Tag Archives: Australia

Australia Stock Market Set to Shrink on Foreign Takeovers, Rocket Higher

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“Australia’s stock market is shrinking for the first time in eight years. For Credit Suisse Group AG, that’s a signal to buy.  Buybacks, acquisitions and delistings will outweigh equity issuance by as much as A$2 billion ($1.9 billion) this year, the first time that has happened since 2006, according to data compiled by Credit Suisse.  The shrinking A$1.5 trillion stock market is struggling to accommodate Australia’s A$1.6 trillion in pension savings, which are forecast to almost double by the end of this decade.  Credit Suisse says the falling share count will boost the benchmark index to 6,000 points by year end as demand outweighs supply. That’s about 8.2 percent higher than yesterday’s close.”

http://www.bloomberg.com/news/2014-07-22/australia-stock-market-set-to-shrink-on-foreign-takeovers.html

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Australia to adopt tougher sanctions against Russia over Ukraine

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“Australia will escalate its sanctions against Russia, with the government barring arms exports to the country and denying Russian state-owned banks new access to the Australian capital market.  Tony Abbott told parliament on Monday that Australia would follow the European Union in adopting tougher sanctions against Russia, accusing Moscow of ‘deliberately and now openly violating Ukrainian sovereignty’.  The new sanctions will ban arms exports to Russia, bar Russian state-owned banks from further access to the Australian capital market and rule out oil and gas exports to the country.”

http://www.theguardian.com/world/2014/sep/01/australia-to-adopt-tougher-sanctions-against-russia-over-ukraine

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Australia to Fly Guns and Ammunition Into Iraq

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“An Australian military aircraft will soon fly guns and ammunition to the northern Iraqi city of Irbil to help Kurds fight Islamic State militants.  Prime Minister Tony Abbott said his government would join the United States, Britain, Canada, France and Italy in delivering rocket-propelled grenades, mortars and assault rifle ammunition at the request of the U.S. and Iraqi governments.  The opposition Labor Party, which opposed Australia sending 2,000 troops to back U.S. and British forces in the 2003 Iraq invasion, has supported the involvement in delivering weapons and munitions to the Kurds.  Abbott did not believe Australia’s military involvement in Iraq would increase the domestic terrorist threat.”

http://abcnews.go.com/International/wireStory/australia-fly-guns-ammunition-iraq-25192359

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Australian Regulators Stand By as Global Mortgage Debt Drives Up Prices

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“Central banks from Scandinavia to the U.K. to New Zealand are sounding the alarm about soaring mortgage debt and trying to curb risky lending. In Australia, where borrowing is surging, regulators are just watching.  Australian household debt is at a 25-year high, according to statistics bureau figures, and a government inquiry this month found housing to be a significant source of risk to the financial system.   The central bank has reduced its benchmark interest rate to a record-low 2.5 percent to aid a recovery in non-mining industries, including residential construction, as the nation’s resources boom slows.”

http://www.bloomberg.com/news/2014-07-27/australian-regulators-watch-as-debt-drives-up-prices-mortgages.html

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More Jawboning from Australia’s Central Bank

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“RBA Governor Glenn Stevens proceeded from characterizing the level of the exchange rate as ‘uncomfortably high’ to noting ‘that foreign-exchange intervention can, judiciously used in the right circumstances, be effective and useful.’  That latter observation was particularly noteworthy because, according to The Wall Street Journal, a currency intervention has essentially been verboten in the decades since Australia shifted to a floating exchange rate in 1983. He closed his remarks on this particular topic with an even more overt statement: ‘Nonetheless, we think that investors are under-estimating the likelihood of a significant fall in the Australian dollar at some point.'”

http://www.investingdaily.com/20682/more-jawboning-from-australias-central-bank-2/

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Australian Train Drivers, Paid Like U.S. Surgeons, Replaced With Robots

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“Train drivers employed by Rio Tinto Group to haul iron ore across Australia’s outback make about the same money as surgeons in the U.S. It’s little wonder the mining company will replace them with robot locomotives.  The 400-plus workers in the remote Pilbara region who earn about A$240,000 ($224,000) a year probably are the highest-paid train drivers in the world, according to U.K.-based transport historian Christian Wolmar. Australia’s decade-long mining boom has sucked up skilled workers, raising wages for engineers to drivers at Rio, the second-largest exporter of the mineral, and its closest competitors, Vale SA (VALE) and BHP Billiton Ltd.”

http://www.bloomberg.com/news/2013-10-02/rio-replacing-train-drivers-paid-like-u-s-surgeons.html

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Bitcoin Cloud-Mining Firm Listed On Australia Stock Exchange

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“DigitalBTC has inked a strategic hardware supply agreement with BitFury, one of the leading manufacturers of bitcoin mining equipment.  The company is owned by Australian investment firm Macro Energy, which acquired Digital CC and its subsidiary digitalBTC last month. Thanks to the acquisition, the firm became the first bitcoin-related business to be listed on the Australian Stock Exchange (ASX).  At the time Macro Energy said it plans to raise AU$9.1m and to invest the money in the expansion of digitalBTC operations, including bitcoin mining. Soon after digitalBTC entered a strategic partnership with CloudHashing.com.”

http://www.coindesk.com/digitalbtc-signs-bitcoin-mining-hardware-deal-bitfury/

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‘River of blood’ after drone crashes into Australian athlete

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“The Civil Aviation Safety Authority says it is investigating an incident that involved an athlete in a West Australian triathlon being injured by a drone that was filming the event.  Raija Ogden said she was hit on the head by the drone on Sunday when it crashed. But the drone’s owner says she was simply frightened by the machine and fell to the ground.  At least one spectator Fairfax Media spoke to backed her claim. Another, who wrote on Facebook that they saw the incident, said that the drone hit Mrs Ogden and appeared to be an accident.  ‘I have lacerations on my head from the drone and the ambulance crew took a piece of propeller from my head,’ Mrs Ogden told The West Australian.”

http://www.smh.com.au/technology/technology-news/river-of-blood-after-drone-hits-australian-athlete-20140407-zqruh.html

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Australian Manufacturer Debuts First Cashless Bitcoin ATM

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“An Australian company says it has produced one of bitcoin’s holy grails: a cashless ATM that allows users to buy bitcoins using a credit card, and sell bitcoins via a direct deposit to their bank account.  The first fully functional Diamond Circle ATM arrived from its manufacturer in Brisbane this week. Unlike competing ATMs and vending machines that rely on QR codes and cash, Diamond Circle’s solution is based on near-field communication (NFC) technology with paper receipt backups.  This unique approach is the brainchild of CEO Stephen Rowlison, a seasoned FinTech (financial technology) entrepreneur with 30 years of IT experience in Australia, Asia and the US.”

http://www.coindesk.com/australias-diamond-circle-has-cashless-bitcoin-atm-chip-wallets/

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Sydney Property Agency Accepts Bitcoin Payments to Woo Chinese

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“Forsyth Real Estate, a Sydney-based property broker, will accept property deposits and payments from sellers in virtual currency Bitcoin to lure business from Chinese home buyers. The broker is Australia’s first property agency to accept Bitcoin, the most popular digital currency, to respond to an influx of foreign investors and expatriates seeking property in the nation’s most populous city, according to its website. Chinese buyers overtook their U.S. counterparts to become the biggest real estate investors in Australia in the year ended June 30, plowing A$5.9 billion ($5.5 billion) into residential and commercial property, according to the nation’s Foreign Investment Review Board.”

http://www.businessweek.com/news/2014-03-27/sydney-property-agency-accepts-bitcoin-payments-to-woo-chinese

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