LONDON—Eurozone business growth remained resilient but slowed slightly more than thought this month as the bloc’s dominant services industry lost a little of its shine and the downturn in the manufacturing sector deepened, a survey showed on Tuesday. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the bloc, compiled by S&P Global and seen as…
Eurozone Business Growth Solid in May but Shows Signs of Easing: Flash PMI
Dollar Strengthens Broadly on Fed Rate Expectations
LONDON—The U.S. dollar rose for a second day on Tuesday, briefly touching a six-month peak against Japan’s yen, on expectations that U.S. interest rates will remain higher for longer, while ongoing debt ceiling negotiations kept investors on edge. Among a slew of Federal Reserve heavyweights who spoke on Monday, some hinted that the central bank…
Oil Slips as US Debt Ceiling Concerns Offset Tight Supply
LONDON—Oil slipped on Tuesday as investor concern over the risk of a U.S. debt default was balanced by support from a tighter market due to a seasonal rise in gasoline demand and supply cuts from OPEC+ producers. President Joe Biden and House Speaker Kevin McCarthy ended talks on Monday with no agreement on how to…
Uncontrolled Immigration Is ‘Sending Australians Into Poverty’: Freelancer CEO
May 23, 2023
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Australiaaustralian housingBusiness & Marketseconomic policieseconomyhousing affordabilityimmigrationInternationalWorld
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Matt Barrie, CEO of Freelancer—the world’s largest online marketplace for freelancers—has lambasted the Albanese Labor government for boosting immigration to record highs. In a speech at the Sydney 2050 Summit last week, Barrie said the Albanese government’s policy to bring in 700,000 migrants by next year was “not about the economy, but inflating GDP.” The…
Markets Nervous on Fed Ceiling Uncertainty, US Yields Rise
LONDON/HONG KONG–Markets were cautious on Tuesday, as the latest talks over the U.S. debt ceiling offered something for optimists and pessimists, leaving European shares just shy of last week’s 15-month top, and U.S. benchmark yields at their highest in two months. President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on…
Victoria to launch Stamp Duty Reform To Boost Business, Industry and Jobs
A key reform announced in today’s Victorian Budget 2023/24 is to replace the old stamp duty system for commercial and industrial properties with an annual property tax to boost business growth and create jobs. According to the Economic Growth Package announced today by the treasurer, the existing lump-sum stamp duty structure for commercial and industrial…
Australia Providing Phillipines with Drones, Training, and Tech as China Belligerence Continues
May 22, 2023
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aerial dronesAsia & PacificAustraliaBusiness & MarketsChina NewsChina-Australia RelationsChina-PhilippinesCoast GuardInternational RelationsPenny WongUS-China relationsWorld
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Australia will provide the Philippines with drone equipment, training, and other technology to strengthen its Coast Guard maritime domain, awareness, and protection capabilities. The announcement follows a visit to the Philippines by Australian Foreign Minister Penny Wong on May 18 and comes as the Southeast Asian nation is engaged in an increasingly hostile maritime dispute…
Stan Grant Delivers Final Message Before ABC Hiatus
May 22, 2023
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AustraliaAustralian Broadcasting CorporationBusiness & MarketsCompaniesInternationalMedia & Big TechracismStan GrantWorld
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Indigenous Australian journalist Stan Grant says he will meet hatred with love in his final appearance on the Australian Broadcasting Corporation (ABC) before a self-imposed hiatus. Appearing on the Q+A program which aired May 22, Grant told audiences that his critics were successful at hurting him. “I’m sorry that I must have given us so…
Australian Government to Crack Down on Buy Now, Pay Later with Tougher Regulations
The Australian government will impose stricter regulations on the buy now, pay later (BNPL) industry amid concerns about high risks to vulnerable groups in society. In his speech to the Responsible Lending and Borrowing Summit on May 22, Financial Services Minister Stephen Jones announced that the federal government would change the law to regulate BNPL…
Unions Robbing Productive Taxpayers
May 22, 2023
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AustraliaAustralian Labor Partyaustralian unionsBusiness & MarketseconomyinflationInternationalOpinionproductivityViewpointsWorld
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Commentary It’s payback time. The Community Public Sector Union (CPSU), having helped bankroll Labor’s victory by donating its members’ funds to the tune of hundreds of thousands of dollars, appears to be now expecting a quid pro quo from Labor for its members by the use of taxpayer funds. This is evident from the public…
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