Oil prices will continue to drop as high production meets weak demand and a strong dollar pressures crude, and markets will only pick up once major manufacturing economies particularly in Asia feel the benefit of cheaper energy.

China’s factory growth held at an 18-month high in November on firm domestic and foreign demand, defying expectations the economy faces a modest slowdown as 2013 draws to a close.

Melbourne: Australia & New Zealand Banking Group Ltd said it was shocked to learn that a drug trafficking ring was allegedly operating from a bank office in Melbourne, and is helping police with the investigation.

New business worth €15m was won by Irish companies during a major trade mission to Australia, it emerged today.

Motorists face having to fork out yet more for petrol after oil prices reached a new high today near $114.

MORE THAN €2bn was wiped off the value of Irish shares yesterday in another bad trading day.

Prime Minister John Howard today insisted that he and Treasurer Peter Costello were still a team, despite an apparent leadership tussle that could undermine a decade of economic growth in Australia.

Soaring oil prices and slowing exports have given New Zealand its worst annual trade deficit on record, government figures show.

Under pressure to lower stubbornly high oil prices, Opec ministers were gathering in Austria today to try to lower crude costs and ease the brakes on the global economy.

Australian share prices closed higher with solid gains by News Corp, resources and banking sector. The All Ordinaries index was up 26.5 points at 2,987.2.