Carbon deal close: Midday roundup

Government close to climate deal

The Government and Greens might unveil a carbon deal with days, new reports suggest.

The Greens Leader Bob Brown has told the ABC that “we’re not there yet”, but noted that “we have crossed a couple of major hurdles”.

Greens Deputy Leader Christine Milne also said the details of the package will soon be released to the public.

“We set ourselves a deadline of trying to reach an agreement by the end of the month with a view to have legislation later this year,” she said. “I’d say we are well and truly on track to achieving that outcome.”

While details of the package have yet been announced, Brown has previously said the party may be more flexible on the amount of compensation for the coal industry included in the bill. 

“We need to move beyond coal and transition to renewable as quickly as we can but we recognise that can’t be achieved overnight,” she said.

“It wouldn’t be a surprise for the community to know that just as the government might say we’re looking at coal generators, the Greens are saying we are looking at investing in a 100 per cent renewable energy future.”

Greece passes austerity bill

The Greek parliament has voted to pass a new round of tax hikes and privatisations the country prepares for more bailout funds from the European Union.

But riots have continued across the country as a result of the vote, with hundreds of riot officers clashing against protestors who have been accused of attacking storefronts.

“Today, I am more determined than ever,” Prime Minister George Papandreou said overnight. “Now is the time to tackle everything that that is wrong, with everything that hurts us, that holds us back.”

Australian dollar reaches 27-year high

The Australian dollar has reached a 27-year high overnight nearing $US1.07c after the Greek bailout plan passed, prompting higher results in worldwide stock markets as well.

The benchmark S&P/ASX200 index was up 37 points or 0.83% to 4567.1 at 12.10 AEST. AMP shares rose 1.26% to $4.81, while Commonwealth Bank shares rose 0.68% to $51.72. Westpac rose 0.92% to $22 as NAB gained 0.91% to $25.41.

In the United States, the Dow Jones Industrial Average gained 72 points or 0.60% to 12,261.42.

IAG says no impact from New Zealand

Insurance Australia Group has confirmed its financial forecasts after taking a $65 million blow from the New Zealand earthquakes.

The company said in a statement this morning that IAG will report an insurance margin in the range of 8-10%, in line with the guidance published on February 23rd.

The guidance reflects “an increased net natural peril claim cost of around $600 million, including the latest earthquakes in Christchurch”, but noted these are offset by a higher contribution from prior period reserve releases.

“Our priority is to assist our customers and our people, many of whom were still in the process of rebuilding from past earthquakes,” chief executive Mike Wilkins said.

“We are working closely with government and industry to ensure we can help people get on with their lives as quickly as possible.”

POSCO says no Sundance talks

POSCO has said it is not in talks with Sundance Resources over the $4.6 billion West Africa iron ore project, a Reuters report says.

“We previously met Sundance Resources (on the project) but are not currently in talks with the company on it,” an unnamed source has told the publication.