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Australia/Oceania

Australias RBA Keeps Interest Rates Steady at 4.35% Amid Sluggish Economic Growth

In line with market forecasts, the Reserve Bank of Australia RBA kept interest rates at 4.35% during its June policy meeting. Even with unexpectedly m

In line with market forecasts, the Reserve Bank of Australia RBA kept interest rates at 4.35% during its June policy meeting. Even with unexpectedly modest wage growth and a 0.1% slowdown in economic growth in the first quarter, inflation has remained persistently high, barring the RBA from considering rate decreases in 2024. Citing conflicting recent economic indicators, the central bank underscored the need to maintain vigilance against inflation threats. Even while inflation hit a fivemonth high of 3.6% in April, efforts by the government, such as power subsidies, are expected to reduce pressure on the cost of living. Economists advise against raising interest rates too soon, claiming that concentrating too much on demand management in the face of deteriorating economic data and declining inflation may cause an unwarranted recession. Read More..

B2B Tech News | 1 days ago         

JPMorgan Chase Boosts Investment Banking Revenue Forecast by 2530%

JPMorgan Chase JPM.N has updated its forecast for investment banking income, predicting a notable rise of 25% to 30% in the upcoming quarter, mainly d

JPMorgan Chase JPM.N has updated its forecast for investment banking income, predicting a notable rise of 25% to 30% in the upcoming quarter, mainly due to active capital markets. Compared to prior estimates made in May that had indicated a midteens percentage increase, this revised prognosis indicates a more optimistic view. The coCEO of JPMorgans commercial and investment bank, Troy Rohrbaugh, emphasised the firms overall gains throughout its franchise as well as the capital markets ongoing strength. He said that trading revenue is predicted to increase somewhat as well, above earlier projections of growth in the midsingle digits. Read More..

B2B Tech News | 6 days ago         

Australian Labor Market Surges Adds 39,700 Jobs in May

With 39,700 new jobs added in May, Australias labour market outperformed forecasts, particularly in fulltime employment, which increased by 41,700. In

With 39,700 new jobs added in May, Australias labour market outperformed forecasts, particularly in fulltime employment, which increased by 41,700. In keeping with expectations, the unemployment rate decreased from 4.1% to 4.0%, and the participation rate was steady at 66.8%. Despite these encouraging signs, the Reserve Bank of Australia is anticipated to keep interest rates at 4.35% at its next meeting to promote economic stability in the face of inflation worries. Policy circles were cautiously optimistic, with the economy expanding by barely 0.1% in the first quarter of 2024. According to market opinion, interest rate decreases are expected to be postponed until mid2025, which reflects confidence in the labour markets ability to withstand inflationary pressures and persistent economic difficulties. Read More..

B2B Tech News | 6 days ago         

Australias Economy Stagnates Q1 GDP Growth at 0.1%, Lowest in Three Decades

With real GDP growing by just 0.1% in the March quarter—below market expectations—Australias economy stalled. The lowest annual growth rate in thr

With real GDP growing by just 0.1% in the March quarter—below market expectations—Australias economy stalled. The lowest annual growth rate in three decades occurred at 1.1% before the pandemic. The amount spent by households increased slightly by 1.3%, mainly on necessities, while discretionary expenditure stayed the same. The savings rate fell to an alltime low of 0.9%, indicating severe household financial hardship. Financial markets have discounted more interest rate increases by the Reserve Bank of Australia, notwithstanding the lacklustre economic performance. Concerns about inflation persist as consumer prices increased by 3.6% in April. However, the per capita GDP fell, indicating that migrationdriven fast population expansion has pressured the housing market and raised rents to alltime highs. Read More..

B2B Tech News | 12 days ago         

Australian Employment Surges in April, Exceeding Expectations

Australias employment increased by 38,500 in April, more than anticipated, but as job growth outpaced job creation, the unemployment rate rose to 4.1%

Australias employment increased by 38,500 in April, more than anticipated, but as job growth outpaced job creation, the unemployment rate rose to 4.1%, a threemonth high. The markets are now projecting a 54% likelihood of a rate drop by December, which has crushed expectations of a Reserve Bank of Australia RBA rate rise. The rise in unemployment indicates that more individuals were looking for work, which could have contributed to Mays employment recovery. The employmenttopopulation ratio, on the other hand, did not change, suggesting that job growth lagged behind population expansion. Notwithstanding worries about inflation, indications of reducing pressures and declining consumer demand can affect policy choices to prevent further economic downturns. Read More..

B2B Tech News | 12 days ago         

JPMorgans Australian Arm Fined for Allowing Suspicious Trades in Wheat Futures

The Australian Securities and Investments Commission ASIC has fined J.P. Morgan Securities, the Australian division of JPMorgan, A$775,000 $509,252.50

The Australian Securities and Investments Commission ASIC has fined J.P. Morgan Securities, the Australian division of JPMorgan, A$775,000 $509,252.50 for permitting suspicious customer orders in wheat futures trading that were intended to manipulate the market. The regulator criticised the lack of fast action when detected and labelled the inability to identify these trades as "careless". The management of wheat price variations by farmers, which affects consumer pricing, depends heavily on these futures contracts. JPMorgan paid the fine and did not contest the accusations. Thirtysix orders that ASIC discovered were intended to manipulate the market and affect daily settlement prices between January and March 2022. Sarah Court, deputy chair of ASIC, stressed the practical ramifications and ASICs top priority when combating market manipulation. Read More..

B2B Tech News | 1 months ago         

Macquarie Bank Fined A$10 Million for Allowing Unauthorized Fee Transactions

The Federal Court of Australia fined Macquarie Bank A$10 million $6.4 million for failing to stop third parties from making unauthorized fee transacti

The Federal Court of Australia fined Macquarie Bank A$10 million $6.4 million for failing to stop third parties from making unauthorized fee transactions on its customers accounts. Macquarie granted different authorization levels to other parties, such as financial advisors. From May 2016 to January 2020, the bank did not check if transactions were for fees, even though it offered a platform for bulk transacting. Due to this oversight, financial advisor Ross Hopkins could stealthily take around A$2.9 million from his customers accounts without being caught. The banks parent business, Macquarie Group, committed to paying the penalties and compensating the impacted clients. ASIC Chair Joe Longo emphasized that the fraudulent actions resulted from Macquaries violation of statutory responsibilities. Read More..

B2B Tech News | 2 months ago         

Singtel Denies Imminent Deal to Divest Optus Amid Reports of Stake Sale Talks

Singtel, the biggest telecom company in Southeast Asia, reaffirmed that no agreement to sell its Australian division Optus was forthcoming. There have

Singtel, the biggest telecom company in Southeast Asia, reaffirmed that no agreement to sell its Australian division Optus was forthcoming. There have been rumours of discussions on a large share sale with Brookfield in Canada, but Singtel has refuted these reports. After negotiations broke up over differences in price and value, trade ceased. Half of Singtels business comprises its Optus and Singaporean operations the other half comprises minority investments in telecom companies, including Globe Telecom, Telkomsel, and Bharti Airtel. It is recommended that shareholders exercise caution in response to media reports until clear pronouncements are made. Before this, Optus was fined and subject to criticism after a network outage that impacted millions of Australians. Read More..

B2B Tech News | 2 months ago         



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