Personal Loan Experts News

Wed, 2 May 2007
Interest rates on hold: reprieve for homeowners
In a boon for the nation's mortgage belt, the Reserve Bank decided at its quarterly meeting on May 1 to leave the official cash rate unchanged at 6.25 per cent. The Reserve Bank's decision followed the publication of a much lower than expected March-quarter consumer price index, which showed inflation rose just 0.1 per cent for the quarter and 2.4 per cent for the year. This was well within the Reserve Bank’s target of 2-3 per cent. In a rare show of consensus, many economic forecasters are now predicting a further easing in inflation and most believe interest rates will stay on hold for the rest of 2007, particularly given the impending federal elections.

Thu, 01 November 2007
Why Get a Personal Loan ?
Personal loans for big ticket items are making a comeback after being overtaken by credit cards, which are more flexible-but best suited to short term borrowing for small purchases.

Repaying a personal loan by fixed instalments over a medium to long period has always been a niche market.

Personal loan interest rates are traditionaly lower than credit cards, at about 12 per cent verses 18 per cent-but new budget cards are out with honeymoon rates down to 6.99 per cent and are really heating up the competition.

Personal loans can be taken out for any number of reasons-paying for an upcoming holiday, buying a new car or furniture, or even to cover education fees.

The loan has to be set for a specific purpose that costs between $5,000 and $50,000

SOURCE: news.com.au

Thu, 01 November 2007
ANZ to lift interest rates
The new chief executive of the ANZ Bank has warned that the global credit turmoil could last for years and that Australian consumers will bare the brunt of higher rates. The bank will lift credit card and personal loan rates by between 10 and 25 basis points this week. "We have held off as long as possible, but sustained high funding costs associated with the global liquidity squeeze mean we have no choice but to move," said an ANZ spokesman. Funding from the wholesale market and 30-day bill rate has risen 20 to 30 basis points above normal which is costing the bank $15 to $20 million each month.

By The Financial Review

2 October 2007

Tue, 06 November 2007
$330,000 car audio export boom
Its the ultimate in car audio- a boom box that costs 10 times the price of an average new car.

But neighbours be warned, it pumps out nightclub-quality sound that is so ear splitting that it can be heard clearly 2 km away.

The $330,000 state-of-the-art car audio system, designed and made in South Australia, has been picked up by the American makers of customised car TV show PIMP MY RIDE.

SOURCE:Adelaide Now:NOV 4 2007

Sun, 18 November 2007
Northern Rock CEO Resigns
London: Adam Applegarth, the chief executive of ailing British Bank, NORTHERN ROCK has quit and the bank has streamlined its board as two suitors confirm they've made proposals to buy or revive the bank and repay its loans.

Mr Applegarth will stay to oversee the new phase of a strateic review that is due to end by February, the bank said.

Acceptance of Mr Applegarth's resignation and the removal of seven other board members came as at least four bidders were expected to submit plans to take over or revive Northern Rock by a friday deadline.

SOURCE: REUTERS NOV 18 2007

Sat, 24 November 2007
Australians are the most entrepreneurial people
Australians are the most entrepreneurial people in the developed world with more than 20% of adults running their own business, or planning to start one, according to a joint study produced by Swinburne University of Technology and the University of Adelaide.

The study also shows that Australians value independence above income when it comes to their working life. These findings are part of the world’s largest study of entrepreneurship and business ownership, coordinated by the Global Entrepreneurship Monitor (GEM).

Professor Noel Lindsay and Mr Gary Hancock from the University of Adelaide and Professor Kevin Hindle from the Swinburne University of Technology collaborated on the study, based on 2006 data. The authors found that most Australians strongly believe that working for oneself provides much greater satisfaction and opportunities than being an employee.

“Business owners in the 22 to 44-year-age bracket are particularly optimistic about the growth of their business in coming years and are focused on the export market, which is very encouraging for the future of small business in Australia,” the report’s authors say. The downside is that a large percentage of Australian business owners lack confidence in their own skills and are less innovative than their competitors in other developed nations.

SOURCE:Swinburne University of Technology 16-11-2007

Mon, 03 December 2007
Rental company plans to offer personal loans
Radio Rentals is best known as a place to hire whitegoods such as fridges, televisions and washing machines.But now Australia's biggest household appliance rental company plans to offer financial loans to its customers.

Managing director John Hughes says the company is entering a new market - the personal loan industry.

SOURCE: ABC NEWS NOV 20 2007

John Hughes says Radio Rentals will be able to provide the loans under the top interest rate it can charge, which is around 48 per cent.

Sun, 09 December 2007
Bank of Queensland still on the hunt
BANK OF QUEENSLAND has signalled it is still on the hunt for acquisitions even though it has just spent $600 million to expand into Western Australia and has "moved on" after its failure to pull off a $4 billion merger with Bendigo Bank in Victoria.

Having succeeded in just one of three publicly disclosed deals this year to expand its operations, the Brisbane-based regional bank suggested further tie-ups were likely as the pace of consolidation in the industry speeds up.

SOURCE:BRISBANE TIMES 7 December 2007

Mon, 17 December 2007
Please help us to restore our fragile environment.
Ten more years at the current growth rate of green house pollution will kill us all. It must be dealt with now. That is right now!! Even if we stopped polluting today it would take thirty years for the earth to recover. That’s Thirty years. But it won’t happen that way will it? There is no way it will stop tomorrow, but it must be stopped or we humans as a species, and nearly every other species on earth are doomed.

It is therefore vitally important that you/we make people who count aware of the LEA technology.

Now that we are ready to showcase our technology it is time to act. Others, who support the coal, oil, and uranium industries are lobbying government’s world wide to push their own agendas. They have years of experience, and the know how, financial backing and networks to help them to “play the game” Remember Big Business does not take kindly to what they see as competition. In reality what we propose for our technology actually helps them to extend their resource life and by so doing make them more money. Take oil for example, what if the diminishing supply could last for an extra ten years, what would it be worth a gallon or litre then? We are not in opposition to these people, we want to fit in alongside them and help them as well.

Source: extract from open letter www.lutec.com.au LU Brits & John Chritie

Thu, 27 December 2007
Home Loans News
24 Dec 2007

RESEARCH shows that many Australian borrowers wrongly believe that retail banks can’t raise home loan interest rates if the Reserve Bank doesn't move the official cash rate.

Although movements in home loan rates generally follow the Reserve Bank, the banks can move independently – and lately they’ve been hinting they’re planning to do just that.

Research by online home loan lender myrate.com.au showed that 60 per cent of Australians would be caught off guard if home loan rates rose outside of an official movement by the RBA.

SOURCE: news.com.au

Sat, 05 January 2008
Rates threaten housing recovery
FURTHER interest rate rises could stop the housing market recovery in its tracks, housing experts have warned.

The warning comes at a time when the Australian housing market has so far shown it is immune to the US sub-prime mortgage crisis.

But the managing director of business forecaster BIS Shrapnel, Robert Mellor, said the recovery could be stalled if there was more than one interest rate rise in 2008.

Mr Mellor suggested that the strength of economic growth and wage pressures could lead to two or possibly more rate rises next year.

He pointed out that the recovery in NSW was tentative and would react to higher mortgage rates.

Other markets, such as Melbourne, Brisbane and Adelaide, which had been doing well this year, would also slow down.

National president of the Real Estate Institute of Australia, Noel Dyett, said the residential market had been travelling "reasonably steadily" this year.

But he added it was still "unknown" as to how much the US sub-prime situation would affect Australia.

SOURCE news.com Dec 28 07

Mon, 14 January 2008
Insurers hit by storm season
21 December 2007

Insurers are facing claims of almost $300 million from hail storms this month. Suncorp, which owns the AAMI and GIO brands, has said that it could be hit with a bill of up to $180 million while Insurance Australia Group has issued a profit downgrade equivalent to $150 million. While Suncorp is not yet sure how much of an effect the claims will have on its bottom line, it had budgeted for claims worth $100 million for the first half of the current financial year but storms since July have generated total claims between $230 million and $260 million.

By Sydney Morning Herald

Mon, 21 January 2008
Emerald evacuates as Nogoa rises
Emergency Services have begun evacuating residents at Emerald in central Queensland, where floodwaters are continuing to rise.

The SES has asked 50 residents living along the Nagoa River to leave their homes tonight.

Acting Emerald Mayor Kerry Hayes says hundreds of other residents have also been advised to prepare for the possibility of major flooding tomorrow morning.

"An area that we believe is likely to have some issues tonight with flooding - and we have requested that those people be relocated tonight - would cover about 50 of our residents in Riverview," he said.

"We are also sending out a second letter to up to 200 to 300 households just advising that perhaps with some change there may be a need to move those people in the morning."

Jenny Belbin from the nearby town of Sapphire says she has been left with nothing after floodwaters inundated her house.

"Our house was gone. Everything is gone," she said.

"It's just devastating. Everything just totally gone, just all full of mud and water."

Emergency Mangement's regional director Shane Wood says he has been in close contact with the weather bureau and the hydrologists who work at the Fairbairn Dam, which flows into the Nogoa.

He says the dam is overflowing for the first time in 17 years, and the water coming over the spillway is more than 2.5 metres high. It is also expected to rise to a new record.

"We're expecting the river to peak at 14 metres at the causeway going into town and that relates to the three metres over the Fairbairn Dam spillway," Mr Wood said.

He says unlike in Charleville, levees have not been built, because the Nogoa's banks already have a long steep incline.

SOURCE:ABC NEWS 20 Jan 2008

Sun, 03 February 2008
Commonwealth Bank lifts home loan rates
The Commonwealth Bank has become the third bank to announce it is lifting its home loan rates as a result of the global credit crisis.

The bank has announced it is lifting its variable home loan interest rate by 0.1 per cent to 8.67 per cent per annum this Friday.

The increase is the lowest of the rate increases announced so far.

On Monday, the ANZ announced a rate rise of 0.2 per cent, a move that was attacked by Treasurer Wayne Swan as "excessive".

Last week the National Australia Bank announced an increase of 0.12 per cent.

The banks say they have been forced to make the move because the global scarcity of credit has made the cost of borrowing money more expensive.

Wed Jan 9, 2008 SOURCE: ABC

Sun, 10 February 2008
Passengers to pay for carbon cuts
THE tourism and aviation industries risk being hit hard by both climate change and moves to solve the problem, a leading tourism economics expert has warned.

Monash University Tourism Research Unit deputy director Peter Forsyth told an aviation environment conference in Sydney yesterday that climate change could be damaging for tourism generally and for Australia's nature-based industry in particular.

But he also outlined a scenario where fares could rise sharply under an emissions trading scheme introduced to limit the nation's carbon footprint.

The Government has yet to reveal its plans for an emissions trading scheme, which would see carbon permits either issued free or sold to emitters.

But Professor Forsyth believes it is likely to introduce a scheme similar to the one being introduced in Europe.

"Aviation and tourism will be caught up in the ETS net, exactly how is going to be an issue," Professor Forsyth said.

February 08, 2008

SOURCE: THE AUSTRALIAN

Wed, 20 February 2008
Ford FG Falcon: The safety story
Ford is keeping tight-lipped about the FG Falcon safety package but there is growing speculation the car may become the first locally-built vehicle to earn a five-star rating in independent crash tests.

Ford claims its new FG Falcon will be the safest locally-built car on the road.

But the company refuses to be drawn on whether it expects the car to get a five-star rating when it is independently crash tested.

