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Australia's coal city backs green future SYDNEY: Australia's city of Newcastle, which claims the world's biggest coal export port, said Wednesday it will pull money out of fossil fuel industries as it invests in more sustainable enterprises.Newcastle City Council, which manages a Aus$268 million (US$191 million) investment fund for Australia's seventh largest city, voted late Tuesday to progressively move towards "environmentally and socially responsible investments"."Coal undoubtedly makes up a really significant portion of our local economy, but we're also increasingly becoming an energy hub more broadly," councillor Declan Clausen told AFP."Coal exports are going to continue... but we'll also be focusing our investment away from really large, new, environmentally damaging resource projects towards things that are more sustainable in line with the changing expectations of the broader community."Newcastle, about 170 kilometres (106 miles) north of Sydney, is one of the biggest councils in Australia to vote to divest from carbon-heavy industries.Its decision came just days after ...

Australia shares rise as hope of rate cut offsets bank woes SYDNEY: Australian shares sea-sawed before finishing higher on Monday as hopes of a rate cut on Tuesday eclipsed concerns about the bank sector earnings after the No.2 lender posted a disappointing interim result. Westpac Banking Corp missed forecasts with a flat first-half profit and its dividend grew at its slowest in nearly four years, leading to concerns its rivals will show similar strain when they report over the next week. The S&P/ASX 200 index fell ...
PetroChina, Sinopec merger makes little sense LAUNCESTON: The market chatter over forming a giant Chinese oil major through merging PetroChina and Sinopec has ramped up again recently, but the motivations for such a deal struggle to stand up to scrutiny.The Chinese authorities are mulling joining China National Petroleum Corp, the parent of PetroChina, and China Petrochemical Corp, the parent of China Petroleum and Chemical Corp, better known as Sinopec, the Wall Street Journal reported on Feb. 18.It should be noted that ...
Rio Tinto CEO sees no chance of a Glencore merger MELBOURNE: Global miner Rio Tinto will not be taken over by rival Glencore because there is no value in it for shareholders and regulators will never let it happen, Rio Tinto chief executive Sam Walsh said.Rio rebuffed a takeover approach from Glencore last August to create a $160 billion mining and trading goliath and revealed the approach in October. Glencore did not rule out making a fresh attempt.Under UK rules, it could return with an ...
Australia shares extend winning streak as banks rally SYDNEY: Australia's share market rose for an eleventh straight session on Thursday to reach a fresh seven-year closing high as three of the big four local banks scaled record peaks.The S&P/ASX 200 index ended up 0.6 percent at 5,811.0, having earlier touched 5,819.1 - a high not seen since May 2008. The index has risen 9.5 percent in 11 sessions, a feat not seen in over five years.A late rally in bank stocks helped offset ...
Australia regulator says reviewing Origin proposal to buy BP gas terminal SYDNEY: Australia's antitrust regulator said on Monday it was reviewing a proposal by top energy retailer Origin Energy to buy out BP Plc's stake in the Bulwer Island gas terminal they jointly own in Brisbane.In a statement on its website, the Australian Competition and Consumer Commission said it would rule on the proposal on March 19. Origin, which already has a 50 percent stake in the Bulwer Island facility, declined comment.Origin has been expanding into ...
Australia's North West Shelf LNG launches 5-cargo tender MILAN: Australia's North West Shelf liquefied natural gas (LNG) export plant on Monday launched a tender to sell at least five cargoes from April, a source with direct knowledge of the matter said.The 16.3 million tonne per year capacity plant expects to sell the supply in two tranches with final bids for the cargoes due by Jan. 26, the source said.The unexpected tender signals a delay of around three months to reforms of how NWS ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln