Truckers are the latest group to hit back at the federal Australian Labor government after it raised a bevy of new taxes to offset welfare and net-zero spending in its latest budget. From July 1, the federal government will increase the Heavy Vehicle Road User Charge to six percent each year, according to a communique…
Inflation, Supply Chain Problems Coming Soon: Truckers Warn New Tax Regime Will Have Consequences
May 10, 2023
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AustraliaAustralian budgetbig governmentBusiness & Marketseconomic policieseconomyfreight businessestruckerWorld
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Stock Market Today: Wall Street Edges Higher After Inflation Report
NEW YORK—A mixed day of trading left Wall Street slightly higher on Wednesday after a report showed inflation is making strides toward easing, even if it remains too high. The S&P 500 rose 18.47, or 0.4 percent, to 4,137.64 after swinging between gains and losses through the day. The Dow Jones Industrial Average slipped 30.48,…
China’s Shrinking Imports, Slower Exports Growth Darken Economic Outlook
BEIJING—China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID-19 curbs and heaping pressure on an economy already struggling in the face of cooling global growth. China’s economy grew faster than expected in the first quarter thanks to robust services consumption,…
Over 3.4 Million Metric Tons of Natural Gas Remain Idled in Europe
May 10, 2023
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Business & MarketseconomyenergyEnvironmentEuropeliquefied natural gasoil supply in europeScienceWorld
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A record amount of LNG is currently being idled at sea near Europe as demand in the region has apparently cooled down while supplies remain ample. More than 3.4 million metric tons of LNG have stayed aboard ships on the water for more than 20 days as of earlier this week, according to data compiled…
Western Australia’s Budget Surplus to Fight Cost of Living Crisis
Flush with funds amid surging commodity prices, Western Australia is set to deliver another budget surplus, along with sweeping measures to fight the cost of living. The surplus in Thursday’s state budget is tipped to fall short of last year’s record $5.8 billion (US$ 3.93 billion) but would still lead the nation, with some analysts forecasting…
Closing Prices for Crude Oil, Gold and Other Commodities (May 10)
May 10, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for June delivery fell $1.15 to $72.56 a barrel Wednesday. Brent crude for July delivery fell $1.03 to $76.41 a barrel. Wholesale gasoline for June delivery rose 1 cent $2.49 a gallon. June heating oil was unchanged at $2.39 a gallon. June natural gas fell 8 cents to $2.19 per 1,000…
Home Prices Jump in Nearly 70 Percent of Residential Markets in First Quarter
May 10, 2023
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Business & Marketseconomyhome affordabilityMarketsreal estateU.S. home pricesU.S. housing marketUSUS Real Estate
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U.S. home prices rose in a majority of markets during the first quarter of the year, with around one in 14 markets seeing a double-digit increase in prices. Single-family existing-home sales prices rose in 152 of the 221 tracked markets in Q1, 2023, according to a May 9 press release by the National Association of…
Credit Crunch Could Weigh on US Economy, Stocks, Experts Warn
A credit crunch could worsen U.S. economic conditions, weighing on the stock market, according to financial experts. The Federal Reserve warned in two publications—the Financial Stability Report and the Senior Loan Officer Opinion Survey on Bank Lending Practices—that a credit crunch is forming in the national economy as financial institutions tighten credit terms and consumer…
Biden Says Republican Threats Over Debt Ceiling Are ‘Dangerous’ With ‘Enormous Implications’
May 10, 2023
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bidenBusiness & Marketsdebt ceilingdefaulteconomic policieseconomyExecutive BranchPoliticsRepublicansUS
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President Joe Biden extended his attacks on Republicans in a speech in New York on Wednesday, calling their threats over the debt ceiling “dangerous” and meaningless. A day after a high-stakes meeting with congressional leaders, Biden delivered a speech at SUNY Westchester Community College in Valhalla, New York, emphasizing the importance of raising the debt…
Large Banks at Risk of Deposit Runs, Despite Size
Commentary Putting aside fraud or criminal activity, banks typically fail in one of two ways: either through insolvency or illiquidity (or both). Insolvency occurs when the bank doesn’t have enough assets to cover its liabilities. Insolvency tends to emerge gradually; for example, when it develops from deteriorating “main street” economic conditions. On the other hand,…
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