British economy facing Brexit-induced struggle
Britain’s economy will face sluggish growth in the coming years on the back of Brexit fallout, finance minister Philip Hammond revealed Tuesday in a key budget update.Gross domestic product (GDP) is projected to grow 1.5 percent this year, Chancellor of the Exchequer Hammond said, hiking prior guidance of 1.4 percent thanks to increasing productivity and…
Wages still ahead of prices
Wages still ahead of prices; Used cars in vogueWage price index; Consumer confidence; Lending financeWage growth: The wage price index rose by 0.5 per cent in the March quarter to be up 1.9 per cent over theyear. Annual underlying inflation remains below wages at 1.7 per cent.Consumer confidence: The Westpac/Melbourne Institute survey of consumer sentiment…
Global rout
Shares slide on growth concernsSharemarket trends; Reserve Bank speech Global sharemarkets fall: Shares in the US and Europe slid by around 2-4 per cent on Wednesday. Speech from Reserve Bank official: Reserve Bank Assistant Governor Luci Ellis delivered a speech: “Supporting Growth in the Short Run and the Long Run”. Global shares: What happened and…
Nuggets of contention: Chinese mine gold in Cameroon
Killings, land grabs, corruption… tensions and violence are rising in eastern Cameroon as Chinese firms take advantage of a regulatory twilight zone to mine gold. ‘There are constant conflicts between Cameroonians and the Chinese’ over gold mining, said Narma Ndoyama, a farmer in Longa Mali, a small village in the middle of the mining area….
China honey demand key to Capilano growth
Rising demand for honey in China and a growing local health market are the best opportunities for Australia’s biggest honey producer, Capilano, to grow, a new analyst report says. Last year Capilano secured 75 per cent of Australian honey production, but it is in China, where a ‘thriving demand’ for imported honey products continues to…
Australian share market to open lower
Declines across the US and Europe will provide a negative lead in for the Australian share market on Monday. Australian markets are also expected to be affected by Monday’s public holiday in Victoria, South Australia, Tasmania and the ACT. CommSec chief economist Craig James says its no surprise that after the losses in the US,…
Kraft Heinz facing the painful downside of austerity approach
The American food giant known for its iconic ketchup and hotdog brands is facing the downside of austerity as a strategy for boosting profits.Kraft Heinz, born of the $49 billion merger of Kraft Foods and Heinz in 2015, had a disastrous fourth quarter, posting a net loss of $12.6 billion on Thursday, leading to a…
Freedom Foods says Coomboona deal done
Australian Fresh Milk Holdings has completed the purchase of the Coomboona dairy farm, ending Harvey Norman’s disastrous association with the dairy sector. ASX-listed Freedom Foods says Australian Fresh Milk Holdings, in which it owns a 10 per cent stake, has bought the operation in Northern Victoria. Freedom Foods contributed $4.6 million to the purchase in…
Australia leads world talks on data sharing
Australia looks set to kick off a series of talks that could welcome in a new era of data sharing between developed and developing nations, with clear acknowledgement that multinational companies and those working across borders are struggling to deal with data and workflow gaps. As part of the talks, held at the World Trade…
Residential aged care wait time increases
Older Australians have been waiting longer to enter residential aged care facilities after being approved for the service by health professionals. The median waiting time for 2017/18 was 121 days, up from 105 days in 2016/17 and 84 days in 2015/16, the Productivity Commission said in a report on government services released on Tuesday. The…
