Aust shares higher for fourth day in five
SYDNEY, AAP – Market giant BHP was booming and the Australian share market was higher for a fourth day in the past five, helped by higher commodity prices. BHP was higher by four per cent to $48.56 on Tuesday and its mining rivals helped materials shares be the main driving force for the Australian market….
Social media firms face content crackdown
CANBERRA, AAP – Australia’s media watchdog will soon be able to use new powers to hold tech giants to account for misinformation or harmful online content. The federal government is set to introduce new laws to parliament later this year that would provide the Australian Communications and Media Authority with new regulatory powers to counter…
No ‘knee-jerk reaction’ in budget: PM
CANBERRA, AAP – The federal budget won’t contain any “knee-jerk reactions” to help deal with the rising cost of living, according to the prime minister. Ahead of next week’s budget, Scott Morrison said the government was aware of rising living costs that had been driven by the invasion of Ukraine. “They’re having a real impact…
Housing stress high in major electorates
CANBERRA, AAP – More than half of all renters in some major capital city federal electorates are living in housing stress, according to new data. Figures released on Monday by housing advocacy group Everybody’s Home showed renters in outer suburban and coastal seats were most affected by housing stress and surging rent costs. Housing stress…
Wall St closes higher after Biden-Xi talks
NEW YORK CITY, RAW – Wall Street’s three major indices have closed higher, with the biggest boost from recently battered technology stocks, after talks between US President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises. Investors were also relieved by slowing gains in oil prices as they continued…
NZ diary giant Fonterra leaving Russia
WELLINGTON, AAP – Joint-listed New Zealand dairy giant Fonterra has become the latest company to end its Russian operations following Vladimir Putin’s invasion of Ukraine. On Monday morning, chief executive Miles Hurrell announced the closure of Fonterra’s Moscow office and its departure from Unifood, a joint venture with Russian company Foodline which it entered in…
Why China’s strong start to 2022 is unlikely to continue
Some recent bumper economic data in China shouldn’t distract from a worsening outlook. China’s economy made a strong start to 2022, but financial markets are already pricing in tougher times ahead. This is because a large wave of new Covid cases in China in recent weeks has coincided with a deteriorating global outlook. We still…
Another era of quantitative tightening beckons
The first one fizzled. Can asset-selling – aka money destroying – help fight inflation? Hurricanes Harvey, Irma and Maria may have devastated parts of the US in 2017 but the Janet Yellen-led Federal Reserve was determined to persist with an unprecedented way to tighten monetary policy. The central bank in October that year commenced selling…
Aust shares up for fourth straight day
SYDNEY, AAP – A fourth consecutive day higher for the Australian share market has the indices almost 300 points shy of the record set last year. The market was higher by 0.41 per cent to start the week as investors hoped for a peace deal in the Russia-Ukraine war that is keeping commodity prices elevated….
Asia cautious, yen near six-year low
SYDNEY, RAW – Asian share markets started the week in a cautious mood on Monday as investors clung to hopes for an eventual peace deal in Ukraine, but the fighting raged on with no sign of stopping. Turkey’s foreign minister on Sunday said Russia and Ukraine were nearing agreement on “critical” issues and he was…
