Adani Group proposed Carmichael coal mine has been given final environmental approval by the Queensland government. Now that, the mine, which would become the biggest in the world, has been given the green light with 140 conditions in place. Adani still needs to get a mining lease from the state, but before that, the company needs to finalize compensation agreements with landholders and local government. The project also faces at least two federal court challenges. Environmentalists have expressed outrage at the decision, but Andani spokesperson welcomed the approval. 

 

Profits in some of the world's largest oil companies have more than halved due to the fall in global oil prices. US oil giant ExxonMobil reported that its profits fell 58 percent in the three months to December compared with the same period a year ago. The results come after rivals Chevron and BP, also reported large losses for the fourth quarter. BP's underlying fourth quarter profit sank to 196 million dollars. That's compared with 2.2 billion for the same period in 2014. That's the biggest loss for BP in more than two decades. BP also announced a further 3,000 job cuts.

 

Let's go to the global markets and there've been some big falls in Australia overnight. And the Dow and S&P500 fell around 1.8 percent. The Nasdq finished 2.3 percent lower while in London, the Footsie fell 2.3 percent at close as well.

 

Checking commodity prices, West Texas Crude is at 30 US dollars a barrel, Tapis Crude is at 34 US dollars a barrel and Gold is trading at 1129 US dollars an ounce. The Australian dollar is currently buying 70 US cents, 65 Euro cents and 49 pence sterling.