NZ dollar falls from two-month high

THE New Zealand dollar has fallen from a two-month high amid speculation the European Central Bank will keep interest rates low for an extended period.

THE kiwi rose as high as 87.48 US cents overnight and was trading at 87.19 cents at 5pm in Wellington, from 87.12 cents at 8am and 87.32 cents at 5pm on Monday. The trade-weighted index was little changed at 81.08 from 81.16 yesterday.

ECB president Mario Draghi told Dutch newspaper Telegraaf the central bank will continue to stimulate the regional economy until at least the end of 2016.The prospect of low European rates for longer than previously anticipated sapped demand for currencies such as the kiwi, which had been fuelled by upbeat Chinese manufacturing data on Monday."Yesterday we had a China PMI report which was quite strong and that caused the Aussie and the kiwi to rise against the US, and that rise for New Zealand lasted until about 6pm yesterday and then it stopped as you had some negative news out of Europe," Imre Speizer, senior market strategist at Westpac Banking Corp said."The kiwi still looks quite strong in the near-term, so I'd be picking it to break above 87.50."The New Zealand dollar was little changed at 92.48 Australian cents at 5pm from 92.50 cents on Monday and at 64.14 euro cents from 64.17 cents, but slipped to 88.89 yen from 89.01 yen.

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Abbott vows to keep intervening for Greste

Tony Abbott (pic) says he is bewildered by an Egyptian court's decision to jail Peter Greste. Source: AAP

PRIME Minister Tony Abbott has vowed to keep lobbying Egypt's government to free jailed Australian journalist Peter Greste.

THE federal government on Tuesday summoned a senior Egyptian diplomat to express outrage over the seven-year sentence handed to the Al Jazeera reporter in Cairo.

It was the latest diplomatic overture from the government to Egyptian authorities about the case, including from Mr Abbott who twice contacted the country's leadership to lobby for Mr Greste."The Australian government will continue to make intercessions at every level with the Egyptian government and elsewhere to try and ensure that Peter Greste and his colleagues are swiftly released," the prime minister told parliament on Tuesday.He said the government understood and supported the Egyptian government's crackdown on extremist groups, including the Muslim Brotherhood, but couldn't comprehend why those reporting on the group were jailed.Opposition Leader Bill Shorten said Mr Greste's harsh treatment as a journalist stirred "something elemental in the spirit of all free people".But he supported the prime minister's call for cool heads to prevail."These are the times when passions run high but the best interests of Peter and his two colleagues will not be served by inflammatory rhetoric," Mr Shorten told parliament.The government sought to summon Egypt's ambassador to the meeting at the Department of Foreign Affairs and Trade, but discovered Hassan El-Laithy is in Cairo.Egyptian Charge d'Affaires Sherif Bedeir Hussein was called instead, and he refused to speak to journalists after leaving the half-hour meeting in Canberra.Attorney-General George Brandis said the government would make a formal request to President Abdel Fattah al-Sisi seeking his intervention.

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Jodhi Meares charged with DUI

Jodhi Meares is heading to court after allegedly being caught drink driving in Sydney's east. Source: AAP

JAMES Packer's ex-wife Jodhi Meares will face court in August on drink driving charges after crashing into three parked cars in Sydney's eastern suburbs.

THE 43-year-old had to be rescued from her Range Rover, which rolled after the smash in upmarket Bellevue Hill on Saturday night.

The fashion designer, who is engaged to rocker Jon Stevens, was given a roadside breath test before being taken to the local police station.Police say she recorded a 0.181 blood alcohol reading, almost four times the legal limit.She was charged with drink driving and driving while suspended and is due to appear at Waverley Local Court on August 5.It's reported Meares could face the possibility of 18 months in jail and a fine of $3300.After a long engagement, Meares and Stevens were reportedly planning to tie the knot in September.

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Vic firies will be paid for mine fire: MFB

Victorian firefighters have begun legal action to recover wages owed since the Hazelwood mine fire. Source: AAP

FIREFIGHTERS involved in battling Victoria's mine fire will be paid outstanding entitlements for their efforts this week, the Metropolitan Fire Brigade (MFB) says.

THE United Firefighters Union (UFU) has started Federal Court action against the brigade to recover wages owing since the 45-day fire at the Hazelwood coal mine began on February 9.

The legal action concerns 240 MFB firefighters, who are each owed an average $4000 out of a total overtime bill of more than $6 million.The MFB says all outstanding payments it is aware of will be paid this week."We have provided assurances to staff that everyone will be paid all of their entitlements," acting deputy chief officer David Bruce said in a statement on Monday.The UFU says firefighters worked up to 20-hour days on their days off during the Hazelwood coal mine fire but that the MFB is unable to account for who was there.However, Mr Bruce said it had taken considerable time and effort to recognise and verify attendance records, given the size and nature of the incident.The summer's fire season involved the largest deployment of firefighters outside the MFB's immediate area of responsibility, he said."Understandably, the MFB's focus at that time was to provide assistance to the community through efficient and effective deployment of resources across the state," he said.The UFU's Peter Marshall said the legal action for firefighters' entitlements would continue despite the MFB's assurances they would be paid this week."They've been saying that every week. Show me the money is the response to that," he said."If in the interim period they pay, that's good. but to date we ain't see the money despite many assurances."Firefighters shouldn't have to wait that long and the MFB should meet their legal requirements."

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Man charged over NSW south coast death

FURTHER charges could be laid against a man accused of assaulting another man who was found dead in a NSW south coast home a day after he was attacked.

THE 41-year-old's body was on Thursday found in a Moruya unit and "officers were told the deceased man had been assaulted at the location the previous day," police said.

The man accused of assaulting the dead man and his 60-year-old male housemate was on Friday arrested and charged with two counts of assault occasioning actual bodily harm.But more serious charges could be laid against him."We're waiting on the results of the post mortem," a police spokeswoman told AAP.Police wouldn't say if the death was suspicious, whether the men were known to officers or if they were related.The accused was denied bail in Batemans Bay Local Court on Saturday and is due to reappear on Monday.Forensic officers are continuing their investigation and a report is being prepared for the coroner.

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Man bashed at Sydney motel

A man has serious head injuries after being assaulted at a motel west of Sydney. Source: AAP

A MAN has serious head injuries after being assaulted at a NSW motel.

POLICE found the 28-year-old man at a motel reception at Warwick Farm, west of Sydney, on Friday night.

The man had serious head and limb injuries and was taken to hospital.Police say the man was assaulted but officers have not yet been able to speak to him.A crime scene has been established in one of the motel rooms.

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Stocks to watch at close on Friday

STOCKS to watch on the Australian stock exchange at the close on Friday:

IAG - INSURANCE AUSTRALIA GROUP - down seven cents, or 1.2 per cent, at $5.81

WES - WESFARMERS - down 54 cents, or 1.3 per cent, at $41.25Insurance Australia Group's (IAG) $1.85 billion purchase of Wesfarmers' insurance underwriting business will go ahead after the sale cleared its final regulatory hurdle.MTR - MANTRA GROUP - down two cents, or 1.1 per cent, at $1.78Shares in Australia's second largest hotel and resort operator have fallen since it listed on the Australian Securities Exchange on Friday.STO - SANTOS - down 34 cents, or 2.4 per cent, at $14.15Australia's Santos and French partner GDF Suez have scrapped plans to build a multibillion dollar floating gas plant off Darwin's coast.WDC - WESTFIELD GROUP - up one cent, or 0.01 per cent, at $10.82WRT - WESTFIELD RETAIL TRUST - steady at $3.21Westfield's $70 billion restructure will go ahead after the shopping centre giant secured enough shareholder support to get the controversial move over the line.

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Two Qld cops in trouble with the law

A CENTRAL Queensland police officer has been suspended from duty on misconduct charges.

