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2010

china , yuan and currency manipulation

June 28, 2011 by Reporter 5 Comments

Currency manipulation and china

China’s central bank said it will gradually make the yuan’s exchange rate more flexible, indicating that it was ready to break a 23-month-old dollar peg that has come under intense criticism from the United States and other countries.

The People’s Bank of China all but ruled out the one-off revaluation or major appreciation hoped for by critics, saying there was “no basis for big fluctuations or changes” in the exchange rate.

The move comes before a Group of 20 leaders summit in Toronto next week, where President Barack Obama and others were expected to increase pressure for a yuan move. By shackling the yuan to the dollar, U.S. lawmakers and manufacturers say Beijing has gained a trade advantage that costs U.S. jobs.

Is china yuan currency being manipulated ??

China’s deliberate policy of pegging the Yuan to the dollar makes American imports of Chinese goods artificially cheap and gives American companies opening factories in China an artificial subsidy. That’s good for China but bad for America, and helps explain our soaring trade imbalance with China. An extraordinary 83 percent of America’s non-oil trade deficit is with China. During the downturn, our trade deficit with other countries has been shrinking — but not with China.

China yuan and currency adjustments

The wheels of change are starting to turn. The Obama administration stood up to China when it imposed tariffs on Chinese tires and pipes dumped in the U.S. markets. The chattering class called it a trade war, but it’s not. It’s just applying the same rules of free trade that other countries respect, and that China agreed to when it entered the G-20 and was granted permanent normal trade relations with the US. Obama just blew the whistle.

China doesn’t let the yuan float. In the past, they just tied it to the dollar, like 1 dollar = 7 yuan. Right now, it floats a little, I think, by being tied to a “basket” of currencies (probably dollar, pound, euro, yen) and being allowed to fluctuate within a narrowly defined band, so like 1 dollar = 6.8 – 6.9 yuan.

Just because we import more from them than they do from us doesn’t necessarily mean that the yuan should be worth more than the dollar or that it’s currently undervalued. A lot also has to do with the rate of return one gets on yuan-devaluated investments, which, considering China ha

A lot also has to do with the rate of return one gets on yuan-devaluated investments, which, considering China has one of the fastest growing economies in the world, is pretty good..Or is it ?

China’s strategy is to generate full employment (thereby staving off social unrest in the interior) by maximizing exports. Like any exporter, it seeks to keep its currency weak relative to other currencies. So back in the 90s they pegged the yuan to the dollar, I forget at what rate, but at a rate which keeps it weak relative to the dollar.

At the same time, they’ve financed America’s cheap import binge by lending it the money to buy all this crap, which has generally served to weaken the dollar, which weakens the yuan further.

It’s like a crack dealer lending his crackheads the mnoey to buy his wares, to keep them addicted.

Obviously this is mutually unsustainable, but it seems to be a terminal codependency, and both must eventually go down together.

Periodically China talks about trying to disentangle itself from this mess, maybe letting the currency float (which I think is what the Americans want, I’m not sure offhand), retooling the economy for manufacturing for domestic consumption, not relying so much on exports, perhaps importing more from the US….

But how they could do this without destroying alot of jobs and having to run the dire gauntlet of social unrest, or triggering a run on the dollar as they try to maneuver out of their grimly exposed dollar position, is a mystery which so far baffles them, and in practice, no matter what they say they’ll try to do, they just continue with breakneck growth, floods of exports, and the weak currency.

“A heavily undervalued renminbi is the key financial distortion in the world economy today,” write Niall Ferguson, a history professor at Harvard, and Moritz Schularick, a professor of economic history at the Free University in Berlin. “China has carried out what amounts to a beggar-thy-neighbor devaluation, keeping the yuan-dollar exchange rate fixed even as the dollar has fallen sharply against other major currencies,” writes Krugman. Both columns urge President Barack Obama to address the issue with Chinese official during his visit to the country this week.

Both Krugman and the Ferguson-Schularick duo argue that China’s management of the renminbi-dollar exchange rate is artificially deflating the yuan’s value, making Chinese exports more attractive in places like the United States and making exports from all other countries less competitive—and keeping America’s trade deficit with China massive. Ever wondered why everything is “Made in China?” This currency manipulation, Krugman and Ferguson/Schularick say, is a big reason why.

So it would almost certainly be in America’s interests to get China to stop fiddling with the currency markets. Unfortunately, no one really knows how to do that.

China’s central bank said it will gradually make the yuan’s exchange rate more flexible, indicating that it was ready to break a 23-month-old dollar peg that has come under intense criticism from the United States and other countries.
The People’s Bank of China all but ruled out the one-off revaluation or major appreciation hoped for by critics, saying there was “no basis for big fluctuations or changes” in the exchange rate.
The move comes before a Group of 20 leaders summit in Toronto next week, where President Barack Obama and others were expected to increase pressure for a yuan move. By shackling the yuan to the dollar, U.S. lawmakers and manufacturers say Beijing has gained a trade advantage that costs U.S. jobs.

China’s deliberate policy of pegging the Yuan to the dollar makes American imports of Chinese goods artificially cheap and gives American companies opening factories in China an artificial subsidy. That’s good for China but bad for America, and helps explain our soaring trade imbalance with China. An extraordinary 83 percent of America’s non-oil trade deficit is with China. During the downturn, our trade deficit with other countries has been shrinking — but not with China.The wheels of change are starting to turn. The Obama administration stood up to China when it imposed tariffs on Chinese tires and pipes dumped in the U.S. markets. The chattering class called it a trade war, but it’s not. It’s just applying the same rules of free trade that other countries respect, and that China agreed to when it entered the G-20 and was granted permanent normal trade relations with the US. Obama just blew the whistle.

China doesn’t let the yuan float. In the past, they just tied it to the dollar, like 1 dollar = 7 yuan. Right now, it floats a little, I think, by being tied to a “basket” of currencies (probably dollar, pound, euro, yen) and being allowed to fluctuate within a narrowly defined band, so like 1 dollar = 6.8 – 6.9 yuan.

Just because we import more from them than they do from us doesn’t necessarily mean that the yuan should be worth more than the dollar or that it’s currently undervalued. A lot also has to do with the rate of return one gets on yuan-devaluated investments, which, considering China has one of the fastest growing economies in the world, is pretty good..Or is it ?
China’s strategy is to generate full employment (thereby staving off social unrest in the interior) by maximizing exports. Like any exporter, it seeks to keep its currency weak relative to other currencies. So back in the 90s they pegged the yuan to the dollar, I forget at what rate, but at a rate which keeps it weak relative to the dollar.

At the same time, they’ve financed America’s cheap import binge by lending it the money to buy all this crap, which has generally served to weaken the dollar, which weakens the yuan further.It’s like a crack dealer lending his crackheads the mnoey to buy his wares, to keep them addicted.

Obviously this is mutually unsustainable, but it seems to be a terminal codependency, and both must eventually go down together.
Periodically China talks about trying to disentangle itself from this mess, maybe letting the currency float (which I think is what the Americans want, I’m not sure offhand), retooling the economy for manufacturing for domestic consumption, not relying so much on exports, perhaps importing more from the US….But how they could do this without destroying alot of jobs and having to run the dire gauntlet of social unrest, or triggering a run on the dollar as they try to maneuver out of their grimly exposed dollar position, is a mystery which so far baffles them, and in practice, no matter what they say they’ll try to do, they just continue with breakneck growth, floods of exports, and the weak currency.

“A heavily undervalued renminbi is the key financial distortion in the world economy today,” write Niall Ferguson, a history professor at Harvard, and Moritz Schularick, a professor of economic history at the Free University in Berlin. “China has carried out what amounts to a beggar-thy-neighbor devaluation, keeping the yuan-dollar exchange rate fixed even as the dollar has fallen sharply against other major currencies,” writes Krugman. Both columns urge President Barack Obama to address the issue with Chinese official during his visit to the country this week.

Both Krugman and the Ferguson-Schularick duo argue that China’s management of the renminbi-dollar exchange rate is artificially deflating the yuan’s value, making Chinese exports more attractive in places like the United States and making exports from all other countries less competitive—and keeping America’s trade deficit with China massive. Ever wondered why everything is “Made in China?” This currency manipulation, Krugman and Ferguson/Schularick say, is a big reason why.
So it would almost certainly be in America’s interests to get China to stop fiddling with the currency markets. Unfortunately, no one really knows how to do that.

Filed Under: 2010, Australia, China Yuan, World Tagged With: Wworld Markets, Yuan

Being Henry by Range Rover

June 8, 2011 by Reporter Leave a Comment

BEING HENRY.

An interactive action-love-fantasy-comedy-adventure about choices. Where will you end up?

 

 

The campaign involves multiple videos that intertwine to create an overall experience for the user. In all there are 9 unique storylines with a possible 32 different endings.

The choices you make with Henry (love, life, work, etc) lead you to your ultimate Range Rover Evoque which you are shown at the end of the video.

Technorati Tags: Advertising Campaign,Branding,Design,Digital Marketing,Digital Solutions,Uncategorized,Viral Campaigns,Web,entertainment,marketing | Tagged being henry,range rover,range rover choose your own adventure,range rover evoque

Disclosure: We are compensated for our reviews. Click here for details.

Filed Under: 2010, Australia Tagged With: Henry Review, Range Rover

Australian Insurance under scrutiny due to floods

January 18, 2011 by Reporter 2 Comments

With massive floods  damaging large parts of Queensland and  currently in Victoria ,  the insurance companies   are surely going to come  under more scrutiny  than any other corporate sector  due  wide damage done to houses and businesses in Australia due to the floods.

The floods  will not only  leave many of the people with nothing much to hang on too ( specially those who are not covered) , but will also deliver a massive  blowout to the insurance companies  and their profits as well.

So, Are you covered for  floods  ? what are the different type of food Insurance  covers ?

Irrespective of the damage that has wrecked many households , the insurance companies are here to run a business , and run it profitably, so they are not going to pay out claims if it is not covered out of good generosity. In fact many will be willing to argue that  they will not cover  floods even if   the insurance cover is a sort of a grey area ( like different type  of floods  Insurance covers).

http://www.facebook.com/pages/Australian-Floods-Disaster-2011

Riverine or inland floods

Consumer group Choice examined 45 insurance policies available nationwide and found only 13 – about 30 per cent – cover riverine or inland floods, or the swelling of river and creek banks, problems commonly seen as rains battered Queensland. Riverine flooding is caused by rivers and creeks swelling “due to long duration rainfall over large catchment area.

What is my flood cover with insurance company ?

Because flood cover is not offered in most house and contents insurance policies, people may find out too late that they are not covered for the losses caused by a flood. Floods occur when rivers; creeks; lakes; dams; reservoirs; and other natural watercourses (even if modified by humans) burst their banks or overflow.

However your policy will probably cover you for stormwater and possibly rainwater damage. Insurance companies generally define these events differently.

Different type of flood covers

  • storm water damage occurs when the storm makes an opening in the roof or walls and lets water in; and
  • rain water damage occurs when the rain gets into your building because it cannot drain off the land any other way; and
  • flood damage occurs when rivers, dams, lakes and natural watercourses (even if they are often dry) overflow.

You should check with your insurance company if you are unsure whether your existing policy covers damage caused by storm and/or flood. Ask them to clearly explain that part of your policy where flood cover, or flood exclusion, is contained. This will allow you to work out whether to change your policy if you need insurance for flood damage.

 

Of the three types of flooding, the type most commonly covered is flash flooding or storm water flooding, according to the Insurance Council.

It has become common for some insurers to provide cover against ‘ flash flooding’ which is a more popular insurance that the insurance companies have sold recently. This occurs  when the damage to your property occurs within 24 hours of the rain that caused the flood. This cover may be optional (you have to pay more, and it may only cover you for a smaller amount eg 20% of the sum insured).

Deciding whether you need flood cover ?

Flooding may occur only rarely, say once ever 50 or 100 years, and reliable facts can be hard to come by. Here are some likely sources of information:

  • your Council may be able to tell you straight away if you live in a flood prone area. (Even if the Council cannot answer this question directly, Council staff or elected members of the Council may at least be able to tell you if flooding has occurred in the area.);
  • the local water authority
  • local newspapers;
  • local solicitors or conveyancers who handle property matters;
  • insurance companies who do business in the area;
  • local insurance brokers; and

Insist on getting the policy in writing before you buy, because you need time to understand and compare the wording of different policies to make sure you get the right protection. Its is best not  to  buy flood insurance over the phone without reading the policy first.

The Queensland floods may cost insurers and reinsurers worldwide as much as $6 billion in what might be Australia’s costliest disaster in history, Bloomberg has reported  and it is still growing.

More information

  • Flood and storm damage
  • Home insurance
  • Flood crisis 2010-11 – insurance, loan repayments and financial hardship
  • Insurance Council of australia
  • Three Types Of Flood Insurance Coverage
  • Aami customers please read
  • 2010/2011 Queensland flooding
Technorati Tags: Purchase home flood insurance,Buy insurance,flods,storm floods,Different flood insurance,Best Flood insurance,Full cover flood Insurance,Australia,Auto,CAR,Queensland,Victoria

Filed Under: 2010, 2011, ASIC, Australia, Insurance, News Australia, Property, Queensland Tagged With: AAMI, Flood cover, Floods Australia, Insurance covers, Suncorp

Coal prices set to soar with australian and african floods and rains

January 7, 2011 by Reporter Leave a Comment

Coal Flooding News: As the australian floods  and devastation news in the eastern states hits the world news all over , another  event  in africa is adding to the pain of coal importing countries. To add to the coal export worries in australia, now africa  us having heavy rains impairing thier  coal exports as well.

This chain of event can mean only one thing  higher coal prices  due to this shortage in coal in australia and africa  which are one of teh bigger coal exporting countries. China and INDIA  which  have substantial coal imports from these countries will certainly be affected , even though china has its own coal producing mines.

africa coal exports australia

Three big coal miners BHP Billiton Ltd., Xstrata Plc and Anglo American Plc, already facing delays in coal shipments from flooding in Australia, said their South African operations are also being hit by unusually high rainfall.

South Africa  Heavy rains effect coal exports

South Africa raised the flood-warning level for its central Orange River area today as water levels in places were expected to reach the highest since 1996. The country’s biggest dam, Gariepdam, is at 113 percent of “full” levels and the second- biggest, Vanderkloof, is 107 percent full, according to figures on the website of the government’s water department.

Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year rose $2.85, or 2.4 percent, to $119.75 a metric ton at 12:28 p.m. in London. Prices rose as high as $120 earlier yesterday.

Australia Flooding effects coal exports

One of Queensland’s largest coal terminals has stopped exports and the largest in the state is at just 60 per cent capacity, ripping nearly two million tonnes of coal a week from the global supply. About 40 mines in Queensland have been affected by flooding and several have said they cannot meet their contracts.

Australia’s coal exports will probably take a few months to recover after the floods, Barclays Capital said in a report. That means further upward pressure on prices in the near term, Barclays analyst Yingxi Yu said in a report e-mailed today.

Filed Under: 2010, Australia, Business, Mining, News Australia Tagged With: Coal, Mining, Mining Sector

Big Retailers try to block consumers from online shopping

January 5, 2011 by Reporter 3 Comments

David Jones Ltd, Harvey Norman Holdings Ltd,( Gerry Harvey ) Myer and Target are among companies joining forces under a new retail coalition calling on the federal government to either impose GST on all goods under $1000 bought online, or remove GST from all products under $1000 bought locally.

Online shopping vs retiailers

More recently ,Wesfarmers( also running the coles group) has thrown its weight behind  this controversial campaign to scrap tax rules that allow Australians to shop on overseas websites without paying GST. Perth-based conglomerate Wesfarmers, also controls retail chains including the Bunnings hardware group, Coles and Bi-Lo supermarkets, Officeworks and Kmart.

According to watoday.com.au

Online retailer Michael Fox, who sells custom shoes through website shoesofprey.com, said big retailers should concentrate on improving their websites rather than blaming the GST exemption for slumping sales.

”For the last five or 10 years the big retailers, and Gerry Harvey in particular, have been saying that online retail is a dead end, nobody makes money in online retail, and they’re not going to invest in it,” Mr Fox said.

The Australian online retail market is set to reach AU$36.8 billion by 2013, up from a forecasted figure of AU$26.86 billion for calendar year 2010 according to PayPal’s ‘eCommerce: Secure Insight’ report from Forrester Research and The Leading Edge

Considering that many of these big businesses are themselves in the process of upgrading  their online business websites enabling  to sell more of their goods  online , this would certainly appear to the online business retailing community as a way to  stifle  the smaller competition by the big businesses. The consequences of this big businesses pushing on for this gst removal can lead to small local online businesses that could probably close down and run out of business and jobs.

Shopping_Trolley

‘There is still  a couple of very big retailers that are not joined this group which  include Harvey Norman competitor JB Hi-Fi, which has a strong online presence, Woolworths’ discount chain, Big W, and the Supre and Sussan groups, which compete with Lew family interests.

This group of companies is running a media campaign  which is targeted against small online retailers  and businesses ,which warns that failing to act will ultimately cost Australians jobs. This coalition of big businesses  also includes Book shops  and  australian designer  fashion stores labels . This has possibly happened  because now people who shop online have  been able to get books  and dresses cheaper  not only from local online shops but also overseas  due to the strong aussie dollar.

Consumers have embraced online shopping  even more  due to  the ridiculously high  prices  they have to pay at the Big retail  shops compared to shopping in other countries  or even online shopping. Prices in big retail shops  and grocery shops  have continued to be on the rise  in spite of the  population  rising  significantly  over the years which has not brought any reduction in these prices therefore leading the consumers towards savings and online shopping.

These group of companies  are just trying to  deny normal people shopping online good bargains that they can have online and instead of trying to compete with them they are trying to make it harder for them to trade online.

Ref www.digitalgrog.com.au

Mr Lew, who has an estimated worth of $1.49 billion, yesterday emerged as the main backer of the push to either scrap GST on goods worth less than $1000 sold by Australia’s struggling retail sector or apply the same impost to goods bought from overseas

According to the Australian Bureau Of statistics more than 1.3 million Australian adults purchased or ordered goods and services for their own private use over the Internet. This was a substantial increase from the 803,000 adults that did likewise in the 12 month period to November 1999.

Links :

Online Shopping Blooms

Filed Under: 2010, Australia, Australian, Shopping, Technology Tagged With: Online retailing, Online shops

The lines are drawn with the nobel prize

December 11, 2010 by Reporter Leave a Comment

Chinese pro-democracy activist, Liu Xiaobo, is awarded the Nobel Peace Prize amid controversy between pro and anti-China supporters.

For the first time since 1936, the Nobel peace prize could not be presented today either to its laureate or, as the prize rules require, to a close relative.  “No medal or diploma will be presented today,” the committee’s chairman, Thorbjorn Jagland as the prize winner is unable to attend.

China, drawing on its growing economic clout in the world, has mounted a campaign  to encourage countries to boycott the ceremony. China declared that the “vast majority” of nations would boycott but the Norwegian award committee said two-thirds of those invited would attend. Among the countries not attending were Russia, Kazakhstan, Saudi Arabia, Tunisia, Pakistan, Serbia, Iraq, Vietnam, Iran, Afghanistan, Egypt, Sudan, Cuba, Morocco and Algeria.


According to the Nobel Institute, 44 embassies have accepted invitations and 19 have refused “for various reasons”, while two have not replied. Ukraine and the Philippines had at first declined their invitations, but Nobel Institute director Geir Lundestad said Thursday they had changed their minds. Serbia, which had initially refused the invitation, said Thursday it would be sending a representative after all. Russia, which signed trade agreements with China last month worth 8.5 billion dollars, has officially pleaded prior engagements for its absence.

The  non attending  versus the attending  definetly indicates or gives us an idea where  the line is drawn and who ( country ) stands where  if   a situation arises , similar to what Kevin Rudd said recently as disclosed in the wikileaks.org  “ preparing to deploy force if everything goes wrong” .

The obvious variables to consider are alliance patterns, regime type, trade with/aid from China, proximity to Beijing, and maybe a corruption measure. That said, if you look at the list of all foreign embassies in Oslo, there are some interesting questions to ask. Why is Thailand attending but not the Philippines? Why is Colombia joining Venezuela in not attending? Why is Vietnam, an enduring rival of China, allying with China on this issue?

Embassies are not required to explain why they accept or decline a Nobel invitation, but a senior Filipino diplomat spoke candidly, underlining China’s growing power, especially in Asia.

“We do not want to further annoy China,” he said.

India plans to attend the ceremonyat which the Nobel Peace Prize is to be presented to Chinese dissident Liu Xiaobo, Foreign Minister SM Krishna said Thursday. New Delhi is disregarding Beijing’s request for an international boycott of the event

Nominated for his “long and nonviolent struggle for fundamental human rights in China“, Liu, a 54-year-old critic and writer, is serving an 11-year prison sentence for inciting subversion after coauthoring Charter 08, an appeal for democratic reform. His wife, Liu Xia, has been under house arrest since the award was announced last month. Liu is married, but has no children. His wife has remained under police surveillance at the couple’s home in central Beijing since her husband was imprisoned.

It was the first time that a laureate under detention had not been formally represented since Nazi Germany barred pacifist Carl von Ossietzky from attending in 1935. Several jailed or detained laureates since had been represented by family but China did not allow anyone near Liu to travel to Oslo

China appeared to have blocked Western news websites, including the BBC and CNN, and state media made no mention of the ceremony, aside from a statement condemning the prize Ref ( http://tvnz.co.nz/nobel )

Winners of previous Nobel prize

Winners of the Nobel Peace Prize since 1980:

– 2010: Chinese dissident Liu Xiaobo.

