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RBA monitoring risks from strong lending

CANBERRA, AAP – The Reserve Bank says the strength of the housing market is good for the economy, but the subsequent strong demand for mortgages may leave both households and banks vulnerable. RBA assistant governor responsible for financial stability Michele Bullock has told an online conference that housing credit is currently running at an annualised…

Boeing to build military aircraft in Qld

BRISBANE, AAP – Aerospace giant Boeing has selected Toowoomba in southeast Queensland to build unmanned military aircraft at a facility unlike any other outside North America. Subject to orders from the federal government, a “final assembly production facility” will be built at Wellcamp Airport, owned by the Wagner Corporation. “We know the federal government is…

PM defends Australian climate track record

CANBERRA, AAP – Scott Morrison insists Australia is doing enough to reduce emissions as he meets with US President Joe Biden ahead of climate talks between world leaders. Australia is under increasing global pressure to update its emissions reduction targets and commit to achieving net zero by 2050. The US has been among nations publicly…

Asia trade tense in shadow of Evergrande

SINGAPORE, RAW – Asian stock markets have made a cautious start on Wednesday and the dollar held firm amid lingering nerves about the fallout from a looming failure at developer China Evergrande and anticipation the Federal Reserve may move a step closer to tapering. Japan’s Nikkei fell 0.5 per cent. Equity, bond and currency markets…

Economic growth outlook continues to slow

CANBERRA, AAP – A pointer to the future performance of the Australian economy suggests annual growth will hold just above the long-term average, despite an expected jolt to activity from lockdowns in the two biggest states. The Westpac-Melbourne Institute leading index, which indicates the likely pace of economic activity three to nine months into the…

NSW train drivers to strike next week

SYDNEY, AAP – NSW train drivers will strike next week as part of an industrial campaign over pay and conditions. The strike on Tuesday, October 5, from 9am to 1pm will be the culmination of a week of action, including a ban on overtime on Wednesday, a work to rule on Thursday and a go-slow…

UK gas price sparks food shortage fears

LONDON, AP – The UK government is racing to avert shortages of meat, poultry and packaged foods amid a crisis in the food processing industry triggered by soaring energy costs. Business Secretary Kwasi Kwarteng said on Tuesday that he hopes to reach a deal with the UK’s primary supplier of food-grade carbon dioxide to restore…

Wall St mixed ahead of Fed commentary

NEW YORK, RAW – US stocks have ended near flat after a broad sell-off the day before, with worries over troubles at developer China Evergrande and caution ahead of Federal Reserve policy news keeping a lid on the market. Trading was choppy, with the Dow and S&P 500 erasing session gains just before the close…

ASX back to gains but banks under cloud

SYDNEY, AAP – Australia’s share market had a modest recovery from Monday’s huge losses although the spectre of a teetering Chinese property giant weighed on some categories. The market had broad-based gains on Tuesday as investors saw bargains after the losses of 2.1 per cent the previous day. Energy, information technology and consumer discretionaries were…

Twitter to pay $US809m to settle lawsuit

SAN FRANCISCO, AP – Twitter says it will pay $US809.5 million ($A1.1 billion) to settle a consolidated class action lawsuit alleging the company misled investors about how much its user base was growing and how much users interacted with its platform. The San Francisco company said the proposed settlement, which must still be signed off…