A series of grim warnings about the global economy have caused more sharp falls on world markets overnight. Shares in New York, Europe and Asia have all suffered heavy losses. European markets were down around 5 per cent. Wall Street closed around 3.
Qantas and the Federal Government have welcomed that ruling by Fair Work Australia to terminate all industrial action by the airline and the unions after a marathon hearing in Melbourne. The ruling means all parties now have 21 days to negotiate a se
The Australian teenager facing drug charges in Bali will front court for the first time in Denpasar today. The 14-year-old boy was arrested last month for allegedly buying a small amount of marijuana. His lawyers say they expect the case to last for
The Senate is expected to pass the Government's carbon tax legislation today. The Government and the Greens will use their numbers to bring on a final vote to the 18 bills. The Opposition is vowing to scrap the tax if it wins Government. The tax will
The death toll from Egypt's weekend of violence has risen to five and up to 900 people have now been injured. Police have once again stormed Cairo's Tahrir Square using batons and firing tear gas to disperse protesters. The violence has now spread to
Treasurer Wayne Swan has been told to abandon his plan for a budget surplus next financial year. Economic forecaster Deloitte Access Economics says the budget is heading for a deficit of almost $2 billion in 2012-13. Now the forecaster warns that fur
G20 finance ministers are meeting for two days of talks in Paris. Largely focused on the eurozone debt crisis. Greece is still in spotlight. But there are growing fears the crosses will spread to other indebted countries, such as Spain and Italy. The
The Foreign Affairs Department says it does not have any official confirmation at this stage that an Australian teenager accused of buying drugs in Bali will be sent to jail for processing. Indonesian prosecutors say the 14-year-old boy will be sent
And Eurozone leaders are meeting in Brussels tonight to come up with a strategy to confront Europe's worsening debt crisis. But there's already been a setback with one of the scheduled meetings cancelled. The finance ministers were going to thrash ou
European Union leaders have agreed on a plan to recapitalise European banks to try and withstand the ongoing debt crisis. British Prime Minister David Cameron says the deal is reliant on the eurozone adopting a full package to protect the euro itself
Global markets have welcomed their deals to tackle the eurozone's huge debt crisis. The agreement was reached after late night talks in Brussels. It includes a four- to five-folding increase in bailouts for struggling governments. Leading banks will
Rescue workers are continuing their frantic search for more survivors from Turkey's devastating earthquake. But as time goes on, they are losing hope of pulling any more people alive from the rubble. Thousands of people spent another freezing night s
A British inquiry has begun hearing evidence from victims of the phone-hacking scandal. Actor Hugh Grant told the inquiry that the Mail on Sunday, which is a paper not owned by Rupert Murdoch, may have hacked his phone. Earlier, Milly Dowler's parent
Taking a look at the weather satellite image. Cloud across the Northern Territory, South Australia, Victoria and western New South Wales could lead to rain and storms, patchy cloud is streaming into Queensland, bringing possible tropical showers. Aro
News Corporation has held its annual meeting of shareholders in the US. In his opening remarks at the meeting, chief executive Rupert Murdoch told angry shareholders there was simply no excuse for phone-hacking scandal and vowed to put things right.
And US President Barack Obama is selling education reforms as a key measure to improve Americas sluggish economy. He says investing in early childhood education will ensure the US remains competitive. Right out of the gate, it helps prepare our kids
Bushfire is still burning out of control near the West Australian town of Margaret River. At least 20 homes have been destroyed, more than 50 people have been evacuated. Firefighters are struggling to control the blaze, which started from a controlle
Firefighters in Western Australia are hoping better weather conditions today will help them get a huge bushfire under control. Towns in the Margaret River region have been under threat and 30 properties have been destroyed or damaged. Further south,
Taking a look at the weather satellite image, extensive cloud over Queensland and New South Wales is forming along a trough. Cloud from a low pressure system covers Victoria and Tasmania. There's also thick cloud over the Top End. Around the states n
And the US economy grew at a slower pace than previously estimated in the three months to the end of September. Revised figures from the US Commerce Department show that gross domestic product grew by two per cent. Now that's half of one per cent low
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