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NAB lowers interest rate forecasts

Economists at NAB have changed their interest rate outlook and now expect the official cash rate to fall to 2.25 per cent this year. They are tipping the Reserve Bank will shave a further 75 basis ...

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Homes in danger from blaze in northern NSW

Authorities are warning lives and property are under immediate threat as a large bushfire burns out of control near communities in northern New South Wales. The Rural Fire Service has issued an emergency ...

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Driller to pay $US1.4b for role in BP oil spill

A drilling company involved in the disastrous Gulf of Mexico oil spill almost three years ago has agreed to pay a huge fine. Switzerland-based Transocean owned the Deepwater Horizon rig that was drilling ...

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Iron ore shipments from Port Hedland rise

New figures show iron ore exports to China from Western Australia's Port Hedland surged 25 per cent in December from the month before. The Port Hedland Port Authority says China imported 20.2 million ...

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Services sector shrinks for 11th straight month

The services sector went backwards in December for the 11th straight month. The monthly Performance of Services Index by the Australian Industry Group and Commonwealth Bank shows the sector shrank every ...

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US regulator quits searching for Google charges

US regulators have announced they will not be charging Google over its internet search practices. Google had been accused of manipulating search results and abusing its market dominance to snuff out competitors. However, ...

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Car sales accelerate away from economic gloom

A strong Australian dollar and robust competition have led to record national vehicle sales, which the industry has described as astonishing. Despite the weakness in several parts of the economy in 2012, ...

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Fortescue restarts Kings expansion

Fortescue has responded to rising iron ore prices and its improved financial situation by resuming the development of the Kings deposit at its Solomon mine. The Western Australian miner put the development ...

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Xstrata axes 95 mine jobs in north Qld

Unions say a decision to sack 95 coal miners at Collinsville in north Queensland is unnecessary and greedy. Xstrata Coal says a downturn in the price of the commodity is forcing them to axe the positions ...

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Christmas pardon for Pope's jailed ex-butler

Pope Benedict XVI has pardoned his former butler Paolo Gabriele, who was sentenced to 18 months in jail for leaking secret papal memos, but banished him from the Vatican. After a 15-minute meeting ...

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