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Australia

Gold loses its shine as banks sell, costs fall

AUSTRALIA - A third of the gold ever mined, or 30,000 tonnes, is stored in central banks around the world. The banks want to lower their reserves in favour of higher yielding investments such as bonds and currency.

Asian economies on the mend

ASIA - While many of Asia's economies are stagnating or deep in recession, anecdotal evidence emerges from Singapore, Taiwan, South Korea and Australia that a recovery could be under way.

Australian Reserve Bank's credit-card plan slated

AUSTRALIA - MasterCard said it will consider scaling back its Australian operations if the central bank proceeds with its plan to cut credit-card fees and open the credit-card system to new participants.

Gold bugs should not get too excited

AUSTRALIA - Predictions of a sustained increase in gold prices are not expected to be realised. The reason for the lack of a sustained revival is the poor business foundations of the gold industry.

Credit card clean-up in Australia

AUSTRALIA - The Reserve Bank of Australia is poised to make sweeping changes to credit card regulations in 2002. Should it prohibit the banks' interchange fee structure, as has already been flagged, Australia's banks will lose a collective $A400 million…

RBA names new deputy governor

AUSTRALIA - The appointment on Thursday of Mr Glenn Stevens as deputy governor of the Reserve Bank of Australia makes him the frontrunner to become the central bank's next governor.

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