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One-time economic engine of Australia in deficit as iron ore sinks SYDNEY: Western Australia state, once the "economic engine" of Australia, on Monday recorded its first budget deficit in 15 years as royalties from iron ore plummet.Western Australia treasurer Mike Nahan said the A$1.28 billion ($1.04 billion) budget deficit stemmed from a fall of more than 40 percent in the iron ore price leading to a A$7.1 billion drop in royalty revenues.A deficit of A$907 million is forecast for next year, with analysts doubtful of any turnaround in ore prices soon.The price of iron ore has fallen as a huge increase in Western Australia's output created a glut of the mineral.Treasurer Nahan also blamed lower crude oil prices for the deficit as royalties from the state's massive exports of natural gas slumped. Crude oil prices have fallen by about 35 percent since the budget was finalised.A mining frenzy spurred by a voracious appetite among Chinese steel mills for rich Australian ores ...

Copper futures drop, oversupply worries drag SYDNEY: Copper prices inched down on Monday, reversing gains from the previous session on concerns over global oversupply. Copper is down some 13 percent so far this year on worries the market is heading into a supply surplus after several years of deficit, and on slowing economic growth in China, which consumes nearly half the world's copper.A worldwide surplus of 300,000 tonnes is forecast in 2015 by Australia's Bureau of Resource and Energy Economics, equivalent ...
LME copper eases in step with oil SYDNEY: London copper was lower on Thursday, shedding modest overnight gains in step with weaker oil, while Shanghai copper futures ended flat, stabilised by a positive economic survey of Chinese companies. Sales, profits, and employment in China improved "a bit" during the second half of the year, the China Beige Book said in a research note distributed to clients, citing findings from its quarterly survey of 2,000 Chinese firms. It noted that wage and job ...
Wheat eases, but stays near 6-month peak on Russian supply worries SYDNEY: US wheat futures fell on Thursday, edging down for the first time in six sessions, although losses were checked by persistent concerns over supply from key exporter Russia.Corn fell after firming more than 0.5 percent in the previous session, while soybeans also slipped.Chicago Board of Trade March wheat futures dipped 0.27 percent to $6.46-3/4 a bushel by 0230 GMT, after ending up 4 percent on Wednesday when prices hit a six-month top of $6.50-3/4 ...
London copper mired near 1-week lows on China worries SYDNEY: London copper slipped on Tuesday to its lowest in a week after factory growth in top metals consumer China shrank in December for the first time in seven months, further curbing investor appetite for risk. Sentiment had already been soured by sliding oil prices, undermining support for metals. Crude prices plunged further on Monday after OPEC once again said it would not cut oil output despite fears of a glut, and a UAE official ...
LME copper shrugs off oil rout; China stimulus hopes support SYDNEY: London copper was steady on Monday, holding up despite a steep drop in crude oil, on expectations that China could move to shore up its economy and on tightening supply. Brent crude futures dropped as much as 2.5 percent on Monday to a new five-year low near $60 a barrel after the International Energy Agency forecast further price falls and OPEC's chief defended the group's decision not to cut its output target."What you're seeing ...
Wheat extends gains on fund buying PARIS/SYDNEY: Chicago wheat futures extended a rally on Friday to move above the psychological $6 barrier as buying interest from investment funds outweighed signs of large global supply and uncompetitive US export prices. Corn also rose for a second day, with the benchmark contract rising above $4 to its highest in nearly five months, and soybeans edged higher to trade close to a one-month high, with strong demand encouraging investors to overlook record supply. Chicago ...


Index Closing Chg%
Arrow DJIA 16,643.01 0.07
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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln