Raise a glass in The Grampians

Clint and Jen with Viv and Chris Thomson at Best's Wines. Source: Supplied

THE Grampians region in western Victoria is famed for sandstone boulders, craggy peaks, kangaroos hopping around at dawn and dusk, expansive bushland and adventure sports.

I almost feel guilty for not having my rock-climbing shoes with me, for the last time I was here I joined an abseiling group as many love to do here.

But this weekend away is all about two of the things so many of us love to do when we travel - food and wine.

With the Jayco van on the back of our Subaru, we head 235km northwest of Melbourne and, within a little over two hours, we've left behind the hustle and bustle of the city and are inhaling the intoxicating air of the one of Australia's most historic wine regions.

We pass through country towns that have been here since the gold rush and stop off for coffee along the way.

Autumn is the season when the region comes alive, as locals celebrate their food, wine, music and famous sporting spectacles. This year, the winegrowing region on the edge of the Grampians National Park is celebrating 150 years of grape growing and the annual Grampians Grape Escape Festival, where more than 100 local food and wine artisans celebrate their produce, is almost upon us.

One of the patriarchs of the region, Viv Thomson from Best's Wines, welcomes us at his cellar door. He's passionate about his wine and his beloved Grampians Region.

Many wine experts say Best's winery and vineyard in the town of Great Western is among Australia's best-kept secrets. It's home to some of the oldest vines in the world and, when you visit, it's like a living museum open for all to see and enjoy.

The winery and vineyard have been here since 1866, when Henry Best came out from Scotland and bought 30ha of land and planted the first vines in 1867. After Best died, Viv's father Frederick Thomson bought the winery in 1920 and it's been in the family ever since. Viv handed over the reins of the company to son Ben a few years ago so he could semi-retire.

Just like his ancestors, Ben has a love of the land and a fascination for applying new viticultural and harvesting techniques. On our visit, he was out driving the tractors in Best's vineyards. But walking through the vineyard with Viv, it's pretty clear this passionate local will never retire.

Being part of a family that's been producing fine wine for 150 years, Viv proudly shows us the vines of the pinot noir that have been planted here since 1868, and which he believes are among the oldest living vines in the world, due to phylloxera that destroyed a lot of Europe's vines in the 1800s.

Heading into the cellar, we pass relics that don't look as if they've been touched since they were placed here more than a century ago. Winemakers have even etched their names into the walls, dating back to the 1800s.

The smell of the oak barrels and the rich history makes you feel as if you've turned back the clocks and founder Henry Best will join you for a tasting.

In the old stables, the walls are adorned with photos stemming back 150 years. Viv proudly opens a bottle of the Thomson shiraz, the wine from the original vines. It has such depth and warmth. Humbly knowing what a superb drop it is, Viv has a glint in his eye as history lives on and, like an old friend, thanks us for visiting.

We head further up the road, and with the famous rocky ranges as our backdrop, we settle into life in Halls Gap. We're staying at the BIG4 Parkgate Resort, a wonderful caravan park where kangaroos hop around at dawn and dusk, kids play in the pool and, over breakfast, an owl perched on my chair welcomes us. Chatting to fellow campers, the day could easily get away from us.

An hour or so up the red dusty road is Mt Zero. Lit up by the morning sun, and a big blue sky, it's one of those perfect days for a long Sunday lunch.

Welcome to the Mount Zero Olive Grove - another story of the passionate producers in this stunning region, taking part in the Grampians Grape Escape Festival.

Mount Zero Olives is run by Jane and Neil Seymour and their son Richard.

The family came here 20 years ago looking for a life-change after replying to a newspaper advertisement.

They turned what was an abandoned olive grove into an award-winning bio-dynamic property that not only produces the much-loved Mount Zero Olives and olive oil but also pulses and grains, skin care and - one of Jane's favourites - Pink Lake Salt.

But what brings the place alive is the feeling. The cafe is an old Sunday School building they bought from Great Western, and an olive pressing stone from the 1950s features in the courtyard. We're lucky enough to be invited for lunch with the family, and it is truly spectacular.

Sampling some of the region's finest produce, we enjoy one of those afternoons you don't want to end. Over great conversation about biodynamic and sustainable farming, we feast on plump olives, colourful salads of quinoa and salmon, fresh beetroot and, of course, fresh bread with the award-winning olive oils for which this place is so famous.

We spend the rest of the day taking a hike up Mt Zero itself with Richard, who proudly shows off their stunning backyard of the Grampians Region.

So, if you decide to head to the Grampians Grape Escape next weekend (May 4 and 5) please say hello to Viv Thomson at Best's Wines, and Jane and Neil from Mount Zero Olives.

Have a glass of wine for us, and enjoy the olives.

Watch this story and more on Places We Go on Network 10 at 4pm today. placeswego.com

Go2 - GRAMPIANS

Doing there: The Grampians Grape Escape Festival is on May 4 and 5 in Halls Gap.

The website visitgrampians.com.au has information on the festival as well as deals, packages and travel information.

More: Best's Wines; Mount Zero Olives; BIG4 Parkgate Resort.

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Australian share market opens higher

US markets ended mixed with weak economic growth in the first quarter of 2013.

THE Australian market has opened higher, led by gains for the four major banks.

IG markets strategist Stan Shamu said the local market has been dragged higher by the major financial stocks, and the mining giants did not fall as hard as expected after recent drops in commodity prices.

"It's all about the banks' upcoming earnings," he said.

"Everyone's starting to position themselves for what could be another round of increases in dividend growth from these banks.

"At the same time the miners haven't disappointed quite as much as expected at open."

Commonwealth Bank jumped 60 cents to $71.44, Westpac surged 37 cents to $32.94, ANZ gained 19 cents to $30.07 and National Australia Bank added 19 cents to $30.07.

ANZ and Westpac are due to post half-yearly results this week.

BHP Billiton fell 28 cents to $32.30, Rio Tinto dived 48 cents to $55.32 and Fortescue dropped two cents to $3.55.
Tabcorp shares gained five cents, or 1.5 per cent, to $3.39 after the betting firm reported a 2.6 per cent lift in third quarter revenue to $480.3 million.

OceanaGold March is expected to post its quarter financial and operational results later today.

In economic news, BHP Billiton, Rio Tinto, Xstrata and Minerals Council of Australia will appear before the Senate Economics Legislation Committee's public hearing into the development and operation of the Minerals Resource Rent Tax (MRRT).

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Why this Aussie icon tops bucket lists

Uluru at sunrise. Picture: Lawmurray/Flickr

IT'S not yet 6am and we are all quiet in that way you are before you are properly awake.

When we get out of the small coach, we can just make out the angular shapes of the young desert oak trees in the inky darkness.

In pictures: Australia's deadly dozen

As we walk up the narrow sandy track through the dunes someone makes a joke about how he hopes the snakes get an earlier start than humans and have already slithered off into the spinifex.

An elderly English couple look slightly dubiously at the undergrowth.

Finally we arrive at the viewing platform and scan the pre-dawn sky. All around, people are gathering, setting up their cameras. There is an air of expectation.

As the sky lightens, the vast iconic shape of Uluru emerges in the distance, suddenly dazzling as the rising sun seems to transform the rock into something alive.

In the distance, to our left, Uluru's bigger sister, Kata Tjuta is also waking, seamlessly transformed as the sunrise hits from iron grey, to dark purple to vibrant ochre.

Watching the sun rise over Uluru is more than just an event to be ticked off the "bucket list" but is something that becomes imprinted on memory.

Most of the visitors sharing the experience are staying at the Ayers Rock Resort. It is like a small village that has separate living centres such as the top-of-the-market Sails in the Desert through to a camping ground but with a wide variety of gathering places where people can come together to eat, drink and be entertained.

Great emphasis is placed on authentic and interesting cultural experiences, many of them free. Events such as the guided garden walk where an indigenous guide describes the native plants and their role as food or medicine. There are bush yarns or displays of traditional weapons and tools, held several times a day in the Circle of Sand in the Town Square Lawn area. And every afternoon there is a fascinating hour-long show of Aboriginal song and dance by the Wakagetti Cultural dancers, also held in the Town Square Lawn area.

