Chevron's Q2 profit falls 26 per cent

CHEVRON'S quarterly profit is huge - $US5.37 billion ($A6.04 billion) - but it's down 26 per cent from last year on lower oil prices and maintenance work at some refineries.

The results follow similar profit declines at Exxon Mobil and Shell, and they lag behind Wall Street expectations as well.

Chevron Corp said on Friday that it earned $US2.77 per share in the second quarter, down from $US3.66 per share. Year-ago net income was $US7.21 billion.

Analysts were expecting earnings of $US2.97 per share. Revenue was down 8 per cent but still came in higher than expected at $US57.37 billion.

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NSW premier honours top melanoma expert

INTERNATIONALLY recognised melanoma expert Professor John Thompson has been named NSW's top cancer researcher of the year.

Prof Thomson received the Premier's Award at a Cancer Institute NSW function hosted by Barry O'Farrell on Friday.

"Melanoma is Australia's national cancer challenge," said Mr O'Farrell, praising Prof Thompson's work at the Melanoma Institute Australia and the University of Sydney.

He said Prof Thomson and his team were making important advances in the prevention, detection and treatment of melanoma.

It was a big night for the Melanoma Institute. Apart from Prof Thomson's award, honours also went to Dr Georgina Long and Dr Pascale Guiterra.

A team from the University of New South Wales (UNSW) won the inaugural Big Data, Big Impact grant program.

The team comprised of Dr Jason Wong, Dr Luke Hesson, Associate Professor John Pimanda and Dr Joe Thurbon will be funded to work on a project called Exploring the Dark Matter of Cancer Genomes.

Explaining the new award, Professor David Currow, CEO of the Cancer Institute NSW, said: "Cancer research has entered a new era - and NSW is at the forefront.

"Gone are the days when researchers toiled in isolated labs with limited samples."

He said there was much data available but "the challenge is unlocking it".

Another UNSW winner was Professor Neville Hacker, who won the Professor Rob Sutherland Make a Difference Award for his pioneering work in the field of gynaecological oncology.

His centre at the Royal Hospital for Women has become a model for similar centres throughout Australia.

Other awards went to Dimitri Conomos, outstanding research scholar; Goldie Yuan Lam Lui, Pfizer oncology scholarship; TROG Cancer Research, innovation in cancer clinical trials; Anthony Gill and Roderick Clifton-Bligh, excellence in translational cancer research; and Dr Orazio Vittorio, the kids' cancer project.

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US stocks fall after soft jobs report

US stocks have fallen in opening trade with a soft employment report showing weaker than expected jobs growth in July.

After 10 minutes of Friday trade, the Dow Jones Industrial Average was down 59.21 (0.38 per cent) at 15,568.81.

The broad-market S&P 500 had shed 4.79 (0.28 per cent) at 1,702.08, pulling back from Thursday's record closing high.

And the tech-rich Nasdaq Composite had dropped 9.05 (0.25 per cent) to 3,666.69.

The Labor Department says the United States added 162,000 jobs in July, well below the 175,000 expected on average by analysts.

The unemployment rate fell to 7.4 per cent from 7.6 per cent in June.

"The downside of the disappointing employment report is that it shows growth isn't as strong as participants wanted to believe yesterday," said Patrick O'Hare of Briefing.com.

"The upside for the stock market is that creates an opening for the Fed to maintain its asset purchase program at the current pace past September."

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US jobless rate falls to 7.4% in July

THE US unemployment rate fell to a better-than-expected 7.4 per cent in July but jobs growth slowed sharply, official data shows.

The Labor Department said on Friday the US added 162,000 jobs last month, well below the 175,000 expected on average by analysts.

But the decline in the jobless rate from 7.6 per cent in June was twice as big as the estimated one-tenth point drop.

At 7.4 per cent, the jobless rate is the lowest since December 2008, when it was 7.3 per cent.

That is markedly better than in July 2012, when the jobless rate stood at 8.2 per cent.

The improvement in the unemployment rate increased the chances the Federal Reserve will begin to taper its bond-buying program in September, analysts said.

"The Fed is on track to hit its 7.2 to 7.3 per cent Q4 unemployment rate target, and that probably matters more to FOMC members - especially the hawks and near-hawks - than the tiny slowing in payroll growth," said Ian Shepherdson of Pantheon Macroeconomics.

"We expect a robust August employment report, and think September tapering is a 70/30 bet."

Jobs growth for the prior two months was revised downward by a combined 26,000.

The June figure was revised to 188,000 jobs from 195,000, and the May reading was revised to 176,000 from 195,000.

Over the prior 12 months, jobs growth averaged 189,000 per month.

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Threat closes US embassies in Muslim world

THE United States will close its embassies and consulates throughout the Muslim world this weekend after receiving an unspecified threat.

The threat is linked to al-Qaeda and focused on the Middle East and Central Asia, chairman of the US House Foreign Affairs Committee Ed Royce said on Friday.

State Department officials say the closures - planned for Sunday - are about acting out of an "abundance of caution".

Spokeswoman Marie Harf cited information indicating a threat to US facilities overseas and said some diplomatic facilities may stay closed for longer than Sunday.

Sunday is a workday in the Muslim world. American diplomatic missions in Europe, Latin America and many other places are closed on Sunday.

Royce said he supported the State Department decision to "protect our personnel on the ground".

The State Department issued a major warning last year informing American diplomatic facilities across the Muslim world about potential violence connected to the anniversary of the September 11 terrorist attacks.

Dozens of American installations were besieged by protests over an anti-Islam video made by an American resident.

In Benghazi, Libya, the US ambassador and three other Americans were killed when militants assaulted a diplomatic post.

The administration no longer says that attack was related to the demonstrations.

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Lebanon army launches rockets search

LEBANON'S army has launched a search operation, hours after two rockets fired from an unknown location exploded outside its presidential palace.

The attack has come amid high tensions fanned by the conflict in neighbouring Syria, now in its third year.

"After the explosions ... in the area of Yarzeh (in Baabda east of Beirut), the army has launched a search operation in the area," army officials said on Friday.

The military said the explosions were caused by "two 107 mm rockets" and that it is "carrying out a search operation in the areas from which they might have been launched".

An AFP photographer at the scene said one of the two rockets struck about 100 metres from the presidential palace in Baabda, a high-security area also home to several embassies.

President Michel Sleiman appealed for calm.

"However many rocket messages are sent to us, no one can change the foundations of our patriotism or our belief in freedom and truth," Sleiman said in a statement.

"Our belief in national unity will push away from our country the impact of what is happening around us in the region," the president added, in a reference to Syria.

Although Lebanon is officially neutral in Syria's war, the small Mediterranean country is split over the revolt against President Bashar al-Assad.

The powerful Shi'ite movement Hezbollah has openly sent fighters to battle alongside the Syrian regime against rebels trying to overthrow Assad.

But many Sunnis back the Sunni-led Syrian opposition.

In June, a Grad rocket fired from north of Beirut exploded near the city, and the army found a second rocket at the launch site.

A month earlier, two rockets hit Hezbollah's heartland in Beirut shortly after the group's leader made a speech defending the movement's involvement in Syria.

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CBD office vacancies spike to 10 per cent

THE number of empty offices in Australia is rising as the white collar sector fails to fill them.

Vacancies rose from 8.4 per cent in January to 10.1 per cent in July, according to a Property Council report.

Property Council CEO Peter Verwer said the decline in white collar jobs growth to a third of pre-GFC levels had severely blunted demand.

He said the dwindling demand for office space reflects Australia's lacklustre economic fundamentals and a lack of "mojo" in the business sector.

While all CBD markets experienced negative demand, Brisbane recorded the biggest hike, with unused office rates up from 9.3 per cent to 12.8 per cent.

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US economy grows at 1.7 per cent in Q2

THE US economy grew from April through June at a seasonally adjusted annual rate of 1.7 per cent, as businesses spent more and the federal government cut less.

The Commerce Department said on Wednesday that growth improved from a sluggish 1.1 per cent rate in the January-March quarter, which was revised from an initial 1.8 per cent rate.

The pickup in growth was surprising as most economists predicted a far weaker second quarter. And it suggests the economy could accelerate later this year as businesses step up spending and the drag from steep government cuts fade.

Businesses increased their spending 4.6 per cent in the second quarter after cutting by the same amount in the previous quarter. And spending on home construction grew 13.4 per cent, in line with the previous quarter.

At the same time, the federal government cut spending only 1.5 per cent after an 8.4 per cent plunge in the first quarter. And state and local governments increased spending for the first time in a year.

