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G7 finance ministers have held a telephone conference to discuss the Greek debt crisis in efforts to stabilize1 the euro. Traders in the Asian market were unconvinced that Europe's economic problems have been laid to rest by one-trillion-dollar rescue package, put together by the EU and the IMF. This caused the euro to plummet2 to an 18-month low against the US dollar.
The cement industry has become the latest group to express concern over the Federal Government's proposed mining tax.The Government wants to put a 40 percent levy3 on mining profits, while the Opposition4 has vowed5 to oppose it in the Senate. But there are concerns that some companies producing construction materials such as concrete and gravel6 will be forced out of the market by the new tax.
To the markets now, and stocks on Wall Street have finished the week in the red. The Dow shed 1.5 percent. And the NASDAQ plunged7 nearly 2 percent. European markets also took a pounding. The FTSE lost more than 3 percent. And the Euro Stoxx nosedived, close to 5 percent. The Australian market closed weaker with the All Ords and the ASX 200 both losing almost 1 percent.
And checking currencies, the Australian dollar is down slightly against the greenback buying 88.6 US cents.
And that's ABC Business News.
1 stabilize | |
vt.(使)稳定,使稳固,使稳定平衡;vi.稳定 | |
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2 plummet | |
vi.(价格、水平等)骤然下跌;n.铅坠;重压物 | |
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3 levy | |
n.征收税或其他款项,征收额 | |
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4 opposition | |
n.反对,敌对 | |
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5 vowed | |
起誓,发誓(vow的过去式与过去分词形式) | |
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6 gravel | |
n.砂跞;砂砾层;结石 | |
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7 plunged | |
v.颠簸( plunge的过去式和过去分词 );暴跌;骤降;突降 | |
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