All my life I've tried to avoid audience-participation of any kind, but just after halfway through, the inevitable occurred.

First there were the men in the audience who were lured into the action. They jumped, squatted, scratched and lounged through the story of the kangaroo.

Then it was the turn of the women, transformed from tourists into beady-eyed emus, clawing the ground, strutting and pecking.

Despite the laughter they were surprisingly impressive. The applause told the full story of the battle of the sexes. Or perhaps that should be species. In the end it was unanimous. The emus took the day.

There is a variety of guided tours to Uluru and Kata Tjuta that are available from a range of operators including by camel, Harley-Davidson motorcycles and by helicopter.

Under expert guidance the multiple layers of the ancient rock formations are revealed from the rock art to Aboriginal stories, as old as time, that are represented in the rock shapes; from the geological upheavals that resulted in such unique natural monuments to the medicinal powers of the native vegetation.

While most skilfully elude visitors, there is plenty of native wildlife around leaving tell-tale signs (if you know where to look) in the red sand. As we entered Walpa Gorge, a couple of wallabies watched our progress, curious, then bounded away effortlessly when we moved too close.

Tiny birds dart from hiding place to hiding place, so quick they are hard to follow. Birds of prey cruise the thermals, ever watchful for lunch.

By the time we get back to the resort, it has been a long day since we saw the sunrise, but Uluru has further treasures in store. There's just time for a sumptuous wind-down at the Red Ochre Spa before re-grouping for another adventure.

Uluru at sunset is just as spectacular. Picture: Rumpleteaser/Flickr Source: No Source

As the late afternoon shadows subtly transform the landscape we arrive at the bottom of a large dune and are ushered to a plateau that looks out on mesmerising views.

The setting sun has thrown a deep red veil across the earth and long shadows are creeping across the landscape. Sipping champagne, and with the sound of a didgeridoo playing, we watch as the last rays play on Uluru before disappearing.

The sun may have gone but the night is just beginning. We are led down the soft sand track to our tables, laid for fine dining under the stars. This is the Sound of Silence. A lavish buffet has been set out, drawing heavily on local produce, and there is endless wine and cold beer.

Depending on the weather the resident astronomer will take diners on a journey through the heavens as they eat.

This night, storm clouds are gathering and the stars just occasionally peek from between them. A lot of imagination, and the feeling of being part of something very special, meant that no one cared.

As well as these large groups, the organisers are happy to arrange pretty much anything that people would like to enjoy. Like your own black-tie dinner arriving by camel? An Arabian Night where you relax on carpets and plump cushions, eat, drink and dance? There is even a Priscilla Queen of the Desert evening close to the area where the hilarious movie was shot.

About $30 million has been spent renovating Sails in the Desert and creating the Uluru Meeting Place, a large convention centre targeting the growing international conference and convention market.

Fascinating indigenous art and art-inspired fittings are evident throughout the building.

The elegant lobby carpet is taken directly from a huge work by artist Sandy Willie. And a dynamic sculpture, celebrating the Minyma Kuniya story of creation dominates the bar.

Inside each room there is an original punu (a small wood carving) made by the local Anangu artists and a beautiful large cushion based on the Seven Sisters design by Nelly Patterson.

There are two main restaurants, the a la carte Mayu and the lively Ikari, which offers a series of signature dishes, many featuring indigenous flavours, accompanied by a wide selection of hot and cold dishes arranged buffet-style. There are also the less-formal eating and drinking areas dotted around the hotel and the wider village, from the poolside bar serving snacks, to the lively Geckos Cafe, to the very popular open barbecue area.

Visiting Uluru and Kata Tjuta is for most people a once-in-a-lifetime experience and it is easy to be overwhelmed by the unique beauty of the place. But what stays with you after you have left is something more ephemeral, a feeling that you have been briefly part of the seamless line between the past, the present and the future.

The writer was a guest of Voyages Indigenous Tourism.

Go2 - CENTRAL AUSTRALIA

Getting there: Virgin operates daily direct flights to Ayers Rock from Sydney.

Staying there: There is a range of accommodation at Ayers Rock Resort ranging from the 5-star Sails in the Desert hotel (from $280 a night including breakfast for a three-night stay) through to the Outback Pioneer Hotel and Lodge ($220 a night including breakfast for a three-night stay). A free return transfer service is offered from the airport and guests have access to the entire suite of daily free activities including cultural dance performances and spear and boomerang throwing lessons

All accommodation and activates can be booked through the Voyages Travel Centre, ph 1300 134 004 or email.

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Aust bonds stronger on US growth data

AUSTRALIAN bond futures prices are higher following the release of disappointing US economic figures.

Nomura head of fixed income Jon Linton said there had been a rise in demand for bonds globally on Friday night after the US data's release.

The data showed the world's largest economy grew at an annual pace of 2.5 per cent in the March quarter, below economists' expectations of 2.8 per cent growth.

"At the moment, we're following global bond markets," he said.

"It's a very supportive environment for bonds."

Mr Linton said the local bond market was likely to be quiet over the next few days, as traders wait for key US employment figures on Friday and the Reserve Bank of Australia's monthly board meeting on May 7.

At 0830 AEST on Friday, the June 10-year bond futures contract was trading at 96.890 (implying a yield of 3.110 per cent), up from 96.850 (implying a yield of 3.150 per cent) on Friday.

The June three-year bond futures contract was at 97.440 (2.560 per cent) up from 97.410 (2.590 per cent).

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Is it too late to go to the Ashes?

Travel packages are still available for the final Test matches of the 2013 Ashes Series, to be held at Durham in northeast England or The Oval in London. Source: AFP

DOC Holiday says there is still time to get your hands on tickets to watch the Aussies win back the urn.

WE WOULD like to go and see the Ashes cricket this year in the UK. Do you think it is too late to book? If not, who can we contact?

Doc: Luckily, cricket fans still have a chance to catch all the action of the 2013 Ashes Series, with last-minute packages available at Premium Sport Tours.

John from Premium advised that there are packages still available for fans to stay in town and attend the final Test matches of the Ashes Series, held at the Durham ground in northeast England or The Oval in London. For example, packages for the Ashes Test at The Oval include six nights' accommodation at the Hilton Tower Bridge, breakfast daily, five days of tickets for all matches and return transfers. Fans will also be invited to attend a pre-match function, hosted by Cricket Australia Travel Office. You will also receive a seven-day London travel card and travel kit, including a polo shirt, a hat and a luggage strap.

This package is priced from $2890 a person, twin share. John said other packages are available, but be quick as they are selling out fast. For bookings and details, phone Premium Sport Tours on 1800 335 971 or visit sporttours.com.au

I HAVE relatives from Canada coming to visit this summer and when they are here they want to go to Queensland to experience the Barrier Reef. Where do you think I should take them?

Doc: I shall try and narrow this down because living in this great state I could share with you hundreds of places to visit with them and keep you busy for months, but as requested I will focus on the reef area.

In my opinion the Whitsundays are paradise and I recommend basing yourselves at one of the islands there.

If you're looking for something upmarket, take a look at Hayman Island. This island offers luxury presented in a uniquely Australian manner. There are innovative menus showcasing Australian cuisine, plenty of water-sports and you will have a front-row seat to the wonders of the Great Barrier Reef.

If you prefer a more lively setting then maybe Hamilton Island would suit. Like Hayman it is perfectly situated on the edge of the reef, among Queensland's 74 Whitsunday Islands. Hamilton has a huge variety of recently refurbished accommodation and dining options together with new world-class facilities in the Hamilton Island Golf Club.

Both islands offer daily excursions to the reef for snorkelling or diving, trips to the amazing Whitehaven beach, scenic flights and bushwalking.

Virgin and Jetstar both fly to Hamilton Island. If an island is not your thing, then Port Douglas has a relaxed elegance, shopping and a beautiful beach that is hard to beat. Try the Mandalay Luxury Beachfront Apartments; they offer a unique foreshore location among lush tropical gardens, and have access to the seemingly endless stretch of Port Douglas beach through an easy walkway. Quicksilver Cruises depart from the marina at Port Douglas and will whisk you to the very edge of Australia's Continental Shelf to view the reef. You can dive and snorkel or stay dry and explore the reef from their semi-sub. You can also watch the fish feeding from the underwater observatory or even fly over the reef in a chopper. For help in planning your trip, see Queensland Holidays.

