World Bank forecasts sharp growth slowdown
WASHINGTON, D. C., RAW – The World Bank has cut its forecasts for economic growth in the United States, the Euro area and China and warned that high debt levels, rising income inequality and new coronavirus variants threatened the recovery in developing economies. It said global growth is expected to decelerate “markedly” to 4.1 per…
Wall Street ends higher after Fed comments
NEW YORK CITY, RAW – US stock indexes have gained ground with Nasdaq leading the advance as investors appeared relieved that Federal Reserve chair Jerome Powell’s testimony to Congress did not include any major surprises. Powell told a congressional hearing on Tuesday the US central bank was determined to ensure high inflation did not become…
Don’t delay school start, leaders urged
CANBERRA, AAP – Australia’s former deputy chief medical officer has put his name on a letter to national cabinet calling for leaders to not delay the start of the school year. Dr Nick Coatsworth, along with other medical experts, says children going back to school will not have an impact on the trajectory of COVID-19…
ASX selling spree as virus hampers trade
SYDNEY, AAP – Surging coronavirus infections have taken a toll on the ASX as supermarkets and chicken suppliers struggling to move goods were among shares taking a beating. The market lost 0.77 per cent on Tuesday and almost all share categories were lower as the Omicron coronavirus variant stops many workers doing their jobs. Poultry…
US Fed chair says inflation exacts a toll
WASHINGTON, D. C., AP – High inflation is taking a toll on American families, Federal Reserve Chair Jerome Powell has acknowledged in remarks to be delivered at a congressional hearing, where he is to face tough questions on the subject. “We know that high inflation exacts a toll, particularly for those less able to meet…
Asian stocks fall as traders eye COVID
TOKYO, AP – Asian shares have dropped in cautious trading following a decline on Wall Street amid continuing worries about the Omicron coronavirus variant, especially rising cases in China. Japan’s benchmark Nikkei 225 fell 0.8 per cent in Tuesday morning trading to 28,242.46. South Korea’s Kospi was little changed at 2,926.01. Hong Kong’s Hang Seng…
Aust shares rally, energy and tech lead
SYDNEY, AAP – Australia’s share market is close to recovering losses from the past two days after comments from the US Federal Reserve chairman seemed to calm investors worried about inflation. Energy and information technology were the best performing categories and rose more than two per cent on an ASX which was broadly higher. Energy…
Confidence drops on rapid Omicron spread
CANBERRA, AAP – Consumer confidence has fallen across Australia as a result of the rapid spread of the Omicron strain of COVID-19, potentially dampening the outlook for retail spending. In the first release for 2022, the weekly ANZ-Roy Morgan consumer confidence index dropped 2.2 per cent compared its pre-Christmas level – the last time the…
Fed vice chair quits in trading scandal
WASHINGTON, D. C., AP – A third Federal Reserve official has resigned following a trading scandal at the US central bank, with vice chair Richard Clarida saying he will step down on Friday. Monday’s announcement followed new revelations around Clarida’s trading in a stock fund in February 2020, when the coronavirus threatened to upend the…
Aus parents’ $20.3b school expenses bill
SYDNEY, AAP – Australian parents can expect to pay a collective $20.3 billion this year on all school expenses, according to new data research. A report from the comparison website Finder found supplies including textbooks, stationery and uniforms will cost parents a total of $2.5 billion. This breaks down to $570 for a primary school…
