Finance Minister Mathias Cormann has rejected the suggestion the Australian economy could be in recession and won't be pursuing stimulus spending in the upcoming mid-year budget review. Figures last week ...
The US Federal Reserve is poised to raise interest rates this week but the Australian share market's ongoing rally could relax in anticipation of the board's accompanying comments. Australian investors will find out on Thursday morning whether the US Federal Reserve will raise rates for the first time in 12 months, which AMP Capital's chief economist Shane Oliver said is 100 per cent priced in. In the run-up to the meeting there may be a bit of nervousness because the market has been used to low interest rates for so long, he said.
Eleven non-OPEC producers have agreed at a summit in Vienna to reduce oil output by 558,000 barrels per day, pushing the total production cut by OPEC and non-OPEC members to 1.7 million bpd of crude. Thirteen OPEC members had agreed on November 30 to slash production by 1.2 million bpd. The production cut coming out of this weekend's summit between OPEC and non-OPEC members fell just short of the 600,000 bpd reduction that the cartel's leaders were hoping to achieve.
The so-called "missing link" would complete the Metropolitan Ring Road by connecting the ring road to either the Eastern Freeway or EastLink. "When we build the missing link that completes the ring road you'll be able to drive from Ringwood to Tullamarine without stopping at a single traffic light," Premier Daniel Andrews said in a statement on Sunday. It would be funded by a mixture of government contributions and tolls.
Finance Minister Mathias Cormann won't be pursuing stimulus spending in the upcoming mid-year budget review even after recent figures showed the economy put in its worst performance in more than five years. While conceding the national accounts showing the economy shrank by 0.5 per cent in the September quarter was not a good result, he is not anticipating the December quarter will show a consecutive negative outcome, which would constitute a technical recession. Neither does he believe it is sensible to pursue "so-called stimulus spending", an approach Labor took and a course of action he says damaged the economy.
Greece's Parliament has passed a budget of continued austerity as mandated by the country's creditors, but which forecasts robust growth for 2017. Prime Minister Alexis Tsipras says it will mark Greece's "final exit" from its nearly decade-long financial crisis. The budget adds more than 1 billion euros in new taxes, mostly indirect taxes on items from phone calls to alcohol.
Australian executives Kingsgate Consolidated Ltd are hoping a new Thai mining bill passed by parliament will save its mining operations from closure at the end of the year. Kingsgate's Thai offshoot, Akara Resources' mine in Chatree, 280km north of Bangkok, faces a December 31 shutdown after a May 10 order by the Thai cabinet for all gold mining operations in Thailand to cease. Kingsgate chairman Ross Smyth-Kirk says executives, have been lobbying for months to salvage the mine from closure, but so far have not been formally notified of the new legislation.
Restaurant critic AA Gill, described as "a giant among journalists", has died after a short battle with cancer. Announcing the death in a memo to staff, editor Martin Ivens said: "It is with profound sadness that I must tell you that our much-loved colleague Adrian Gill died this morning. "Adrian was stoical about his illness, but the suddenness of his death has shocked us all.
Finance Minister Mathias Cormann says the Turnbull government will get the budget back to surplus as soon as possible but won't lock itself into an artificial deadline. "We need to make decisions ...
US intelligence analysts have concluded that Russia intervened in the presidential election to help Donald Trump win the White House, and not just to undermine confidence in the US electoral system, a senior US official says. US intelligence agencies have assessed that as the 2016 presidential campaign progressed, Russian government officials devoted increasing attention to assisting Trump's effort to win the election, the US official familiar with the finding told Reuters on Friday night, speaking on condition of anonymity. The president-elect's transition office released a statement that exaggerated his margin of victory and attacked the US intelligence community that Trump will soon command, but did not address the analysts' conclusion.
Four people have been killed, 25 are injured and at least 20 buildings have been demolished after a cargo train derailed and exploded in northeastern Bulgaria. There are many people injured ... many with burns," Interior Ministry Chief Secretary Georgi Kostov said. Bulgarian Prime Minister Boiko Borisov was travelling to the village, 280 km northeast of Sofia and home to about 800 people.
Vince Cable, who was Britain's business secretary at the time of Murdoch's first bid in 2010-11 has told BBC radio the media tycoon's new takeover attempt would not be in the public interest. On Friday Murdoch's Twenty-First Century Fox said it had struck a preliminary deal to buy the 61 per cent of Sky it does not already own for about $US14 billion ($A19 billion).
Actor Judge Reinhold has been released from a Dallas jail following his arrest for causing a disturbance at a local airport after refusing to be screened at a security checkpoint, police say. Reinhold was taken into custody on Thursday afternoon at Dallas Love Field airport, the city police department said in a statement. A spokeswoman from the Dallas Police Department on Friday confirmed Reinhold's release from a local detention facility.
US president-elect Donald Trump says he will name Andrew Liveris - chairman and chief executive of Dow Chemical Co - to head the Manufacturing Council, a private sector group that advises the US secretary of commerce. Trump made the announcement during a rally in Grand Rapids, Michigan, where he introduced Liveris, 62, a dual US-Australian citizen who said he had accepted the appointment. The panel to promote US manufacturing will be "tasked with finding ways to bring industry back to America," Trump said.
Ford Motor Co is going ahead with plans to move small-car production from the United States to Mexico despite recent threats from president-elect Donald Trump. CEO Mark Fields says Ford's plan to move production of the Focus from Michigan to Mexico will proceed, in part because US consumers demand low prices for small cars. In a series of tweets on Sunday, Trump reiterated a threat to impose a 35-per-cent tariff on companies that build new plants abroad and sell products back to the US.
Holden will keep more than 100 design jobs and add 18 new positions after manufacturing ends in Australia in 2017. The powertrain engineering and development team will stay in Australia after General Motors reversed a decision to send the jobs overseas. "More than 100 additional Holden engineering staff will continue to apply their skills and talents to local and global vehicle programs," managing director Mark Bernhard said on Saturday.
Toyota is investing $US50 million ($A71 million) with Stanford University and the Massachusetts Institute of Technology in the hope of gaining an edge in an accelerating race to phase out human drivers. The financial commitment announced on Friday by the Japanese carmaker will be made over the next five years at joint research centres located in Silicon Valley and another technology hub in Cambridge, Massachusetts. Toyota has hired robotics expert Gill Pratt to oversee research aimed at developing artificial intelligence and other innovations that will enable future car models to navigate the roads without people doing all the steering and stopping.