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Biden raises US debt limit, averts default

WASHINGTON, D. C., RAW – US President Joe Biden has signed legislation temporarily raising the government’s borrowing limit to $US28.9 trillion ($A39 trillion), pushing off the deadline for debt default only until December. Without the increase in the debt ceiling, the US Treasury had estimated it would run out of money to pay the nation’s…

Asian stocks up as US dollar squeezed

SINGAPORE, RAW – Asian stock markets have risen, the US dollar has eased and longer-dated bonds rallied as investors reckoned on inflation bringing forward rate hikes around the world. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent. Japan’s Nikkei climbed one per cent. The Shanghai Composite was marginally softer while Hong…

Employment falls by further 138,000

CANBERRA, AAP – Australia’s unemployment rate ticked up to 4.6 per cent in September as a further 138,000 jobs were lost due to lockdowns in NSW, Victoria and the ACT. The jobless rate had unexpectedly eased to a near-13-year low of 4.5 per cent in August as a result of people giving up searching for…

ASX inches higher despite IMF, US lead

SYDNEY, AAP – Investors on the ASX have nudged the indices higher despite the forecast for world economic growth being lowered due to the persistent coronavirus. The market was down early but had inched higher by 1200 AEDT on Wednesday and most categories were up. Information technology and property shares fared best. Afterpay was higher…

Wall St lower, jitters ahead of earnings

NEW YORK, RAW – US stocks have finished lower, extending losses late as investors grew more jittery in the run up to third-quarter earnings, while a jump in Tesla shares helped support the market. Adding to investor caution, the Federal Reserve is expected to release minutes on Wednesday from its last policy meeting, which market…

NSW businesses given Xmas stock certainty

SYDNEY, AAP – Small and medium-sized businesses have been given the green light to restock for Christmas as NSW Premier Dominic Perrottet expresses hope the state economy will grow again in the December quarter. And while the Labor opposition supported the package, it expressed concern toll relief measures would prove insufficient. It comes as NSW…

Aussie businesses cheer reopening roadmaps

Aussie businesses cheer reopening roadmaps NAB Business survey; New home sales; Labour force status of families The business confidence index rose from -5.5 points to +13.0 points. Sales of new detached houses rose by 2.3 per cent in September. The proportion of families with dependents has fallen sharply over the last five years. National Australia…

Net zero is not zero emissions: Taylor

CANBERRA, AAP – Energy Minister Angus Taylor has likened a business-led proposal to tighten emissions obligations on polluters to a “backdoor carbon tax”. In a signal to the Nationals, who are yet to agree to stronger emissions cuts ahead of COP26 climate talks in Glasgow, Mr Taylor stressed net zero emissions does not mean stopping…

Facebook unveils new controls for kids

NEW YORK, AP – In the aftermath of damning testimony that its platforms harm children, Facebook plans to introduce several features to protect young people. These would include prompting teens to take a break from using photo-sharing app Instagram, and ‘nudging’ those who repeatedly look at the same content that is not conducive to their…

Morrison rules out GST carve-up changes

SYDNEY, AAP – Prime Minister Scott Morrison has categorically ruled out any further changes to the carve-up of the GST. NSW and Western Australia are ramping up their war of words over the distribution of GST payments handed out by the federal government. But asked about the stoush on Thursday, Mr Morrison was clear. “The…