– 2009: US President Barack Obama

– 2008: Martti Ahtisaari

– 2007: Intergovernmental Panel on Climate Change, Al Gore

– 2006: Muhammad Yunus, Grameen Bank

– 2005: International Atomic Energy Agency, Mohamed ElBaradei

– 2004: Wangari Maathai

– 2003: Shirin Ebadi

– 2002: Former US President Jimmy Carter

– 2001: United Nations, Kofi Annan

– 2000: Kim Dae-jung

– 1999: Medecins Sans Frontieres

– 1998: John Hume, David Trimble

– 1997: International Campaign to Ban Landmines, Jody Williams

– 1996: Carlos Filipe Ximenes Belo, Jose Ramos-Horta

– 1995: Joseph Rotblat, Pugwash Conferences on Science and World Affairs

– 1994: Yasser Arafat, Shimon Peres, Yitzhak Rabin

– 1993: Nelson Mandela, FW de Klerk

– 1992: Rigoberta Menchu Tum

– 1991: Aung San Suu Kyi

– 1990: Mikhail Gorbachev

– 1989: The 14th Dalai Lama

– 1988: UN Peacekeeping Forces

– 1987: Oscar Arias Sanchez

– 1986: Elie Wiesel

– 1985: International Physicians for the Prevention of Nuclear War

– 1984: Desmond Tutu

– 1983: Lech Walesa

– 1982: Alva Myrdal, Alfonso Garcia Robles

– 1981: Office of the UN High Commissioner for Refugees

– 1980: Adolfo Perez Esquivel

Related Links

Nobel peace prize winners list 2010


Liu Xiaobo
– Wikipedia, the free encyclopedia

http://nobelprize.org/

Technorati Tags: INTERNATIONAL RELATIONS,CHINA,HUMAN RIGHTS,DEMOCRACY,GREAT POWER POLITICS,INTERNATIONAL RELATIONS THEORY,SMALL STATES,STATECRAFT

Filed Under: 2010, Australia, Nobel Prize, Times, World Tagged With: 2011, Australian, China

Star guest list of telethon 2010

November 14, 2010 by Reporter 1 Comment

Hollywood star and “Telethon guest of honour John Travolta” dashed back to the United States last night after receiving news that pregnant wife Kelly Preston had gone into labour. but there are plenty of other stars that are attending like Actor Hugh Sheridan, from hit TV show Packed to the Rafters, and Better Homes and Gardens hunk Rob Palme , BooBoo Stewart, the 16-year-old American star of Twilight: Eclipse and the yet-to-be released Twilight: Breaking Dawn films.

 

telethon 2010 john-travolta Telethon 2010 hugh-sheridan telthon wa perth rebecca-gibney telthon 2010 booboo-stewart stars

Pop superstar Michael Jackson was given the same honour after appearing at Telethon in 1985.

Some other stars listed to appear

David- Jones Roberts  Luke Mitchell  Lynne McGranger  Lyn Collingwood  Esther Anderson
Rebecca Breeds  Bernard Curry

So who are the

If you would like to fundraise for Telethon and become a Telethon Community Fundraiser, download the Telethon Community Fundraising registration form by clicking here and send to the Telethon office – Fax: (08) 9344 0837 / Email: telethon@7perth.com.au.

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How to donate for telethon 2010 ?

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Filed Under: 2010, Australia, Entertainment, Perth WA, Perth WA Tagged With: 2010, Australia Telethon, Events, telethon, WA

Australia “Jeans ad ban” creates news over the world

October 23, 2010 by Reporter Leave a Comment

Authorities have “banned” supermodel Lara Stone’s latest Calvin Klein advertisement in Australia,

alleging that the photographs promoted “violence and rape”. A leading Australian feminist on Friday slammed the Advertising Standards Bureau (ASB) for banning a billboard advertising campaign for Calvin Klein jeans it considered “suggestive of violence and rape”.

calvin klein australian ad jeans ban

The Dutch beauty is pictured in her underwear lying among a group of men,

with one male model straddling her suggestively while the other pulling her hair.
After receiving complaints, officials at the country’s Advertising Standards Bureau branded the ads “demeaning to women” and ruled the campaign must be scrapped, reports aceshowbiz.com.

Melbourne University lecturer Lauren Rosewarne told national broadcaster ABC that the ASB was

wrongly equating group sex with gang rape.

“The board considered that whilst the act depicted could be consensual, the overall impact and most likely takeout is that the scene is suggestive of violence and rape,” the organisation said in a statement.

