Cash-strapped Netball Australia has delayed the rollout of new uniforms featuring the logo of mining giant Hancock Prospecting after a former captain criticised the company’s head, billionaire Gina Rinehart, who has been sceptical of the climate change movement. The women’s team have reportedly opted out of wearing the new jersey and wants more time to…
Former Netball Captain Steps in to Spark Revolt Against Mining Sponsorship Deal
October 16, 2022
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AustraliaBusiness & Marketsclimate changeeconomic policiesenergyGina RinehartHancock ProspectingInternationalLang HancockNetball AustraliaSocial IssuesSportsSports NewsUSWorld
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Overwhelming Majority of CEOs Say They’re Preparing for Recession
October 15, 2022
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Business & MarketsCEO confidenceeconomic policiesFederal ReserveinflationPolicies & ImpactsrecessionThe Conference BoardUSUS News
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Almost all CEOs say they are preparing for a recession in the United States, a recent survey shows. When asked to describe the economic conditions in the next 12–18 months, 98 percent of CEOs said they were preparing for a U.S. recession in the recent Conference Board Measure of CEO Confidence survey. However, most of…
Bank of England Governor Warns of Higher-Than-Expected Interest Rate Hike
Bank of England (BoE) Governor Andrew Bailey on Saturday suggested the central bank may set interest rates higher than previously expected next month. Giving a speech at the Group of Thirty’s annual International Banking Seminar in Washington, Bailey said the bank “will not hesitate to raise interest rates to meet the inflation target.” “And, as things…
‘No Waiting’: Turkey, Russia to Act on Putin’s Gas Hub Offer
October 15, 2022
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Business & Marketseconomic policiesenergyErdoganEuropeGasGold and CommoditiesMarketsPutinRussiaTurkeyWorld
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ANKARA, Turkey—Turkish President Recep Tayyip Erdogan said Friday that Turkey and Russia have instructed their respective energy authorities to immediately begin technical work on a Russian proposal that would turn Turkey into a gas hub for Europe. Russian President Vladimir Putin has floated the idea of exporting more gas through the TurkStream gas pipeline running…
UK’s New Chancellor Jeremy Hunt Signals Tax Rises and Spending Cuts
The UK’s Treasury department will make some “very difficult decisions ahead,” new Chancellor of the Exchequer Jeremy Hunt said on Saturday as he alluded to tax rises and spending cuts. In this first interview as the chancellor following the dramatic sacking of his predecessor Kwasi Kwarteng, Hunt said he would demonstrate the government’s fiscal credibility…
Higher Inflation Requires ‘More’ Monetary Policy Tightening in Asia, IMF Says
October 15, 2022
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Asia & PacificAsian Central BanksBusiness & Marketseconomic policieseconomyIMFinflationInternational Monetary FundWorld
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The International Monetary Fund (IMF) said Thursday that Asia’s central banks must tighten monetary policy further to ensure that inflation returns to target levels as currencies across the region weaken. Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, said that a tighter monetary policy is needed for most of the region, except for…
Wall Street Opens Higher After Putin Says No Plans for Further Troop Mobilization
Wall Street opened higher on Friday after Russian President Vladimir Putin denied further plans for more troop mobilization in the Ukraine conflict. However, the market later tumbled after major banks reported a drop in earnings. Putin’s earlier announcement to partially mobilize 300,000 reservists sparked panic in global markets last month. Putin told reporters—following a summit…
Jamie Dimon Sees ‘Easy 20 Percent’ Drop in Stocks but Warns It Could Be Worse
October 14, 2022
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bear marketBusiness & MarketsCompanieseconomic policieseconomyinflationInvestmentJamie DimonMarketsrecessionS&P 500stocksUS
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JPMorgan Chase CEO Jamie Dimon commented that it was unlikely that the Federal Reserve would be able to slow the economy without causing a “tough” recession. Dimon spoke at a financial industry conference in Washington on Oct. 13 where he made his prediction. He said that Wall Street could suffer another “easy 20 percent” drop, plunging the…
Wells Fargo Profit Falls on Sales Scandal Costs, Higher Reserves
October 14, 2022
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Business & MarketsCompaniesearningseconomic policieseconomyFargoinflationMarketsrecessionresultsUSUS Newswells
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Wells Fargo & Co. on Friday reported a 31 percent decline in third-quarter profit as the bank racked up costs related to a fake accounts scandal and boosted its loan loss reserves in preparation for a potential slowdown. The bank posted $2 billion in operating losses related to litigation, customer remediation, and regulatory matters associated…
Biden’s Saudi Threats Are Reckless, Dangerous
Commentary In an interview this week with Jake Tapper, President Joe Biden made veiled threats against the Kingdom of Saudi Arabia (KSA) as retaliation for OPEC’s cutback of 2 million barrels of oil per day. “There’s going to be some consequences for what they’ve done with Russia. I’m not going to get into what I’d consider…
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