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  • Pacific trade talks fail to end in deal AFP - 10 hours ago
    Pacific trade talks fail to end in deal

    Delegates negotiating a huge Pacific free-trade agreement failed to reach a final deal after several days of intense talks in Hawaii, in a setback to US President Barack Obama. "After more than a week of productive meetings we've made significant progress and will continue on resolving a limited number of remaining issues, paving the way for the conclusion of the Trans-Pacific Partnership negotiations," Froman told a press conference. The negotiators were "more confident than ever that TPP is within reach," he said, adding that the Pacific Rim countries involved would continue to have bilateral discussions to try and iron out their remaining differences.

  • No final deal in Pacific trade talks AFP - 11 hours ago
    No final deal in Pacific trade talks

    Delegates negotiating a huge Pacific free-trade agreement said Friday they have failed to reach a final deal after several days of intense talks in Hawaii, in a setback to US President Barack Obama. "After more than a week of productive meetings we've made significant progress and will continue on resolving a limited number of remaining issues, paving the way for the conclusion of the Trans-Pacific Partnership negotiations," said Froman. The negotiators were "more confident than ever that TPP is within reach," he said, adding that the Pacific Rim countries involved would continue to have bilateral discussions to try and iron out their remaining differences.

  • South Korea exports down for seventh straight month in July AFP - 11 hours ago
    South Korea exports down for seventh straight month in July

    South Korea's exports shrank in July for a seventh straight month due to sluggish global demand and low oil prices, government data showed Saturday. Exports fell 3.3 percent from a year earlier to $46.61 billion in July, while imports plunged 15.3 percent to $38.85 billion, the Ministry of Trade, Industries and Energy said. Car exports fell 6.2 percent on-year to $3.99 billion, while shipments of mobile communication devices including cellphones plunged 16 percent to $2.15 billion, it said.

  • No final deal in Pacific trade talks: negotiators AFP - 12 hours ago
    No final deal in Pacific trade talks: negotiators

    Delegates negotiating a huge Pacific free-trade agreement said they have failed to reach a final deal after several days of intense talks in Hawaii, in a setback to US President Barack Obama. "After more than a week of productive meetings we've made significant progress and will continue on resolving a limited number of remaining issues, paving the way for the conclusion of the Trans-Pacific Partnership negotiations," said Froman. The negotiators were "more confident than ever that TPP is within reach," he said, adding that the Pacific Rim countries involved would continue to have bilateral discussions to try and iron out their remaining differences.

  • Perth housing and unit prices slump AAP - 12 hours ago

    Perth's median house price has fallen by $20,000 in the June quarter - the largest drop in two years. The Real Estate Institute of Western Australia said the metropolitan median house price dropped from $550,000 to $530,000 while the cost of units, apartments, villas and townhouses fell from $440,000 to $420,000. REIWA president David Airey said it was a similar story in the regions with the median house price dropping by $10,000 to $380,000 and the median apartment price dipping by about $4500 to $325,000.

  • Greek bailout talks with auditors begin as market to reopen AFP - 13 hours ago
    Greek bailout talks with auditors begin as market to reopen

    Senior EU-IMF auditors held their first meetings with Greek ministers to finalise a new three-year bailout as the Athens stock market prepares to reopen after being shut down for over a month by the debt crisis. Greece's main stock exchange in Athens will resume operations, which were halted on June 26 as the crisis-hit government imposed capital controls, on Monday, a finance ministry source told AFP. Meanwhile as the bailout talks got under way, the International Monetary Fund set its terms saying it would only join a "comprehensive" financial rescue programme that included debt relief and economic reforms.

  • China manufacturing index slows in July AFP - 13 hours ago
    China manufacturing index slows in July

    The official Purchasing Managers' Index (PMI) came in at 50.0 last month, the National Bureau of Statistics (NBS) said in a statement. The reading, which tracks activity in China's vast factory and workshop sector, decelerated slightly from 50.2 in June. The index is seen as a key barometer of the Asian giant's economic health, a key driver of global growth.

