China stake in Australian firm approved

China stake in Australian firm approved
06-11-2009

Australia's foreign investment regulator has approved a Chinese investment in one of the country's iron ore producers.

Wuhan Iron and Steel will buy a 15 percent stake in Centrex Metals for US$247 million.

This will allow the third largest steel company on the mainland to tap into iron ore resources in South Australia, after a similar deal by Baosteel last month.

There's been controversy over foreign ownership of the country's natural resources.

New US weekly jobless claims fall

New US weekly jobless claims fall
06-11-2009

Initial claims for US unemployment insurance benefits fell more than most economists expected last week, official data showed Thursday.

New claims for jobless benefits dropped to a seasonally adjusted 512,000 during the week ended October 31, the Labor Department said.

The number was nearly four percent below the average economist forecast of 522,000, and was the first decline following two weeks of increases.

Wall St ends sharply higher

Wall St ends sharply higher
06-11-2009

US stocks rose sharply on Thursday.

The market's advance was broad-based, and the Dow ended above 10,000 for the first time in two weeks.

It jumped 203.82 points, or 2.08 percent, to finish at 10,005.96.

The Standard & Poor's 500 Index gained 20.13 points, or 1.92 percent, to 1,066.63.

The Nasdaq Composite Index rose 49.80 points, or 2.42 percent, to close at 2,105.32. The US dollar was lower.

Oil prices were also down.

New York's main contract, light sweet crude for delivery in December sank 78 cents to close at $US79.62 a barrel.

Gold was trading at $1,090.40.