US inflation up 7.5 per cent in past year
WASHINGTON, D. C., AP – Inflation in the United States soared over the past year at its highest rate in four decades, hammering consumers, wiping out pay raises and reinforcing the central bank’s decision to begin raising borrowing rates across the economy. The Labor Department said on Thursday that consumer prices jumped 7.5 per cent…
IAG turns H1 profit, cuts dividend
SYDNEY, AAP – Insurance Australia Group turned a profit in the first half of the 2022 financial year and is looking forward to a favourable operating environment over the next six months. Australia’s biggest insurer owns the national home and car insurance group NRMA and similar businesses in Victoria, South Australia and Western Australia. IAG…
Politicians to grill RBA’s Lowe on outlook
CANBERRA, AAP – Reserve Bank of Australia governor Philip Lowe will face his six-monthly grilling from federal politicians on Friday, coming at a time when the central bank has made marked changes to its view on the outlook. In last week’s quarterly statement on monetary policy, the RBA now sees inflation at the top end,…
Wall Street up higher, lifted by Big Tech
NEW YORK CITY, RAW – Wall Street jumped on Wednesday, closing sharply higher as megacap growth stocks powered up thanks to a pause in rising interest rates, and upbeat earnings reports also encouraged investors to buy. The benchmark 10-year US Treasury yield slipped from multi-year highs hit in the previous session, helping steady sentiment across…
Equality in parental leave could grow GDP
CANBERRA, AAP – Australian men who take paternity leave are having an impact well beyond their household. Economist Preston Tsamassiros uses a “domestic work” and “market work” index that shows what more equal parental leave can achieve for families trying to juggle new family responsibilities and careers. A long-term transfer of household chores from mothers…
NAB impresses and tech shares keep ASX up
SYDNEY, AAP – National Australia Bank delighted investors with its earnings report and enthusiasm for technology shares helped the ASX to gains. The bank on Thursday reported first-quarter cash earnings up nine per cent and investors responded by raising shares by four per cent to $29.67. Technology shares were the best performing category and rose…
Broad ASX losses after US inflation woes
SYDNEY, AAP – Australian shares are having their worst day of the week after US inflation marked another 40-year record overnight. The ASX was down about one per cent on Friday and almost all categories were lower after US annual inflation rose to 7.5 per cent. The hefty inflation reading has stoked fears the US…
Employment slow to pick up in early 2022
CANBERRA, AAP – Employment growth slowed in the early stages of 2022 from a year ago, partly due to disruptions caused by the COVID-19 Omicron variant. Australian Bureau of Statistics data shows payroll jobs rose by one per cent in the fortnight to January 15, after a 6.8 per cent decline in the previous two…
New home sales buoyed by end of lockdowns
CANBERRA, AAP – The housing industry expects strong demand for new detached housing will continue across 2022 after posting bumper sales in the three months to January. The strength in home sales followed the end of the COVID-19 Delta lockdowns and the return of some certainty and confidence to the market. The Housing Industry Association…
AMP posts loss, dragged down by outflows
SYDNEY, AAP – AMP reported a $252 million loss in its full year results, and will not pay a final dividend, as the fallout of a wide-ranging misconduct inquiry continues to weigh on its performance. The company, one of Australia’s oldest financial institutions, recorded $5.2 billion in net cash outflows from its flagship wealth management…