WE ARE gardening enthusiasts and are planning a trip to Europe next spring. We want to include Amsterdam and want to know the best time to see the tulips in full bloom. Do you know when this is?

Doc: I have just returned from Amsterdam, and like you, was very excited that I may have the opportunity to tiptoe through the tulips. Sadly, this was not to be. Even though spring officially started on March 26, this year they have experienced a rather long and unseasonable winter, which delayed the flowering and blooming.

Keukenhof (or kitchen garden) is the home to Holland's annual tulip festival and the most well-known tulip festival in the world.

The Dutch festival is located south, about an hour from Amsterdam in the small town of Lisse, and showcases seven million blooming bulbs on its grounds, and countless other floral displays in many indoor pavilions.

It is only open for two months of the year. This year's dates are March 21 to May 20.

The other way to see the tulips is in the farmers' fields. You can rent a bike outside the entrance to the gardens for about $12 , or there are plenty of guided tours. The safest bet for hitting peak tulip time is around mid-April. However, be aware that the tulips in the fields are not actually grown for their flowers but are grown for their bulbs. This means that almost as soon as they bloom they are chopped down, and the bulbs harvested.

You can also still enjoy more than six million tulips in the city's parks, public attractions, and along the streets. Tulip Lanes start on 12th St and River Ave, where 9km of tulips in brilliant array line Holland's streets.

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Platinum rises but fold falls

PLATINUM futures have climbed to the highest price in two weeks as investors bet that Anglo American Platinum Ltd, the largest producer of the metal by volume, would reach an agreement with the South African government to close some mines.

The proposed closures would trim global platinum production by about seven per cent and push global supply of the metal below anticipated demand.

Platinum is used in jewellery and in devices that scrub emissions from car exhaust.

Platinum for July delivery rose $US12.40, or 0.9 per cent, at $US1,476.50 a troy ounce on the New York Mercantile Exchange, the highest price since April 12.

The gains came on expectations "of an underlying supply shortfall," said Stephen Platt, a futures strategist with Archer Financial Services in Chicago.

"Platinum has just not had the kind of speculative selloff that either gold or silver had. It's been supported by industrial buying."

Anglo American, which produces about 40 per cent of the world's mined platinum, has proposed to close some platinum mines and sell others in South Africa, in a bid to return to profitability.

The move would eliminate about 14,000 jobs, which has triggered a South African law that requires the cuts be preceded by a consultation period with the company, government and labour leaders.

Those talks are expected to conclude by Tuesday, said the company, which is a unit of Anglo American PLC.

Standard Bank analyst Marc Ground said the talks could result in a deal that keeps some mines open, as South Africa's government seeks to preserve jobs in a key industry.

"The results of the consultation process will most likely involve some compromise on the original plans, which could mean that production cuts would be less severe," Ground said.

Analysts with Barclays expect supply to fall short of demand by 248,000 ounces in 2013.

Much of the deficit comes from Anglo's cut, which, if implemented, could reduce annual mine supply by as much as 400,000 ounces a year.

Gold futures slipped on Friday, as investors cashed out after the market's rebound from its historic selloff earlier this month.

The most actively traded gold contract, for June delivery, fell $US8.40, or 0.6 per cent, to settle at $US1,453.60 a troy ounce on the Comex division of the New York Mercantile Exchange. Gold for April delivery settled at the same price, although it was down $US8.20.

Gold futures through Thursday had climbed 7.4 per cent from the two-year low hit April 15, as some investors saw the metal's slump as a good buying opportunity.

Coin dealers in major gold trading hubs world-wide reported a surge in demand, underlining the interest in buying the precious metal at prices not seen since early 2011.

But the pace of physical demand has slowed in the last few days, traders say, and futures turned lower near midday as traders bet the rebound had run its course for now, Archer Financial Services said.

Investors "are still very nervous about the volatility" in gold and preferred to hold cash heading into the weekend, it said.

Meanwhile, investors in gold-backed exchange-traded funds continued to cash out.

Through Thursday, such funds had sold about 150 metric tons of gold onto the open market this month, Barclays says. The net amount of gold that has flowed out of ETFs in 2013, about 310 tons, exceeds the 279 tons purchased in all of 2012.

Settlements (ranges include open-outcry and electronic trading):

London PM Gold Fix: $1,471.50; previous PM $1,451.00

Jun gold $1,453.60, down $8.40; Range $1,447.30-$1,484.80

May silver $23.785, down 38.2 cents; Range $23.590-$24.795

Jul platinum $1,476.50, up $12.40; Range $1,464.00-$1,499.80

Jun palladium $681.95, up $5.50; Range $676.20-$687.00

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Big savings through Microsoft deal

THE New Zealand government has struck a deal with Microsoft which, it says, will save $NZ119 million ($A99.21 million) over three years.

NZ Internal Affairs Minister Christ Tremain says it has already saved $NZ35m.

The computer software purchasing agreement involves more than 140 government agencies and, Mr Tremain says, the licensing model is attracting attention internationally.

"The agreement allows agencies to make available their surplus licences for transfer to other agencies, so rather than investing in new licences each time, an agency can use licences from the government's shared pool," he said on Monday.

"The next phase will involve similar framework agreements with other major software vendors."

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Tabcorp reports lift in third qtr revenue

WAGERING and gaming firm Tabcorp has reported a 2.6 per cent lift in third quarter revenue to $480.3 million.

Tabcorp chief executive David Attenborough says revenue growth in the three months to March 31, 2013, was broadly in line with the first half.

All four of Tabcorp's businesses - wagering, media and international, gaming services and Keno - continued to yield positive revenue results, Mr Attenborough said.

"Tabcorp has continued to deliver a steady trading performance," he said in a statement on Monday.

"Our businesses are benefiting from the investments we have made in markets and products that can generate growth."

Tabcorp said total wagering revenue rose 7.2 per cent in the third quarter.

But, its revenue from wagering business, which generates the bulk of the company's earnings, was down 4.7 per cent, at $368.6 million.

The company said the decline reflected new arrangements in Victoria, with Tabcorp operating a 50/50 joint-venture with the Victorian Racing Industry, compared with 75/25 previously.

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Australian market set to open flat

THE Australian market has opened higher, led by gains for the four major banks.

IG markets strategist Stan Shamu said the local market has been dragged higher by the major financial stocks, and the mining giants did not fall as hard as expected after recent drops in commodity prices.

"It's all about the banks' upcoming earnings,"

"Everyone's starting to position themselves for what could be another round of increases in dividend growth from these banks.

"At the same time the miners haven't disappointed quite as much as expected at open."

Commonwealth Bank jumped 60 cents to $71.44, Westpac surged 37 cents to $32.94, ANZ gained 19 cents to $30.07 and National Australia Bank added 19 cents to $30.07.

ANZ and Westpac are due to post half-yearly results this week.

BHP Billiton fell 28 cents to $32.30, Rio Tinto dived 48 cents to $55.32 and Fortescue dropped two cents to $3.55.

Tabcorp shares gained five cents, or 1.5 per cent, to $3.39 after the betting firm reported a 2.6 per cent lift in third quarter revenue to $480.3 million.

OceanaGold March is expected to post its quarter financial and operational results later on Monday.

In economic news, BHP Billiton, Rio Tinto, Xstrata and Minerals Council of Australia will appear before the Senate Economics Legislation Committee's public hearing into the development and operation of the Minerals Resource Rent Tax (MRRT).

KEY FACTS

* At 1020 AEST, the benchmark S&P/ASX200 index was up 23.2 points, or 0.46 per cent, at 5,120.7 points.

* The broader All Ordinaries index was up 21.1 points, or 0.42 per cent, at 5,103.8 points.

* The June share price index futures contract was up seven point at 5,114 points, with 7,206 contracts traded.

* National turnover was 187.47 million securities worth $234.16 million.

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Vector gets nod for Contact's gas meters

VECTOR has won regulatory clearance to acquire Contact Energy's gas metering business for $63 million, which will merge the two largest suppliers of metering services on the New Zealand North Island's reticulated natural gas network.

