G20 criticises US on stalled IMF reforms

The Group of 20 countries have criticised the United States for blocking reforms to both expand the International Monetary Fund's resources and give China and other rising economies more say in the crisis lender's governance. Meeting on the sidelines of the US-based IMF's twice yearly meetings, the finance ministers and central bank governors of the world's leading advanced and emerging economies…

  • Seven nations sign up to Hockey's G20 hub AAP - 2 hours 18 minutes ago
    Seven nations sign up to Hockey's G20 hub

    Treasurer Joe Hockey has signed up seven countries to join a global infrastructure hub based in Sydney. At the hub's first board meeting in Washington last week, Mr Hockey secured financial contributions ...

  • Qld government dumps Cairns port plan AAP - 2 hours 39 minutes ago

    Plans to dredge a far north Queensland inlet for a potential cruise ship terminal have been abandoned by the state government on environmental and financial grounds. Treasurer Curtis Pitt has released a draft Environmental Impact Statement (EIS) on the proposal, which could have involved dumping Cairns Port dredge spoil on waters near the Great Barrier Reef.

  • Dairy farmers urged to prepare for milk price drop Newstalk ZB - 10 hours ago

    Dairy farmers are being urged to prepare for the reality of the drop in milk prices as a tough season looms ahead.

  • Whitehaven expects prices to remain weak AAP - 17 hours ago
    Whitehaven expects prices to remain weak

    Whitehaven Coal expects coal prices won't start to pick up until 2016. The company behind the controversial Maules Creek mine in NSW has lifted its full year production target to 7.2 million tonnes, from 7.0 million tonnes, after a boost in March quarter production. Whitehaven expects that price to fall to a range of US$75 to US$80 per tonne in the June quarter.

  • The end of the mining housing boom AAP - 20 hours ago

    THE HOUSING DOWNTURN IN AUSTRALIA'S MINING TOWNS BLACKWATER (QLD) Median house price: $210,000 Down 38 pct in year to Feb Forecast for 2015: Down 15 pct MORANBAH (QLD) Median house price: $240,000 Down ...

  • Mining wages may be next to fall AAP - 21 hours ago
    Mining wages may be next to fall

    Iron ore giant Fortescue Metals' roster restructure is likely to be replicated across the industry as weak prices force deep cost cutting. Fortescue says it is still making money at current prices, but the roster changes have sparked speculation other miners will follow suit to avoid the same fate as Atlas Iron, which is closing unprofitable mines. Edith Cowan University labour economist Margaret Giles said Fortescue and other Australian iron ore miners were looking for new cost cutting measures to ensure their mines remain viable. Fortescue is one of eight global iron ore miners placed on a watch for credit rating downgrades by agency Standard & Poor's, as China's economy slows and iron ore prices weaken.

  • Chinese KiwiRail workers afraid to speak about wag … Newstalk ZB - 21 hours ago

    A Labour MP says Chinese workers for KiwiRail are too afraid to tell the truth about how poorly they're being paid.

  • $A continues to firm after jobs data AAP - 21 hours ago

    The Australian dollar is firmer as strong jobs numbers continued to fuel trade, ahead of key US inflation data. The local currency was worth 77.89 US at 1700 AEST, up from 77.37 cents on Thursday. It peaked at 78.23 US cents early on Friday morning, a three week high, due to strong local jobs figures, which have cast doubt on an expected Reserve Bank rate cut. Easy Forex currency dealer Andreas Tjahja said any result that beats expectations of a 0.2 per cent increase could dent the Australian dollar, as it would influence forecasts for a US rate rise.

  • House boom over in mining towns AAP - 21 hours ago

    The end of the mining boom is hitting home in Port Hedland, the West Australian mining town where house prices reached dizzying heights. Prices have already fallen by close to 30 per cent in two years, but with a median even now of $932,500 that makes Sydney look "dirt cheap", Propell National Valuers economist Linda Phillips predicts they will come back a long way. "The lucky ones probably sold out a couple of years ago," Ms Phillips says. Ms Phillips says it's really a repeat of the mid-19th century gold rush, when settlements sprang up in the middle of nowhere only to end up as ghost towns when the gold, and people, disappeared.

  • Heavy fall caps bad week for shares AAP - 21 hours ago

    The share market has suffered its heaviest fall in almost two months due to weak US economic data and concerns about Greece's debt problems. Gains in oil prices kept the energy sector relatively steady, ...

  • Panama rules to protect Qld banana farms AAP - 21 hours ago
    Panama rules to protect Qld banana farms

    Queensland will next week finalise strict new biosecurity standards to help contain a devastating soil-borne fungus that has infected two plantations in the state's far north. Panama Tropical Race 4 (TR4) wiped out the Northern Territory banana industry in the 1990s. Farmers have this week been meeting with scientific specialists to agree on new protocols to allow those plantations to still send fruit to markets. Industry-wide controls to contain any further spread of Panama are paramount in keeping the state's banana farmers in business, acting chief biosecurity officer Malcolm Letts said.

  • Bond market waits for US inflation data AAP - 22 hours ago

    The bond market is relatively flat as investors wait to see what American inflation data means for US interest rates. US consumer price index data for March is due out on Friday night. "That's a reasonably ...

