World Bank (WB) banned on Thursday Australian engineering firm Kellogg Brown & Root (KBR) from participating in its projects for two years. The ban was due to KBR's misconduct in talks over a Vietnamese water supply contract.

The Australian sharemarket is doing it tough at lunch with the All Ordinaries index (XAO) down 1.3 pct or 55.1 pts to 4194.7. Today's weakness has effectively wiped out almost all of this month's gains.

Australian banks are citing the high cost of money caused by the ongoing eurozone debt crisis as they reason why they would not likely follow the Reserve Bank of Australia (RBA) the next time the central bank cuts the overnight cash rate.

Talks of brewing restiveness within members of the Australian Labor Party have sprouted in the immediate aftermath of the cabinet reshuffle implemented earlier this week by Prime Minister Julia Gillard, reports said.

Bell FX Currency Outlook: The AUD has fallen again overnight as concerns over the Euro Zone debt crisis continue to drive the markets.

A sluggish start is seen for the Australian stock market as a reflection of negative overnight leads from the U.S. and European stock markets. In spite the good import numbers reported for the first time in the U.S., stocks still skidded due to the pessimism pervading the commodities markets. In yesterday's trading the top

From Morrison Securities Pty. Ltd. U.S. stocks sank for a third straight day as falling commodity prices added to investor anxiety over the euro and a jump in Italy's borrowing costs.

Papua New Guinea was engulfed in a political turmoil on Monday when its Supreme Court ordered the reinstatement of Sir Michael Somare as the prime minister, a post that parliament bestowed earlier to Peter O'Neill. But O'Neill refuses to turn over his post, so the country technically has two leaders.

A U.S. Air Force drone monitoring pirates off the East African coast crashed in the airport of Seychelles on Tuesday.

The Ministry of Environmental Protection of China has finally come up with a set of draft safety rules to ensure not only the efficiency but also safety of the country's nuclear plants once it goes online again.

The Australian sharemarket certainly could not put 'consistency' down on its resume as one of its strong points. Over the past 20 business days, local shares have improved exactly half of the time and have gained by an uninspiring 2.5 pct over the past three months.

China denounced Canada's decision this week to withdraw from the 1997 Kyoto Protocol, accusing it of reneging on its commitment to help reduce global carbon emissions.

Toyota Tsusho Corp., trading company of Japan's biggest automaker, Toyota group, announced recently it has entered an arrangement to supply coal-bed methane to BG Group Plc.'s liquefied natural gas (LNG) project.