Both the Toyota Aurion and Holden Commodore have four-star ratings and industry sources suggest the new Falcon may become the first locally-built car to score a five-star rating from the Australian New Car Assessment Program (ANCAP).

Ford has confirmed that four airbags, anti-lock brakes and an electronic stability control system will be standard on all FG Falcon sedans. However, only the luxury G6E and G6E Turbo will get potentially life saving side curtain airbags as part of their standard safety artillery.

Curtain airbags will be a relatively affordable option across the rest of the FG Falcon range; XT, G6, XR6, XR6 Turbo and XR8.

A reversing camera will also be fitted to the G6E and G6E Turbo and available across the Falcon sedan range.

The FG Falcon's main rival, Holden's VE Commodore, has only two airbags as standard equipment as well as a stability control system.

Ford's move to omit the curtain airbags from most FG Falcons will no doubt be a point of contention with some drivers and buyers.

Toyota's relative newcomer, the Aurion, has six airbags on all models.

A press released by Ford on the FG Falcon says it will have “the safest body structure of any Australian-built vehicle and a world-class package of safety features”.

But spokeswoman Sinead McAlary declines to elaborate futher.

She says further details of the car’s body structure and crash protection will be revealed at a later date.

It is believed Ford may delay the NCAP crash test until after the FG Falcon launch to get another bite at the publicity cherry for its make or break new Falcon.

One vehicle in the Falcon line-up that won’t be getting a five-star rating is the Falcon wagon.

In a cost cutting move, Ford decided against making major revisions to the wagon and will continue to sell the vehicle in its current BF form.

Ford has kept the Falcon wagon’s dated rear suspension set-up, which it claims is better for load carrying. The new wagon will be positioned as a “tool of trade” fleet car and won’t benefit from the safety upgrades, although it will get stability control as standard fitment across the range.

The Falcon ute has also been shortchanged when it comes to safety. While the Commodore ute comes standard with stability control, its FG Falcon equivalent will not have the potentially lifesaving technology available on any model, including its sporty and more powerful XR variants.

The XR ute range will instead get traction control as standard.

Traction control is a more rudimentary driver aid than stability control. It limits wheelspin at take off but won’t correct the car’s trajectory if it begins to skid during cornering.

Traction control will be available as an option on the rest of the Falcon ute petrol range, but won’t be offered on LPG variants, which account for more than 20 per cent of Falcon ute sales.

On the sedan, Ford’s stability control system has been retuned to suit the new suspension and wheel sizes.

For the first time, Ford will offer two stability control tunings – a standard setting for the base model car that will intervene early and a sportier setting that will allow more initial wheel slip on its performance-oriented sedans.

Ford says driver visibility has been improved on the Falcon, with a redesigned windscreen and roofline that gives the driver a better view of the road ahead.

Ford claims the new Falcon has better front visibility than the Commodore, which has been criticised for its thick windscreen pillar.

Holden apparently had to make the pillar thick to meet crash requirements, but Ford claims to have achieved the better vision without compromising structural integrity and crash protection.

SOURCE: DRIVE.COM 17/02/08

Wed, 27 February 2008
NAB chief suggests merging big banks
The head of Australia's largest bank says the Federal Government should allow mergers amongst Australia's four big banks to prevent them being taken over by foreign companies.

Chief executive of the National Australia Bank (NAB), John Stewart, has told a business luncheon in Sydney the four pillars policy, which prevents Australia's major banks from merging, needs to be relaxed.

He says at the moment none of the four would be strong enough to stave off a takeover bid from a much larger foreign bank.

"The question is what's going to happen in the next five to 10 years, and I think we have to find a political solution," he said.

"That is a politically acceptable way to probably have a very strong or perhaps two or three very strong banks that can operate internationally."

SOURCE: ABC NEWS 27 FEB 08

Sun, 09 March 2008
Better mileage than a Prius? Not so fast
VW's new diesel-powered hybrid gets great mileage - better than Toyota's top-selling hybrid. Its price-tag is another story.

It was bound to happen - the Toyota Prius could soon lose its crown as the most fuel-efficient car on the market. But you might want to hold off before you cancel your order.

The VW Golf TDI Hybrid gets 69 miles per gallon in the European fuel economy test cycle, according to Volkswagen. Toyota claims 54 mpg for the Prius in the same test.

Volkswagen unveiled a Golf hatchback in Europe this week that gets even better mileage than the Prius. It's a concept vehicle for now, but the diesel-powered hybrid indicates something that's in the "near term future" for European customers, a VW spokesman said.

Customers in the U.S. would have to wait a little longer, but a car like this could eventually be sold here, said Keith Price, a spokesman for Volkswagen of America.

Check under the hood

It's easy to understand why the Golf gets 26% better mileage than a Prius, which burns gasoline. The Golf TDI hybrid has a diesel engine, which is more efficient.

A non-hybrid 2006 Volkswagen Jetta diesel sedan gets 33 mpg in combined city and highway driving, according to current EPA estimates. A 2007 Toyota Camry Hybrid, a similarly-sized car, gets just one mile per gallon more. And the Jetta diesel gets much better highway fuel economy - 38 mpg - than the Camry Hybrid's 34 mpg.

You may wonder why no one thought of the diesel/hybrid combination before.

"From a consumer standpoint, it comes down to 'What kind of compromise do I need to live with to enjoy all this wonderfulness?'" said VW's Price. And the biggest challenge, he conceded, is cost.

And then check your wallet

Diesel engines burn fuel using high pressure and heat instead of a spark. The engines have to be more rugged to withstand the strain, so they're more expensive to build.

Chrysler has a small test-fleet of plug-in diesel hybrid Dodge Sprinter vans in commercial use today, but the technology is too pricey to put into passenger vehicles, said Chrysler spokesman Nick Cappa.

"There has to be a customer value there," he said. "It has to pay for itself."

For the U.S. passenger car market, there's an additional cost hurdle: It's harder for diesel engines to meet strict clean-air requirements here. They produce lots of noxious fumes and particles that require expensive exhaust treatment systems.

But with new ultra-clean diesel fuel now readily available at American gas stations and new exhaust-cleaning technology in cars, various automakers hope to introduce a new generation of clean-diesel cars here over the next couple of years.

But like hybrids, these new diesels will be more expensive than similar gas-powered cars. The mark-up may not be quite as much, though.

Volkswagen estimates that the 2009 Jetta diesel will cost about $2,000 more than the gas-powered version. Official pricing hasn't been announced yet, though. (The 2006 model year was the last time VW sold diesel cars in the U.S.)

Manufacturers almost always add unrelated equipment to hybrids, so it's difficult to estimate a cost, but hybrids usually cost at least $2,500 more than non-hybrid versions of the same vehicle.

Add those numbers altogether, and a hybrid diesel would be dauntingly expensive, even if federal tax incentives were factored in.

Buyers could also lose another big cost benefit: excellent resale value. Diesel engines last longer than gas engines so diesel cars are worth more after years of driving.

Hybrids, on other hand, generally do worse than other cars in resale value, according to Kelley Blue Book. Combine a hybrid and a diesel, and its resale value is anybody's guess, said Robyn Eckard, a Kelley Blue Book spokeswoman.

On its way to the U.S.A.

For now, the Golf TDI Hybrid comes closest to making sense in Europe. Diesel fuel generally costs less than gas there, adding to the financial benefit of greater fuel efficiency. And European regulations don't require all the pricey emission-cleaning technology needed to sell diesels in the U.S. That's why diesels make up about half of new car sales in Europe.

Technology costs will come down over time, though, points out VW's Price. "The costs of all technologies come down with acceptance," he said.

If a diesel hybrid is a hit in Europe, and VW were to ramp up production, that could bring down the per-unit costs, he said. And that could open the door to selling such a car in the United States.

By that time, U.S. consumers should be familiar with VW's - and other companies' - new diesels, said Price.

And if any company could make it work in the United States, it would be VW, said Charlie Vogelheim, vice president of J.D. Power and Associates.

Even though they're not currently sold here, VW's diesels still have a strong cult following, he said: "It's like 'I don't care what anyone else thinks, I love my diesel car."

March 7, 2008:SOURCE CNN NEWS

Sat, 22 March 2008
UK ATM gives shoppers double-money
Saturday Mar 22 08:59 AEDT

A British cash machine became a big hit this week after it started paying out twice as much money as it should.

The ATM, outside a supermarket in they city of Hull in northern England, began spewing out double the money on Tuesday afternoon and continued doing so for several hours, drawing a crowd of hundreds eager to cash in on the mistake.

Those requesting the maximum daily withdrawal of 300 pounds ($A658) were being given 600 pounds and a receipt for 300.

"People were calling their mates up and telling them to get down there," the Hull Daily Mail quoted a passer-by as saying.

After several hours the machine finally ran out of money.

Payzone, a company that administers ATMs, would not comment in detail on the incident but said it appeared one of its machines had malfunctioned.

Police said those who had benefited could face charges but only if the operator complained.

SOURCE: NINE NEWS

Thu, 17 April 2008
Eddy Groves offloads Brisbane Bullets
April 17, 2008 12:00am

FOR an entrepreneur with a passion for basketball who was selling his own team, Eddy Groves was surprisingly upbeat yesterday.

"It's been a few dollars under the bridge and there's been a bit of pain," he said of the nine years owning the Brisbane Bullets.

"But it's been a great time."

The sale comes amid trouble at childcare chain ABC Learning Centres, where Mr Groves is chief executive.

ABC shares have plunged heavily, profit results have confused analysts and Mr Groves' own stockholdings have been wiped out.

Mr Groves said a sale of the Bullets had been considered earlier.

"I thought I'd go again with another year, and then circumstances have overtaken things," he said.

"I've got to focus all my attention on ABC and I want to send that message loud and clearly to shareholders -- I have no other interests."

Mr Groves sold the Bullets for an undisclosed sum to a group of businessmen led by David Kemp.

Mr Groves' ownership of the Bullets has been praised for supporting basketball -- but it also attracted concerns as ABC sponsored the team and gave tickets to families.

More than 10 ABC affiliated companies were backers of the Bullets.

However, Mr Groves has maintained there was never pressure between the affiliated companies, relationships were long-running and many sponsors were businesses not linked to ABC.

Mr Groves remained tight-lipped on ABC issues, such as talk of a lower price for a US deal, a possible rights issue and private operation Childcare Providers.

He also declined to comment on Childcare Providers.

BusinessDaily reported recently that Childcare Providers chief executive Viryan Collins-Rubie had personal ties to Mr Groves and that both businesses had worked together.

ABC has maintained all related party disclosure requirements have been met.

But Mr Groves was upbeat about the Bullets, saying highlights of his association with the franchise included winning the NBL title.

"The key thing for me is that the Bullets would continue," he said of the sale.

Despite his high-flying image, often linked to flash cars, Mr Groves left in a modest black four-wheel-drive.

Source: HErald Sun

Sat, 17 May 2008
Banks make $10.5bn in fees
May 15, 2008

BANKS made $10.5 billion in fees in the financial year ended June 2007, up 8 per cent on the previous year, but say the increase is due to higher demand not higher charges.

Commenting on annual data released by the Reserve Bank today, the Australian Bankers Association said the higher fee revenue didn’t mean banks had hiked service charges.

“The main driver of growth in bank service fee revenue has been strong demand for banking products and services, underpinned by a strong economy, rather than increased prices for banking services,” the ABA said.

ABA chief executive David Bell told NEWS.com.au penalty fees had been reduced over the past year.

"Banks have been been reducing or getting rid of some of those fees so there has been some downward pressure on those fees," he said.

What are they making?

For the first time in four years, business paid more in banking fees than households, contributing 58 per cent of the total fee revenue against 42 per cent by households.

Bank fee income from households grew 9 per cent to $4.4 billion, with 40 per cent of that coming from deposit account fees.

Income from housing loan fees grew 8 per cent, and 14 per cent from personal loans – in line with strong demand for credit.

Credit cards are proving good money spinners for banks, with total fee income from plastic surging 170 per cent over the past five years. In 2007, total credit card fees paid by households grew 12 per cent.

Credit card transaction fees, including cash advances, were up 12 per cent, while account servicing fees rose 11 per cent. Credit card penalties and foreign currency conversion fees rose 16 per cent.

What are you paying

Recent analysis by financial research firm Cannex found it costs around $240 a year for customers to keep an account. The research also found that the average consumer spends around $200 a year taking money out of ATMs operated by banks they don’t have an account with.

Cannex said the highest account-keeping fee was charged by the National Australia Bank for its Gold Banking account ($12 a month), while the ANZ's Equity Manager account had no account-keeping fee.

Political pressure

The Federal Government is pushing an Account Switching Package to help make it easier to for people to change accounts and banks.

The package means customers who want to switch banks have to be given a copy of all of the direct debits and payments they have set up for their accounts, in order to make the transition easier.

Treasurer Wayne Swan is also putting pressure on banks to change their fee structure.

Earlier this month Mr Swan wrote to the chief executives of Westpac, Commonwealth, ANZ, NAB and St George, urging them to drop bank fees. He warned if they didn’t act off their own bat he would consider regulation to force them to do so.

"I would encourage lenders to review their existing fee structures, especially where exit fees are high relative to industry averages and might not reflect the underlying cost of terminating the loan," Mr Swan said, in his letter.

The letter came after a review of bank fees found Australian customers were paying more for services than their counterparts in Britain and the US.

Despite the criticism banks are reluctant to cut fees, warning that if fees came down they would need to look at recouping the money elsewhere, most likely in the form of interest rate hikes on home loans.

Mr Bell said he believed banks' mortgage exit fees were fair.

"We think the attention should be focused on non-APRA regulated lenders because they charge a hell of a lot more than we do," he said.

"The RBA has concluded very clearly that the growth in fee income appears to be the result of greater use of banking services rather than higher unit charges."

SOURCE: News.com

Sun, 25 May 2008
Record gas prices force some would-be holiday weekend drivers to stay off the roads. Travel expected to lessen for first time since 2002.
May 23, 2008

NEW YORK -- Travelers taking to the road this Memorial Day weekend face soaring costs as prices at the pump continued their record run Friday.

The nationwide average for a gallon of regular unleaded gasoline rose to $3.875, up from $3.831 the previous day, according to the most recent reading from motorist group AAA. That's the 16th consecutive record for gas prices, which have now risen for 17 straight days.

Retail gas prices are up nearly 10% from a month ago and have climbed more than 20% in the last 12 months. Last Memorial Day weekend, drivers only had to shell out an average of $3.23 for a gallon of gas.

The surge in prices is keeping some drivers off the road. For the first time since 2002, Americans plan to drive less on Memorial Day weekend than they did the year before, according to AAA.

The number of Americans traveling 50 or more miles from home this holiday weekend will slip by 0.9% to 37.87 million, the motorist group forecast last week.

"Most people are going to travel closer to home this year, and they're going to take fewer trips," said AAA spokesman Mike Pina.

Among the estimated 12% of Americans who will be traveling this weekend, AAA said 31.7 million people, or 83%, are expected to drive. That's slightly fewer than the 32 million Memorial Day drivers a year ago.

Moet Muller, a New York chef won't be traveling this weekend because he doesn't drive.

"I'm glad I don't - the subway will do just fine for me," Muller said. "Who wants to pay $3.80?"

The AAA survey was conducted during the last week of April, when gas was only at $3.50 a gallon. Now, Alaska, Connecticut, Illinois, New York, California, Hawaii and Michigan are all averaging over $4 per gallon. Only Wyoming and Arizona have an average that's under $3.70 a gallon.

A Deloitte & Touche survey of more than 1,000 Americans conducted May 12-14 found that, as a result of the rise in gas prices, 23% of Americans have altered their Memorial Day weekend travel plans.

Deloitte & Touche found that 12% of would-be travelers are cancelling their vacation plans altogether, and 11% plan on traveling closer to home.

Holly Horden, a medical facility employee from New Brunswick, Conn. decided to cancel her Memorial Day trip to New Jersey in addition to a New Hampshire trip she scheduled for later in the year.

"We did it last year, and it's going to be half the price [it would cost] this year," said Horden.

The average traveler is expected to drive 91 miles to and from home this weekend, according to the Deloitte & Touche survey. The average car gets 20.2 miles per gallon, according to the U.S. Environmental Protection Agency, so that 91-mile trip will cost drivers $34.92. Last year, that same trip would have cost $29.10.

Fashion merchandising students Samantha Matlock and Jill Habner from Dallas, Texas drove to New York for Memorial Day weekend on Friday. Though high gas prices have tightened their budget, they still decided to travel by car for 11 hours.

When asked if gas prices have affected their travel, Habner said, "It should."

"But it doesn't," added Matlock. "We still want to travel."

Air travel will give vacationers no respite from high fuel costs: For the 11% of travelers who plan on flying, the price of a ticket will be 8% higher than it was last year. Most U.S. air carriers have announced a fuel surcharge that will be added to ticket prices this spring.

Much of the run-up in gasoline can be attributed to record crude oil prices, which have more than doubled over the past year and surpassed $135 a barrel Thursday.

SOURCE: CNN MONEY

Sat, 31 May 2008
Rudd defends petrol policy
May 31 2008

In an article from AAP PM Kevin Rudd defends the petrol price policy.

Stating "there is no silver bullet to fix the problem,through the Budget, the Government had done "as much as we physically can" to help."

Mr Rudd was grilled by voters for almost an hour by TV studio audience But it was the price of petrol that dominated the discussion.

He said the price of petrol, which hit a record high of $1.62 per litre in capital cities earlier this week, was largely out of his control.

"When it comes to things you do not have direct control over, obviously in terms of the global price of oil, then what you can do is simply act in the other areas to make sure that there are some more dollars to draw upon in terms of the family budget."

Mr Rudd also defended the planned FuelWatch program and criticisms that the Government would simply be watching fuel prices while the coalition's policy of reducing the fuel excise by five cents per litre would have a real impact.

He said the responsible course of action was to maximise competition among the petrol companies.

All this on the back of fuel companies release of net profits being made public.

Caltex reported net profit after tax in 2007 was $444 million on a replacement cost of sales basis, which removes the effect of oil price movements.

Royal Dutch Shell and BP, Europe's two largest oil companies, both saw first quarter profits jump thanks to record crude prices and higher natural gas prices.Shell's first quarter profits rose 25pc to $9bn, while BP's profit soared to $7.6bn from $4.6bn in the same period.

While US Based Chevron posts record $18.7 billion profit in 2007, the fourth consecutive year that the San Ramon company made record amounts of money.

Other companies have made even more. Exxon Mobil, the country's largest oil company, reported on Friday that its 2007 profit hit $40.6 billion, a 3 percent increase from 2006, while sales passed $404 billion. No American business has ever scored a higher profit.

"The major oil companies' incredible profits, boosted by multibillion-dollar tax subsidies to the industry, are ultimately clobbering taxpayers," said Judy Dugan, research director for the Foundation for Taxpayer and Consumer Rights.

Here in Australia it seems the skyhigh price of petrol will soon be felt more than just at the bowser, with the earnings of companies expected to be downgraded as profit margins are squeezed by higher oil prices.

The usual suspects of airlines and transport companies are in the sights of analysts at the moment, as they question what effect on the bottom line there will be from oil prices remaining above the $US130 per barrel mark.

However, the effect of higher oil prices will be felt across the market, particularly in the second half of the year, as the input and transport costs move higher and the spending patterns of consumer are crimped as they pay more for fuel.

It needs to be remembered that despite the current hubbub surrounding fuel prices, Rudd and Wayne Swan have not actually done anything from a serious policy perspective that will bring down the price at the petrol bowser for consumers.

Whilst a showdown with the states is looming over the proposal to scrap the GST that is levied on the fuel excise.

In reality, Rudd has only moved to include the GST arrangements on excise in the broad review of the national taxation system to be headed by Ken Henry.

The inquiry could report defiantly that the ``tax on a tax'' should be scrapped but the government does not have to follow suit. Like the majority of these reviews, the recommendations could be ``reviewed' by the government with little actual outcome.

The "tax on a tax" issue and fuel prices is an issue that if continued could see prices hikes for us all in groceries, produce and most consumer goods which will undoubtedly severely effect the economy and affordability crisis looming for all Australians.

How much longer Mr Rudd do we need to allow the Oil companies to create record (almost criminal) amounts of profit and seemingly hold the world to ransom with fuel prices, whilst almost all governments worldwide claim to be powerless in the effort to control ever increasing bowser prices ?

Do we see a whole transport industry crippled, or smaller operators closed their doors due to rising costs leading to major shortages of basic living needs shortages in groceries and produce before any steps by not only governments, but bodies like the ACCC.

The Mega rich tyccons of places like Dubia must be rubbing thier wallets daily whilst planning more spectacular and incredible feats of architecture rising up out of the once deserted strip that was named the main street of dubia in the early 90's.

Author: Craig OBrien

Sources: ABC NEWS, AAP, NEWS.COM, The Chronicle, Bloomberg



Tue, 10 June 2008
Fuel Prices: The Mass Debate
10 June 2008

Or How to Knock About 50c a Litre Off the Price Of Fuel

First and foremost this debate should be centred on Diesel NOT Unleaded. Why? You may ask. Just look at the increase in supermarket prices for your answer. While it may cost you $5 or $10 extra to fill your tank everything that is transported (which is everything) rises as Diesel rises. My average basket at the supermarket per week has increased on average $30 and that’s for one person. Australia’s whole economy is tied to Diesel and therefore it should be afforded the same priority and status as water i.e. an essential commodity.

I own a small transport company and I have had to significantly raise my prices twice in the past year just to maintain profit margins. This cost you money too.

I am compelled to write this letter because I am sick of all the namby-pamby pussyfooting around everyone seems to be doing about the current fuel debate. I have spent considerable time researching this area because it affects my income. Contained herein is the WHOLE truth about the debate, the WHOLE big picture, if you will. NO-ONE till now has had the testicular fortitude to stick their necks out and present the WHOLE argument about just how much we are being RIPPED OFF. If you want the truth and the WHOLE truth read on.

DON’T – Listen to spin doctors from the oil companies. THEY HAVE A VESTED INTREST TO KEEP FUEL PRICES HIGH.

DON’T – Listen to the government – state or federal. THEY HAVE A VESTED INTREST TO KEEP FUEL PRICES HIGH.

DON’T – pay too much attention to news or current affairs programs. THEY HAVE THEIR OWN AGENDAS.

So here we go, how to make fuel cheaper!

FIRSTLY – DISBAND FUEL PARITY

Parity, for those that don’t know, is government sanctioned price fixing (simple as that). Parity allows fuel companies to sell their products for the highest current price they find in the Asia Pacific region. It completely disregards supply and demand economics and eliminates any need for competition amongst themselves.

