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Global markets tremble amid rising Covid-19 cases

It’s has been an exceptionally rough day for the oil sector and broader markets in general as the lockdown lambaste wholly flipped the reflationary narrative on a dime. Global markets trembled Wednesday as a disquieting rise in coronavirus infections shattered investors’ psyche and now pose a clear and present danger to a nestling economic recovery….

US Senate tech hearing a political show

A US Senate hearing to reform an internet law and hold tech companies accountable for how they moderate content has turned into a political scuffle with lawmakers going after the companies and attacking each other. Congress is split on ways to hold Big Tech accountable under Section 230 of the Communications Decency Act – which…

Visa profits plunge as payments slow

Visa Inc. says its fiscal fourth quarter profits dropped 29 per cent due to fewer dollars crossing on its namesake payment network during the pandemic-caused global recession. The San Francisco-based company on Wednesday posted a profit of $US2.14 billion ($A3.03 billion), or 97 cents per share, down from a profit of $US3.03 billion, or $1.34…

ANZ year profit down 42pct, dividend cut

Australia and New Zealand Banking Group has reported a 42 per cent drop in full-year cash profit after loan losses increased due to economic challenges triggered by the COVID-19 pandemic. Australia’s fourth-largest bank set aside a further $1.06 billion, 36 per cent less than the amount set aside in the first half, largely to beef…

Unions urge Labor to support gas and coal

Powerful blue collar unions are urging Labor to show greater unity on energy policy by strongly supporting coal and gas. Mining and manufacturing officials have given a presentation to more than 30 Labor members and senators about the need to support the fossil fuels, arguing they would be required for years to come. The officials…

Ford posts better than expected 3Q profit

Ford Motor Co. has posted a stronger-than-expected third-quarter net profit as demand for cars and trucks recovers from coronavirus shutdowns and the company sells more high-margin trucks. The car maker said on Wednesday it made $US2.39 billion ($A3.39 billion), or 60 cents per share, as factories edged back to normal after the pandemic forced them…

Wall Street slumps as pandemic surges

US stocks have tumbled, with the Dow closing at lows last recorded in late July, as coronavirus cases soared globally and investors also worried about the possibility of a contested US presidential election next week. The spiralling pandemic and US politicians’ failure to reach a deal on new fiscal stimulus before the November 3 election…

Inflation bounce-back after historic decline

Inflation bounce-back after historic decline Consumer Price Index Inflation: The Consumer Price Index (CPI) – the main measure of inflation in Australia – rose by 1.6 per cent in the September quarter (consensus: +1.5 per cent). The result follows the 1.9 per cent decline in the CPI in the June quarter – the biggest quarterly…

Wet and windy weather to hit parts of NSW

Regional NSW is set for a soaking, with hailstones, heavy rainfall and strong winds forecast for parts of the state north and west of Sydney. The Bureau of Meteorology issued a severe thunderstorm warning on Wednesday for Lismore, Grafton, Coffs Harbour, Armidale, Orange, Tamworth, Moree and Dubbo. “Severe thunderstorms are likely to produce large hailstones,…

Aust shares close 0.11 per cent higher

Investors have helped Australia’s share market to its first gain in five sessions after shrugging off a poor lead from US worries about the coronavirus and presidential election. The S&P/ASX200 benchmark index finished up 6.7 points, or 0.11 per cent, to 6057.7 on Wednesday. The All Ordinaries closed higher by 15.3 points, or 0.24 per…