China vying with Australia over iron-ore prices

BEIJING (MarketWatch) -- A senior official with China's industry ministry said Friday he has reminded Australian officials that China remains the world's biggest buyer of iron ore, signaling Beijing's support for the country's steelmakers in tough negotiations with global miners on annual benchmark prices. Ministry of Industry and Information Technology Vice Minister Miao Wei told an annual meeting of the China Iron and Steel Association that he had recently brought up the issue of iron ore price negotiations with an unidentified Australian embassy official. "The (Australian embassy) official told me that this is a commercial matter, and the (Australian) government is not involved," Miao said. However, Miao said he then reminded the official that China was the world's biggest customer for iron ore, "but buys at the most expensive prices." The miners are seeking increases said to range from 30%-40% over last year's prices. The remarks illustrate China's continuing efforts to apply pressure on Australian miners Rio Tinto Ltd. (RIO.AU) and BHP Billiton Ltd. /quotes/comstock/13*!bhp/quotes/nls/bhp (BHP 67.76, -0.65, -0.95%) . During last year talks, four Rio Tinto employees were arrested in China on charges of commercial spying and bribery. Source:marketwatch.com/

Reserve optimistic on Australia's growth prospects

THE central bank is optimistic about Australia's growth prospects in 2010 but remains concerned about inflation and is prepared to lift interest rates. Economists believe the Reserve Bank of Australia will have to raise the official cash rate from a current 3.75 per cent to about 4.50 per cent, although the timing of future hikes is unclear after the RBA's board meeting this week decided to leave rates steady for now. The RBA yesterday lifted its inflation and gross domestic product growth forecasts, saying domestic demand, the jobs market and business investment were likely to strengthen. "Looking forward, if economic conditions gradually strengthen as expected, it is likely that monetary policy will need to be adjusted further over time to ensure that inflation remains consistent with (its 2 to 3 per cent) target over the medium term," it said in its quarterly statement. The RBA will wait to see the economic impact of three official rate hikes in the final quarter of 2009, and accompanying greater rate increases by the big banks, before deciding whether to edge rates up again. CommSec economist Savanth Sebastian said: "The bottom line is that conditions are far from rosy, justifying caution from the Reserve Bank." JPMorgan chief economist Stephen Walters said the RBA would study economic data released over the next few week before making a move. "The uncertainty is heightened now by the fact that, by out-hiking the central bank, the Aussie commercial banks added considerably to the impact of the RBA's three moves," Mr Walters said. He said the RBA could stay on hold until April. In its statement, the RBA said it expected the economy to grow at about 3.25 per cent in 2010 and 3.50 per cent in 2011, far faster than in 2009. It expects consumer price inflation (CPI) to hit 2.75 per cent by year's end. The bank highlighted the growing importance of India as an Australian market, which is often overshadowed by China. Already a significant buyer of Australian coal, India would also become a big importer of Australian liquefied natural gas. The RBA said that on United Nations estimates India's population was likely to outstrip that of China in about 20 years. At the same time, the proportion of working age people on the sub-continent would rise, promising solid economic growth in a market which was Australia's fourth largest export market by the second half of last year. Source:news.com.au/

Herman keeps cushion after two rounds in Australia

FRINGAL, Victoria, Australia-- It is not unusual for a record-breaking round to be followed the next day by a less than rousing one. That was not the case Friday with American Jim Herman in the second round of the Nationwide Tour's Moonah Classic in Australia. After shooting a flawless first-round 62 to set a new Moonah Links course record and grab a four-shot lead, the former Donald Trump employee added a 2-under 70 in very windy conditions to maintain the lead by three shots. Aussie Steven Jones is Herman's closest pursuer. 

The 25-year-old posted the day's low score of 67 to finish at 9-under 135. Two players are tied at 7 under, Andrew Buckle of Australia and Fabian Gomez of Argentina, with identical two-day tallies of 69-68-137. A pair of Aussies, Steven Bowditch and Andre Stolz, join Canadian Jon Mills and Doug LaBelle of the U.S. in a tie for fifth at 6-under 138. 

 The 32-year-old Herman missed the first three greens but saved par on each with putts from 4-feet. His other par save came on the 15th hole. Birdie putts were produced from 15 feet and 4 feet on the sixth and 14th holes, respectively. Additional birdie opportunities of 15 feet or less on the first four holes of the back nine were not converted. The winds that are so familiar to the Mornington Peninsula south of Melbourne picked up considerably on Friday producing scores that were almost two shots higher on average than Thursday. 

