Ukraine conflict fuels inflation fears
Investors are bracing for further pressure on shares today as uncertainty generated by the Ukraine conflict feeds into existing worries about inflation and rising interest rates. After twelve years of extraordinary monetary support for the global economy, central banks around the world are increasingly hamstrung by rising prices caused by a combination of increasing post-Covid…
World Bank, IMF to get aid to Ukraine
WASHINGTON, RAW – The International Monetary Fund and World Bank are racing to provide billions of dollars of additional funding to Ukraine in coming weeks and months, and officials said the war there is creating “significant spillovers” to other countries. IMF chief Kristalina Georgieva and World Bank President David Malpass said the war was driving…
Whyalla to produce steel for Inland Rail
ADELAIDE, AAP – Whyalla workers will produce 147,000 tonnes of steel for key rail projects across Australia, including the Inland Rail project. Australian Rail Track Corporation has signed a $292 million contract with Liberty Primary Steel to supply the heavy duty rail, supporting 1500 jobs in the South Australian town. The contract will also support…
Apple, Google limit products in Russia
NEW YORK CITY, RAW – Apple said it has paused all product sales in Russia while Alphabet’s Google has removed Russian state-funded publishers such as RT from its news-related features, in response to the Russian invasion of Ukraine. “We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people…
Economists expect strong growth recovery
CANBERRA, AAP – The latest national accounts are expected to show the economy rebounded strongly in the December quarter and avoided the pain of another recession as a result of the COVID-19 pandemic. Reserve Bank governor Philip Lowe says the Australian economy has since proved resilient in the face of the Omicron variant, but warned…
Wall Street slips amid Ukraine crisis
NEW YORK CITY, RAW – Wall Street’s main indexes have slipped, with financial stocks bearing the brunt for a second straight day as the Russia-Ukraine crisis deepens while a surge in oil prices boosts shares of energy companies. Eight of the 11 major S&P sectors declined in early trading, with financials dropping 2.7 per cent…
Farmers fear for flooded crops, livestock
SYDNEY, AAP – As communities in Queensland and northern NSW grapple with widespread flood damage, some farmers are experiencing significant damage to their crops and fear for the safety of their livestock. Northern NSW macadamia farmer Warren Elvery said the damage was devastating. “There’s one dairy farmer that lost 180 head, there’s beef producers out…
ASX has third straight day of gains
SYDNEY, AAP – Investors have continued to claw back last week’s losses on the ASX and had a third consecutive day of gains. Technology shares surged by five per cent on Tuesday and most categories were higher, in a performance that defied a mixed US lead. A Reserve Bank decision to keep the cash rate…
Ukraine major source of uncertainty: RBA
CANBERRA, AAP – Reserve Bank of Australia governor Philip Lowe says the war in the Ukraine is a new major source of uncertainty, as his board left the cash rate at a record low 0.1 per cent at its monthly meeting. Dr Lowe said the global economy continues to recover from the COVID-19 pandemic, but…
Not too late to curb climate change cost
CANBERRA, AAP – The economic toll from climate change is tipped to worsen across Australia’s cities and regions, but market experts say there is still time to take stronger action. Increasingly frequent and severe events will hit crucial supply chains, markets, finance and trade, reducing the availability of goods in Australia and increasing their price,…