The hoardings, which were taken down in Sydney and Melbourne after more than 50 complaints, depict model Lara Stone, the Dutch-born wife of British comedian David Walliams, without most of her clothes and being wrestled by near-naked men.

See more pics of the advertisement over here –  http://www.styleite.com

Filed Under: 2010, Ban, News Australia Tagged With: Ban, News Australia

Gas find In India by Australian company Oilex

September 8, 2010 by Reporter Leave a Comment

Oilex of Australia Finds Gas in Gujarat

Stocks in Mumbai extended gains for the second day. Oilex of Australia strikes large reserves of gas in Gujarat. Indian Oil to expand its refinery production by 25% in North India. UAE based Etisalat may invest in Idea Cellular.

Australia’s Oilex Ltd said on Monday it made huge natural gas discovery in Gujarat that may hold over 1.5 trillion cubic feet of recoverable gas. Industry estimates put the total resources base in the Cambay basin discoveries near the town of Khambat, 160 kilometers south of Ahmedabad, at between 20 to 30 trillion cubic feet, almost equivalent to the reserves of RIL’s eastern offshore KG D-6 fields.

Oilex: Western Australia

Western Australia. WA-388-P: Carnarvon Basin Offshore Western Australia. As part of a developing gas strategy with our Indian partners, Oilex, …
www.oilex.com.au/

Oilex Ltd. is engaged in the exploration for oil and gas, appraisal and development of oil and gas properties, and production and sale of oil. The Company is primarily involved in the exploration, evaluation, development and production of hydrocarbons. It has operations in India, Australia, Oman, Timor-Leste and Indonesia. As at June 30, 2009, its permits included Cambay Field, Bhandut Field, Sabarmati Field, Block 56, West Kampar Block, Joint Petroleum Development Area between Timor-Leste & Australia (JPDA 06-103) and WA-388-P.

Indian Commodity Exchange, the nation’s third-largest commodity bourse by turnover, signed a pact with Federation of Indian Mineral Industries, to develop iron ore futures, it said in a statement. Indian Oil Corp shut a 120,000 barrel per day crude unit at its northern India Panipat refinery late on Sunday for 45 days to boost capacity 25%, its head of refineries, B.N. Bankapur said Monday.

Oilex Australian In India

The most significant component of the Company’s portfolio with the chance of generating significant revenue in the near term is in the Cambay Basin, Gujarat, India. Oilex has material interests of 40%-45% in three “brownfield” re-development projects (Cambay, Bhandut and Sabarmati fields). These fields are currently all producing small to moderate volumes of oil.

The potential for improving the production rate from the existing wells and the scope for full scale redevelopment of the fields are encouraging given that the reservoir distribution is poorly understood and analogies nearby in the Cambay Basin are a fair basis for optimism. Step-out exploration potential particularly in the Cambay contract area is low risk and high reward with the demand for gas and oil in the main heavy industrial corridor of India remaining substantially in excess of domestic supply.


Location of Cambay Basin Fields in relation to the main heavy industrial corridor in Gujarat

Natural gas production in India will rise by over 25% to 180 million cubic meters a day by 2012-13 after Reliance Industries eastern offshore KG D6 field hits peak output. India’s gas production is currently around 143 mmscmd, of which around 42% comes from RIL’s Krishna-Godavari basin D6 fields, a government official said. The Indian Railways approached Nuclear Power Corp of India Ltd for setting up 1,000 megawatt of captive nuclear capacity on its behalf. The proposal put forward by the Indian Railways includes setting up two units of 500 megawatt on railway land. Power generated from the plants will be used by the Railways.

Bhandut and Sabarmati Fields

Oilex acquired 40% in each of Bhandut and Sabarmati Fields onshore Gujarat from Niko early in 2006, subject to the approval of the Government of India. Those approvals were received in January 2007. Each of these fields is producing oil at low rates on an intermittent basis and they are anticipated to be good candidates for re-development. Oilex is the designated Operator of the Sabarmati and Bhandut Fields.

OILEX LTD (OEX) – ASX Listed Company Information Fact Sheet

Exempt Foreign? No. Internet Address, http://www.oilex.com.au/. Registered Office Address, Level 2, 46 – 50 Kings Park Road, WEST PERTH, WA, AUSTRALIA, 6005 …
www.asx.net.au/asx/research/companyInfo.do?by=asxCode

The fields were discovered and developed initially by ONGC of India. Hydrocarbons were found in Oligocene and Eocene sandstones and continued to be produced on an intermittent basis after the fields were acquired by the GSPC and Niko Joint Venture in 1995. Production from the fields has suffered because of sand and water influx and decline in reservoir pressure most likely due to formation damage.