THE 31-year-old constable will be required to appear in the Mackay Magistrates Court for a "misconduct in relation to public office" offence.

Police have not specified any more details about the charge.It comes after a Brisbane senior constable, 29, resigned on Friday after being accused of an unspecified drug-related charge.He will have to front Brisbane Magistrates Court."This does not mean that the allegations against the officer have been substantiated," a police statement read.

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House prices tipped to continue to rise

ONE of the country's largest property developers believes house prices will continue to rise for years to come, with the Sydney market set for a "golden decade".

STOCKLAND chief executive Mark Steinert expects nationwide house prices to rise by four to five per cent on average for the foreseeable future, with Sydney leading the charge.

Despite a sharp rise in house prices in the past 12 months, an undersupply of property and improving confidence meant the growth was set to continue, he said."At the moment it is fair to say there is at least three years of undersupply in every major capital city," Mr Steinert said."Because of this demand-supply fundamental, we anticipate at least four to five per cent compound growth in new house prices for the foreseeable future."Mr Steinert said the NSW government's efforts to increase housing supply and infrastructure plans would boost Sydney's new property market."We are particularly bullish on Sydney," he said."I think it's fair to say that we are going to see Sydney and to a certain extent NSW have a golden decade."Mr Steinert's optimism contrasts with warnings from economists and analysts that house prices are likely to flatten or slide over the next few years.Credit Suisse analyst James Ellis has said a collapse in prices was unlikely, but he expects prices to remain flat for several years, which would amount to a decrease in prices in real terms, relative to incomes."Our base case scenario is one of real erosion of house prices," he said.Recent figures from the bureau of statistics suggest the housing market boom is cooling, with no growth in home loan approvals in April.Meanwhile, house prices suffered their biggest monthly fall in five years in May, dropping 3.6 per cent across capital cities, according to research from RP Data.But prices remain substantially higher than a year ago, especially in Sydney, were prices have risen 16.6 per cent in the past 12 months.

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JB Hi-Fi weathers the retail storm

Entertainment retail chain JB Hi-Fi expects its sales will be up by 5.3% for the year. Source: AAP

JB Hi-Fi is proving more resilient to slumping consumer confidence than other retailers.

THE electronics retailer remains on track to lift annual profit by about 10 per cent, despite winding back its sales expectations since the end of March.

Analysts say JB Hi-Fi is performing better than other retailers as it is not exposed to seasonal factors such as unusually warm weather, and due to its expansion into new product areas.The company said on Thursday it expects a 5.3 per cent rise in annual sales for 2013/14, weaker than its previous forecast of six to eight per cent growth.But it is sticking to its previous forecast of a $126-$129 million net profit for the year, a rise of between 8.3 and 10.8 per cent.That is in contrast to several other major retailers, who in recent weeks have warned of a sales slump amid consumer worries about spending cuts announced in May's federal budget.Shares in JB Hi-Fi soared in early trade, but fell back during afternoon trade, and closed 22 cents higher, up 1.2 per cent, at $18.95.CBA retail analyst Andrew McLennan said JB Hi-Fi was performing well during a period of disastrous consumer sentiment, continuing with store expansions and branching out into new categories such as coffee machines and other household appliances."For them to have held to a positive sales growth number in the fourth quarter is actually a good outcome," Mr McLennan said."More recently JB Hi-Fi have expanded into their JB Home category of household electronics products, including whitegoods and small appliances, and that appears to be enhancing their underlying sales growth off a relatively small base."This strategy had differentiated JB Hi-Fi from some of its competitors as CD and DVD sales continued to slide, Mr McLennan said.JB Hi-Fi was also not as exposed to seasonal factors as apparel retailers, who were experiencing difficult sales conditions due to warm weather in the lead-up to winter, he said.Meanwhile, JB Hi-Fi chief executive Terry Smart has confirmed he will retire on June 30.Mr Smart announced his plans to step down in April, and will hand over the reins to chief financial officer Richard Murray.

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