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Julia Gillard

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High costs, currency push Ford out of Australia car manufacturing

Ford Motor Co will shut its two Australian auto plants in October 2016, blaming a strong currency and costs that are hitting manufacturers just as the country looks for other sectors of its economy to cushion the end of a mining boom.Ford Australia will close its engine plant in Geelong and its vehicle assembly plant in Broadmeadows, both in Victoria state, with the loss of 1,200 jobs, Ford Australia Chief Executive Bob Graziano said on Thursday, the latest election-year blow to the struggling Labor government.Ford, which built 37,000 vehicles in Australia last year, has been in the country since 1925 and employs more than 3,000 people. But it has been battling sliding sales, high costs and an Australian dollar trading above the U.S. currency."Our costs are double that of Europe and nearly four times Ford in Asia," Graziano said. "The business case simply did not stack up. Manufacturing is not viable for Ford in Australia."Ford's decision to close its local production highlights the ch...

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    An improved economic outlook boosted Asian markets Wednesday, lifting stocks in Hong Kong and Australia to near two-year highs, while Japanese shares ended at their ...

  2. Australia Mining Lobby Key to Election Battle

    Australia's mines will be a key battleground ahead of national elections in September that will test voter support for controversial taxes on resources profits and c...

  3. ASIA MARKETS: Asia Stocks Gain, With Japan Surging

    Asia stocks gained Wednesday, with Hong Kong and Australian markets hovering around multi-year highs, while Japanese shares surged as earnings results and helped fue...

  4. Australia Cuts Energy Export Revenue Forecast

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  5. Billionaire Rinehart Says Australia Must Up Water Investment to Tap Agriculture Boom

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  6. Analysis: What's eating Australia? Foreign buyers at the farm gate

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  7. GVK Group Gives Australia Port Contract to Samsung C&T, Smithbridge

    India's GVK Group said Wednesday its unit has given a contract to South Korea's Samsung C&T Corp. (000830.SE) and Australia-based Smithbridge Group Pty Ltd. to build...

  8. Australia State Seeks Investors for $30.5 Billion Plan

    Australia's New South Wales is seeking Asian investors to help fund a 30 billion Australian dollar (US$30.5 billion) infrastructure program, the state's premier said...

  9. Australian State Seeks Asia Investors for A$30 Billion Infrastructure Plan

    Australia's New South Wales is seeking Asian investors to help fund a 30 billion Australian dollar (US$30.5 billion) infrastructure program, the state's premier said...

  10. Australia's PM Plays Down Mining Decline

    Australian Prime Minister Julia Gillard on Tuesday played down speculation that the country's China-driven mining boom is over."Reports of the mining boom's death ha...

  11. Minmetals Resources CEO Sees "Sensible Adjustment" in Prices

    Demand for minerals is likely to remain subdued ahead of leadership changes in China and an era of continuously rising prices ended with the "sensible adjustment" th...

  12. BHP Joins Rio Tinto, Xstrata With Credit Against Australia Mining Tax

    The three big mining companies that helped formulate Australia's recently imposed tax on coal and iron ore profits have each booked early deferred-tax assets, with B...

  1. Ford to End Australia Car Manufacturing

    Ford Motor Co. (F) said it would stop producing cars in Australia in 2016, foreshadowing hefty job losses in a setback for a government that has invested heavily in ...

  2. Australia Signals Military Shift Toward China

    Australia has sent the clearest signal yet that it wants to deepen military ties with China, its biggest trading partner, a move that risks straining relations with ...

  3. Australia Opposition to Scale Back Internet Plan if Elected

    Australia's main opposition party said it would scale back significantly a nationwide broadband network being rolled out by the government if, as expected, it wins a...

  4. Australian Miner Halts Hanlong Deal

    Australian iron-ore explorer Sundance Resources Ltd. has terminated an agreement to be acquired by China's Sichuan Hanlong Group in a deal valued at 1.38 billion Aus...

  5. ASIA MARKETS: Tokyo Stocks Tumble On Yen; Results Hit Hong Kong

    Japanese stocks tumbled Friday as the yen firmed up a day after the new Bank of Japan governor offered few new details on future policy, while Hong Kong shares fell ...

  6. ASIA MARKETS: Japan Stocks Fall On Yen; Earnings Hurt Hong Kong

    Japanese stocks tumbled Friday as the yen firmed up a day after the new Bank of Japan governor offered few new details on future policy, while Hong Kong shares fell ...

  7. Weak Voter Poll Pressures Australia's Leader

    Twice as many of Australia's voters prefer former leader Kevin Rudd over embattled Prime Minister Julia Gillard, an opinion poll showed Monday, adding to speculation...

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