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THE NEWS WRAP: Zara prepares for Melbourne debut

Wednesday, 8 June 2011 | By Michelle Hammond

Spanish fast-fashion retailer Zara will hit Melbourne for the first time next week, with a three-level 1,700 square metre store located in the Bourke Street Mall.

 

When the first Australian Zara store opened earlier this year in Sydney, 80% of stock sold out within minutes. It’s believed Zara’s popularity among Australian consumers could prompt other international retailers to open shops here.

 

LNG to add $36bn a year to Aus economy

 

Australia is poised to become the world’s largest producer and exporter of liquefied natural gas by 2020, earning $36 billion annually by this date, according to a new report.

 

In a report by the International Energy Agency, based in Paris, IEA chief economist Fatih Birol says: “We think Australia will play a crucial role in the golden age of gas. It could be a golden age for Australia’s LNG industry.”

 

Swan plans super funds for clean energy

 

Superannuation funds will be offered incentives that will lower the risk of investing in clean energy projects, under a plan being considered by the Federal Government.

 

The move comes amid mounting pressure from the Greens, the Australian Conservative Foundation and unions, all of whom are demanding new measures to support renewable energy technology.

 

Overnight

 

The Australian dollar was around a third of a US cent firmer this morning. 

 

Just after 6am, the dollar was trading at US107.21 cents, up from US106.89 cents yesterday.