"Today was a totally different game," the leader said. "The wind really picked up on the back nine. It was tough out there. I definitely made more putts yesterday. I may have used them all up." Herman, who spent two years as an assistant professional at Trump National in northern New Jersey, has been bogey-free over the first 36 holes. He had 10 birdies Thursday and added two more Friday. Despite the 16-hour time difference, Herman received much encouragement from family and friends in Florida and elsewhere in the States after his first round. 

"I got lots of emails of congratulations ... but not from Mr. Trump," Herman said. "I'm sure my former boss is keeping him informed." A non-winner in two full seasons on the PGA TOUR's official proving ground, the Cincinnati, Ohio, native had a strong start in 2009 with a tie for fourth in Panama and a third in New Zealand, his Tour best, in the first four events of the year, only to fade in the second half. Herman missed the cut in his last six events to fall out of the top-60, which is the cutoff for fully exempt and conditional Tour status. 

He was a last-minute addition to the Moonah field when a fellow Nationwide Tour member withdrew a few days prior to departure from America to New Zealand two weeks ago. Herman missed the cut there last week. "I didn't have a lot of good vibes at the end of last year," he said. The birth of his first child, a girl, in October and having an off-season to refresh himself has buoyed the likeable Herman this week at Moonah. Like the player he is chasing, Jones is seeking his first tour win at this level. A resident of Gold Coast in Queensland, Australia, Jones has won a number of lower-tier events in Australia while aspiring to make a name for himself among the PGA Tour of Australasia's elite. 

His resume also includes a victory on the Gateway Tour in Arizona in the U.S. The 156-player Moonah Classic is co-sanctioned by the Nationwide Tour and PGA Tour of Australasia, with the field split evenly between the two tours. Second-round notes: • Moonah Links played decidedly more difficult on Friday at 73.799 vs. Thursday's 71.855. • The first round produced 21 eagles and 537 birdies ... the second round just three eagles and 395 birdies. • 75 players shot 1 over or better to make the 36-hole cut. 

It's not often that par-5s play over par in professional golf played at this level. Two holes at Moonah have slightly over-par averages after two rounds -- the secnd and fourth, with the 18th just a shade under par at 4.95 and the 15th playing to an average of 4.89. • Defending Moonah Classic champion Alistair Presnell is tied for 17th after rounds of 71-70. • Last week's Michael Hill New Zealand Open champion Robert Gates posted a 72 today to go along with yesterday's 71. He is tied for 37th at 1 under. • Ryan Hietala did not post a 4 on his scorecard until his 15th hole today. He had nothing but 3s and 5s to that point. He finished 4-4-3-5, ending his round with eight 3s, eight 5s and two 4s in a round of 72. His 147 total missed the cut by two. Source:pgatour.com/

Studios Lose a Downloading Case in Australia

Holly Wood studios lost a copyright court case against an Australia Internet service provider on Thursday, Reuters reported, when a court ruled that the provider, iiNet, could not be held responsible for unauthorized downloads of movies using its service. The suit was filed by a group of studios including Universal Pictures, Warner Brothers, Paramount Pictures, Sony Pictures Entertainment, 20th Century Fox and Disney. A federal court in Sydney ruled that it was impossible to hold iiNet responsible for users who might infringe copyright. iiNet contended that it was not required by law to act on allegations of copyright infringement; that customers were innocent until proven guilty; and that the case was comparable to suing a power company for the activities clients use electricity to engage in. Source:nytimes.com/

Aussie model joins campaign to save red-faced banker

SYDNEY, Australia — A top Australian model has backed a growing campaign to save the job of a banker caught viewing risque shots of her on live TV, in footage that has caused an Internet sensation. Victoria's Secret model Miranda Kerr said she would happily sign a petition urging Macquarie Bank not to fire David Kiely, who is under internal investigation after the incident this week. Kiely was shown clicking on semi-naked pictures of Kerr, apparently unaware that a colleague behind him was being interviewed for Australia's Seven Network about interest rates. Video of the gaffe generated hundreds of thousands of hits on YouTube and inspired several Facebook pages supporting the banker, as well as a popular "Save Dave" campaign by London-based business website hereisthecity.com. "I am told there is a petition to save his job and of course I would sign it," Kerr told reporters in Sydney on Thursday. Macquarie, which marched Kiely out of its trading room on Tuesday afternoon, is understood to be considering his position within the bank, The Australian newspaper said. Support for Kiely has been growing on the Internet, with the membership of the "Macquarie -- Don't Fire David Kiely" Facebook group swelling to 755 people by Friday afternoon. The site says Kiely provided the human face of banking when he "did what any other person in his shoes would have done -- took some time out from his busy day to look at some harmless photos someone emailed him". "What a legend. I love this guy," wrote one member. Another wrote: "Even my Mum reckons you shouldn't lose your job and she's really harsh about lotsa stuff!!" On the Net: Source:AFP

