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Inquiry threat into Australian iron ore industry SYDNEY: The huge iron ore industry in Australia faces the threat of a parliamentary inquiry amid claims the world's biggest miners, including BHP Billiton and Rio Tinto, are flooding the market to wipe out smaller competitors.The steel-making commodity is the nation's largest export with Australia accounting for 60 percent of the world's sea-borne supply, and the slumping price has hit government revenues hard.Budget figures last week showed that Australia's forecast tax receipts will be cut by Aus$52 billion (US$41.6 billion) over the four years to 2017-18, largely driven by the plunging iron ore price.The price weakness has been exacerbated by the world's biggest exporters of the commodity -- BHP, Rio, and Brazil's Vale -- who make up the majority of the market and have kept lifting production levels to maintain or even lift their export share despite slower growth in Chinese demand. This has led to smaller mining companies, which ...

Shanghai copper up 4 pct, plays catch up after holiday MELBOURNE: Shanghai copper rallied nearly four percent on Monday after China's factory activity shrank in April, boosting bets Beijing would take further easing steps, and as markets reopened after a long weekend. China's factories last month suffered their fastest drop in activity in a year, as new orders shrank, a private business survey showed on Monday, hardening the case for fresh policy stimulus to halt a slowdown in the world's second-largest economy. "I think the ...
Australia's iron ore shipments to China down 4pc in April SYDNEY: Australia's iron ore exports to China from Port Hedland, the world's biggest terminal for shipments of the raw material, fell 4 percent in April from March, port figures showed, as demand from China's steel mills dwindled amid a construction slowdown. Exports of the steelmaking ingredient to Australia's biggest trading partner totalled 30.1 million tonnes, down from 31.2 million tonnes the previous month, according to the Pilbara Ports Authority. The monthly total, however, represents an ...
Australian coal prices jump 10pc as storm halts shipments SINGAPORE: Australian coal cargo prices soared 10 percent this week after a huge storm hit the country's east coast, forcing the Newcastle export terminal to stop all ship movements, while meteorologists have warned that another storm was gathering off the coast.The cyclonic storm, which is lashing Australia's east coast for a third day and has been declared a catastrophe, has destroyed houses, cut power to more than 200,000 homes and caused millions of dollars of ...
Shanghai nickel slides 3pc on China construction worries MELBOURNE: Shanghai nickel slid 3 percent on Wednesday, echoing losses in London, on concerns that China's struggling construction sector would corrode demand for the stainless steel ingredient."Clearly the market is seeing the general weakness in the Chinese steel market as having a future impact on speciality feed markets as well - nickel has been suffering as a consequence," said strategist Daniel Hynes at ANZ in Sydney."If it continues, then zinc is vulnerable as well."The most-traded ...
Wilmar warns of potential Australian sugar production shortfall SYDNEY: Australia's sugar production during the 2014/15 season may miss official estimates as a result of recent dry weather across the northeast coast of the world's third-largest raw sugar exporter, Wilmar International Ltd said on Wednesday.Much of Queensland, which accounts for more than 95 percent of the Australian sugar cane production, received less than half the typical levels of rain between January and March, Wilmar said.Australian sugar production relies on rains during the first few ...
Nickel cuts weekly losses on technical, physical buys MELBOURNE: London nickel climbed nearly 2 percent on Thursday on technical buying, sparked after traders brought more into China following a steep price drop earlier in the week.Traders have stepped up imports of nickel and related products into China this week, after domestic nickel pig iron (NPI) plants shut due to a crackdown on pollution, and global prices fell to six-year lows, industry sources said.NPI is used in the production of stainless steel and as ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln