Archive for the ‘News’ Category

RBA Makes No Change To Interest Rates

The Reserve Bank of Australia (RBA) has left interest rates unchanged in light of a weak domestic economy that’s been propped by global commodity price rise. The governor of the country’s central bank Philip Lowe retained the cash rate at 1.5 percent, stating that a slowdown in growth is likely at the year end. The…

IMF Advises Australia It Risks Economic Growth Due To Spending Cuts

The International Monetary Fund (IMF) has warned the Australian government that it is putting its economic growth at risk by slashing spending in a bid to reduce its budget deficit. In its annual review of the Australian economy, the IMF highlighted that the country is exposed to serious risk from a heated-up housing market and…

Australian Dollar Fails To Respond To Sharp Price Rally In Commodities

The Australian dollar has been unable to cross the US77¢ barrier despite the strong positive momentum in the prices of commodities such as coal as there were bigger factors at play. Although the Australian dollar has come close to breaking the US77¢ limit a few times since August, it has repeatedly dropped below the range….

Australian Economy Heading Towards Deflation Say Citi Analysts

Leading investment bank Citi has stated that Australia's economy is on the verge of a possible collapse but this may necessarily not mean a hard landing. Led by Paul Brennan, a team of Citi economists has developed a measure called the bubble meter which is used to check the status of the economy. The bubble…

Australian Government Official Plays Down Impact Of Credit Rate Downgrade

Rob Nicholl, the chief executive of the Australian Office of Financial Management (AOFM) has said that the downgrade of credit rating for Australia from AAA to AA+ by Standard & Poor’s (S&P), the rating firm will have little impact on investments. Speaking at an event in Sydney, Nicholl said that there have been no adverse…

Australian IT Consultant Craig Wright Claims He Is Bitcoin Founder

The much speculated identity of the creator of the digital currency bitcoin was recently revealed after Australian IT consultant Craig Wright provided proof this week that he was indeed Satoshi Nakamato, the pseudonym adopted by the creator. Wright, a 45 year old IT security specialist from Sydney made the claim in a blog post and…

NAB Business Survey Finds Outlook Upbeat

According to the latest survey carried out by the National Australia Bank (NAB), businesses in Australia are optimistic in their outlook towards the economy and investment prospects. A quarterly survey carried out by NAB has revealed that Australian businesses have not been affected by the volatility in global markets and are revising their expectations in…

Mint Signs Deal With Singapore Debit Card Network

Mint Payments, an Australian company specializing in payment processing solutions has entered into a partnership with Singapore’s largest debit card network to launch its mobile payment terminals. Mint’s managing director Alex Teoh called it a landmark deal which would help the company expand into the Asia continent and give it a bigger market share. The…

Under Armour looks set for uptrend on robust sales

Following the 2:1 stock split and issue of new class C non-voting common shares, on April 8th, 2016, the shares of sportswear manufacturer Under Armour (UA) opened 47% down at $45.26 and declined further to $42.49 before closing at $44.41. Devoid of the decline associated with the split, the shares ended the day at about…

Fitch Concerned About Violations In Australian Banks

Fitch Ratings has been observing the increasing number of discrepancies in the conduct and culture breaches in Australian banks. The credit rating firm has warned that these deliberate breaches could result in significant financial damages by way of penalties. Banks and financial institutions in Australia have been charged with multiple cases of malpractices in recent…