02142016Sun
Last update: Sun, 14 Feb 2016 09pm

Australia

Markets - Energy - Australia

Papua New Guinea PM revises GDP growth to 8.4pc this year as gas revenues flow SYDNEY: Papua New Guinea is on track to show revised economic growth in excess of 8.4 percent this year, beating its own forecast of 5 percent, Prime Minister Peter O'Neill said.O'Neill also forecast a further rise in gross domestic product (GDP) growth to at least 15 percent in 2015, citing an improving business climate helped by the start up a $19 billion liquefied natural gas project by ExxonMobil Corp."We are conservatively predicting 15 percent next year, but industry experts are telling us it will be closer to 20 percent," O'Neill told Reuters.Copyright Reuters, 2014 ...

Markets - Energy - Australia

Brent hovers below $98, but set for 1st weekly rise in 3 SINGAPORE: Brent crude held below $98 a barrel on Friday, but was set for its first weekly gain in three on the possibility of lower OPEC output. OPEC's secretary-general this week said the supply group may reduce production soon, while Libya has again cut output amid anarchy in the country. Brent has remained below $100 since Sept. 9, as global oil production growth, led by the United States, exceeded demand. A stronger dollar also dragged ...

Markets - Energy - Australia

Australia shares sluggish; weak data, gold slump cap SYDNEY/WELLINGTON: Australian shares edged higher on Tuesday, but held near three-week lows as an uninspired performance on Wall Street, a slump in gold prices and a dip in business conditions tempered the mood. Gold miners declined as bullion fell 1.2 percent to a fresh three-month low overnight, losing some of its safe-haven lustre after a ceasefire between Ukraine and Russian rebels took effect on Friday. Australia's top gold miner Newcrest Mining Ltd dropped 1.9 percent, ...

Markets - Energy - Australia

Apache announces Australian oil discovery SYDNEY: US energy firm Apache on Monday announced an oil discovery off northwestern Australia which it said could potentially represent a new oil province for the country.The find at the Phoenix South-1 well is the first for Apache Energy in the Canning Basin, some 180 kilometres (112 miles) north of the Western Australian town of Port Hedland."Although evaluation is at an early stage, Phoenix South-1 is an exciting result," said Apache's executive vice-president and chief ...

Markets - Energy - Australia

Asia shares supported by upbeat China factory survey SYDNEY: Asian stock markets edged broadly higher on Thursday and the Australian dollar jumped after a surprisingly strong reading on Chinese manufacturing bolstered hopes for recovery in the world's second-biggest economy. The HSBC flash PMI came in at 52.0 for July, well above forecasts of a small rise to 51 in July and the highest reading in 18 months. There was also good news on the outlook, with a sub-index of new orders reaching 53.7. ...

Markets - Energy - Australia

Australia shares flat in choppy trade, oil sector weak SYDNEY/WELLINGTON: Australian shares were a shade lower on Wednesday, as investors remained cautious over turmoil in Iraq and ahead of the Federal Reserve's two-day meeting while the oil sector dragged. Oil companies were the heaviest drag on the index as Woodside Petroleum Ltd came out of a trading halt to lose 3.7 percent to A$41.28, its lowest price since May 23. Royal Dutch Shell launched a long-anticipated sale of most of its stake in Australia's ...

Markets - Energy - Australia

BHP boosts iron ore output and lifts guidance SYDNEY: Global mining giant BHP Billiton raised its fiscal year iron ore production outlook for a second time this year on Wednesday after seeing a better-than-expected jump in output for January-March.The world's biggest mining company increased guidance for production the year to June to 217 tonnes, up from the 212 tonnes previously forecast. That comes despite concerns about the strength of the economy in China, the number one buyer of ore.It said production in January-March ...