Don’t believe me? Just look at the price of Diesel. If you remember growing up when Diesel was always 10-15c p/l cheaper than Petrol you might understand this more.

How can a product that costs far less to produce (partially a by-product of producing Unleaded as well) and a product that Australia uses more of than any other fuel be MORE EXPENSIVE than Unleaded? Simple, ring Singapore, where they don’t use a lot of Diesel and import all their fuel, find out how much it’s selling for there and charge the same here – sound fair? NOT!

Any other industry who tried this one would be hauled of to the High Court quick smart and prosecuted for price fixing! Oh but hang on, our government ALLOWS them to do this

NUMBER TWO – BARRELL PRICE

That price the news loves to show us each night is the PREMIUM GRADE crude oil price. Australian oil companies DO NOT buy PREMIUM GRADE crude oil! In fact Australia produces around 70% of its own oil and imports about 30%. The cost of production per litre produced here is cheaper than that of imported fuel, but in no way is this factored into the pump price, because they don’t need to (SEE PARITY ABOVE) we pay a pump price based on PREMIUM GRADE crude oil price the same as if we imported all of it, say somewhere like Singapore! Starting to get the picture?

NUMBER THREE – LEVIES

Everyone knows that both State and Federal Governments take a large slice of the cost of a litre of fuel. This equates in total to about 46% of the price per litre. This money is used for infrastructure, road trauma etc. etc. so fair enough right? WRONG!

What is wrong is that it is a PERCENATGE! Look at this. If a litre of fuel costs $1.00 then the Government gets 46c p/l, right? A week later fuel rises to $1.10 p/l; the Government gets 50.6c p/l, bingo! Something tells me that in one week, their costs, IN NO WAY have gone up 9%!

As I stated previously – THE GOVERNMENT HAS A VESTED INTREST TO KEEP FUEL PRICES HIGH. THEY MAKE LOTS MORE FREE MONEY! Why else do they allow fuel companies to maintain PARITY?

If they changed the tax (sorry, levy) to a flat rate tied to the GDP then the fuel price would drop drastically and immediately!

NUMBER FOUR – GST - THE DOUBLE DIPP

Now this one is outright “THIEVERY” and also applies to cigarettes and alcohol.

GST = Goods and Services Tax, correct?

46% or 46c in every dollar in the price of a litre of fuel is TAX (sorry; again, LEVY).

What part of LEVY is a good or a service? YOU CANNOT TAX, TAX RIGHT? WRONG!

You do the math.

Say fuel costs $1.00 p/l – the GST component = 9c

But hang on a minute 46% or 46c of this is TAX!

i.e., 4.14c of the GST is ILLEGALLY CHARGED ON THE TAX COMPONENT! Not much you say?

FOR EVERY LITRE SOLD IN AUSTRALIA EVERY DAY!

That equates to millions of free dollars for the Government! I’ll say it one more time - THE GOVERNMENT HAS A VESTED INTREST TO KEEP FUEL PRICES HIGH. THEY MAKE LOTS MORE FREE MONEY!

The GST on fuel should be 5.4% not 10%. At $1.75 p/l this would drop the current price by around 8c p/l.

Feeling a little annoyed? You should be!

Even without disbanding parity and introducing real competition among fuel companies, you should be paying about 40c less per litre!

My name is Graeme Strempel, (gusto1@arach.net.au) and I run a small transport business, I happily welcome anyone, Government and fuel companies included to prove me wrong.

If you feel strongly about this issue then pass this missive on to everyone in your address book. Eventually someone might take notice.

SOURCE: GREAME STREMPEL

Mon, 23 June 2008
Fuel Price -World protests spread
Is Australia NEXT?, maybe we should be ??

Whilst I agree something needs to be done, some other countries methods are maybe a bit over the top, but i guess how else are they to be heard.....So what is next in the global debate that i simply describe as the OIL COMPANIES HOLDING THE WORLD TO RANSOME!.

Artcicle source ABC NEWS Fri Jun 20, 2008

Spanish farmers marched, Israeli truckers slowed rush-hour traffic and Nepali students stoned cars overnight in anger at rising fuel prices and inflation that they say are crippling their economies.

Protests by truckers, taxi drivers, fishermen and farmers demanding fuel tax breaks have spread across the world, increasing fears of political instability and a global economic downturn.

The oil price, which dipped $US3 to $US133 after China's announcement, has touched record highs near $US140 in recent months, fuelling inflation and squeezing business margins.

In Madrid, thousands of farmers brought traffic to a halt on the capital's busiest road to demand lower diesel tax to help cushion the blow of higher fuel costs and low producer prices.

"This is the last straw. If good spring rain hadn't arrived this year and last, we would already have gone bust," sugarbeet farmer Evaristo Ortega said.

"The price of diesel and fertiliser is impossible to bear."

Diesel prices have shot up to around 1 euro ($1.62), from 60 cents a year ago, farmers said as they marched past soccer club Real Madrid's Bernabeu Stadium carrying banners reading: "For the future of our countryside."

For Greeks, the cost of living has replaced unemployment as the top concern, unions said.

Food prices have risen and motorists pay 13 per cent more for fuel than a year ago and heating oil costs 38 per cent more.

Labour unions have called for rallies in Athens to protest against the conservative Government's failure to rein in the price increases.

"Business interests have staged a party while the Government is duping us with its ineffective measures to contain rising prices," president of Greece's largest labour confederation, Yannis Panagopoulos said.

But Germany and other European Union states said they would reject a fuel tax break plan sought by France to cushion rising oil prices.

A senior French official said President Nicolas Sarkozy would ask EU peers to back a reduction in value-added tax on petrol across the 27-nation bloc.

In Berlin, German Chancellor Angela Merkel told Parliament: "In our view, financial policy intervention, which is being discussed again and again ... should be avoided."

Swedish Prime Minister Fredrik Reinfeldt went further and told reporters that Europeans should work longer hours and pay less income tax to cope with rising prices.

"I am asking myself ... that we might ease up on income taxes to make work pay even further, so that people could react to the fact that an increase in the petrol price could be met by working some extra hours," Mr Reinfeldt said.



Fri, 27 June 2008
Truck drivers protest over soaring fuel prices
27 June 2008

EUROPEAN leaders are struggling to defuse growing anger over soaring fuel prices as fisherman and truck drivers staged protests in several countries with more strikes planned in coming days.

The protests came as French President Nicolas Sarkozy called for a Europe-wide cut in oil taxes to help consumers and European ministers appealed for direct EU aid to help the hard-hit fishing industry.

Fishermen and truck drivers were in the vanguard of the protests across western Europe over rising fuel costs, amid recent record global oil prices over $US130 ($135) a barrel.

French riot police cleared blockading fishermen from an oil depot at Fos-sur-Mer near Marseille, but off the north coast of France, fishing fleets resumed blockades of ports and cross-Channel ferries over high fuel prices.

In London meanwhile, hundreds of angry haulage truckers, horns blaring, drove their vehicles in a rolling protest through the capital.

They handed a petition to Downing Street demanding a rebate in fuel tax.

About a hundred drivers staged a similar protest in the Welsh capital Cardiff.

In Spain, truck drivers joined striking fishermen in calling for government help to cover soaring fuel costs, before a meeting between road transport firm bosses and Transport Ministry officials. Italian, Greek and Portuguese fishermen may strike later this week.

Meanwhile here in Australia Truck drivers in Western Australia have threatened a state of chaos within six weeks if they don't get relief at the petrol pump. The Transport Workers Union gave a taste of the disruption they can cause today by setting up a blockade around Western Australia's Parliament House.

Hundreds of trucks arrived at Parliament House early this morning. Police had to rush to set up barricades so parliamentarians would be able to get to work. The blockade caused chaos in a city that's not used to the kind of crawling traffic typical in Sydney or Melbourne. The Transport Workers Union secretary, Jim McGibbon, says there'll be worst to come if something's not done about the high price of petrol.

The same In Queensland with a planned blockade of all major roads is reported to be coming for the Brisbane Metro area and west to Toowoomba at the end of this month (June), sending a clear message to our PM about the crippling price of diesel soaring to as much as nearly $2.00 per litre in some parts of the state. Placing a clear emphasis on the importance of removing the "TAX on TAX" scheme currently in place and showing that the transport industry can clearly return the so called " Holding for Ransome" that oil companies worldwide are currently displaying.

SOURCE : News.com , ABC News and Webmaster

Mon, 30 June 2008
Queensland Roads Chaosover Fuel Prices
June 30 2008

In the Article below i simply stated what transport industry sources were planning,I actually got the month wrong and this is planned for the end of JULY 2008.

Wether you read this in Australia or any part of the world for that matter, please understand this is only my opinion, which is that i think whether you drive a car or own a whole fleet of trucks, ride a pushbike even, we all need to get behind this, because it affects every single one of us, from kids and those that use public transport like buses and trains, to every day people, everything including groceries, building materials, general freight, houshold goods, the list is never ending for what is being affected by the rising cost of fuel, and it affects us all. These cost are flowing back to us, the end user.

Those who may say it's extreme,i will agree with also, as i said though its all just my opinion, but what else and how else do we get our government and the oil companies (that continue to push up these prices for apparently no other reason that profit margins) to listen to the public ?

Use the media to our gain, because that is what they are doing to us, create a big enough event that will bring worldwide media attention, in other parts of the world far worse and things of a more extreme nature are being done in protest over fuel prices.

So...lets support this, if it happens join in the trucks drivers efforts, even if its in your car, on your bike, or on foot, the more people the better. Let Get the message across peacefully but clearly.

Truck drivers in Western Australia have threatened a "State of Chaos" within six weeks if they don't get relief at the petrol pump. The Transport Workers Union gave a taste of the disruption they can cause today by setting up a blockade around Western Australia's Parliament House.

Hundreds of trucks arrived at Parliament House early this morning. Police had to rush to set up barricades so parliamentarians would be able to get to work. The blockade caused chaos in a city that's not used to the kind of crawling traffic typical in Sydney or Melbourne. The Transport Workers Union secretary, Jim McGibbon, says there'll be worst to come if something's not done about the high price of petrol.

The same In Queensland with a planned blockade of all major roads is reported to be coming for the Brisbane Metro area and west to Toowoomba at the end of the month (July), sending a clear message to our PM about the crippling price of diesel soaring to as much as nearly $2.00 per litre in some parts of the state. Placing a clear emphasis on the importance of removing the "TAX on TAX" scheme currently in place and showing that the transport industry can clearly return the so called " Holding for Ransome" that oil companies worldwide are currently displaying.

This planned blockade of Queensland roads will be one on a scale to cripple all major roads in and out of Brisbane and Toowoomba for up to 48 hours according to industry sources.

As much as this planned blockade will send a clear message, it is yet to confirmed.

It would be a sight to see, though with continual pressure worldwide on relief for transport operators of all kinds, and the growing pressure on governments to remove exise and taxes, i think this kind of protest is almost A MUST to show our government the message of unity amongst the transport industry as a whole, from big operators to small and owner drivers !

Source : ABC news and Webmaster

Sun, 06 July 2008
Philippines joins global fuel price protests
13 June 2008

A Filipino left activist wrote in a June 12 post on the Green Left discussion list: “The fuel-hike protests in the Philippines are now underway. As I write 100 trucks and 500 pedi-cab (tricycle drivers) are marching to Mendiola, Malacanang Palace.

“The protests have been organised by the broad alliance of transport organizations called Alliance of Concerned Transport (ACT NOW!). It’s demands are: scrapping of 12% VAT on all petroleum products; moratorium on oil price increase; and junk oil deregulation.”

