crisis

Marius Kloppers, the chief executive of Australia based mining giant BHP Billiton (BHP) stated that he is looking forward for the iron price to remain closer to a record high due to the rising Chinese demand for steel. Although the concerns regarding the economic melt down in Greece did slashed the prices of exchange-traded metals during the earlier month by as much as 10 to 20 percent, the implied price for the iron ore from Australia is still at a record high.

Gail Kelly, the chief executive of Westpac (WBC) claimed that the worldwide financial meltdown is over. Her declaration came after Westpac- one of the largest banks of Australia saw its cash profit climbing up 33 percent to as much as $1.6 billion for the first quarter due to a sharp fall in bad debts. In her statement Mrs. Kelly said, it seems the worst of the financial crisis is over although the company is monitoring the development closely.