  • Japan police arrest MtGox CEO over loss of Bitcoins: media AFP - 14 hours ago
    Japan police arrest MtGox CEO over loss of Bitcoins: media

    Japanese police on Saturday arrested Mark Karpeles, head of the collapsed MtGox Bitcoin exchange, over the disappearance of about $390 million worth of the virtual currency, local media said. France-born Karpeles, 30, is suspected of having accessed the exchange's computer system and falsifying data on its outstanding balance, Kyodo News and public broadcaster NHK said. The global virtual currency community was shaken by the shuttering of MtGox, which froze withdrawals in February 2014 because of what the firm said was a bug in the software underpinning Bitcoin that allowed hackers to pilfer them.

  • Wintershall to join Russia-Germany pipeline expansion AFP - 15 hours ago
    Wintershall to join Russia-Germany pipeline expansion

    Energy company Wintershall, a subsidiary of German chemicals group BASF, said Friday it planned to help Russia's Gazprom enlarge the Nord Stream gas pipeline between Russia and Germany. "BASF subsidiary Wintershall intends to participate in expanding the capacities of the Nord Stream pipeline, which delivers Russian natural gas to European customers via the Baltic Sea," it said in a statement.

  • IMF approves loan to Ukraine despite debt concerns AFP - 16 hours ago
    IMF approves loan to Ukraine despite debt concerns

    The International Monetary Fund approved Friday the next installment of its massive loan to Ukraine despite uncertainty about the sustainability of the country's debt and its conflict with separatist forces. The IMF executive board, which represents 188 member nations, gave a green light to the immediate disbursement of $1.7 billion, part of a support program awarded in March that has caused internal strains in the Washington-based institution. David Lipton, the IMF's first deputy managing director, said that the Ukrainian authorities had made a "strong start" in implementing their economic program.

  • US stocks finish higher on mixed-earnings week AFP - 17 hours ago
    US stocks finish higher on mixed-earnings week

    Wall Street stocks withstood some prominent earnings disappointments and another bout of Chinese market volatility this week to finish higher. The broad-based S&P 500 led the way, tacking on 24.27 points (1.17 percent) at 2,103.92. The Dow Jones Industrial Average gained 121.93 (0.69 percent) to 17,690.46, while the tech-rich Nasdaq Composite Index gained 39.65 (0.78 percent) to 5,128.28.

  • Uber valuation tops $50 bn with latest funding: report AFP - 17 hours ago
    Uber valuation tops $50 bn with latest funding: report

    Global ridesharing startup Uber has closed a deal raising nearly $1 billion in fresh capital, pushing its valuation to more than $50 billion, the Wall Street Journal reported Friday. The report, citing people familiar with the deal, said investors in the latest round include Microsoft Corp. and the investment arm of Indian media conglomerate Bennett Coleman & Co. Uber said in an email that it filed documents in May describing its funding efforts.

  • Yahoo buys social shopping website Polyvore AFP - 17 hours ago
    Yahoo buys social shopping website Polyvore

    Yahoo on Friday said it is adding to its lengthy roster of acquisitions with a deal to buy social shopping website Polyvore. The pioneering Internet firm planned to use Polyvore to beef up the e-commerce potential of its digital magazines and other online products. "Polyvore has built an excellent team, a category-leading product, and a strong business based on a highly engaged community," Yahoo senior vice president of publisher products, Simon Khalaf, said in a statement.

  • Food tech startups raking in cash: survey AFP - 17 hours ago
    Food tech startups raking in cash: survey

    Farm and food tech startups were red-hot in the first half of 2015, pulling in $2.06 billion from investors, a new survey showed Friday. The amount of money pouring in -- amid an overall boom in tech investments -- could be revised since some of the investments are not publicly disclosed, AgFunder said. The second quarter saw 99 deals totaling $971 million "which we expect to revise upward as additional funding data trickles in," AgFunder chief executive Rob Leclerc said.

  • Oil prices fall; metals steady AFP - 17 hours ago
    Oil prices fall; metals steady

    Oil prices hit fresh multi-month low points this week, with no sign of an end to a global supply glut. On the ICE Futures US exchange, cocoa for September increased to $3,237 a tonne from $3,197 the previous week.

  • CBA wins Federal Court case AAP - 17 hours ago
    CBA wins Federal Court case

    Environmental groups have lost their legal battle with Australia's largest bank over the reporting of its financing of carbon pollution. Environment activists took the Commonwealth Bank to court last year after it refused to put to shareholders two resolutions at its annual general meeting concerning its financing of fossil fuel projects. The bank argued that the resolutions were not valid because shareholders cannot interfere with the board's power to manage the business.