"Based on the information and evidence provided by the parties and our own investigation and analysis, it appears that there is limited competition between Vector and Contact and other market participants for the supply of gas metering services," said Commerce Commission chairman Mark Berry.

Prices are driven by the wholesale replacement of meters, rather than by existing competitors competing to install a relatively small number of new meters each year, Dr Berry said.

"This would still be the case whether Contact retained its gas metering business, or sold it to a third party."

Still, limited competition in the delivery of gas metering services was a concern for the commission, which would now consider "whether it should undertake an inquiry into gas metering services under Part 4 of the Commerce Act," he said.

Vector chief executive Simon Mackenzie said when the deal was first announced in October last year that it would be "value-accretive and complimented Vector's existing gas metering business."

Vector is buying 128,000 gas meters at residential, commercial and industrial premises. It has been trialling smart gas metering technology and hopes to retro-fit the technology on the acquired fleet of gas meters, he said.

Contact must refinance some $700m of debt falling due over the next 18 months.

Vector shares last traded at $2.81 and have gained 3.3 per cent this year. Contact was last at $5.35 and is up 2.9 per cent this year.

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Aust shares open higher

THE Australian market has opened higher, led by gains for the four major banks.

IG markets strategist Stan Shamu said the local market has been dragged higher by the major financial stocks, and the mining giants did not fall as hard as expected after recent drops in commodity prices.

"It's all about the banks' upcoming earnings,"

"Everyone's starting to position themselves for what could be another round of increases in dividend growth from these banks.

"At the same time the miners haven't disappointed quite as much as expected at open."

Commonwealth Bank jumped 60 cents to $71.44, Westpac surged 37 cents to $32.94, ANZ gained 19 cents to $30.07 and National Australia Bank added 19 cents to $30.07.

ANZ and Westpac are due to post half-yearly results this week.

BHP Billiton fell 28 cents to $32.30, Rio Tinto dived 48 cents to $55.32 and Fortescue dropped two cents to $3.55.

Tabcorp shares gained five cents, or 1.5 per cent, to $3.39 after the betting firm reported a 2.6 per cent lift in third quarter revenue to $480.3 million.

OceanaGold March is expected to post its quarter financial and operational results later on Monday.

In economic news, BHP Billiton, Rio Tinto, Xstrata and Minerals Council of Australia will appear before the Senate Economics Legislation Committee's public hearing into the development and operation of the Minerals Resource Rent Tax (MRRT).

KEY FACTS

* At 1020 AEST, the benchmark S&P/ASX200 index was up 23.2 points, or 0.46 per cent, at 5,120.7 points.

* The broader All Ordinaries index was up 21.1 points, or 0.42 per cent, at 5,103.8 points.

* The June share price index futures contract was up seven point at 5,114 points, with 7,206 contracts traded.

* National turnover was 187.47 million securities worth $234.16 million.

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Dollar back below 103 US cents

THE Australian dollar has dropped back below 103 US cents following weakness on global share markets and commodity prices.

At 0700 AEST TOday, the currency was trading at 102.82 US cents, down from 103.10 US cents on Friday afternoon.

Westpac New Zealand senior market strategist Imre Speizer said the Australian dollar weakened during Friday night's European and US sessions as equities markets moved lower.

Mr Speizer said markets were disappointed after European Central Bank (ECB) official Joerg Asmussen warned of the side effects of low interest rates.

His comments undermined widespread expectations the ECB will cut its key interest rate when it meets later in the week.

Mr Speizer said the currency was likely to continue to move lower over the next few days, possibly dropping below 102.20 US cents.

"It looks like it wants to test those levels," he said.

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Nissan to make small cars in France

RENAULT says its Japanese partner Nissan will manufacture the next generation subcompact Micra model at a factory in France, just a month after reaching a wage and working hours deal with French employees.

The new Micra will be manufactured at the Renault plant at Flins, near Paris, from 2016 with output reaching 82,000 vehicles per year, the companies said in a statement on Friday.

France's Industrial Renewal Minister Arnaud Montebourg said the deal "was just the beginning for Renault in France and towards (products) made in France".

Renault said the labour pact signed last month increased "the competitiveness of its French plants, and enabled the company to assign the new Nissan production to the Flins plant".

Renault's management had pushed strongly for the labour deal with unions, arguing wages and working hours needed more flexibility if car manufacturing in the country was to survive the severe downturn in the European car market.

The deal is also in line with new labour market flexibility measures that are set to become law next month and which the French government hopes will boost employment and restart stalled economic growth.

"This announcement is good news for Flins, but also for all Renault plants in France," said Renault Group chief executive Carlos Ghosn. "The efforts committed by our employees under the Renault Agreement are beginning to bear fruit."

Renault's pact with unions will see wages frozen in 2013 and working hours increased, but in return, the company has pledged to keep all of its five plants in France open until the end of 2016.

Although it plans to cut 7,500 jobs in France, those will be made through natural attrition and early retirement.

Under the deal with Nissan, the French automaker is committed to ramp up its annual production volume by 180,000 cars in plants in France to 710,000. In that increase, 100,000 of the cars will be new Renault products, and the remaining 80,000 will come from partners.

A Renault spokesman told AFP that "other opportunities may present themselves (with the partners) that we won't fail to study".

Patrick Lienard, an FO union official at the Flins plant, said other announcements are soon expected to follow "for the two other sites".

There has previously been talks about producing Nissan Primastar vans at a plant in Sandouville.

Another union representative, Bruno Mathiez of the CFE-CGC, called the announcement "excellent news that we didn't expect that early. This proves that Nissan has confidence in us following the agreement".

Nissan, which has its own European manufacturing sites in Britain, Russia and Spain, said these would soon be at full capacity and it had looked for options within its alliance with Renault.

"The decision to propose the vehicle to Renault to build at one of its European plants benefits Nissan in several ways including capital expense reduction, foreign exchange exposure reduction and working capital reduction through shorter supply chains," the company said in a statement.

Renault, which also owns Dacia and Samsung brands, still managed a net profit of 1.77 billion euros ($A2.25 billion) last year as it is less dependent on the European market, where its sales dropped by 18 per cent last year.

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How to get the best out of a trip to Cairns

The Australian Butterfly Sanctuary in Cairns is the biggest in the country. Picture: Chris Scott Source: Supplied

Immerse yourself in the tropical surrounds of the Cairns Botanic Gardens. Source: Supplied

OUR readers tell us where to stay and eat and what to do in the tropical city of Cairns. Compiled by Chanel Parratt.

SEE

Australian Butterfly Sanctuary

As a local, one of my favourite places to visit is the Australian Butterfly Sanctuary in Kuranda. It's the biggest in the country. You get to wander through an enclosed greenhouse filled with many different species of butterfly, some even land on you. There's also a lab with larvae and a small museum. Take the Skyrail from Cairns up to Kuranda and make a day of it.

- Alicia

Muddy's playground

On the Esplanade, about 10 minutes' walk from the free lagoon pool is Muddy's playground, which has free family entertainment. There's a wonderful wet area that squirts water, tips buckets and generally adds a lot of excitement, especially on warm days. My children love coming here and the fish and chip shop onsite is fantastic.

- Elly

Cairns Harbour cruise

We did a Cairns Harbour cruise and found it a relaxing way to spend a couple of hours while learning a little bit about the natural environment surrounding the area. We weren't lucky enough to catch sight of a crocodile on the mud flats but still had a great time. The crew are very knowledgeable and gave us some good ideas on other things to do while we were there. The price was very reasonable too.

- Judy

Cairns Botanic Gardens

Boardwalks wind past the lush tropical rainforest plants at the Cairns Botanic Gardens. There's an onsite cafe to stop for a coffee and the Mount Whitfield National Park sits just behind the gardens. If you're feeling energetic there are a couple of really good walks through the park (red arrow is easy, blue arrow is hard) to get the heart pumping and keep you fit while you're on holidays.

- Jodi

EAT

Perrotta's at the Gallery

Creative heads in the kitchen deliver a beautifully crafted Mediterranean-style menu at Perrotta's. I'm often in Cairns for work and find myself here for at least one meal each time. For breakfast I can't go past their granola trifle with local buffalo yoghurt or the seasonal fruit salad with candied pistachios. At dinner, I love the grilled Tasmanian octopus, watermelon and avocado salad.

