Aged care workers to strike for better pay
SYDNEY, AAP – The aged care workforce has voted for a national strike in the middle of the federal election campaign in a push for better pay and conditions. The May 10 strike, less than two weeks out from the election, was endorsed by union leaders from aged care providers on Wednesday night, with the…
Prices surge on coal-reliant grid: report
CANBERRA, AAP – Wholesale electricity prices for industry and large businesses have breached the federal government’s promised level, adding another cost pressure to the economy. The Australian Energy Market Operator said on Friday that prices in the national electricity market averaged $87 per megawatt-hour in the first three months of this year, up more than…
Wall Street soars despite GDP gloom
NEW YORK CITY, RAW – Wall Street has ended sharply higher after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the US economy’s contraction in the first quarter. The Facebook parent surged 17.6 per cent after the social network reported a larger than expected profit…
Albanese returns to cost of living debate
CANBERRA, AAP – Labor is keeping rising childcare fees and the cost of living at the forefront of its election pitch, as leader Anthony Albanese rejoins the campaign trail after a week of COVID-19 isolation. Mr Albanese will fly to Perth on Friday ahead of the party’s campaign launch on the weekend. Labor attacked the…
ASX snaps losing streak with 1.0pc gain
SYDNEY, AAP – The Australian share market has bounced back from its three-day losing streak, with gains nearly across the board as traders snapped up cheap shares in major miners and oil producers. The benchmark S&P/ASX200 index closed up 95.7, or 1.3 per cent, to 7,356.9, while the broader All Ordinaries finished up 95.4 points,…
Online market rankings raise ACCC concerns
SYDNEY, AAP – Product rankings on marketplace websites run by the likes of Amazon, eBay and Kogan are the latest focus of the consumer watchdog’s scrutiny of online algorithms. The Australian Competition and Consumer Commission is considering whether Australia needs new regulations for digital marketplaces and other platforms. It has been increasingly concerned about algorithms…
Ford loses $US3.1 billion in first quarter
DALLAS, AP – US carmaker Ford lost $US3.1 billion ($A4.3 billion) in the first quarter of 2022, weighed down by its investment in an electric-vehicle startup, while its revenue slid as a shortage of chips limited the supply of pickups and SUVs in North America. Company executives pointed away from the loss and towards results…
ASX up 0.8pc at noon as rally continues
SYDNEY, AAP – The local bourse is enjoying gains across the board at midday, continuing its bounce-back from a brutal three-day stretch that began a week ago. The benchmark S&P/ASX200 index was up 55.7 points to 7,412.6 at noon, a gain of 0.76 per cent. The broader All Ordinaries index was up 63.4 to 7,705.8,…
Coles shoppers load up with food, liquor
SYDNEY, AAP – Shoppers have been packing their trolleys with more groceries – and alcohol – in the first three months of the year, in a trend that has lifted sales and revenue at supermarket chain Coles. The listed company, formerly a part of conglomerate Wesfarmers, reported a 3.9 per cent increase in retail sales…
Investors fret over potential Musk U-turn
NEW YORK, RAW – Investors speculating over whether Elon Musk will complete his $US44 billion ($A62 billion) acquisition of Twitter have sent the social media company’s shares to their lowest level since the deal was announced. Traders fretted Musk may not have enough money sitting around to fund his $US21 billion cash contribution and could…
