Energy shares jump on ASX, dollar gains
SYDNEY, AAP – ASX energy shares skyrocketed after talk of a US-led ban on Russian oil imports while boycotts of other commodities from the same regime pushed the Australian dollar higher. Energy shares gained five per cent on Monday and the Australian dollar rose to 74 US cents after the US and European allies discussed…
Climbing petrol costs fuel inflation fears
CANBERRA, AAP – Prices at the petrol bowser struck fresh record highs in the past week, prompting more calls for a cut in fuel excise to prevent a further blow out in the cost of living. The Australian Institute of Petroleum said the national average price for unleaded petrol rose a further 3.3 cents in…
Child care boost eases out-of-pocket costs
CANBERRA, AAP – Families with more than one child in care will see their out-of-pocket costs ease from Monday. A federal government boost to child care support will allow people to access a maximum 95 per cent subsidy on costs for second and subsequent children. Around 250,000 families will benefit from the increase to the…
Oil seesaws, Asia shares dip
HONG KONG, RAW – Oil prices have gyrated and Asian shares have fallen after Ukraine peace talks made little headway and the prospect of a ban on oil imports from Russia triggered investor fears over inflation and slowing economic growth. President Joe Biden’s administration is willing to move ahead with a US ban on Russian…
Oil surges 10 per cent in Asia, euro drops
SYDNEY, RAW – Oil prices have soared more than 10 per cent in hectic trading as the risk of a US and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets. The euro extended its slide, hitting parity against the safe…
ASX commodity shares ease after strong run
SYDNEY, AAP – Commodity shares have slipped on the ASX despite Russian politicians warning bans on their oil exports could send prices to $US300 per barrel. Energy and materials shares were lower in a stagnant market after rampant gains since Russian troops invaded Ukraine last month. The benchmark S&P/ASX200 index was up 0.1 points, or…
‘Pens down’ for billionaire tilt at AGL
SYDNEY, AAP – AGL Energy has rejected an improved takeover bid from a consortium including Australian billionaire Mike Cannon-Brookes, forcing the would-be predators to put “our pens down”. Mr Cannon-Brookes used Twitter on Sunday night to announce it would not proceed, ahead of the power company’s confirmation to the Australian Securities Exchange on Monday. “The…
Wall Street down despite solid jobs data
NEW YORK, RAW – Wall Street ended lower as the war in Ukraine overshadowed an acceleration in US jobs growth last month that pointed to strength in the economy. Most of the 11 major S&P sector indexes declined on Friday, with financials leading the way. Banks extended recent losses as investors worried about how the…
TikTok suspends streams, uploads in Russia
KYIV, RAW – TikTok, the Chinese-owned video app, says it will suspend live-streaming and the uploading of videos to its platform in Russia as it reviews the implications of a new media law signed on Friday by President Vladimir Putin. “We have no choice but to suspend livestreaming and new content to our video service…
Russians race for cash on sanction fears
WASHINGTON, DPA – Long queues have formed anew at Russian cash machines as a growing list of international sanctions and business decisions to pull out of the country fanned fears that they would not be able to use their money for anything soon. American Express became the latest Western financial firm to announce the end…