- Mikala

Salt House

A great place to watch the sunset and enjoy a cold drink is Salt House.

I like to go here for the ambience before moving on to have dinner somewhere else. There's a big deck, chilled music and great outdoor lounge area but the food, although good, is a bit pricey for what it is.

- Courtney

Water Bar & Grill Steakhouse

The pier is the place to go for the best restaurants in Cairns.

My pick is Water Bar & Grill Steakhouse for a big serve of their half rack of ribs.

Book a table to avoid a wait, especially on weekends.

- Todd

Fetta's Greek Taverna

If you're eating out with a group of friends, it doesn't get better than Fetta's Greek Taverna. The plate smashing, belly dancing, Greek music and wholesome food are fun.

- Ryan

STAY

Shangri-la Hotel Cairns

The location of the Shangri-la Hotel is fantastic right on the marina. We enjoyed views of the water and boats below and the pier, where all the buzzy restaurants and bars are, is just a few minutes' walk away. The hotel is modern, the staff friendly and the rooms fantastic.

- Adrian

Cairns Coconut Holiday Resort

If you're travelling with children the best place to stay is the Cairns Coconut Holiday Resort. The resort's facilities are the best I've seen a waterpark play area, playground, several pools, barbecue, volleyball nets, jumping pillows and more. It's a short drive to the city centre and there's a free courtesy bus. We stayed in one of the Sun Lagoon Condos, which had everything we needed for a one-week stay.

- Karen

Mantra Esplanade Cairns

The Mantra Esplanade is the perfect spot to stay while in Cairns. It's right on the Esplanade near plenty of shops and restaurants and it's lovely to do a morning walk beside the water.

We paid extra for an ocean view room and made the most of the balcony, soaking up the humidity with a glass of wine each afternoon. There's free secure parking onsite and a great kitchenette if you enjoy doing a little self-catering while you're away.

- Judy

SHOP

Night markets

The night markets are a lively place to grab a bite to eat or pick up souvenirs.

There are a lot of cheap massage places if you want to treat yourself after a big day of diving.

The markets are undercover so rain isn't a problem.

- Adrian

Rusty's Markets

I love the hustle and bustle of Rusty's Markets. There's a great variety of fresh, local produce.

It's much cheaper than the supermarkets, with lots of weird and wonderful tropical fruits and Asian vegetables.

Stop for a coconut water and some prawns or hunt down the guy who makes wonderful hand-cut chips right in front of you, they're delicious.

- Tara

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Holiday haven on the NSW South Coast

An aerial view of the road to Bermagui across Wallaga Lake. Picture: Brian Johnstone Source: Supplied

The Tomaga River at Mossy Point south of Batemans Bay. Picture: Brian Johnstone Source: Supplied

THE NSW South Coast is blessed with beautiful beaches, national parks and rolling hills and rainforest. Brian Johnston explores the diverse region.

KANGAROO VALLEY
Best for a country getaway

Stray a few kilometres inland from Berry, two hours from Sydney, and you'll find a lush, tranquil valley ideal for a country getaway, demonstrating the South Coast isn't all about beaches.

"Kangaroo Valley is very friendly and welcoming," says Christopher Warren of the local tourist association.

"It's a place to rejuvenate, de-stress and get in touch with a sense of place," Warren says.

There are plenty of activities to keep the family occupied, including cycling, horse riding, bushwalking, fishing for bass and perch in the Kangaroo River or at Tallowa Dam, cooking and art classes, and highly scenic golf at Kangaroo Valley Golf & Country Resort.

Kangaroo Valley Adventure Company takes you mountain biking and kayaking on the river or through Shoalhaven Gorge. Pioneer Museum Park, an 1850s working farm with saddlery, dairy, forge and schoolhouse, is also great for kids.

To enjoy the best of the valley's produce, take a lively tour with Tastes of Kangaroo Valley for pie and wine tastings, visits to olive groves and permaculture gardens, and the chance to sample fudge, tapenades, jams and yoghurts.

More: visitkangaroovalley.com.au

Where to stay: The Heavens Mountain Escape offers two secluded couples retreats and a two-bedroom cottage, set on a 65ha property where alpacas and kangaroos wander.

MILTON
Best for shopping

Milton is a pretty village of colonial buildings and good eateries just north of Ulladulla, sitting in rolling countryside with views towards the Budawang Mountains and Pacific Ocean.

"Milton is a great place to stay, with fine surf beaches nearby at Mollymook, water sports on Lake Conjola and bushwalking in Moreton National Park," says Carol Joyce, owner of Milton Country Cottages.

For such a small village, it has a surprisingly interesting range of boutique shops.

The very innovative Merchants of Milton has amusing recycled products, pre-loved costume jewellery and quirky sculptures.

At shoe store Panache, you'll find footwear like none you get in mainstream department stores, since owner Kathryn Toth sources shoes direct from trade shows.

Next door, Afterglow has designer fashions by local talent, and the owner Charm Baltis makes her own jewellery.

In retro Nikki B's, you'll find kitchenware so out of fashion it's now in fashion again, as well as vintage clothing and furniture. Browse Chieftan Trading Company for Turkish bowls and plates.

"It's all part of what makes Milton so surprising," Joyce says. "Stay a while, and enjoy what we have to offer," she adds.

More: miltonvillage.com.au

Where to stay: Milton Country Cottages offers spacious self-catering accommodation. Try your hand at pottery lessons at the attached Yatte Yattah Pottery workshop.

BATEMANS BAY
Best for activities

When the iconic iron bridge over the Clyde River at Batemans Bay comes into view, you've arrived in arguably the best family holiday destination on the NSW South Coast.

There are ample opportunities here for relaxation and the creation of happy memories.

As well as beaches and ocean, the Clyde River is a delightful recreational river popular for fishing, kayaking, jet-skiing and boating.

Rent a houseboat from Clyde River Houseboats and have a Huckleberry Finn adventure by heading upriver for a few days.

There are plenty of other ways to enjoy the water. Surf the Bay is a mobile surf school that will give the kids group or private lessons.

Kayaking is another popular activity. Bay & Beyond Sea Kayak Tours offers tuition and excursions, a highlight being the sunset paddle on Durras Lake, one of the most pristine coastal lakes in NSW.

For a change from water, head to Mogo Zoo, a small private zoo that breeds endangered species such as tigers, tapirs, lemurs, snow leopards and red pandas. Behind-the-scenes "zookeeper for a day" experience are terrific, and will be a lasting holiday memory for young and old.

More: eurobodalla.com.au/batemans-bay

Where to eat: Wray Street Oyster Shed near the highway's landmark iron bridge has some of the freshest and fattest oysters you're likely to ever taste.

TUROSS HEAD
Best for fishing

If you're after a spot along the South Coast where the whole family can cast a line, Tuross Head 46km south of Batemans Bay is the place.

It sits well off the Princes Highway on a beautiful peninsula between the ocean and two lakes.

"Tuross Lake hasn't been commercially fished in years and is full of bream, flathead, garfish, mullet, trevally, whiting, snapper and crabs," says John Suthern, who is the owner of the Tuross Boatshed.

Check out the photos on the boatshed's walls showing happy fishermen who have caught enormous mulloway.

You can head out on professional fishing charters for a sports fishing challenges, or simply catch yourself enough from a jetty - or in the surf - to throw on the barbecue.

"Renting a tinnie is another fine way to fish," says Suthern.

"Though you might find yourself with some competition from seals and pelicans."

If you're a really keen fishing enthusiast, join the Tuross Head Fishing Club, which is especially welcoming to junior members and has regular barbecues, raffles and other social events.

More: eurobodalla.com.au/tuross-head

Where to golf: Want a change from fishing? The local Tuross Head Country Club has a nine-hole course with a friendly clubhouse and lovely views of Coila Lake.

BERMAGUI
Best for scenery

Looking for a holiday where you can just spend your days swimming, eating oysters and waking to the sound of surf?

Then the Sapphire Coast - tranquil, relatively undeveloped and surely one of the most beautiful stretches of coastline in Australia - is for you.