The PDI article reported: “The protest action caused a monstrous traffic jam for about an hour on the streets leading to Malacanang and the University Belt and the areas around them.”

Accoring to the article, police stated that “some 80 tractor and trailer trucks and 50 tricycles blocked Bustillos Street in Sampaloc. A phalanx of anti-riot police officers prevented the convoy from reaching the country’s seat of power.”

Protest organiser Dante Lagman was quoted declaring: “It’s the government’s job to protect its people. If the government wants to address sincerely the global crisis on oil, it must implement measures that would immediately trickle down to the masses …”

“Gasoline prices in the Philippines have risen 14 times since the start of the year”, according to the PDI, “for a total increase of about 24 percent”. Inflation has also surged over recent months.

The Philippines protests came as strikes by truck drivers continued in Spain and Portugal. A June 12 AFP report stated: “Two truck drivers have been killed on picket lines in Spain and Portugal as strikes over soaring fuel prices turned deadly.”

According to the AFP, in Spain “Tens of thousands of truckers are on strike or joining the protests to demand government help to offset the higher fuel costs … Arrivals of fresh meat, fish and fruit in Madrid have come to a near halt. Most of the country’s car plants have had to cut or halt production, due to the strike action.

The AFP reports: “French railway workers began their own walkout on Tuesday, increasing Europe’s transport chaos.”

SOURCE: greenleft.org.au

Thu, 17 July 2008
LPG price 'will rise due to carbon tax'
July 16, 2008

THE Federal Government has failed to take into account the impact its model for an emissions trading scheme (ETS) will have on the price of LPG, Opposition climate spokesman Greg Hunt says.

The Opposition has voiced support for the government's plan to offset the impact of the emissions scheme on the price of petrol through a cut in the fuel excise.

However, Mr Hunt said the offset should be permanent rather than just for the first three years of the emission scheme's life, as the government proposed.

He raised concerns about the impact of the government's plans on the price of liquid petroleum gas (LPG), which does not attract an excise.

"It does appear that LPG may be set to rise immediately - clean-burning fuel will have a new tax on it immediately," Mr Hunt told Sky News today.

"We want the government to guarantee that (the price of) LPG won't rise immediately," he said.

SOURCE: NEWS.COM

Wed, 23 July 2008
Truckers form fuel price protest convoy
Wed Jul 23 2008

More than 100 heavy trucks have formed a go slow convoy from the NSW Southern Highlands to Sydney on Wednesday, in a protest against high fuel prices.

Some 40 trucks met at Sutton Forest about 6am (AEST) for the two-hour trip north on the Hume Highway to Casula, Transport Workers Union (TWU) spokesman Joshua McIntosh said.

The number of participating trucks grew to "just over 100" during the trip, he said.

The trucks moved at about 60km/h in the left-hand lane of the Hume Highway under police escort and the Roads and Traffic Authority (RTA) reported no traffic flow problems.

Mr McIntosh said the aim of the convoy was to attract attention to the impact of the rising cost of fuel.

The union says drivers are having to absorb the spikes in fuel prices along with the cost of maintaining their vehicles.

Retailers increasing the cost of their goods blame the rising price of fuel, but those increases are not being passed onto drivers, it says.

Mr McIntosh said the feedback from drivers taking part in Wednesday's convoy was "positive".

"I know there's a lot of support coming from, especially, drivers travelling south, who can't be a part of the convoy," he told AAP.

"But this is what we want, to attract some attention, to let people know about the impact rising petrol prices is having on the transport industry."

It was the second such protest this month, after at least 60 trucks took part in a go slow convoy down the F3 to Sydney on July 1.

SOURCE: NINEMSN

Sun, 03 August 2008
Motorists petrol-buying habits changing
Aug 3 2008

Australian motorists are changing their petrol-buying habits, with cheaper and more environmentally friendly ethanol-blended fuel growing in popularity.

APAC Biofuel Consultants has released its annual report showing that the biofuel sector is currently contributing about 3,000 barrels per day to the Australian transport fuel supply.

This is just over 50 per cent of the way to meeting the 350 million litres per year target by 2010, set by the previous federal government.

"The number of retail outlets selling ethanol blend has increased three-fold over the past two years, concentrating in Queensland and New South Wales and to a lesser extent in South Australia and Victoria," APAC Consultants joint chief executive officer Mike Cochran said.

He said there had been a three-fold increase in ethanol-blended petrol sales over the past 12 months.

While traditional fuels originate from oil, biofuels are partly from biological sources.

Mr Cochran told AAP ethanol-blended petrol was 10 per cent ethanol and 90 per cent petrol, sold for about two cents less than standard petrol and was a cleaner burning fuel.

Biodiesel is produced using oils like canola or palm and is blended with diesel.

Asked to explain the growing popularity of biofuels, Mr Cochran said: "Price would be a contributor but I think people are interested in being more environmental about their fuels and also promoting an alternative source of fuel".

Ethanol-blended petrol can be used in most vehicles manufactured after 1985, while most diesel vehicles can use a mix of five per cent biodiesel mixed with normal diesel.

SOURCE: NINEMSN

Sun, 17 August 2008
Why Warming Your Car in Winter is Burning a Hole in Your Pocket
17 August 2008

Winter is a difficult time for drivers. It does it's best to wreak havoc on your gas mileage. You may be playing the part of an unwitting ally to winter's effect on your fuel economy. Improperly warming your car up could be burning a hole in your pocket.

Drivers are in the habit of warming their vehicle up in winter temperatures. Drivers seem to be under the mistaken idea that they need to warm up their car for it to operate properly. By warming up they mean idling the car for a considerable amount of time before driving. This misnomer is costing you money.

Many drivers idle their car for 5 to 10 minutes in the winter to let their cars warm up. You should not let your car idle for more than 30 seconds. You need no more than 30 seconds of idling to circulate the engine oil before you can drive away on cold days

When you idle your car to warm it up you are burning gas but not going anywhere. When you let that happen you are getting zero miles per gallon. You may think that idling your car for few minutes or so is no big deal, think again.

To get an idea about how much fuel you are burning by letting your car idle for 5 to 10 minutes when you start it consider this. Assume you idle on the short side, only 5 minutes when you start your car in the morning. Most likely you idle for 5 minutes again, when you start your car again to drive home.

Therefore your car is idling for a minimum of 10 minutes a day. For illustrative purposes we consider winter to be four months long, or 120 days long. If a car is idling for 10 minutes a day for 120 days then it is idling for 1200 minutes during the winter period.

1200 Minutes is 20 hours. Think about it, warming your car for only 5 minutes per start amounts to your car idling and burning gas going nowhere, for 20 hours. Can you visualize your car sitting and idling for 20 hours? Of course not. Then why warm it up for the equivalent of 20 hours of burning gas when it is completely unnecessary?

Warm your car up by driving it. To operate efficiently your car needs to warm up other parts in addition to the engine. Tires, transmission, wheel bearings and other moving parts also need to warm up. Your car's catalytic converter doesn't function at its peak until it reaches between 400C and 800C. The only way these other parts warm up is by driving. The reality is, to warm your car up completely you have to drive it anyway.

To save gas and increase gas mileage in the winter one of the simplest things you can do is warm your car by driving it, not by idling. Not only will it save you gas and money but you will also be doing something positive for the environment. That warm car will stop burning a hole in your pocket.

Source:www.fuelcostangel.com/newsarticles

Sun, 24 August 2008
Rice's girls night out with medley rival
Sun Aug 24 2008

Stephanie Rice has been spotted enjoying a hot night out with an American swimmer who has been described as a 'super fish' … but it's definitely not Michael Phelps.

In a stunning development uncovered exclusively by ninemsn, the Aussie golden girl has instead been hitting Beijing's bars and dance floors with medley rival Katie Hoff — and any competitive tension between the two has apparently been replaced with something else altogether.

A nightclubbing source claims the duo have been inseparable on the clubbing scene and were cuddly as they partied at the Bud Bar earlier this morning.

"It didn't look like a stunt — it's just a dark little bar and they didn't seem to realise anyone was watching," our source said.

"They were dancing away and very cosy together … they only stayed for about 20 minutes then left at around 3am."

Rice and Hoff were dressed similarly in blousy dresses and strappy sandals and went largely unnoticed by the mostly ex-pat crowd.

The sightings follow rumours of a Beijing fling between Rice and Michael Phelps.

Fresh from their combined haul of 11 gold medals, Phelps and Rice — who will carry the Australian flag at the closing ceremony — were reportedly spotted kissing at an Olympic village party on Monday night.

The following day, the pair cheekily cuddled for the cameras at a sponsor's media day as Phelps removed his shirt.

Rice was the most successful woman swimmer at the Beijing Games: she won gold medals in the 400m individual medley, the 200m individual medley and the 4x200m freestyle relay.

SOURCE: NINEMSN

Tue, 02 September 2008
Russia warns Australia against scrapping uranium deal
September 2, 2008

Any decision by Australia to scrap a deal to sell uranium to Russia to protest its action in Georgia would be "politically biased" and economically harmful, Moscow's envoy to Canberra has reportedly warned.

Fairfax newspapers on Tuesday quoted Ambassador Alexander Blokhin, as issuing the caution a day after Australia's foreign minister said Canberra was reconsidering whether to ratify a 2007 pact to sell yellowcake to Moscow following its military foray into Georgia.

"We do not see any connection between the events in the Caucasus region and the uranium deal," Blokhin told Fairfax through an interpreter.

"These are completely separate things. The agreement on uranium is actually an agreement about the use of atomic energy only for peaceful civilian aims.

"If this agreement is not ratified, in that case we could regard that as an obversely political biased decision, which could harm the economic interests of Australia as well," the ambassador was quoted as saying.

Blokhin could not immediately be reached for comment by AFP on Tuesday.

Russian Prime Minister Vladimir Putin, who was then president, and former Australian prime minister John Howard signed the deal a year ago allowing sales of uranium to Moscow for civilian nuclear power use.

The pact, which broadens the scope of uranium sales from a 1990 agreement that remains in force, stipulates that the material not be used to make nuclear weapons or be sold to any other country.

But Foreign Minister Stephen Smith said Monday that Australia would take into account Russia's push into Georgian territory last month as well as Canberra's ties with Moscow when deciding whether or not to ratify the deal.

"When considering ratification, the government will take into account not just the merits of the agreement but recent and ongoing events in Georgia and the state of Australia's bilateral relationship with the Russian Federation," Smith said.

Smith also ordered his ministry to convey the news to Blokhin, whom Smith had summoned last week to urge Moscow to pull its troops in Georgia back to the positions they held before the conflict began on August 8.

He also criticised Russia's decision to recognise the independence of the Georgian rebel regions of South Ossetia and Abkhazia as unhelpful.

SOURCE: AFP BUSINESS NEWS

Tue, 09 September 2008
We can weather economic storm - Rudd
September 09, 2008

PRIME Minister Kevin Rudd says the Australian economy is well-positioned to handle the global downturn.

Reserve Bank of Australia governor Glenn Stevens yesterday told a parliamentary committee hearing he could not rule out a recession.

"Is there a zero risk of recession? No, it's not zero but the most likely one is the one in the published outlook,'' he said.

Asked whether Australia was on the brink of a recession, Mr Rudd said: "Australia is not immune to the global economic crisis.''

Mr Rudd said conditions across the world were tight, with five of seven industrial economies of the world recording zero or negative growth and another oil shock.

He said the roll-on effect on business confidence had been huge.