Kookaburra case no joke

IN two separate rulings, the Federal Court proved this week that copyright law is dangerously out of step with the culture and technology of modern Australia. The decisions went in opposite directions, but highlighted the same point: government inaction has left the courts ill-equipped to deal with some of society's most pressing issues.

Many people have been left puzzled by the infringement ruling against the Men at Work song Down Under. The decision rests on the fact that a small section of the song is considered to be similar to Kookaburra Sits in the Old Gum Tree, a tune from the 1930s. To many, the similarity is vague. But even if the songs have a direct link, there is still a problem.

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The judge was required to apply a body of law that is blind to the fact that modern music routinely samples the work of others. And it's not just hip-hop: think of the trouble Ralph Vaughan Williams or Jean Sibelius would have faced if composers of treasured national folk tunes had had recourse to our courts. Clearly, culture has moved too fast for the law. That is the reason why the Federal Court penalised those behind what is virtually an alternative national anthem.

The argument in favour of modernising copyright law is even more pressing after the ruling that internet service provider iiNet had no responsibility to prevent illegal file-sharing of copyright movies. This decision, if not overturned on appeal, seems partly inconsistent with the federal government's plans. Communications Minister Stephen Conroy wants internet service providers to block illegal material, such as bestiality and child pornography. While the iiNet case concerned copyright, it makes no sense to block one category of illegal material while permitting the distribution of another.

But on the copyright issue, any move from Senator Conroy would need to take account of multilateral talks that aim to produce global standards for the enforcement of intellectual property.

To be effective, those standards will need to take account of the internet. And that means third parties such as internet service providers may eventually need to be held liable for copyright breaches.

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Australia's corporate watchdog takes Fortescue to court again

Australia's corporate watchdog has lodged a notice of appeal in the Federal Court of Western Australia against a judgment given on December 23, 2009 which dismissed claims that Australian iron ore miner Fortescue Metals Group Ltd. (Fortescue) and the company's CEO Andrew Forrest deceived investors, a Fortescue press release has announced. Fortescue had faced a suit from the Australian Securities and Investments Commission (ASIC) which alleged that the company misled the market in 2004 regarding deals with three major state-owned Chinese companies. ASIC's legal team had alleged that Fortescue and Mr. Forrest had made certain misleading announcements as part of an aggressive public relations campaign. Fortescue chairman Herb Elliott said the company and Mr. Forrest were disappointed with ASIC's decision to appeal. "While we recognize ASIC has a legal right to appeal, the judgment was unequivocal in our favour," Mr. Elliott said. Source:news.alibaba.com/

Moving to Australia will kill Danny Cipriani's England career

Cipriani, who will be full-back for England Saxons against Italy on Sunday, is understood to be on the verge of signing a £200,000 a year deal with the new Super 15 franchise in Australia after rejecting the chance to continue his career at London Wasps. The 22-year-old has won just seven England caps since his debut in 2008 and has dropped down the No10 pecking order under Johnson following his arrival as team manager. On the eve of England's clash with Wales — which has seen centre Riki Flutey drop out due to an injury — Johnson made it clear that the Wasps player would be signing his own death warrant in terms of Test rugby. Johnson said: “It's his choice if he wants to do that because it would be impossible for him to play for England during the Six Nations over there. “I am sure Danny understands that but it is going to be his choice and his call. My relationship hasn't broken down with him. “I haven't spoken to Danny about this but I am aware of the situation and he is a member of the Saxons team.” Johnson admitted the loss of Flutey, who will be replaced by Toby Flood, was a blow but insisted the Leicester utility back would be able to cover for the loss of the Lions centre. Johnson added: “It is a blow to lose Riki but Toby has been training in that position this week and is an experienced international who gives us another kicking option.” Bath centre Shontayne Hape, the former New Zealand rugby league international, has been drafted in as a replacement. Source:thisislondon.co.uk/