Sitting between scalloped bays dotted with towering Norfolk pines, Bermagui looks towards Mt Dromedary in the hinterland and the ocean.

The only blues you'll encounter are the colours of sea and sky meeting at Blue Pool, cut out of the rock on the seashore.

Hang out on Fisherman's Wharf and enjoy great fish straight from the local boats at the Sundeck Cafe, or a glass of wine at the Horse & Camel.

There are activities for serious anglers. Big game fishermen from all over the world come to Bermagui for yellow-fin tuna and blue marlin, or you can net smaller fry including whiting, snapper, bream and flathead.

Take a kayak on to Lake Wallaga with Ocean Wilderness Sea Kayaking. Rock fishing, snorkelling, surfing, walks in national parks and scenic drives are other options, as well as a visit to Montreal Goldfield, the country's only coastal goldfield.

More: sapphirecoast.com.au

Where to stay: Moorhen Cove is a beachfront, luxury three-bedroom townhouse on the edge of Bermagui, with beautiful views over wetlands and all the creature comforts.

MAKE IT HAPPEN

Getting there: Virgin Australia, visit virginaustralia.com, ph 13 67 89.

More: southcoast.net.au

THREE WAYS TO DO THE SOUTH COAST

1. Budget

Sleep: Tuross Lakeside Tourist Park has powered sites (from $24) and onsite cabins from $80 a night.

Eat and drink: Red Box Pizza overlooks Tuross Lake and has a huge range of wood-fired pizzas in traditional and gourmet varieties.

Shop: Head 15km to the dairy village of Bodalla for local cheese and bread shops.

Do: Rent a boat ($80 for four hours) and head out on to the calm waters of Tuross Lake to relax or fish.

2. Mid-range

Sleep: From $115 a night or $690 a week, Depot Beach Cabins near Batemans Bay are fully self-catering, set among spotted gums just steps from the ocean.

Eat and drink: Barkala Kitchen uses local produce in great Spanish tapas dishes ($8-18) such as dry-cured Spanish ham, Eden mussels and fried chorizo.

Shop: Short of a plush animal, or looking for educational toys? Head to Wild Things gift shop at Mogo Zoo for great Christmas stocking-fillers.

Do: Moruya Aero Club does scenic flights from $150 for up to three people. It is a great way to admire the scenic beauty of the region's beautiful coastline, lakes and offshore islands.

3. Luxury

Sleep: Bannisters at Mollymook near Ulladulla has a spa, and a restaurant from celebrity chef Rick Stein. Rooms from $250.

Eat and drink: Cupitt's Winery outside Milton has a cellar door and a relaxed restaurant. Mains from $32, desserts $16.

Shop: Milton's Revival Antiques features furniture from leading Australian designers. Sought-after Featherstone contour chairs start from $5000s.

Do: Head out on a high-powered boat and enjoy deep-sea game fishing off the Ulladulla coast. Charters from $1800 a day.

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$A back below 103 US cents

THE Australian dollar has dropped back below 103 US cents following weakness on global share markets and commodity prices.

At 0700 AEST on Monday, the currency was trading at 102.82 US cents, down from 103.10 US cents on Friday afternoon.

Westpac New Zealand senior market strategist Imre Speizer said the Australian dollar weakened during Friday night's European and US sessions as equities markets moved lower.

Mr Speizer said markets were disappointed after European Central Bank (ECB) official Joerg Asmussen warned of the side effects of low interest rates.

His comments undermined widespread expectations the ECB will cut its key interest rate when it meets later in the week.

Mr Speizer said the currency was likely to continue to move lower over the next few days, possibly dropping below 102.20 US cents.

"It looks like it wants to test those levels," he said.

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Swim with whale sharks at Ningaloo Reef

The crystal-clear waters of Ningaloo offer excellent snorkelling opportunities while taking a break from whale watching. Picture: Stewart Allen Source: Supplied

Ningaloo is one of the most reliable places in the world to observe these gentle giants of the sea. Source: Supplied

THE sky is cloudless blue, the water is a flat crystal-clear green, and my heart is already pounding when our boatload of keen whale shark adventurers motors away from the jetty in Western Australia's Coral Bay.

Swimming with the rare and massive whale shark has been a decades-long dream, and I was here in the 260km-long Ningaloo Marine Park on the remote Coral Coast seven years ago to do just that, but the sea was too rough for the boats to go out.

Today, though, it looks like everything is falling into place.

The biggest fish in the sea, whale sharks are about 55cm long when born and can grow to 18m in length at full maturity, which is around thirty years.

The ones most often seen in Ningaloo are 4-5m, the equivalent of teenagers. They come to the area from mid-March to July in response to the annual coral spawning.

The spawn attracts countless tiny planktonic organisms, which are the whale sharks' main source of food.

The shark is a filter-feeder, drawing in water through its massive mouth and filtering out the plankton with mesh-like rakers inside its gills.

Ningaloo is one of the most reliable and easily accessible places in the world to swim with the sharks, and in 2012, with just over 1000 tours during the season, the rate of success in finding sharks was over 94 per cent.

Our first stop this day is a kilometre offshore, still well inside the reef. We practice entering the water while the boat is still moving, and with a minimum of splash to avoid frightening the shark.

Ningaloo Reef Dive guide Kyeesha explains that when a whale shark is located by the spotter plane flying overhead, the boat will circle to pass in front of it and we will have mere seconds to get into the water.

In wetsuits, with mask, snorkel, and fins in place, we line up on the platform at the stern, wait for the signal, then slide into the sea.

We practice forming an 8m horseshoe behind an imaginary shark then follow it over the coral as turtles and fish dart away from us. Then we get back on board to head out past the reef, about 4km from land, and wait.

A whale shark is soon spotted and we are off. We sit grinning with anticipation as skipper Steve powers the boat through the water.

Guides Kyeesha, Kenzo, and Macca split us into two groups of eight and run over the procedure again, then the first group is ushered to the stern.

I wait on the platform and look at the deep water, a dark blue-green with just the slightest swell, and I try not to think about other kinds of sharks, only about the harmless one we are about to meet.

Kyeesha shouts at us to get ready. The boat slows and my heart speeds.

Skipper Steve blows the horn. Kyeesha drops in first, then we follow.

I peer through the bubbles from other snorkellers' fins and see her pointing into the deep. A shape rises towards us. It's a whale shark, 6m long, mouth gaping as it glides through the water.

All around me people are exclaiming into their snorkels.

We hurry out of the shark's path and fall into horseshoe formation then begin an easy-paced swim behind it. I can't quite believe I'm here, and stare at the fish's sheer bulk and the slow sweep of its tail, at the array of spots on its body.

The markings behind its gills are as individual as a human fingerprint and crucial in studies to identify sharks and map their movements. Very little is known about the shark's life and behaviour, so conservation groups such as Ecocean operate online databases where anyone can help researchers by submitting photos and information about sightings.

We follow on the surface as the shark swims deeper, and with visibility at 20m it's a long time before those white spots disappear into the gloom.

The duration and conduct of whale shark swims are strictly regulated.

There are three other boats in the water on this day, keeping well apart and taking turns so the shark won't be disturbed or frightened.

The Ningaloo Reef Dive crew is passionate about whale sharks, Ningaloo, and the protection of both, and they are keen to share their knowledge and experiences.

On board after six swims, Steve takes us back inside the reef. We moor for lunch - a delicious salad buffet freshly prepared by the crew, then mask up again for a final snorkel.

The water is turquoise here, just 8m deep, with coral bombies growing up to the surface. Schools of tiny fish swim just out of reach, a turtle eyes me as it passes, and I float over the coral garden, so glad I finally swam with a whale shark, feeling like I'm flying.

Katherine Howell has published six crime novels. Her latest book is the hugely successful Web of Deceit. Details at katherinehowell.com

GO2 - NINGALOO REEF

Doing there: Ningaloo Reef Dive runs full-day whale shark tours from Coral Bay. Morning and afternoon tea and lunch are supplied, as are wetsuits, snorkels, masks and fins. Ph (08) 9942 5824.

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US 1st quarter growth at 2.5%

THE US economy grew at a pace of 2.5 per cent in the first quarter of 2013, with cuts in government spending offsetting private consumption and investment gains, the Commerce Department says.

