Financial News from Reuters Australia

  • All Norwegians become crown millionaires, in oil saving landmark Reuters Australia - Thu, Jan 9, 2014 4:54 AM AEDT

    Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world's biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices. A preliminary counter on the website of the central bank, which manages the fund, rose to 5.11 trillion crowns, fractionally more than a million times Norway's most recent official population estimate of 5,096,300. It was the first time it reached the equivalent of a million crowns each, central bank spokesman Thomas Sevang said. Norway has resisted the temptation to splurge all the windfall since striking oil in the North Sea in 1969.

  • Rising home prices send China's 'Rat Race' scurrying underground Reuters Australia - Mon, Jan 6, 2014 8:03 AM AEDT

    Zig-zagging left and right through a maze of dark, narrow corridors in a high-rise's basement, 35-year-old kitchen worker Hu has joined the many thousands of Chinese fleeing fast-rising property prices by heading down - down underground. Hu lives here beneath an affluent downtown apartment building, in a windowless, 4 square-meter (43 square-foot) apartment with his wife. Living in basement apartments isn't illegal in China, but like anywhere else it is nothing to brag about and Hu, who guts fish for 2,500 yuan a month at a popular Sichuanese hotpot restaurant on the street above, declined to provide his given name. Residential property prices rose 10 percent in November from the same month of 2012, according to data released last week, and have been setting new records every year since 2009.

  • UPDATE 2-Brent drops below $100 for 1st time since July Reuters Australia - Tue, Apr 16, 2013 1:27 PM AEST

    * Oil sinks more than $2 as part of wider commodities rout * U.S. crude hits weakest since December 2012 * U.S. crude stocks seen up 1.4 mln barrels last week * Coming up: API oil data; 2030 GMT (Adds ...

  • UPDATE 2-Brent holds near $118 after euro zone data; G20 in focus Reuters Australia - Thu, Feb 14, 2013 6:51 PM AEDT

    * Euro zone factory output rises for first time since Aug * Lower IEA demand growth outlook contrasts OPEC, EIA * Coming up: Euro zone Q4 GDP; 1000 GMT (Updates prices) By Ramya Venugopal SINGAPORE, Feb ...

  • PRECIOUS-Gold recoups losses, but firm equities weigh Reuters Australia - Thu, Feb 14, 2013 6:42 PM AEDT

    * Gold biased to fall to $1,629 -technicals * Global gold demand down 4 pct last year at 4,405 T - WGC * Coming up: U.S. weekly jobless claims at 1330 GMT (Updates prices, adds WGC report) By Lewa Pardomuan ...

  • UPDATE 1-Brent holds near $118 after euro zone data; G20 meet in focus Reuters Australia - Thu, Feb 14, 2013 5:40 PM AEDT

    * Euro zone factory output rises for first time since Aug * Lower IEA demand growth outlook contrasts OPEC, EIA * Coming up; Euro zone Q4 GDP; 1000 GMT (Updates prices, adds quote) By Ramya Venugopal SINGAPORE, ...

  • Brent holds near $118 after euro zone data; G20 meet in focus Reuters Australia - Thu, Feb 14, 2013 2:45 PM AEDT

    * Euro zone factory output rises for first time since Aug * Lower IEA demand growth outlook contrasts OPEC, EIA * Coming up; Euro zone Q4 GDP; 1000 GMT By Ramya Venugopal SINGAPORE, Feb 14 (Reuters) - ...

  • UPDATE 7-Oil climbs back up, gets lift from Wall Street Thu, Apr 26, 2012 3:59 AM AEST

    * U.S. crude inventories rise more than expected * Report Iran may halt nuclear program hits prices * U.S. Fed sticks to current interest rate policy By Gene Ramos NEW YORK, April 25 (Reuters) - Crude ...