Australia’s resource and energy commodity export earnings are expected to reach $206 billion in 2011-12, says the quarterly report by the Bureau of Resources and Energy Economics.
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Australia’s strong trade performance persisted throughout October, in the face of a strong Australian dollar and uncertain global economic conditions, with a $1.6 billion surplus, according to figures from the ABS.
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The Australian dollar rose 1.5 cents against the US dollar yesterday evening following the release of official data showing that Australia had recorded its first trade surplus for more than a year. According to the Australian Bureau of Statistics (ABS), the balance of goods and services recorded a surplus of $134 million in April, seasonally [...]
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Australian Rio Tinto executive Stern Hu will not appeal against his 10-year sentence , which was handed down to him in a Chinese court last month. Hu was sentenced to 10 years in prison for accepting bribes and stealing commercial secrets in a closed court after a three-day trial in Shanghai. The Australian government labelled [...]
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Australia increased its exports by 22.6 percent to almost $284 billion last year despite the economic downturn, according to a new Department of Foreign Affairs and Trade (DFAT) report, Australia’s Trade by State and Territory 2008-09. Coal and iron ore were the commodities instrumental to export growth. Western Australia had the rising price of iron [...]
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Port Hedland was closed down early yesterday morning due to potentially rough seas associated with category-four Cyclone Laurence, the port authority said. Port Hedland Harbour Master Lindsay Copeman said while the storm was not forecast to come close to the port, the decision had been taken to close the port as a precaution. All ships [...]
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China is on track to pass the USA as the world’s largest economy within ten years, according to economist Jun Ma, of Deutsche Bank. As reported in The Australian, Hong Kong-based Ma says the US will be more dependent on Chinese demand and “in 10 years’ time, China will be bigger than the US in [...]
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A Hong Kong newspaper has accused arrested Rio Tinto executive Stern Hu of accepting bribes in return for larger import quotas from Rio Tinto. Australian citizen Hu is suspected of commercial espionage, but has not been formally charged. In the magazine article, published by China’s state secretary agency, Wen Wei Po writes that Hu acquired [...]
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