The first estimate of GDP growth in the first quarter was a solid rebound from the previous quarter's poor 0.4 per cent pace, but it came in below the average analyst forecast of 2.8 per cent.

Consumer spending gained 3.2 per cent, a pick-up from the fourth quarter, and business investment continued to grow, albeit at a slower pace, gaining 2.1 per cent.

But federal government spending, hit by the "sequester" budget cuts which took effect during the quarter, continued to drag on the economy, falling 8.4 per cent.

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Honda's profit up despite China woes

HONDA'S fiscal fourth quarter profit rose nearly 6 per cent as the Japanese car maker's recovery from floods in Thailand the previous year offset recent sales losses in China.

Honda posted a quarterly profit of 75.7 billion yen ($A746.56 million), up from 71.5 billion yen the same period the previous year, according to company figures released on Friday.

Quarterly sales jumped 14 per cent to 2.74 trillion yen.

Also coming as good news for Japanese exporters like Honda is the weakening yen, as it raises the value of overseas earnings and helps lower selling prices abroad.

The dollar has been approaching 100 yen levels, up by more than 20 per cent from late last year.

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US dollar eases on US poor Q1 growth data

THE US dollar has slipped back against the euro, after a weaker-than-expected US first quarter growth estimate and as fears eased of military escalation over Syria's alleged use of chemical weapons.

Meanwhile, the yen pushed higher after the Bank of Japan held steady on its stimulus program and said economic growth was pulling out of stagnation.

The euro edged higher to $US1.3029 at 2100 GMT on Friday (0700 AEST Saturday) from $US1.3009 late on Thursday GMT.

The US dollar fell to Y97.99 from Y99.29, while the euro dropped to Y127.76 from Y129.16.

The euro had fallen on Thursday on worries that Washington's acknowledgment of possible chemical weapons use by the Damascus regime would lead to US military intervention in the conflict.

But US President Barack Obama slowed the pace of escalation on Friday by promising a "vigorous investigation" into the allegations.

Meanwhile, US growth for the January-March quarter came in at 2.5 per cent, a solid rebound from the previous quarter but slower than many economists had predicted.

That firmed expectations that the Federal Reserve was not likely to tighten monetary policy in the near future, as government spending cuts and higher payroll taxes continue to restrain growth.

Even so, traders are now waiting to see what hints come from the Fed's two-day policy board meeting beginning on Tuesday, said David Song of DailyFX.

"We may see a greater argument to scale back on quantitative easing as the US economy gets on a more sustainable path," Song said.

"Indeed, the central bank may adopt a more neutral to hawkish tone for monetary policy as the recovery gradually gathers pace."

In Japan, the central bank held off announcing any new policy measures after its first meeting since unveiling a huge stimulus package this month.

The Bank of Japan said its policy board was unanimous in voting to stay put for the moment, while it separately forecast 2.9 per cent growth for the fiscal year to March 2014, predicting inflation to pick up to 0.7 per cent.

But current figures showed the challenge of deflation remains: Friday data for March showed core consumer prices, which excluded volatile food prices, fell 0.5 per cent on-year.

Meanwhile the British pound continued to gain on fresh optimism for economic growth, reaching $US1.5474 from $US1.5430 late Thursday.

And the US dollar edged lower against the Swiss franc, moving to 0.9425 francs from 0.9448 francs.

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India's Maruti Q4 profit nearly doubles

INDIA'S biggest domestic carmaker Maruti Suzuki has seen its net quarterly profit nearly double, bucking the weakest overall market in a decade.

Maruti's strong performance in the final quarter of the last financial year - driven by cost-cuts, a lower Japanese yen and demand for new models - far outpaced market expectations and propelled the firm's shares to a 52-week peak.

Profit for the three months to March 31 surged to 12.40 billion rupees ($A222 million) from 6.4 billion rupees a year earlier on sales that leapt 14 per cent to 131 billion rupees, the Japanese-controlled company said.

"The increase in net profit during the quarter was on account of higher sales of new models such as Ertiga, Dzire and Swift, cost reduction and localisation efforts and the benefit of a favourable exchange rate," the company said.

The earnings vastly surprised market forecasters who thought Maruti would post a profit of about 7.2 billion rupees.

Maruti's Ertiga minivans, Dzire sedan and Swift hatchbacks have all been big hits with Indian car buyers as increasingly affluent drivers seek bigger vehicles, countering softening demand for small entry-level cars.

The results, which included the impact of Maruti's merger with its engine production operation Suzuki Powertrain India during the last financial year, pushed the company's stock up by more than five per cent to 1,690.40 rupees.

Maruti, majority-owned by Japanese automaker Suzuki, has seen its costs drop sharply due to a near 10 per cent weakening of the Japanese yen against the rupee, which makes car parts imported from Japan much less costly.

Excluding the merger, Maruti's profit for the three months to March jumped 79.8 per cent to 11.5 billion rupees on sales that climbed 9.4 per cent in the same period to 125.7 billion rupees.

The strong performance by the company comes in the face of a decline for the first time in a decade of Indian passenger car unit sales.

Earlier this month, the Society of Indian Automobile Manufacturers reported domestic passenger car sales fell by 6.7 per cent in the year to March 2013 from a year earlier to 1.89 million units, hit by a sharply slowing economy.

Overall unit passenger car sales are expected to grow in the next 12 months but only by three-to-five per cent - a far cry from a record 30-per cent rise in 2010-11, the industry group said.

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Zuckerberg sold shares to pay tax bill

Facebook boss Mark Zuckerberg was forced to sell some of his shares to pay a huge tax bill. Source: AAP

FACEBOOK chief executive Mark Zuckerberg reaped a gain of nearly $US2.3 billion ($A2.24 billion) last year when he exercised 60 million stock options just before the online social networking leader's initial public offering.

The windfall detailed in regulatory documents filed on Friday saddled Zuckerberg, 28, with a massive tax bill. He raised the money to pay it by selling 30.2 million Facebook Inc shares for $US38 apiece, or $US1.1 billion, in the IPO.

Facebook's stock hasn't closed above $US38 since the IPO was completed last May. The shares gained 71 US cents on Friday to close at $26.85.

The 29 per cent decline from Facebook's IPO price has cost Zuckerberg nearly $US7 billion on paper, based on the 609.5 million shares of company stock that he owned as of March 31, according to the regulatory filing. His current stake is still worth $US16.4 billion.

Zuckerberg, who started Facebook in his Harvard University dorm room in 2004, has indicated he has no immediate plans to sell more stock.

The exercise of Zuckerberg's stock options and his subsequent sale of shares in the IPO had been previously disclosed. The proxy statement filed to announce Facebook's June 11 shareholder meeting is the first time that the magnitude of Zuckerberg's stock option gain had been quantified.

The proxy also revealed that Zuckerberg's pay package last year rose 16 per cent because of increased personal usage of jets chartered by the company as part of his security program.

Zuckerberg's compensation last year totalled nearly $US2 million, up from $US1.7 million last year. Of those amounts, $US1.2 million covered the costs of Zuckerberg's personal air travel last year, up from $US692,679 in 2011.

If not for the spike in travel costs, Zuckerberg's pay would have declined by 17 per cent. His salary and bonus totalled $US769,306 last year versus $US928,833 in 2011.

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Citigroup buys ING custody services

Citigroup announced it is acquiring the eastern Europe custody services business of ING. Source: AAP

US bank Citigroup has announced it is acquiring the eastern Europe custody services business of its Dutch rival ING.

The acquisition covers assets worth 110 billion euros ($A139.55 billion) in seven countries: Bulgaria, Hungary, the Czech Republic, Romania, Russia, Slovakia and the Ukraine, according to statements from both banks.

The transaction, for an amount not made public, is to be finalised in the first quarter of 2014, Citigroup said.

Citigroup already held $US13.5 trillion in assets under custody, making it one of the world's largest providers of custody services.

ING has sold a number of its operations in the past two years, as it works to pay back a 10 billion euro bailout it got in 2008 during the global financial crisis.

The bank had already separated its insurance and banking operations and sold its Latin-American businesses in 2011 as well as ING Direct USA in February of this year.

ING is also preparing an IPO for its US subsidiary, after which it hopes to raise up to $US1.5 billion.