Minor oil production from both fields continues and a forward re-development strategy is being formulated for execution in 2009.

Location Bhandut and Sabarmati Fields, Cambay Basin, Gujarat
Location Bhandut and Sabarmati Fields, Cambay Basin, Gujarat

[PDF]

Oilex started as an onshore

Indian Oil Group’s Chennai Petroleum Corp Ltd has lined up an investment of Rs 20,000 crore over the next five years for capacity expansion, a top company official said Tuesday. “CPCL is planning to set up a 9 million ton refinery project at Manali, near Chennai at a cost of Rs 10,000 crore. This is to replace the aging 2.8 million ton refinery,” IOCL Chairman B.M. Bansal told reporters in Chennai.

Cambay Field

In July 2005, Oilex entered into an agreement with the Cambay Field Joint Venture, comprising Gujarat State Petroleum Corporation Ltd (“GSPC”) and Niko Resources Ltd (“Niko”) to acquire a 30% participating interest in the Production Sharing Contract (“PSC”) covering the Cambay Field. Oilex acquired an additional 15% equity interest from Niko and now holds a 45% participating interest in the Cambay PSC. The Government of India approved the 30% farmin equity agreement in March 2006 and the approval for the balance of the equity in the PSC was received in January 2007.

Offshore Western Australia

As part of a developing gas strategy with our Indian partners, Oilex, as Operator on behalf of a bidding group with large Indian companies successfully bid for Application Area W05-11 in April 2006. The permit is now designated as WA-388-P. The block lies to the north of the North Rankin, Goodwin and Perseus gas and condensate fields currently being produced for the domestic and LNG gas markets by Northwest Shelf Ventures and to the north of the large gas resources discovered in the Janz/lo area.

Oilex Ltd

PO Box 588, West Perth
WA 6872
Australia

Tel:
61/08 9226 5577

URL:
http://www.oilex.com.au

Formerly known as:

Oilex NL

Primary Symbol & Exchange:

OEX – Ordinary Shares – Australian

Other Symbol & Exchange:

OEX – Dual listed – London

Industry:

Mining

Filed Under: 2010, ASX, Australia, India Tagged With: ASX, Australia, BSE, India, NSE

The coming of “Hidenburg Omen” !!

August 25, 2010 by Reporter 2 Comments

what is the Hindenburg omen ?

The hindenburg omen named after famous German airship  that crashed in new jersey in 1937 , is a technical indicator that predicts not  just a bear market but a stock market crash. As per wikipedia . The Hindenburg Omen is a technical analysis pattern that is said to portend a stock market crash. It is named after the Hindenburg disaster of May 6, 1937, during which the German zeppelin Hindenburg was destroyed.

Hindenburg omen Air_Crash_ australia market crash

The core idea behind the Hindenburg Omen, for those of you who haven’t been reading your investment blogs over the last two weeks, is that it’s bearish whenever there are a large number of both new 52-weeks highs and new 52-week lows on the NYSE.

For this crash to happen , the 5 criteria of the Omen  should be fulfilled:

1.That the daily number of NYSE new 52 Week Highs and the daily number of new 52 Week Lows must both be greater than 2.2 percent of total NYSE issues traded that day.

2.That the smaller of these numbers is greater than or equal to 69 (68.772 is 2.2% of 3126). This is not a rule but more like a checksum. This condition is a function of the 2.2% of the total issues.

3. That the NYSE 10 Week moving average is rising.

4.That the McClellan Oscillator is negative on that same day.

5.That new 52 Week Highs cannot be more than twice the new 52 Week Lows (however it is fine for new 52 Week Lows to be more than double new 52 Week Highs). This condition is absolutely mandatory.

The Hindenburg Omen is going to make things very bad, very soon, if technical analysts are correct. Never heard of it? You’re not alone. It’s a market anomaly that happens very rarely. However, when it does happen, it can mean we are heading over a cliff, and fast. The last time it happened? June 2008.

The creator of the  this  omen is a blind mathematician named jim Miekka , said that his indicator is no predicting  a market meltdown next month. will this affect australia is it a bad omen for australia  only time will tell .

Technorati Tags: Omen the Hindenburg stocks stock market crash technical analysis probability new 52 Week Highs market signals

Filed Under: 2010, ASIC, ASX, Australia, Australian Tagged With: Crash, Stock Market

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