Gina Rinehart Named in Time Magazines Most Influential List

Time magazine has named Australian mining magnate Gina Rinehart as one of the world’s most influential people. Ms Rinehart is dubbed the “Iron Woman” in the magazine’s annual list of the world’s top 100 power players.

“The spectre of Rinehart looms above the Australian landscape: an improbably wealthy, concrete-minded, broad-shouldered woman who spent more than a decade in legal and personal battles with her stepmother and four children and insists nothing will come before the company she calls the House of Hancock,” the article says. ”Mining, she says, will save resource-rich, prosperous Australia from ruin.”

Time’s article lists Ms Rinehart as a ‘Titan’, and also makes note of her comments that the poor should drink less and work harder. Ms Rinehart is the only Australian to be featured in the Time list of global leaders, artists, pioneers and icons. Also included on the list are American rapper Jay-Z, SpaceX founder Elron Musk, and Pakistani teenager Malala Yousufzai, who made world headlines after being shot in the head by the Taliban.

“Beauty,” says Australia’s richest person, Gina Rinehart, “is an iron mine.”

READ! Time’s Full Article »»»»

Aussie Dollar Hits 28 Year High Against Pound

The Australian dollar has reached a 28-year high against the British pound and is climbing further against the yen. The dollar touched 68.5 British pence overnight, its highest point since 1985.

The Aussie dollar is also fetching 97.7 Japanese yen, the highest level since mid-2008.

However, the Australian dollar is slipping against the greenback after the latest trade data showed China’s imports of iron ore fell by more than 15 per cent last month.

The latest figures out of the communist nation painted a mixed picture, China’s exports soared by more than 20 per cent in February, suggesting global demand is on the rise :: Read the full article »»»»

Australian Mining Magnate Gina Rinehart Branches Out Into Oil and Gas

Our favourite Australian Billionairess, Gina Rinehart has invested more than $4 million in a Victorian-based gas exploration firm. Lakes Oil has announced a $4.25 million investment by a subsidiary of Mrs Rinehart’s Western Australian iron ore giant Hancock Prospecting.

The deal gives Hancock Prospecting’s subsidiary an 18.6 per cent interest in the Gippsland-based exploration company. As a part of the deal, Rinehart has insisted on the appointment of mining expert and climate change sceptic, Professor Ian Plimer, as a director of Lakes Oil.

The chairman of Lakes Oil, Rob Annells, says the appointment of Professor Plimer to the Board will strengthen the company’s position.

Mr Plimer currently serves on the boards of four listed resources companies and three unlisted companies, including the Hancock Prospecting group :: Read the full article »»»»

Business Outlook Upbeat Globally, Soft Locally

It’s that time of year, forecast! Leading economic forecasting agency – Deloitte Access Economics – points to global growth will start to improve this year, but a slight slowdown in Australia.

The Business Outlook report from Deloitte Access Economics predicts that the big mining construction projects – which have fuelled much of Australia’s recent growth – are “hurtling towards a peak”. Deloitte Access director, Chris Richardson, says the non-mining industries will need to step up.

“The risk is that Australia has a pothole, and that does mean that other sectors will have to take a load,” Mr Richardson told ABCs business reporter Rebecca Hyam.

Mr Richardson said an expected pick-up in home building and retail spending should help, but the strong Australian dollar means manufacturing and tourism are likely to remain flat :: Read the full article »»»»

Facebooks Downward Spiral

The social media behemoth that is Facebook, has reported a sharp drop in profits. The news has prompted a fresh, vigorous decline in the share price of the world’s biggest social network.

The company says the drop in profit is partly due to increased spending on research and development, the market it seems, isn’t buying the rhetoric.

Facebook made a profit nudging $60 million in the final three months of 2012, compared with nearly $300 million twelve months earlier.

The less than impressive results triggered a 5 per cent slide in Facebook shares on the New York Stock Exchange.

China’s Premier Wen Jiabao Vows to Break Monopolies

China’s Premier Wen Jiabao has vowed to “break monopolies” barring private capital participation in the financial sector. In a speech made earlier this month at the government’s flagship financial work conference, Premier Wen promised to “relax entry” requirements to encourage private capital to participate in the sector.

Premier Wen also pledged to contain and defuse local government debt risks and avoid the spread of financial risks. ”Currently, our government debt is overall safe and controllable,” Premier Wen said. ”We are taking the issue of managing local government debt very seriously. Through clean-ups and regulation, the trend of expanding investment vehicles has been effectively contained.” Read the full article »»»»