"We have a clear-cut economic strategy to see Australia through these difficult economic times,'' Mr Rudd said.

"We intend to prosecute that. You look at the condition of other economies around the world - I believe that we are well-positioned in Australia to see this economy through.''

The Budget surplus would provide a buffer for future uncertain times, he said, and it was important for the Government's Budget Bills to be allowed to pass Parliament. \

"Again I'd call upon the Liberals - get responsible, unblock the passage of these Bills in the Senate so that the Budget surplus can be maintained,'' he said.

SOURCE: NEWS.COM

Tue, 23 September 2008
Apple to replace iPhone power adapters
September 23 2008

Apple has said it will replace power adapters sold with its popular iPhone 3G mobile telephones because of a risk prongs may snap and cause people to be jolted by electricity.

"We have received reports of detached blades involving a very small percentage of the adapters sold, but no injuries have been reported," the California company said on a web page providing adapter exchange details.

The part Apple is offering to replace is an "Ultracompact USB power adapter" reportedly included with iPhone 3G models sold in Japan, Canada, Mexico, the United States and a half dozen South American countries.

"Customer safety is always Apple's top priority, and therefore we have voluntarily decided to exchange every Ultracompact power adapter for a new, redesigned adapter, free of charge," Apple said.

Apple advises iPhone 3G owners to charge their handsets by plugging them into computers or with a standard-sized Apple power adapter until the potentially problematic part is replaced.

Instructions for getting Apple adapters replaced were posted online at www.apple.com/support/usbadapter/exchangeprogram/.

SOURCE: NEWS.COM

Mon, 06 October 2008
Suncorp confirms acquisition interest
6/10/2008

Shares in Suncorp Metway and QBE Insurance were rare bright spots on an otherwise gloomy day for the sharemarket after the banking and insurance group confirmed it was in talks to offload its banking and wealth management operations.

Suncorp's stock climbed to its highest level in four weeks, adding 3.75 per cent, or 40 cents to $11.08 as a sea of red spread over the bourse which ended down 3.3 per cent.

Brisbane-based Suncorp confirmed widespread speculation its assets were in play, with several preliminary approaches from parties interested in its banking and wealth management operations, which drive over 40 per cent of total earnings.

Suncorp declined to comment on whether offshore institutions had shown interest in the assets, but confirmed it has raised $1.1 billion of its $4 billion to $4.5 billion funding requirements for 2008/09.

The company's shorter term funding profile - relative to its peers - combined with uncertainty over the impact of a divestment on its corporate structure, earned it a change of status from global ratings agency Standard & Poor's Ratings Services (S&P).

S&P put Suncorp's A+/A-1 rating on creditwatch, saying the negotiations could result in an upgrade or downgrade depending on the credit rating of the buyer.

S&P's credit analyst Mark Legge said funding for Australian banks had become more challenging in recent weeks, with the closure of offshore credit markets.

"This scenario, in particular, adversely affects those banks with shorter-term liability profiles and those more exposed to offshore funding markets," he said.

"Australia's big four banks are among the only 20 banks in the world to carry a AA rating so any small bank is prey," Stuart Smith, senior client adviser at Bell Potter said of Suncorp's statement.

Suncorp's A rating means it faces higher funding costs than AA rated banks.

"I'd be fairly certain that the banking side of Suncorp is selling on a very cheap price to earnings ratio," Mr Smith said, adding a PE ratio of as low as five times had been quoted.

"The problem is offloading the insurance side of the business. Who would probably be a willing but not over anxious buyer? It's probably QBE."

Speculation the insurer may turn predator on Suncorp surfaced in June after QBE abandoned its $8.6 billion bid for Insurance Australia Group, only to resurface last month after Suncorp posted a 47.7 per cent drop in annual profit in late August.

QBE's stock firmed 0.26 per cent to $27.40 on thin volume from the NSW and South Australia public holidays.

Commonwealth Bank of Australia (CBA) has been named as the most likely contender for the banking side business, given National Australia Bank (NAB) and ANZ Banking Group's (ANZ) discounted share price would make the necessary scrip deal expensive.

CBA declined to comment.

Over the past week investors have been looking at the potential for a break-up of Suncorp, which is currently valued at $9.95 billion, EL&C Baillieu Stockbroking financial services analyst Stewart Oldfield said.

"There are concerns that a number of the major banks are examining potential takeovers and any large deal would require share issues to fund those transactions," Mr Oldfield said.

Analysts at Citigroup have estimated Suncorp's banking assets could fetch around $5.5 billion.

Lazard Carnegie Wylie and UBS are advising Suncorp during the talks.

SOURCE: ninemsn

Thu, 16 October 2008
Rescue plan for UK banks unveiled
October 8, 2008

The UK government has announced a package of measures aimed at rescuing the banking system that makes available £400bn ($692bn) of fresh money.

It will initially make extra capital available to eight of the UK's largest banks and building societies in return for preference shares in them.

It is "designed to put the British banking system on a sounder footing", said Prime Minister Gordon Brown.

Some bank shares rose on the news although the main FTSE 100 index fell.

Shares in HBOS, the UK's biggest mortgage lender, ended up 24.5%, and Royal Bank of Scotland was 0.8% higher - trimming earlier gains. Shares in Lloyds TSB fell 7% and Barclays was down 2.4%.

The fall on the FTSE 100, which ended down 5.18% at 4,366.69 points, also came despite co-ordinated interest rate cuts from the Bank of England, European Central Bank and Federal Reserve.



The key points of the plan are:

Banks will have to increase their capital by at least £25bn and can borrow from the government to do so.

An additional £25bn in extra capital will be available in exchange for preference shares.

£100bn will be available in short-term loans from the Bank of England, on top of an existing loan facility worth £100bn.

Up to £250bn in loan guarantees will be available at commercial rates to encourage banks to lend to each other.

To participate in the scheme banks will have to sign up to an FSA agreement on executive pay and dividends.

SOURCE: BBC NEWS

Wed, 29 October 2008
St George posts record cash profit
October 29, 2008

ST George has increased its annual profit but says the outlook for the economy remains uncertain.

St George said net profit for fiscal 2008 rose 0.9 per cent to $1.17 billion, from $1.16 billion the year before.

But cash profit, which is its preferred performance measured, jumped 13.9 per cent to $1.32 billion from $1.16 billion in fiscal 2007.

St George CEO Paul Fegan said the record cash profit was based on high quality lending.

"The credit quality of the bank was the underpinning quality,'' Mr Fegan.

"I'm not embarrassed to say this goes to the fundamentals of banking - you gather deposits, rent it out and expect to get it back."

St George announced a final dividend of 94 cents, taking the total dividend for the year ended September 30 to $2.13, up from $1.68 in the previous year.

"It is extremely pleasing to be able to present these record results today as they reflect the quality of the St George franchise,'' Mr Fegan said.

The bank's total income grew 9.4 per cent to $3.58 billion in fiscal 2008, while the expense to income ratio declined to 38.7 per cent, from 42.5 per cent.

The St George board today reiterated its recommendation of Westpac's planned $14 billion takeover of the country's fifth biggest bank.

"St George is expected to contribute significantly to the new entity, of which St George shareholders will own approximately 28 per cent,'' Mr Fegan said.

Mr Fegan said Westpac will be able to improve its own customer service and branch network by copying what St George has already done.

"They're buying a world class franchise with a business mix that's very clear and brands that are very tangible which customers respect ... a high level of customer satisfaction and low level of attrition,'' Mr Fegan told AAP.

"These things can be transferred into the new entity and help Westpac with the transformation of itself.''

Westpac's $16 billion offer, announced in May, has been recommended by the St George board, and gained approval from Treasurer Swan last week, the takeover's final regulatory hurdle.

The combined Westpac-St George will be Australia's second largest bank, after Commonwealth Bank, but will retain the distinct Westpac and St George brands.

SOURCE: NEWS.COM

Tue, 18 November 2008
Wait for "Australia" almost over !
November 18, 2008

After months of rumour and speculation, director Baz Luhrmann will finally unveil his epic film Australia at the world premiere in Sydney.

Anticipation surrounding the most expensive Australian film ever made is huge, both locally and overseas.

Many say it has the potential to become one of the great epics, and could beat Crocodile Dundee at the Australian box office.

This, before few have even seen the final product.

The romantic action-adventure film, set in northern Australia , follows the story of Lady Sarah Ashley, played by Nicole Kidman , who inherits a remote cattle station called Faraway Downs in the mid-1930s, before World War II.

When English cattle barons plot to take her land, she reluctantly joins forces with a rough-hewn cattle drover ( Hugh Jackman ) to drive 2,000 head of cattle across the country, only to still face the bombing of Darwin by Japanese forces.

While the film is a love story between Kidman's character and Jackman's drover, it is also Luhrmann's love story to his country.

"One of the reasons I started on this creative journey, what I sought to get out of it, was a more direct understanding of my country," Luhrmann said.

"I became deeply connected to the truth and realities of my homeland, its history and its people."

There were rumours it had gone way over budget, was too long, had tested so badly that Luhrmann had to change the ending, and that the director was struggling to finish it in time.

Luhrmann denies there was a problem with his ending.

But details about Australia were a tightly kept secret until a month or two ago when hype about Australia went into overdrive.

Locally, Tourism Australia committed to a $50 million campaign, created by Luhrmann and based around the film.

Billboards featuring stills from the film have been erected around Hollywood, and the film got a rave review from Oprah Winfrey , one of the most influential people in the business.

"Our hearts are all swelling because, my God, it's just the film we needed to see," Winfrey said after watching a special preview of Australia .

"I have not been this excited about a movie since I don't know when," she said during the show devoted entirely to the movie and its stars Kidman and Jackman.

The Oscar buzz has already begun.

Jack Thompson has tipped the film to pick up at least two Oscar nominations for cinematography and costume design, while respected US film blogger Tom O'Neil said Luhrmann is overdue a win after being snubbed for Moulin Rouge !

"Baz Luhrmann is holding the biggest Oscar IOU of moderns times," he said.

"They owe this guy and if this movie measures up to his potential for greatness, the academy would love to heap recognition on him and make up for past oversights."

The cast features a host of major Australian actors - Kidman, Jackman, Thompson, Bryan Brown, David Wenham, David Gulpilil, Ben Mendelsohn - as well as some likely stars of the future such as

teenager Brandon Walters.

Luhrmann has been working around the clock to complete the film ahead of the premiere in Sydney, where Kidman, Jackman and co-stars will walk the red carpet on Tuesday.

Sydney's George Street in the CBD will be closed, with thousands of fans expected to line the streets to catch a glimpse of the stars.

More than 3,000 guests are invited to the premiere and there will be grandstand seating for 500 fans.

Two of the other filming locations - Darwin in the Northern Territory and the town of Bowen in Queensland - will hold simultaneous screenings.

Australia will be released nationally on November 26.

SOURCE : AAP

Mon, 24 November 2008
Wes Carr wins Australian Idol
NOVEMBER 24, 2008

SYDNEY boy Wes Carr has beaten shearer Luke Dickens to become the sixth Australian Idol.

"Thank you, I'm shaking," he said.

More than 6000 loyal Idol fans braved strong winds and the rain at the Sydney Opera House forecourt to await the final decision.

Network Ten said 1.85 million viewers tuned in to watch the finale on TV, considerably less than the 3 million who saw the first season finale in 2003, when Guy Sebastian won.

Carr, a 26-year-old seasoned performer who was once in a band with Silverchair drummer Ben Gillies, faced off against farm boy and self-taught artist Dickens, 25.

