Tuesday, 05 May, 2015
(Bloomberg) — The European Commission raised its euro-area growth forecast as the impact of a weaker euro and unprecedented monetary stimulus help the economy overcome pressure on confidence from the continuing crisis in Greece. Gross domestic product in the 19-nation currency bloc is forecast to increase 1.5 percent this year, up from a prediction of 1.3 percent in February, according to the commission, the European Union executive in Brussels. It slashed its growth projections for […] Read More
Tuesday, 05 May, 2015
(Bloomberg) — Australia cut interest rates to a fresh record low to help ease pressure from a strong currency, and said there are signs of improving household spending. The local dollar advanced. The central bank lowered the key rate to 2 percent from 2.25 percent Tuesday, as predicted by traders and economists. Governor Glenn Stevens said in an accompanying statement “the inflation outlook provided the opportunity for monetary policy to be eased further, so as […] Read More
Tuesday, 05 May, 2015
(Bloomberg) — Chinese stocks fell on concern recent gains were excessive, while Indonesia’s rupiah weakened after the economy contracted. Australia’s currency rose amid speculation the central bank will refrain from further interest-rate cuts. The Shanghai Composite Index retreated 2.3 percent by 1:05 p.m. in Hong Kong and the Hang Seng China Enterprises Index fell 2.4 percent. The S&P/ASX 200 Index dropped in Sydney as the Australian dollar strengthened 0.9 percent. The rupiah slid 0.4 percent, […] Read More
Tuesday, 05 May, 2015
Greece is so far off course on its $172bn bailout programme that it faces losing vital International Monetary Fund support unless European lenders write off significant amounts of its sovereign debt, the fund has warned Athens’ eurozone creditors. The warning, delivered to eurozone finance ministers by Poul Thomsen, head of the IMF’s European department, raises the prospect that it may hold back its portion of a €7.2bn tranche of bailout aid that Greece is desperately […] Read More
Thursday, 30 April, 2015
This weekend, American legend Floyd Mayweather will fight Philippine great Manny Pacquiao at the MGM Grand in Las Vegas. It’s a bout so big that everybody is talking about it – so it’s probably best you know your stuff. Wow your hairdresser with tales of Mayweather’s wealth and Pacquiao’s upbringing; surprise your accountant with massive numbers; embarrass your ex’s new partner with your superior knowledge of boxing tactics. And be sure to keep this in […] Read More
Thursday, 30 April, 2015
David Cameron has vowed to introduce a law guaranteeing no rise in income tax rates, VAT or national insurance before 2020 if the Tories win the election. The Conservative leader said workers already paid enough tax and he would focus on other ways of clearing the deficit, such as reducing the welfare bill and tackling tax avoidance. Labour said it was a “last-minute gimmick” and it expected VAT to rise. Ed Miliband suggested the Tories […] Read More
Thursday, 30 April, 2015
— RBA Rate Cut May Needed Due to Further Growth Downgrade By Sophia Rodrigues SYDNEY (MNI) – Arguments in favor of a rate cut next week from the Reserve Bank are becoming more compelling as the Australian dollar continues to strengthen and the bank eyes a lowered growth forecast. It may be a close run thing, but after two months of standing pat and signalling less urgency to move, the Reserve Bank of Australia may […] Read More
Thursday, 30 April, 2015
Concern about a deteriorating economic outlook and a resurgent Australian dollar will force the Reserve Bank to cut interest rates on Tuesday, taking the official cash rate to an all-time low of 2 per cent and discounted mortgage rates to just 4.55 per cent. The Australian dollar touched US80¢ on Thursday , a level the Reserve Bank governor Glenn Stevens has previously said was well above its fundamental value. The RBA is acutely aware that the upcoming […] Read More
Monday, 13 April, 2015
This week’s jobs figures are unlikely to give jobseekers a reason to smile, because employment growth is only just managing to keep up with population growth. The number of Australians with jobs is expected to have risen by 15,000 in March, according to an AAP survey of 14 economists, after a similar gain of 15,600 in February. That will keep the unemployment rate steady at 6.3 per cent for the second month in a row […] Read More
Monday, 13 April, 2015
An expansion of South Australia’s involvement in the nuclear fuel industry could generate considerable wealth for the state, Treasurer Tom Koutsantonis says. But the minister says the debate over any expansion must be based on the world’s best evidence. “After a quarter of a century of establishing South Australia as the centre of uranium mining in this country, the government believes this is the appropriate time to initiate a mature debate on the risks and […] Read More