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ADM makes another GrainCorp offer

ARCHER Daniels Midland Co. is closer to making a huge expansion into Australia with a possible deal for grain handler GrainCorp.

Decatur, Illinois-based ADM has offered 12.20 Australian dollars ($US12.54) to buy GrainCorp.

That values GrainCorp at about $US3.1 billion ($A3.03 billion), including the portion of GrainCorp that ADM already owns.

The deal announced late on Thursday says GrainCorp's board has agreed to recommend the offer to shareholders for approval.

ADM's two previous offers for GrainCorp Ltd. were rejected for being too low.

ADM says it is examining GrainCorp's books and will announce a final decision about the deal by end of its first-quarter earnings conference call, which has been delayed until Wednesday.

ADM has been looking to invest in overseas suppliers. Australia is a major exporter of commodities, including iron ore and wheat.

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US dollar eases on US poor Q1 growth data

THE US dollar has slipped back against the euro, after a weaker-than-expected US first quarter growth estimate and as fears eased of military escalation over Syria's alleged use of chemical weapons.

Meanwhile, the yen pushed higher after the Bank of Japan held steady on its stimulus program and said economic growth was pulling out of stagnation.

The euro edged higher to $US1.3029 at 2100 GMT on Friday (0700 AEST Saturday) from $US1.3009 late on Thursday GMT.

The US dollar fell to Y97.99 from Y99.29, while the euro dropped to Y127.76 from Y129.16.

The euro had fallen on Thursday on worries that Washington's acknowledgment of possible chemical weapons use by the Damascus regime would lead to US military intervention in the conflict.

But US President Barack Obama slowed the pace of escalation on Friday by promising a "vigorous investigation" into the allegations.

Meanwhile, US growth for the January-March quarter came in at 2.5 per cent, a solid rebound from the previous quarter but slower than many economists had predicted.

That firmed expectations that the Federal Reserve was not likely to tighten monetary policy in the near future, as government spending cuts and higher payroll taxes continue to restrain growth.

Even so, traders are now waiting to see what hints come from the Fed's two-day policy board meeting beginning on Tuesday, said David Song of DailyFX.

"We may see a greater argument to scale back on quantitative easing as the US economy gets on a more sustainable path," Song said.

"Indeed, the central bank may adopt a more neutral to hawkish tone for monetary policy as the recovery gradually gathers pace."

In Japan, the central bank held off announcing any new policy measures after its first meeting since unveiling a huge stimulus package this month.

The Bank of Japan said its policy board was unanimous in voting to stay put for the moment, while it separately forecast 2.9 per cent growth for the fiscal year to March 2014, predicting inflation to pick up to 0.7 per cent.

But current figures showed the challenge of deflation remains: Friday data for March showed core consumer prices, which excluded volatile food prices, fell 0.5 per cent on-year.

Meanwhile the British pound continued to gain on fresh optimism for economic growth, reaching $US1.5474 from $US1.5430 late Thursday.

And the US dollar edged lower against the Swiss franc, moving to 0.9425 francs from 0.9448 francs.

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Zuckerberg sold shares to pay tax bill

Facebook boss Mark Zuckerberg was forced to sell some of his shares to pay a huge tax bill. Source: AAP

FACEBOOK chief executive Mark Zuckerberg reaped a gain of nearly $US2.3 billion ($A2.24 billion) last year when he exercised 60 million stock options just before the online social networking leader's initial public offering.

The windfall detailed in regulatory documents filed on Friday saddled Zuckerberg, 28, with a massive tax bill. He raised the money to pay it by selling 30.2 million Facebook Inc shares for $US38 apiece, or $US1.1 billion, in the IPO.

Facebook's stock hasn't closed above $US38 since the IPO was completed last May. The shares gained 71 US cents on Friday to close at $26.85.

The 29 per cent decline from Facebook's IPO price has cost Zuckerberg nearly $US7 billion on paper, based on the 609.5 million shares of company stock that he owned as of March 31, according to the regulatory filing. His current stake is still worth $US16.4 billion.

Zuckerberg, who started Facebook in his Harvard University dorm room in 2004, has indicated he has no immediate plans to sell more stock.

The exercise of Zuckerberg's stock options and his subsequent sale of shares in the IPO had been previously disclosed. The proxy statement filed to announce Facebook's June 11 shareholder meeting is the first time that the magnitude of Zuckerberg's stock option gain had been quantified.

The proxy also revealed that Zuckerberg's pay package last year rose 16 per cent because of increased personal usage of jets chartered by the company as part of his security program.

Zuckerberg's compensation last year totalled nearly $US2 million, up from $US1.7 million last year. Of those amounts, $US1.2 million covered the costs of Zuckerberg's personal air travel last year, up from $US692,679 in 2011.

If not for the spike in travel costs, Zuckerberg's pay would have declined by 17 per cent. His salary and bonus totalled $US769,306 last year versus $US928,833 in 2011.

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US stocks rebound despite dull earnings

US stocks rallied last week despite mediocre economic data and middling corporate earnings, revealing once again the power of the US policy regime of easy money and low interest rates.

Heading into the week, some market watchers had feared a big correction was looming, and an end to the bull market, after the sharp fall at the end of the previous week.

But markets again proved the bears wrong. The Dow Jones Industrial Average added 165.02 (1.13 per cent) to 14,712.53 over the five sessions to Friday.

The broad-based S&P 500 rose 26.99 (1.74 per cent) to 1,582.24, while the tech-rich Nasdaq Composite Index jumped 73.20 (2.28 per cent) to 3,279.26.

"It's been a rebound week for asset classes, including the market," said Art Hogan of Lazard Capital Markets. "We've failed to continue with the sell-off that a lot of people were looking for."

Hogan said the rally came "in spite of the news", referring to mediocre economic data and earnings reports.

Friday's report on gross domestic product growth came in at a disappointing 2.5 per cent, compared with expectations for 2.8 per cent. The report in some ways was not as bad as it looked - consumer spending rose 3.2 per cent - but it showed the drag of the federal spending cuts known as the "sequester".

Yet markets still rose. Briefing.com analysts said investors concluded the Federal Reserve was not likely to tighten economic policy in the near future.

"The broader market appeared unconcerned as market participants are well aware of the Federal Reserve's commitment to maintain its accommodative monetary policy for as long as conditions warrant," Briefing said.

Wednesday's durable goods report was also feeble. New orders for all durable goods dropped 5.7 per cent from February, with most categories losing ground.

And a plethora of earnings reports gave a mixed reading on the economy. The most eagerly anticipated, Apple, reported an 18 per cent drop in year-on-year profits, its first such decline in nearly 10 years.

But the technology giant cushioned the blow by more than doubling to $US100 billion ($A97.59 billion) the amount it will spend to buy back its stock and pay dividends.

Apple closed out the week at $US417.20, up 6.8 per cent.

Boeing, however, marked up a 20 per cent gain in net income despite the global grounding of its newest aircraft, the 787, on battery problems. Boeing said the problems would not dent its 2013 profits.

Procter & Gamble shares fell 5.3 per cent for the week on its poor showing. Morgan Stanley characterised P&G's revenue growth of 2 per cent as "disappointing", while Hilliard Lyons rued P&G's feeble profit forecast for the upcoming quarter.

Weak revenue and cautious guidance have been a trend in the current batch of earnings releases, analysts said.

While 70 per cent of companies in the S&P 500 have exceeded profit forecasts, only 35.5 per cent have exceeded expectations for revenue, said Gregori Volokhine, president of Meeschaert Capital Markets.

Revenues have been "murky", while guidance has been "guarded", said Peter Cardillo of Rockwell Global Capital.

The volume of corporate earnings lets up a bit in the coming week, but there are still some major equities reporting, including Pfizer, Facebook and General Motors.

The week will also be a busy period for economic indicators, culminating with Friday's monthly release on unemployment and nonfarm payrolls, the most eagerly awaited data point of them all.

For good measure, the central banks will also be active, with meetings on tap of the US Federal Reserve's key policy committee and the European Central Bank. Some analysts think the ECB may slash interest rates.

"We've got plenty of things that could make the market move," said Hogan. "It's a very catalyst-rich week."

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