Carr thanked a long list of people, from security staff to make-up artists and his girlfriend. He also heaped praise on his good mate and rival Dickens.

"Luke, he is the most amazing man.

"... I'm the godfather of his child," Carr revealed.

"At the start of this whole competition I was travelling in a bus with Luke ... and said 'Hey man, you want to share a room?'," Carr recalled.

Dickens, from Young in country New South Wales, congratulated Carr.

"This here is the man and that is why he is here," he said.

Carr wins a recording deal with Sony, a car and $200,000 towards developing his craft.

The win has been a long time coming for Michael Jackson fan Carr, who has been honing his craft through live performances from the age of 14.

In 2003 Carr joined band Tambalane, a side project of Gillies' after Silverchair went into hiatus. But the venture didn't last.

Dickens and Carr were the first all-male finalists since Sebastian and Shannon Noll in 2003.

While buzz and ratings for this year's Australian Idol haven't been as strong as previous years, the program's executive producer Stephen Tate said the show would not be axed.

"We have already begun planning next year," Tate said.

Carr's new single You will be released today.

SOURCE: NEWS.COM

Wed, 10 December 2008
'Save the Net' campaign sweeps internet
Fri Dec 5 2008

Web-based lobby group GetUp! is set to launch an innovative but invasive ad campaign to attract more supporters for an online petition slamming the federal government's internet censorship plans.

In a chain reaction style concept to hit websites next week, the online ad calls for users to make a donation to the 'Save the Net' campaign.

The donation will directly fund more ads to entice more Australians to add their names to the petition, which slams the government's internet restriction plans as "draconian".

"Your $50 will show 4000 people this ad, $100 will buy 10,000 views," the ad says.

"Thanks for chipping in to defend our digital economy and democratic freedoms."

What do you think of this advertising concept? Do you think the government's internet censorship plan will be effective? Share your thoughts below.

GetUp! spokesperson Ed Coper told ninemsn the campaign would target news websites and technical websites that "high numbers of users would be going to" but denied the method of advertising was invasive.

"[GetUp!] has a strong history showing Australians are willing to donate to be able to get their message out there in a conventional form," he said.

The campaign also allows website administrators to embed their websites with the ad so viewers do not need to leave the site to sign up.

The petition has already received 77,000 recipients since it was launched last week.

Getup! claims the government's move will slow the internet by up to 87 percent, making it more expensive while failing to deter cyber criminals.

The advocacy group's national director Simon Sheikh said criminal activity cannot be stopped through the internet filter the government is proposing.

"The Government's net censorship plans will do little more than slog Aussie families and businesses with slower internet speeds and higher internet bills without making a significant dent in criminal activity," he said.

"Criminals use peer-to-peer software to distribute illegal content which is highly encrypted and impossible to detect under their proposed plan."

Instead, GetUp! has called for free PC-based filtering to all Australian families, claiming it would allow parents to track and monitor their child's access to the Internet, cost less and not impact the speed of the internet.

"GetUp! would like to see the Government better arm parents to combat illegal and unwanted content by funding a scheme for free PC-based filtering software for all Australian families," Mr Sheikh said.

The organisation has previously launched highly publicised campaigns including an anti FuelWatch ad calling for "real solutions to rising petrol prices" and a spoof ad criticising the Howard government's Climate Clever campaign.

Communications Minister Stephen Conroy last month urged internet service providers (ISP) and mobile telephone operators to participate in a live trial of the government's proposed internet filtering system.

The government called for expressions of interest from industry to take part in the ISP-level filtering trial, to start on December 24.

Source: NINE NEWS

Mon, 29 December 2008
Baby weighs in at 6.4 kilos
Doctors at an Orange County, California hospital made a very heavy delivery over the holidays.

Richard Walker Sault weighed 14-pounds and two-ounces when he born two days before Christmas.

Baby Sault's mother underwent a C-section, but both baby and mom are said to be doing fine.

The big problem for the family now is that Sault can't fit into his baby clothes.

His parents have had to exchange all his clothes for bigger sizes.

Officials at Saddleback Memorial Medical Center in Laguna Hills say Baby Sault is one of the biggest babies they've ever seen.

SOURCE: NECN

Sun, 11 January 2009
Facebook posts get UK girls suspended
Sun Jan 11 2009

More than two dozen British schoolgirls have been suspended for using the Facebook website to engage in a hate campaign against their teacher.

The 29 girls were suspended from the venerable Grey Coat Hospital School in London for persecuting a member of staff, principal Rachel Allard said on Friday.

It was not clear what the girls wrote on the website but The Telegraph newspaper said the targeted teacher was forced to seek counselling. The girls were suspended for up to 15 days and are due to return to class on

Tuesday.

The Grey Coat Hospital School for girls aged between 11 and 18 was founded in 1698.

Facebook, a popular social networking site, has often landed pupils, and teachers, in trouble for posting unguarded or inappropriate comments.

SOURCE: NINEMSN

Wed, 28 January 2009
Banks 'Punishing Low-Income Earners'
29th January 2009

Date Published : Tuesday, September 16, 2008

Penalty fees issued by banks are targeting the country's poorest-paid families, according to an inquiry.

The Senate inquiry into banking and credit card fees has revealed that struggling Australian families are being charged excessive fees related to late payments on their credit cards or overdraft facilities, Adelaide Now has reported.

The newspaper said that the bipartisan inquiry found penalties on overdrafts and credit cards can account for up to 20 per cent of some families' weekly income.

Labor and Liberal MPs on the Senate Economics Committee have suggested that penalty fees are "marginalising people who are already struggling to feel they belong in Australian society", according to the publication.

Committee chairwoman, Senator Annette Hurley, told the newspaper that the fees are "affecting the people who could least afford it".

One example highlighted by the inquiry was a woman who over the course of two days received a $25 late charge on her credit card closely followed by a $25 charge for being over the limit.

Ms Hurley added that low-income workers are not properly informed about the types of accounts that they should have, resulting in them failing to avoid fees.

In July, the same newspaper revealed the country's biggest banks generated a total of $5.5 billion in six months just from fees charged to their customers.

Citing analysis by the Advertiser, it was claimed that this represented a nine per cent increase compared to the same period last year.

However, Australian Bankers Association chief executive David Bell attributed the jump in fee income to an increase in business and the "strongest demand for banking products and financial services on record".

SOURCE: MONEY

Sat, 14 February 2009
Kidnapped Australian released by Nigerian internet scammers
FEB 13 2009

AN Australian man taken hostage in Gambia by Nigerian internet scammers has been released and his captors arrested.

Justin Liebig, 71, was seized on February 1 after being lured to Gambia by the scammers and held in the town of Kololi, 15 kilometres west of the capital Banjul.

Gambian police chief Essa Badjie said the gang tied Mr Liebig up in a toilet and covered his mouth before demanding €5000 ($9900) from his family for his release.

"They threatened and forcefully obtained €5000 euros from his family in Australia, while he was in custody," Mr Badjie said.

Mr Badjie and the Department of Foreign Affairs and Trade (DFAT) said seven individuals, including six Nigerians, had been arrested and charged with crimes, including conspiracy, kidnapping and obtaining money by false pretences.

It is also understood that most of the ransom money paid by Mr Liebig's relatives has been recovered.

A DFAT spokeswoman said the Australian Government welcomed Mr Liebig's release and wished to thank the Gambian authorities for their work on the case.

"Mr Liebig's family and friends are naturally very relieved that he has been released," she said.

"I wish to thank the Gambian Government for its assistance in securing a resolution to this case."

DFAT said it provided assistance to Mr Liebig and hoped the incident served as a warning to others about the dangers of internet scams.

"We understand he has now departed The Gambia to return to his home in Switzerland," the spokeswoman said.

SOURCE: NEWS.COM

Sun, 08 March 2009
Worlds Greatest Shave Event
40FM.NET and Queensland Lions Football Club

Announce a Worlds Greatest Shave Event for Sunday 15th March at Qld Lions FC 133 Pine Rd Richlands

Come Along and join in the Fun

Shave your Head

Colour your hair for those not so brave.

"We will bring out the 40FM.NET team

to create an event to raise funds

for the Leukaemia Foundations

Worlds Greatest Shave" Said Webmaster of www.40fm.net site. A Truck driver based site for the transport community.

Other Events included raffles with Prizes and Auctions to raise much needed funds, visit

http://40fm.net/forum/index.php/topic,391.0.html for more details.

PLACE

Queensland Lions Football Club

133 Pine Road

Richlands

DATE

Sunday 15th March 2009

TIME

2.30 pm to 6.00 pm.

Join the 40FM Team afterwards for a chat.

www.qldlions.com.au

CONTACTS

Webmaster on webmaster@40fm.net

or phone the Club on 3271 3636

Visit the team online or make a donation online.

http://my.imisfriendraising.com.au/personalPage.aspx?registrationID=283191

Visit www.worldsgreatestshave.com.au for more details

To see more about Queensland Lions Football Club visit www.qldlions.com.au

All Donations over $2 are Tax Deductible.



Mon, 23 March 2009
US unveils $US500bn bad debt plan
March 23, 2009

US Treasury Secretary Timothy Geithner announced a new $US500 billion federal program to remove from bank balance sheets troubled assets that he said "are now clogging" the US financial system.

"The financial system as a whole is still working against recovery," Mr Geithner said in an article published by The Wall Street Journal.

"Many banks, still burdened by bad lending decisions, are holding back on providing credit."

He said the administration of President Barack Obama had developed a new "Public-Private Investment Program'' that will set up funds to provide a market for the troubled loans and securities issued by banks over the past several years.

"The new Public-Private Investment Program will initially provide financing for $US500 billion with the potential to expand up to $US1 trillion over time, which is a substantial share of real-estate related assets originated before the recession that are now clogging our financial system," Mr Geithner said.

SOURCE: News.COM

Tue, 31 March 2009
Wall Street falls due to car maker problems
March 31, 2009

WALL Street shares plunged Monday after the government warned General Motors and Chrysler could face bankruptcy and banks could need more aid, stoking fears about the US economy.

The Dow Jones Industrial Average plunged 254.16 points (3.27 per cent) to finish at 7,522.02.

President Barack Obama toughened his stand on further aid for ailing automakers, saying GM, the largest of the Detroit Big Three, needs a "more aggressive" restructuring plan within 60 days and privately held Chrysler must seal a deal with Italian automaker Fiat within 30 days.

GM chairman and chief executive Rick Wagoner was forced out at the request of Obama, as the task force unveiled grim prospects for the companies demanding an extra US$21.6 billion ($30.8 billion).

Obama said at a White House news conference that if GM and Chrysler cannot come up with viable plans to return to profitability, they may need to use the bankruptcy process "as a mechanism to help them restructure quickly and emerge stronger."

Analysts said that in addition to the woes in the auto sector, financials came under pressures after several European central banks intervened to help stave off the demise of some firms, and the US Treasury chief indicated over the weekend that some US banks may need more aid.

"Investors reeled in shock at news that CEO Rick Wagoner was asked by the White House to step down from his post at GM," said Elizabeth Harrow at Schaeffer's Investment Research.

Harrow said Treasury Secretary Timothy Geithner "contributed to the market's manic Monday by warning that he expects additional losses from the troubled financial sector."

GM shares plunged 25.41 per cent to US$2.70.

Wagoner's ouster "creates all kinds of questions about government direct intervention, whether or not they can help save the company and how far government is going into the free enterprise system," said Al Goldman at Wachovia Securities.

