TOKYO—Global shares mostly drifted higher Monday as investors fretted over whether the United States government will be able to reach a deal to avoid a federal default. France’s CAC 40 inched down less than 0.1 percent in early trading to 7,489.72, while Germany’s DAX slipped 0.1 percent to 16,261.45. Britain’s FTSE 100 gained 0.3 percent…
Stock Market Today: Global Shares Mostly Rise Despite Worries About US Debt Talks
May 22, 2023
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Star Wars or Hobbiton: Where Does Australia Stand on Nuclear Debate?
Commentary The AUKUS submarines have already performed their first stealth mission, inserting the question of nuclear power back into the national conversation—this time as a practical possibility. When he was defence minister, Opposition Leader Peter Dutton was partly responsible for the decision to buy eight nuclear power submarines. Now in his speech-in-reply to the budget,…
Save the Timber for Australia, Not Beijing
May 21, 2023
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Australiaaustralian exportsBusiness & MarketsChina NewsChina-Australia Relationschina-australia trade disputeInternationalInternational RelationsOpiniontimberViewpointsWorld
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Commentary Dictatorships don’t make concessions unless they are forced to do so. They don’t make concessions as a unilateral goodwill gesture. Their concessions are only ever made out of self-interest. Therefore one can safely assume that the lifting of the ban on Australian timber exports to China, which was so spuriously imposed by the communist…
National Retail Group Says 42 Percent Increase to Workcover a ‘Bitter Pill to Swallow’
Australia’s peak retail body, the Australian Retail Association, says an increase in WorkCover premiums is the last thing businesses need amid rising inflation and a crime wave targeting small businesses. On May 19, the Victorian Labor government announced a 42 percent increase to the Workcover premium paid by the state’s businesses into joint funds used…
US and Australia Establish Climate and Clean Energy as ‘Third Pillar’ of Alliance
May 21, 2023
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The United States will support Australia to become a global renewable energy powerhouse and has established renewable energy and the climate as a “central pillar” of the bilateral alliance. “Today, what we’ve done is add a new element to that alliance up front, very clearly, unequivocally, on climate action. Because climate action, of course, is…
Treasurer Spruiks Jobs Market but Cost of Living Bites
The treasurer is spruiking a strong jobs market as it concludes its first year in office. Treasury analysis of jobs data shows 333,000 more Australians were employed in April 2023 compared to when Labor took office in May 2022. The second time this occurred was under the Labor Rudd government, with just under 200,000 new…
Financial Institutions AMP and MLC Fined Millions for Breaching Customers’ Trust
May 21, 2023
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Australia’s Federal Court has issued AMP Group with a $24 million (US$16 million) fine for charging over 2000 deceased customers life insurance premiums and advice fees for nearly a decade. Additionally, the court has also fined MLC $10 million (US$6.6 million) for failing to pay benefits to nearly 120 injured or disabled customers it had promised…
Biden Suggests He Can Raise Debt Ceiling Without GOP Support Using 14th Amendment
President Joe Biden says he believes he can raise the debt ceiling unilaterally under the 14th Amendment even without GOP support. “I’m looking at the 14th Amendment as to whether or not we have the authority [to raise the debt ceiling without congressional backing]—I think we have the authority,” Biden said during a May 21…
Yellen Warns Federal Gov’t Likely Won’t Pay All of Its Bills by Next Month
U.S. Treasury Secretary Janet Yellen said Sunday that she doesn’t believe the federal government could still pay off all its bills before June 15 in a bid to underscore the urgency to resolve a standoff between the White House and House Republicans to raise the debt ceiling. “Well, there’s always uncertainty about tax receipts and…
Yellen Warns Federal Government Likely Won’t Pay All of Its Bills by Next Month
U.S. Treasury Secretary Janet Yellen said Sunday that she doesn’t believe the federal government could still pay off all its bills before June 15 in a bid to underscore the urgency to resolve a standoff between the White House and House Republicans to raise the debt ceiling. “Well, there’s always uncertainty about tax receipts and…
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