Inflation up, but still below RBA target
Australia’s inflation remains below the Reserve Bank’s target, despite a spike in education and healthcare contributing to the 0.4 per cent rise in the consumer price index in the March quarter. The CPI undershot economists’ forecasts for a 0.5 per cent lift, and was slower than the December quarter figure of 0.6 per cent, figures…
Daigou hub streams live shopping to China
Australia’s first purpose-built retail hub for China’s growing army of “daigou” shoppers has opened, with facilities to stream live to millions of consumers waiting to place an order from overseas. The daigou hub in Sydney’s Chinatown has been created by ASX-listed AuMake to serve up products from AuMake’s 500 Australian partner brands to daigou, or…
Consumer groups shun mortgage broker forum
The consumer groups that were part of a forum with the mortgage-broking industry have quit en masse, citing a lack of progress and willingness to change. Choice, Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre pulled their representatives from from the Combined Industry Forum. ‘Buying a home is one of the…
Banks boost share on Hayne report release
The Australian share market has closed higher after investors’ worst fears over the banking royal commission’s interim report were unfounded. The benchmark S&P/ASX200 index was up 26.4 points, or 0.43 per cent, at 6207.6 points on Friday, while the broader All Ordinaries index was 26.2 points, or 0.42 per cent, higher at 6325.5 points. After…
Facebook’s Zuckerberg contrite ahead of grilling in Congress
Facebook chief Mark Zuckerberg placed the blame for privacy and security lapses at the world’s largest social network squarely on himself as he girded Monday for appearances this week on Capitol Hill before angry lawmakers. In prepared remarks released by a congressional panel, Zuckerberg admitted he was too idealistic and failed to grasp how the…
I predicted the last financial crisis – now soaring global debt levels pose risk of another
There are none so blind as those who will not see. This phrase may have religious roots, but there is no better way to describe the dominant sect in economics today than as wilfully blind. A decade after the 2007-08 crisis, most still repeat the mantra that it could not have been predicted. Nonsense. The…
Myer shares soar after first-half profit
Myer shares are soaring after the department store chain cut its debt by a third and posted a $38.4 million first-half profit. The department store still has $95.4 million in debt but, barring an unforeseen disaster, it appears Myer is no longer in danger of breaching its covenants with lenders. Myer trimmed its net debt…
Germany firm on Saudi arms ban despite British warning
Germany said Wednesday it would hold firm on its decision to halt weapons exports to Saudi Arabia, shrugging off British warnings that the embargo could hurt European credibility and efforts to bring peace in Yemen.‘The stance of the government is that we won’t deliver weapons to Saudi Arabia at the moment,’ Foreign Minister Heiko Maas…
Trust trumps money for Facebook with earnings due
Winning back trust is seen as the key priority for Facebook as the world’s biggest social network readies its update on the final months of 2018 on Wednesday.Facebook is looking to rebound from a horrific year marked by a series of scandals over data protection and privacy and concerns that it had been manipulated by…
ECB eyes response as slowdown fears grow
The European Central Bank will hold off sudden moves Thursday after removing a pillar of support to the eurozone economy, analysts expect, though it could already be eyeing ways to respond to slower growth.Frankfurt policymakers are caught at an intermediate stage of withdrawing crisis-era stimulus, having wound up purchases of government and corporate bonds –…