  • Stocks to watch on Friday AAP - 22 hours ago

    Stocks to watch on the Australian stock exchange at the close on Friday: AGL - AGL ENERGY - down nine cents, or 0.6 per cent, at $14.98 Electricity giant AGL will close its coal fired power stations by ...

  • Alex van Heeren loses long-running case, US$25 million … BusinessDesk - 22 hours ago

    High-flying businessman Alex van Heeren has been ordered by the High Court at Auckland to pay US$25 million as an interim payment to his former business partner, Michael Kidd, and could be made to pay as much as US$50 million after losing a legal battle that has lasted almost two decades. In a written decision released this evening, Justice John Fogarty has ruled van Heeren, the former honorary consul for the Netherlands in New Zealand, should make the interim payment within a month and that an account is to be taken between the two former partners to determine the full amount owed. Van Heeren is also required to pay Kidd's court costs. In an interlocutory hearing in the High Court at Auckland, South African-based Kidd sought both the interim payment and the summary account which prevents the case having to go to a full High Court trial.

  • AGL commits to closing power stations AAP - 22 hours ago
    AGL commits to closing power stations

    Electricity giant AGL will close its coal fired power stations by 2050 under a new greenhouse gas policy. The owner of three coal fired power stations, Loy Yang in Victoria and the Bayswater and Liddell stations in NSW, has also committed to not build, finance or buy any new coal fired stations in Australia. Chief executive Andy Vesey said the new policy aims to significantly cut AGL's emissions by 2050, and complements an international goal to avoid a potential two degree rise in global temperatures. "To support the Commonwealth government's commitment to work towards the two degree goal, companies such as AGL need to take the lead," Mr Vesey said.

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  • WikiLeaks creates online archive of hacked Sony documents Associated Press - Fri, Apr 17, 2015 9:56 AM NZST
    WikiLeaks creates online archive of hacked Sony documents

    Sony's hacking problems aren't over yet. Whistleblower site WikiLeaks on Thursday put hundreds of thousands of emails and documents from last year's crippling cyberattack against Sony Pictures Entertainment ...

  • India's die-hard Hindus push to ban beef in blow to poor Associated Press - Fri, Apr 17, 2015 2:27 AM NZST
    India's die-hard Hindus push to ban beef in blow to poor

    Every morning just before dawn, hundreds of trucks loaded with buffaloes trundle into New Delhi's sprawling slaughterhouse complex where young men rush to unload the bellowing cargo. Skidding on heaps ...

  • Burger King Founder Predicts Wage Hike Would End the 'Dollar Menu' Era Entrepreneur - Fri, Apr 17, 2015 2:21 AM NZST
    Burger King Founder Predicts Wage Hike Would End the 'Dollar Menu' Era

    The man who help found the fast-food joint 51 years ago says that prices will shoot up if workers' pay increases.

  • Have The Urge To Purge? Start With Your Files Entrepreneur - Thu, Apr 16, 2015 5:30 PM NZST
    Have The Urge To Purge? Start With Your Files

    Here are nine tips to help you purge your files and save you time every week when you do get to filing.

  • Consumers buying more organic products despite high prices Associated Press - Thu, Apr 16, 2015 10:17 AM NZST
    Consumers buying more organic products despite high prices

    The higher price of organic foods and other products doesn't seem to be deterring consumers: Sales jumped 11 percent last year, an industry report says. Sales of organics have been rapidly growing since ...

  • Toyota building plants in Mexico, China; seeks growth again Associated Press - Thu, Apr 16, 2015 8:19 AM NZST
    Toyota building plants in Mexico, China; seeks growth again

    Toyota plans to build new auto assembly plants in Mexico and China, ending a self-imposed 3-year break from expansion over quality concerns due to massive recalls. Toyota Motor Corp. announced Wednesday ...

  • Israeli ultra-Orthodox site cuts Kim Kardashian from photo Associated Press - Thu, Apr 16, 2015 4:15 AM NZST
    Israeli ultra-Orthodox site cuts Kim Kardashian from photo

    An Israeli ultra-Orthodox Jewish news website has cut Kim Kardashian — one of the world's most photographed women — from a photo taken of her in Jerusalem this week. The original photo of Kardashian, her ...

  • Lexus' audacious sport coupe Associated Press - Thu, Apr 16, 2015 4:12 AM NZST
    Lexus' audacious sport coupe

    The latest from luxury automaker Lexus is an audacious-looking sport coupe that turns heads and challenges long-held stereotypes of Lexus cars as sedate, plush rides. The four-seat, two-door, 2015 Lexus ...

  • Here's Why Jerry Seinfeld Likens YouTube to a 'Giant Garbage Can' Entrepreneur - Thu, Apr 16, 2015 3:58 AM NZST
    Here's Why Jerry Seinfeld Likens YouTube to a 'Giant Garbage Can'

    'I think show business is for talent, that's who should be in it,' the comedian said. 'And I like being at the top of the pyramid.'

  • Consumers buying more organic products, new data show Associated Press - Thu, Apr 16, 2015 3:52 AM NZST
    Consumers buying more organic products, new data show

    Consumer interest in the organic label continues to grow. The organic industry says U.S. sales of its products jumped 11 percent last year alone, to more than $39 billion, despite tight domestic supplies ...