Confidence edges up, mixed among states
CANBERRA, AAP – Consumer confidence remains volatile, rising slightly in the past week against the backdrop of mixed moods among the states. The ANZ-Roy Morgan consumer confidence index – a pointer to future household spending – rose 0.9 per cent to 101.1, a partial recovery from the 2.6 per cent drop in the previous week….
Wall Street slides as oil prices surge
NEW YORK CITY, RAW – Wall Street’s main indices have fallen sharply, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fuelled concerns about rising inflation. Nasdaq ended down 20.1 per cent from its November 19 record…
Russia warns West of $US300 per barrel oil
WASHINGTON, RAW – Western countries could face oil prices of more than $US300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, a senior minister says. Oil prices spiked to their highest levels since 2008 on Monday after US Secretary…
Rio didn’t tell investors of coal failings
SYDNEY, AAP – Rio Tinto misled investors when it failed to reveal some coal operations were no longer economically viable, a court has found. The Federal Court ruled the mining giant failed share market obligations by not passing on information that Rio Tinto Coal Mozambique could not continue as a top coking coal resource. The…
Energy shares jump on ASX, dollar gains
SYDNEY, AAP – ASX energy shares skyrocketed after talk of a US-led ban on Russian oil imports while boycotts of other commodities from the same regime pushed the Australian dollar higher. Energy shares gained five per cent on Monday and the Australian dollar rose to 74 US cents after the US and European allies discussed…
Climbing petrol costs fuel inflation fears
CANBERRA, AAP – Prices at the petrol bowser struck fresh record highs in the past week, prompting more calls for a cut in fuel excise to prevent a further blow out in the cost of living. The Australian Institute of Petroleum said the national average price for unleaded petrol rose a further 3.3 cents in…
Child care boost eases out-of-pocket costs
CANBERRA, AAP – Families with more than one child in care will see their out-of-pocket costs ease from Monday. A federal government boost to child care support will allow people to access a maximum 95 per cent subsidy on costs for second and subsequent children. Around 250,000 families will benefit from the increase to the…
Oil seesaws, Asia shares dip
HONG KONG, RAW – Oil prices have gyrated and Asian shares have fallen after Ukraine peace talks made little headway and the prospect of a ban on oil imports from Russia triggered investor fears over inflation and slowing economic growth. President Joe Biden’s administration is willing to move ahead with a US ban on Russian…
Oil surges 10 per cent in Asia, euro drops
SYDNEY, RAW – Oil prices have soared more than 10 per cent in hectic trading as the risk of a US and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets. The euro extended its slide, hitting parity against the safe…
ASX commodity shares ease after strong run
SYDNEY, AAP – Commodity shares have slipped on the ASX despite Russian politicians warning bans on their oil exports could send prices to $US300 per barrel. Energy and materials shares were lower in a stagnant market after rampant gains since Russian troops invaded Ukraine last month. The benchmark S&P/ASX200 index was up 0.1 points, or…
