Today's Business Headlines

BHP, Rio cave in to China
Plans by BHP Billiton and Rio Tinto to create a jointly owned $US116 billion ($A127.2 billion) iron ore colossus in Western Australia's Pilbara are being recast to deal with competition concerns in Europe and fears in China - the world's biggest iron ore consumer - that the combination would have too much pricing power. The Age


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There seems to be (I could be mistaken here) a general feeling that a strong A$ is good. Certainly if you want to import items priced in US dollars it's cheaper but for those exporters who have done their numbers at a forex of 80 cents and then have it go to $1.10, they are facing a reduction in sales revenue of around 40% - can this be good?

Tragic that the government and banks are not interested in long term industry growth and support and settle for short term gains. This is a lethal blow to exports.

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