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Economy
US first-quarter GDP revised down to 1.6%
June 30, 2022 04:32 AM AEST| By Mridul GogoiAccording to government data published on Wednesday, the US economy contracted more than estimated.
China’s CATL to give TSLA a run for money with long-range EV battery
June 24, 2022 03:54 AM AEST| By Mridul Gogoi(CATL), the biggest electric-car battery maker in the world has developed a new EV battery with a range of 1,000 km on a single charge.
Strong US dollar spurs global currency war to curb inflation
June 24, 2022 12:47 AM AEST| By Mridul GogoiGlobal race to boost individual currencies to combat inflation will unleash a mayhem in world economy.
Powell hints at possible recession as soft landing is 'challenging'
June 23, 2022 05:45 AM AEST| By Mridul GogoiHighlights,:,Fed Reserve chair Jerome Powell said a recession is a probability as a soft landing is difficult.,The Central Bank chair said steep rate hikes are justified to rein in inflation.,Similar rate hikes of up to 75 basis points likely in July...
How can house price fall impact new property investors?
June 19, 2022 12:10 AM AEST| By Akanksha VashishtVolatility has returned in the Australian property market as rising interest rates take a toll on mortgage holders. The Reserve Bank of Australia (RBA) has raised the interest rates for the second consecutive month, taking the official cash rate to.....
How Fed interest rate hikes impact Australia?
June 18, 2022 12:25 AM AEST| By Akanksha VashishtIt is a known fact that developments in the United States (US) quickly travel across the globe and show an impact. The interest rate hikes by the US Federal Reserve (Fed) are no different as they have shown a significant impact on economies worldwi.....
Preschool fees to be slashed by NSW government
June 18, 2022 12:10 AM AEST| By Toshiva JainHighlights The NSW government will spend AU$1.4 billion over four years to help parents slash preschool fees up to AU$4,000 per year for each child. Funds will be provided for children in the age group 3-5-year-olds attending community or mobil.....
Recession fears stalk US markets: How worried should Australia be?
June 17, 2022 06:26 PM AEST| By Akanksha VashishtHighlights The possibility of the US economy going into recession has hit international markets, including Australia. Inflationary pressures and rapid interest rate hikes can potentially cause a drop in consumer and investor sentiment. Austral.....
Tesla cars to become costlier in US as inflation stings
June 17, 2022 05:36 AM AEST| By Mridul GogoiLeading electric vehicle manufacturer Tesla Inc. (Nasdaq: TSLA) has once again increased prices for all its car models in the US as a fallout of the ongoing global supply-chain woes and surging raw material costs. Tesla raised the price of its Mod.....
BoE raises interest rates to 1.25%: How will it affect UK inflation?
June 16, 2022 11:02 PM AEST| By Abhishek SharmaHighlights The Bank of England on Thursday announced the fifth consecutive hike in interest rates. The central bank was under pressure to take aggressive steps after the US Federal Reserve announced a 0.75 percentage point hike in the benchmark.....
GDP fall to impact RBNZ’s monetary stance in next MPC?
June 16, 2022 02:24 PM AEST| By ManikaHighlights NZ’s GDP fell 0.2% in the March 2022 quarter This is mainly due to the Omicron spread during that time Despite a contraction in the economy, the RBNZ unlikely to change its monetary policy stance New Zealand's GDP fell 0......
Minimum wage hike: How will it impact inflation and RBA interest rate decision?
June 16, 2022 12:47 PM AEST| By Akanksha VashishtHighlights The Fair Work Commission (FWC) has increased the minimum wages by 5.2% as cost-of-living pressures increase. Higher wages are often associated with job losses and can contribute to ongoing inflation. An increase in wages could force.....
Toymaker Lego to invest US$1 bn on new US factory
June 16, 2022 06:07 AM AEST| By Mridul GogoiThe world’s largest toymaker Lego announced on Wednesday about investing US$1 billion in a new factory in the US to address a growing demand for its brick in the region. The new factory, which will come up in Chesterfield County, Va., outsid.....
US retail sales drop 0.3%, first time in 5 months as auto sales dip
June 16, 2022 04:52 AM AEST| By Mridul GogoiHighlights: US retail sales dipped 0.3% in May as auto purchases fell sharply. Despite a drop in auto sales, spending in gas stations surged, pointing toward a rising fuel cost. Restaurant sales, the Commerce Department’s only services c.....
US home equity touches record level at US$27.8 trillion in Q1
June 16, 2022 01:42 AM AEST| By Mridul GogoiUS homeowners have currently more equity, which has touched the highest level ever. A Federal Reserve data reveals that US home equity grew almost 20% in the first quarter of 2022 to US$27.8 shattering the previous record. Data showed that tappabl.....
Why sending parcels may cost Aussies more?
June 15, 2022 06:31 PM AEST| By Akanksha VashishtHighlights Postal service providers, including Australia Post, have announced massive bumps to their surcharge fees. High fuel and transportation costs emanating from Russia-Ukraine war have made things tougher for postal service providers. Th.....
Fair Work Commission’s minimum wages decision: Key takeaways
June 15, 2022 05:15 PM AEST| By Akanksha VashishtAustralia’s Fair Work Commission (FWC) has announced a higher-than-expected hike in minimum wages on June 15. An annual wage hike of 5.2% has been declared, which is at par with the annual inflation rate of 5.1%. The move is expected to offer.....
Why are job seekers worried about new point-based system to receive JobSeeker payment?
June 15, 2022 11:05 AM AEST| By Akanksha VashishtMajor changes have been recently announced to Centrelink’s Jobseeker program, bringing a new wave of concern for Aussies. The new Points Based Activation System (PBAS) will soon be introduced for the workforce, which will replace the existing.....
UK economy contracts by 0.3% in April: What lies ahead?
June 14, 2022 03:50 PM AEST| By Abhishek SharmaHighlights The UK economy shrank by 0.3% in April, the latest data from the ONS revealed on Monday. This is the first time that all main sectors - services, production, and construction – have seen negative growth since January 2021. .....
How come Canberrans' electricity bills fall while most Aussies' see power bills soaring
June 13, 2022 12:56 AM AEST| By Toshiva JainElectricity prices are skyrocketing in Australia. There are a couple of reasons behind the massive increase in power bills, such as the Russian invasion, lasting effects of La Nina, crunch in domestic gas supply, and most importantly, years of negl.....
