Best day for ASX200 in three weeks
SYDNEY, AAP – Shares on the Australian market had their best day in three weeks despite oil and gas boycotts of Russia and a warning of higher inflation. A broad-based rally on Wednesday produced gains of more than one per cent after a three-day losing streak. The US declared a ban on Russian oil imports…
Fee hunters drawn to $1.6b in flood claims
CANBERRA, AAP – Insurance claims from the ongoing flood disaster have topped $1.6 billion, and “claims farmers” are scouting for lucrative fees from victims. Some 107,844 claims have been made so far in South East Queensland and New South Wales, the Insurance Council of Australia said on Wednesday. Based on previous flood events the estimated…
ASX gains after energy prices fall
SYDNEY, AAP – Australia’s share market was following world markets higher after the United Arab Emirates pledged to provide more oil to overcome boycotts of Russian supply. The ASX was up 0.77 per cent on Thursday as traders responded positively to the UAE pledge and oil prices dropped substantially, albeit from lofty heights. The UAE’s…
Climate change drives up food prices
SYDNEY, AAP – Australians can expect more expensive groceries and more empty supermarket shelves thanks to climate change, according to new research. The Fork in the Road report released on Wednesday by Farmers for Climate Action looked at the impacts of climate change on Australia’s food supply, following recent supply chain issues which have left…
The oil shock by nature is an accruing one, not a one-off
Markets In the past 48 hours, the Russian ruble traded between 111 and 177 against the US dollar. The moves suggest traders struggle to price Russia’s economic collapse in an illiquid fashion. Over in Europe, things are getting pretty complicated. EU leaders are trying to build a comprehensive and sectionalized united economic response to the…
Rate rise plausible this year: RBA’s Lowe
CANBERRA, AAP – Reserve Bank of Australia governor Philip Lowe says it is plausible that the cash rate will be increased later this year. Addressing a business conference on Wednesday, he said he recognised there is a risk of waiting too long before lifting the rate from a record low 0.1 per cent against the…
Apple adds 5G to new budget iPhone
SAN RAMON, PAA – Apple has unveiled a new version of its budget-priced iPhone that’s capable of connecting to ultrafast 5G wireless networks, an upgrade that has already been available on the company’s upscale models for more than a year. The latest iPhone SE marks the first upgrade to the bare-bones version of Apple’s most…
Wall St ends lower in rocky session
NEW YORK CITY, RAW – Major US stock indices have ended lower in rocky trading as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion. Losses accelerated into the end of Tuesday’s up-and-down session, a day after steep declines that confirmed…
RBA boss reflects on economic headwinds
CANBERRA, AAP – Reserve Bank governor Philip Lowe will face the business community at a time of escalating inflation, rising fuel costs and uncertainty over when official interest rate will start to rise. Dr Lowe will address the Australian Financial Review business summit on Wednesday. Following last week’s monthly RBA board meeting, Dr Lowe kept…
McDonald’s shuts outlets in Russia for now
DETROIT, AP – McDonald’s says it is temporarily closing all of its 850 restaurants in Russia in response to the country’s invasion of Ukraine. The burger giant said it will continue paying its 62,000 employees in Russia “who have poured their heart and soul into our McDonald’s brand”. But in an open letter to employees,…