Rival automaker Ford, which has not requested government aid, slipped 2.82 per cent to US$2.76.



SOURCE: NEWS.COM

Mon, 13 April 2009
Brisbane airport expansion to be delayed
Apr 13 2009

More than $1.7 billion worth of construction at Brisbane airport has been deferred due to a fall in tourist numbers.

Work on a $700 million domestic terminal expansion and a $1 billion parallel runway were due for completion by 2015 but are likely to be pushed back by several years.

Brisbane Airports Corporation (BAC) spokesman Jim Carden said the airport had experienced years of 17 per cent growth in visitor numbers, but arrivals had fallen to almost zero growth.

"There's been a softening of the market since, probably, two-thirds of the way through last year," Mr Carden said.

"The airlines are doing it hard and obviously passenger numbers are not great."

He said the BAC held development approvals and conditional financing.

"Whether we're going to do it is not an issue - it's going to happen, but what the last six months or so have shown is, there's been a softening of passenger numbers and as a result the demand, as in the need for new gates, new aerobridges, new runways, et cetera, gets pushed out proportionately.

"It'll be built when it's needed, but at the moment the market is saying it isn't," Mr Carden said.

Mr Carden said the delay would likely mean the domestic terminal expansion would be completed in 2014 instead of 2012.

The new parallel runway could be put back from a completion date of 2015 to 2018, depending on demand.

SOURCE: NINENEWS

Sat, 25 April 2009
Arnotts' anger at Iced Vo Vo vandalism
April 25, 2009

IT was meant to be a tribute to an Aussie icon but instead Krispy Kreme has found itself embroiled in the battle of the biscuit.

Arnott's has moved to slap a no-go order on the Iced Vo Vo after the doughnut company launched its own Iced Dough Vo.

Is our Iced Vo Vo sacred? Have your say

The tasty imitation comes complete with the unmistakable pink fondant, coconut sprinkles and raspberry jam. All that is lacking is the marshmallow.

Arnott's lawyers Mallesons Stephen Jaques sent a curt letter to Krispy Kreme yesterday demanding they remove the "offending" product.

Krispy Kreme refused to budge. After all, the Iced Dough-Vos are selling like hot cakes, and as CEO John McGuigan puts it: "It's a doughnut, not a biscuit".

Mr McGuigan conceded his doughnut was designed around the Vo Vo concept, but "only to pay homage to what is a classic Australian product".

"I'm just trying to sell a few doughnuts," he said.

"If you receive a serious legal letter from a serious legal firm you have to take it seriously, which we've done. But we think we've done nothing wrong. We'll keep selling them.

"We thought we would introduce a range of Fair Dinkum Aussie doughnuts and introduce a bit of nostalgia.

"I'm not the Arnott's marketing manager but I would have thought this would have been great publicity for them."

Arnotts claimed the imitation doughnut was an infringement of its intellectual property, adding it had used the term Vo Vo since 1906 and held the trademark.

It claimed the Dough Vos were clearly and deceptively similar.

SOURCE; NEWS.COM

Wed, 13 May 2009
Baby boomers 'worried about work'
May 13, 2009

LIFTING the retirement age by two years will be less of a concern to older Australians than finding a job, a seniors group said.

The retirement age will be gradually lifted to 67 years by 2023, under changes outlined in yesterday's Budget.

A group representing more than 280,000 over 50s said the change may be bitter news for a very small number of baby boomers thinking about retirement, but many wanted to keep working.

According to the Australian Bureau of Statistics in 2008 only eight per cent of people retired because they were eligible for the aged pension.

"The reality is that people are healthier at 65 and they are seeing the benefits of remaining engaged in the workplace," National Seniors Australia chief executive Michael O'Neill said.

But older people were often discriminated against in the workplace because of their birthday, not their skills, Mr O'Neill said.

"So the real issue for governments and retirees is going to be jobs. They need to be there, and there needs to be equal access to them," he said.

Some seniors groups and politicians attacked the Government's decision to lift the retirement age.

But the Government said it is necessary to sustain the $30 hike in single pensions, that will result in the single aged pensions increasing to around $320 a week from September.

Prime Minister Kevin Rudd said the pension age had not been lifted for 100 years and needed to be adjusted to deal with the ageing population.

"It was a very tough decision," Mr Rudd told Sky News.

"Long term, our responsibilities to Government is to make the pension sustainable in our public finances."

But Family First senator Steve Fielding said the Government should have funded the pension increase without lifting the retirement age.

"If it is just to scrimp and save and actually pay for the pension increase, then they are robbing Peter to pay Paul," he said.

Opposition Treasury spokesman Joe Hockey was also critical.

"When they promise to do things in 2023, that just shows you they are incapable of making the hard decisions to keep the economy on track'"

The Combined Pensioners and Superannuants Association said the move would drive more elderly people onto unemployment benefits and into poverty.

SOURCE: NEWS.COM

Tue, 26 May 2009
Lenders face jail for giving loans that can't be paid
April 28, 2009

MORTGAGE brokers and lenders face jail or hefty fines if they place borrowers in unsuitable loans they cannot repay, and for the first time they will be forced to obtain a credit licence, under a planned government crackdown.

The changes are part of a credit industry overhaul that will establish a single national law to regulate mortgages, credit cards, pay-day lending and consumer credit products.

The proposed laws, which were largely welcomed by consumer groups, sparked immediate concern from the banks, which warned they would increase costs, slow down loan applications and make lenders overly cautious in issuing credit.

Corporate Law Minister Nick Sherry said yesterday tough measures on responsible lending were necessary to protect consumers and ensure they were not saddled with unmanageable debts.

"The Rudd Labor Government intends to crack down on irresponsible lending, and we intend to weed out dodgy providers of credit finance and dodgy advisers from this industry," Senator Sherry said.

Due to start on November 1, the laws include fines of up to $220,000 for individuals and $1.1million for corporations and five-year jail terms for brokers and lenders who suggest products unsuitable for a consumer's needs and financial capacity.

The laws will allow borrowers to sue for damages as a result of being put into loans they cannot repay, and to seek court injunctions to stop interest accruing.

The Australian Securities and Investments Commission, which is charged with enforcing the scheme, will get $66 million over four years and 200 extra full-time staff to cope with the workload.

Credit providers will be forced to disclose fees and commissions upfront and to sign up to a dispute resolution scheme such as the Financial Ombudsman Service, to make it easier for borrowers to seek relief from lenders.

Calling for a Senate inquiry into the draft scheme, Opposition corporate law spokesman Chris Pearce said: "We hope it doesn't needlessly tie up credit when credit is sorely needed at this difficult time."

Australian Banking Association retail regulatory policy director Ian Gilbert welcomed the Government's move to reduce red tape by replacing the patchwork of state and territory laws with a single national scheme.

But he said the laws were too heavy-handed, given that local banks had been lending responsibly for decades, and would slow down loan applications and restrict the flow of credit.

"The slightest slip-up by someone leading to some criminal sanction is totally out of proportion to what's going on here," Mr Gilbert said.

"There are some very onerous search and verification obligations being put on banks, and the bottom line is it's almost certain these additional and unnecessarily onerous obligations will increase the cost of credit."

SOURCE: News.com



Mon, 29 June 2009
40FM Launches New Site
29th June 2009

Australian based Truck Driver site 40FM is a community based support network for not just truck drivers, but help by offering support to other community based charity groups.

40FM launched their new site a few weeks ago, we spoke with the Webmaster to find out some of the new features.

" We had our members asking for some new features like instant chat and a photo gallery, so we upgraded the site to include some of these thing, but we added a few more, classifieds are also now included, as is the ability for us to display videos or music."

Its apparent when looking at the site that its designed for ease of use, with one page per feature, this keeps the site very uncluttered.

"This was one thing we wanted to maintain" , said the webmaster.

Check out their new site by visiting www.40fm.net.au



Mon, 20 July 2009
Lockyer Vallet Sound & Noise Spectacular
20th July 2009

The Annual Lockyer Valley Sound & Noise Spectacular is on again for 2009.

Aiding The Cancer Council, Queensland, the event is an all round motoring enthusiasts treat, whether your into Motorbikes, Cars of all ages, Trucks, Utes or even models of any type of transportation, this event has it all.

Organisers, Murphy's Creek Progress Association spokesperson Murray tells us, "this year will be bigger than ever, with a massive line up of entertainment all day, side show alley for the kids, and shows for all vehicle classes with trophies for each section. We have tried to make the event cater to the whole family.

With the focus on helping those affected by cancer, we simply want the attitude left outside the gate, and everyone in the family to have a great, fun filled weekend here."

For details on the Lockyer Valley Sound & Noise Spectacular to be held at Murhpys Ck Cricket grounds, August 22 2009, visit www.40fm.net.au and see the subject in their forum.

Contact details for the organisers can be found with that site.

Help find a cure for cancer, bring the whole Family to a great day out, or book now for FREE Camping.

Supporting 'The Cancer Council Qld"

Source: 40fm.net.au

Mon, 17 August 2009
Personal finance commitments up 2.6%
August 11, 2009

Total personal finance commitments rose 2.6 per cent in June, seasonally adjusted, to $6.883 billion, from $6.707 billion in May, the Australian Bureau of Statistics (ABS) said on Tuesday.

Total commercial finance fell 7.6 per cent, seasonally adjusted, to $26.762 billion, from $28.959 billion in May.

Lease finance fell 17.2 per cent in June to $331 million, compared with $400 million in May.

Housing finance for owner occupation rose 1.0 per cent to $17.277 billion in June from $17.107 billion in May.

Source : AAP

Mon, 07 September 2009
Woolies online shopping ramps up in Queensland
September 7th 2009

WOOLWORTHS is stepping up its Australian online grocery presence with plans to roll out the service in Queensland this week, with Perth and Adelaide likely to follow.

Online grocery shopping, first offered to Sydney customers in limited form in early 1992, will be available to Gold Coast residents through woolworths.com.au from Thursday. Deliveries begin on Tuesday, September 15.

Brisbane is expected to follow soon after, but the company is yet to confirm the date.

Woolworths initially announced a Queensland online launch date for the end of last year, but Queensland regional manager Keith Vickery said a change in the company's online business practices was partly behind the delay.

Online customers will receive goods chosen from their local supermarket rather than a distribution centre, which the company believes will offer fresher lines of stock which is turned over more quickly.

The move by Woolworths follows in the wake of a more aggressive expansion online by Coles, which has serviced Brisbane internet customers since October last year.

Coles recently launched online shopping in Adelaide and plans to follow with Perth.

Gold Coast consumers using the new Woolworths service will be offered an introductory special of free delivery for a limited period if they choose a six-hour delivery window.

Permanent delivery costs will be less than those of Coles, with a fee of $5 for a six-hour delivery window, four hours $9 and two hours $13. Coles currently advertises delivery fees of between $9 and $15.

A spokesman for Woolworths said delivery would also be made to the kitchen, rather than the front door. The company also believes it will offer four times as many specials online as rival Coles.

A Woolworths spokesman said online customers were charged a premium of about 5 per cent above prices in the supermarket and could choose from 18,000 product lines.

"It's basically the full food range, but general merchandise will be around half that of the stores," he said.

Woolworths began its online grocery service in its current form in late 1997. It currently also services Melbourne, Canberra, Sydney and Newcastle.

A Brisbane-based company, FoodDirect, has been selling groceries online to southeast Queensland consumers for the past 10 years.

SOURCE: news.com

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