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australia

Australia's Central Bank Will Not Change Interest Rates Yet


Australia's central bank may leave interest rates unchanged for a fourth month and signal that its next move will be to increase borrowing costs as evidence mounts that the economy is rebounding from the global recession. Reserve Bank Governor Glenn Stevens will keep the overnight cash rate target at 3 percent at 2:30 p.m. in Sydney today, according to all 19 economists surveyed by Bloomberg News. Stevens said last week the economy may recover sooner than he forecast six months ago as the lowest…

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australia

Australian Agriculture Exports May Achieve $26 billion


Australia's farm exports may rise 2 percent in the year to June 30, 2010, helped by "relatively favorable" crop conditions and a recovery from the global recession, the country's commodity forecaster said. Total exports from farming may total A$32 billion ($26 billion), the chief commodity analyst for the Australian Bureau of Agricultural and Resource Economics, Jammie Penm, told a grains conference in Melbourne today. Increased grain demand may be offset by a rising Australian dollar, which would…

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australia

Costco to Invest $ 22 Million in Australia


Costco Wholesale Corp., the largest U.S. warehouse club chain, expects to lower Australian grocery prices with its first outlet in the country, providing new competition for Woolworths Ltd. and Wesfarmers Ltd. Costco, which will charge as much A$60 ($49) in annual membership fees to Australian customers, will open its Melbourne outlet Aug. 17 with a 14,000 square meter (151,000 square foot) store, almost three times the size of typical supermarkets. The store on the fringe of Melbourne's central…

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newzealand

New Zealand: 70% Small Businesses Grew Last Year


New Zealand businesses are showing self-reliance in the face of the economic downturn. This is a key theme emerging from the 2009 Mood of the Boardroom survey, says Business NZ. Mood of the Boardroom, run jointly by Business NZ and the NZ Herald, surveys around 300 company directors and chief executives from a range of New Zealand enterprises on key business issues. Business NZ Chief Executive Phil O'Reilly says this year's survey shows businesses determined to grow productivity and help themselves…

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australia

Australia's Central Bank Kept Interest Rates Unchanged


Australia's central bank kept interest rates unchanged for a third month amid signs the lowest borrowing costs in half a century and government spending are helping the economy skirt the global recession. There is still "some scope for further easing of monetary policy, if needed'" said Stevens, who slashed borrowing costs by a record 4.25 percentage points in six moves between September and April. "Economic conditions in Australia have to date not been as weak as expected a few months ago," he…

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newzealand

Oceania's Dollar Rose for a Second Day


The Australian and New Zealand dollars gained for a second day as speculation U.S. interest rates will stay low buoyed demand for higher-yielding assets. The currencies extended yesterday's biggest advance in a week against the U.S. dollar after futures traders added to bets the Federal Reserve will keep the benchmark rate close to zero for the rest of this year. Demand for higher-yielding assets was bolstered after the European Central Bank called for banks to bid in the first auction of 12-month…

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