  • Petrol prices set to fall in coming months AAP - 18 hours ago
    Petrol prices set to fall in coming months

    Petrol prices are expected to fall over the remainder of the year from recent highs driven by a shortage of supply in Asia. Westpac senior economist Justin Smirk said there is some truth in suggestions the Singapore refining market has been surprised by a jump in demand for specific standards of gasoline required in the Australian market. Mr Smirk said Asian gasoline supply would increase in the coming months and Australian petrol prices will again be driven by crude oil prices, the value of the Australian dollar and refining margins.

  • Uber takes GST battle to Federal Court AAP - 18 hours ago
    Uber takes GST battle to Federal Court

    Ride sharing service Uber is taking its battle with the tax office over GST to the Federal Court. Uber drivers will be liable to pay GST on every dollar they earn from August, after the Australian Taxation Office recently advised they are legally classified as providing taxi travel.

  • Global property partners unfazed by Trump bombast AFP - 18 hours ago
    Global property partners unfazed by Trump bombast

    Real estate tycoon and White House hopeful Donald Trump has lost high-profile US contracts over his hardline anti-immigrant stance, but internationally the row has yet to damage the Trump brand. Half the 156 luxury residential units set for a 2017 opening have already been purchased, at between $415,000 and $2 million.

  • US spies on Japan trade talks: WikiLeaks AAP - 18 hours ago
    US spies on Japan trade talks: WikiLeaks

    Australia is receiving secret US intelligence on Japanese trade negotiations, according to newly published WikiLeaks documents. The Saturday Paper has reported the US National Security Agency routinely obtains highly sensitive information on issues including US-Japanese relations, trade issues and climate change policy. The information, some of which is collected from discussions in Prime Minister Shinzo Abe's official residence, is shared with Australia, the newspaper says.

  • US stocks fall on oil-sector weakness AFP - 19 hours ago
    US stocks fall on oil-sector weakness

    Weakness in petroleum-linked equities weighed on US stocks Friday following poor earnings from ExxonMobil and Chevron and a drop in oil prices. The Dow Jones Industrial Average fell 55.52 points (0.31 ...

  • Dow, S&P 500 fall on oil-sector weakness AFP - 19 hours ago
    Dow, S&P 500 fall on oil-sector weakness

    Weakness in petroleum-linked equities weighed down the Dow and the S&P 500 Friday following poor earnings from ExxonMobil and Chevron and a drop in oil prices. At the closing bell, the Dow Jones Industrial ...

  • Oil prices tank as OPEC heightens oversupply worries AFP - 19 hours ago
    Oil prices tank as OPEC heightens oversupply worries

    Oil prices plummeted Friday as traders digested the latest OPEC signal that crude production would not be cut despite global oversupply and falling prices. US benchmark West Texas Intermediate (WTI) for September delivery dived almost 3.0 percent, shedding $1.40 to close at $47.52 a barrel on the New York Mercantile Exchange. Brent North Sea crude for September dropped $1.10 (2.1 percent) to settle at $52.21 a barrel in London trade.

  • More belt-tightening ahead as Exxon, Chevron profits dive AFP - 20 hours ago
    More belt-tightening ahead as Exxon, Chevron profits dive

    US oil giants Chevron and ExxonMobil signaled Friday further belt-tightening ahead as the industry responds to lower oil prices that slammed earnings in the second quarter. Chevron said it was trimming 1,500 jobs as it cuts 2015 capital spending about $5 billion compared with last year. "We're getting our cost structure down, through renegotiations across the supply chain and by sizing our contractor and employee workforce to reflect lower activity levels going forward," said Chevron chief executive John Watson.

  • Spain raises pay before elections, warns on Catalonia AFP - 20 hours ago
    Spain raises pay before elections, warns on Catalonia

    Prime Minister Mariano Rajoy nevertheless warned of the economic risk posed by "political uncertainty" over the Catalonia region's drive to break away from Spain. "The clear improvement in the economy allows us to reverse little by little the efforts that we have demanded from the Spanish people," Rajoy said. Public sector pay was cut in 2010 under the former Socialist government and frozen in the following years as recession engulfed Spain, sparked by the busting of a construction boom.