Consumers increased their spending more slowly in the second quarter. And a surge in imports reduced growth by the most in three years.

Economists are hopeful that growth could improve to around 2.5 per cent in the third and fourth quarters.

There were signs in the report that companies expect demand to pick up. Businesses added to their stockpiles in the second quarter, which is typically a sign they foresee greater sales. And the big rise in imports reflects solid consumer and business spending.

The government also released comprehensive revisions that updated the nation's gross domestic product, or GDP, over the past several decades. Those figures showed that the economy grew at a stronger 2.8 per cent in 2012, up from an earlier estimate of 2.2 per cent. Last year's first quarter was revised much higher, while the economy barely expanded in the fourth quarter.

GDP is the broadest measure of the nation's output of goods and services, including everything from manicures to industrial machinery.

Other recent data have been encouraging and suggest that growth will continue to improve.

Home construction, sales and prices have been growing since early last year. Americans purchased newly built homes in June at the fastest pace in five years. That's raised builder confidence to a seven-year high, which should lead to increases in construction and more jobs.

Overall hiring has accelerated this year. Employers have added an average of 202,000 jobs a month from January through June. That's up from 180,000 in the previous six months.

And car sales topped 7.8 million in the first six months of 2013, the best first-half total since 2007. Analysts expect sales will stay strong for the rest of the year.

There are threats to the better outlook. Unemployment is still high at 7.6 per cent, limiting consumer spending. And budget fights in Washington could lead to a government shutdown this fall, potentially disrupting the economy.

Federal Reserve officials have forecast better growth in the second half of the year. And Fed chairman Ben Bernanke has said that the central bank could begin to scale back its bond purchases later this year if the economy strengthens. But Fed officials typically put greater weight on employment and inflation data than the GDP figures.

The Fed concludes a two-day policy meeting on Wednesday, at which point it could clarify its interest-rate policies.

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US economic growth stronger in 2012

THE government says the US economy grew at a much faster pace last year than previously estimated. The revised growth figures signal a more sustainable economic recovery and help explain why job growth has accelerated this year.

The economy expanded at a 2.8 per cent annual rate in 2012, up from a previous estimate of 2.2 per cent. Consumers and businesses spent more and governments cut back on their spending less.

The updated growth figures reported on Wednesday by the Commerce Department are part of comprehensive revisions going back several decades.

The upgrade to 2012 growth helps resolve a disparity that has puzzled economists. Hiring picked up late last year and has remained solid this year. The economy has created more than 200,000 jobs a month on average since last fall.

Yet the government had said that economic growth was tepid last year. Faster growth typically drives more hiring. The previously reported growth figures had economists worried that employers would eventually have to slow hiring.

But growth is now closer in line with the job gains, a sign that the more robust hiring may endure.

The revisions are part of comprehensive changes, made roughly every five years, to the nation's gross domestic product. GDP is the broadest measure of the output of goods and services and includes everything from restaurant meals to television production to steel manufacturing. The revisions alter the data all the way back to 1929, though the largest changes were made to the past five years.

Still, the economy's broad trends are roughly the same as before. The government now says the economy shrank 4.3 per cent during the recession, which lasted from December 2007 through June 2009. That's better than the previous estimate of a 4.7 per cent decline. But it still remains the deepest downturn since the Great Depression.

And the recovery is still subpar. The economy expanded 8.2 per cent from June 2009 through the end of last year, up from 7.6 per cent, but still the weakest recovery since World War II.

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Facebook above IPO price

SOCIAL networking giant Facebook has breached its 2012 IPO price of $US38 a share for the first time since the company's May 2012 initial public offering.

Facebook got as high as $US38.31 on Wednesday shortly after the market opened, before retreating. Shares recently traded at $US37.72, up 10 cents or 0.3 per cent.

The company's IPO was priced at $US38 a share. Facebook has only closed above $US38 one time: its first day on the markets.

Facebook has been on an upward tear since releasing earnings a week ago that showed a big jump in mobile advertising revenue. Shares have rallied more than 40 per cent since the earnings release.

Facebook shares plummeted after the highly anticipated IPO last year and languished, primarily due to doubts about the California-based company's ability to make money from members using mobile devices to get online.

But the most recent earnings report showed that some 41 per cent of its ad revenues came from mobile, compared with 30 per cent in the prior quarter and virtually nothing a year ago.

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