Australian banks, especially the Big Four, are expected to report weaker first-half profits due to high operating costs and intense competition in the mortgage and deposit markets. The increase in costs and the need to write new home loans have led to a reduction in net interest margin, putting downward pressure on profits. This situation
Economy
Australia’s Coles, a major supermarket operator, recently flagged deflation in its fresh produce and meat products. This comes at a time when the country is facing a cost-of-living crisis due to stubbornly high inflation. Despite this, the supermarket posted a 3.4% rise in third-quarter revenue, driven by increased sales at its primary supermarkets operation. While
Wall Street saw a day of volatile trading on Monday, with the main indexes gradually edging higher. The surge in shares of Tesla and Apple played a significant role in this upward trend. Tesla witnessed a notable increase of nearly 13%, driving a 1.8% rise in the consumer discretionary sector. This surge was attributed to
Thailand recently announced the appointment of Pichai Chunhavajira as the country’s new finance minister. Pichai, a former energy executive and adviser to Prime Minister Srettha Thavisin, is set to take on the task of revitalizing Southeast Asia’s second-largest economy. This move comes at a time when Thailand is facing economic challenges such as high household
Tech billionaire turned philanthropist, Bill Gates, has issued a warning regarding the fight against polio. Despite significant progress in reducing cases of the deadly viral disease, Gates emphasized that success is not guaranteed. The Bill and Melinda Gates Foundation, which has invested billions in eradicating polio, received a $500 million pledge from Saudi Arabia to
According to a source familiar with the matter, BHP Group is contemplating making a better offer for Anglo American after its initial $39 billion proposal was turned down by the London-listed miner. Discussions are underway regarding a revised bid for Anglo American, which is expected to be presented in the upcoming weeks. However, the exact
China’s industrial profits have experienced a decline in March, signaling a slowdown in growth compared to the first two months of the year. This data raises doubts about the strength of the recovery for the world’s second-largest economy. Official data from the National Bureau of Statistics (NBS) shows that cumulative profits of China’s industrial firms
Finance Minister Shunichi Suzuki expressed his concerns about the negative effects of the weak yen on the Japanese economy. According to him, the weak yen has both positive and negative impacts, but he is currently more concerned about the negative effects. One of the main issues is the impact on the cost of living for
The yen has been trading on the weaker side of 155 per dollar as the Bank of Japan (BOJ) begins its two-day rate-setting meeting. This has left traders nervous about the possibility of Tokyo intervening while policy deliberations are still underway. The dollar finally broke above the 155 yen level for the first time since
Elon Musk’s recent clash with an Australian senator has sparked controversy and condemnation from lawmakers in Australia. After being ordered to remove video posts showing a knife attack on an Assyrian bishop during a church service in Sydney, Musk accused the country’s leaders of attempting to censor the internet. This led to an outpouring of