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☆ Bank of America CEO sees U.S. technical recession in 3rd qtr
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, March 7 (Reuters) - Bank of America (BAC.N) Chief Executive Officer Brian Moynihan said on Tuesday the U.S. economy would reach a technical recession starting in the third quarter. I don't think you'll see a deep recession," he said. Moynihan said the bank forecast U.S. interest rates would start to be reduced in the second quarter of 2024. I don't think you're going to see a deep recession," Moynihan said. "I think you're going to see a slowdown which frankly a lot of people are not going to see that much of.

SYDNEY/BENGALURU, March 3 (Reuters) - Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. Overall, Adani group firms' net debt totalled $24.1 billion as of September 2022. Adani Green Energy and Adani Transmission jumped 5% each. Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

☆ Analysis: Australia's DIY pension funds lose millions on crypto bets, investors not sweating it
▼ + stars: | 2023-03-02 | by ( Lewis Jackson | ) www.reuters.com time to read: +6 min

Summary Thousands of Australians use DIY pension funds to buy cryptoLosses likely in the hundreds of millions -Reuters calculationAustralia has few rules governing what DIY funds can buySYDNEY, March 2 (Reuters) - Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. DIY pension funds account for a fourth of Australia's A$3.4 trillion ($2.29 trillion) pension pool. Australia's DIY pension sector combines size and freedom in a way that sets it apart from other countries. The United States also has a freewheeling DIY pension sector but take-up is negligible. "Our general position is if it's legal to invest in speculative assets, then no further restrictions should apply to SMSF investments."

☆ Australian Indigenous group steps up campaign to protect sacred rock art
▼ + stars: | 2023-03-02 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

[1/4] Murujuga indigenous custodians campaign to protect sacred rock art in The Burrup Peninsula, Sydney, Australia July 11, 2022. Save our Songlines/Handout via REUTERSSYDNEY, March 2 (Reuters) - An Australian Indigenous group on Thursday stepped up its campaign against industrial development in Western Australia's Burrup Peninsula, a key gas export hub, saying in a protest in Sydney that planned projects would damage ancient rock art. Australia last month formally nominated the Murujuga Indigenous cultural landscape for a UNESCO World Heritage listing. The Murujuga Aboriginal Corporation, the traditional owners' representative, led the preparation of the World Heritage nomination. Save our Songlines has disagreed with the group over the industrial development and has raised doubts that a World Heritage listing would protect the ancient landscape from industrial damage.

☆ Explainer: What is Australia's Indigenous 'Voice to Parliament' campaign?
▼ + stars: | 2023-02-23 | by ( Praveen Menon | ) www.reuters.com time to read: +4 min

Here's what you need to know about Australia's 'Voice to Parliament' campaign:WHO ARE AUSTRALIA'S INDIGENOUS PEOPLE? Aboriginal and Torres Strait Islander people are the Indigenous people of Australia. Australia's Indigenous population shrank after the British colonisation in 1788 as they were dispossessed of their land, exposed to new diseases, forced to work in slave-like conditions, and killed by colonisers. New Zealand created Maori seats in parliament, allowing the indigenous population to choose to vote for candidates for these seats or participate in the general election. HOW DID THE VOICE REFERENDUM COME ABOUT?

☆ Factbox: Five things to know about Australia's planned Indigenous referendum
▼ + stars: | 2023-02-23 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

Feb 23 (Reuters) - Australia's government plans to hold a referendum between August and December this year on recognising the nation's Indigenous people in its constitution. The Aboriginal and Torres Strait Islander people, who represent about 3.2% of Australia's population, are currently not mentioned in the constitution. * The Aboriginal and Torres Strait Islander Voice may make representations to Parliament and the Executive Government on matters relating to Aboriginal and Torres Strait Islander Peoples. WHAT IS THE PROPOSED REFERENDUM QUESTION? To change the constitution, the government must secure what is known as a double majority in the referendum.

Australia's biggest lender said loan impairment expenses increased by A$586 million ($409 million) and business credit growth slowed, reflecting strong inflationary pressures, rising interest rates and a decline in property prices. "We expect business credit growth to moderate and global economic growth to slow during 2023," said Chief Executive Officer Matt Comyn. "We are conscious that many of our customers are feeling significant strain from rising interest rates, alongside the rising costs of electricity, groceries and other household items,” Comyn said in an analyst and investor briefing. Higher interest rates are yet to hit many CBA mortgage customers as many cheaply priced fixed rate loans are expected to come off by the end of the year. The bank also announced it would buy back additional shares worth A$1 billion, on top of a A$2 billion share buy-back announced last February.

☆ Australia marks anniversary of 'Stolen Generation' apology; promises more funds
▼ + stars: | 2023-02-13 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

Day after day, week after week," he said. Opposition leader Peter Dutton apologised for boycotting the national apology in 2008. "I've apologised for that in the past and I repeat that apology again today," Dutton told parliament in his speech. "I failed to grasp at the time the symbolic significance to the Stolen Generation of the Apology." Australia’s First Nations people were not included in the census and recognised as part of the Australian population until 1967.

☆ Missing radioactive capsule found in Western Australia
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Feb 1 (Reuters) - Australian authorities on Wednesday found a radioactive capsule that was lost in the vast Outback after nearly a week-long search along a 1,400 km (870-mile) stretch of highway, an emergency services official said. The military was verifying the capsule and it would be taken to a secure facility in the city of Perth on Thursday, Emergency Services Minister Stephen Dawson said in a news conference. The radioactive capsule was part of a gauge used to measure the density of iron ore feed from Rio Tinto's (RIO.AX) Gudai-Darri mine in the state's remote Kimberley region. The ore was being taken to a facility in the suburbs of Perth - a distance longer than the length of Great Britain. The silver capsule, 6 mm in diameter and 8 mm long, contains Caesium-137 which emits radiation equal to 10 X-rays per hour.

☆ Torrential rains, flash floods lash Auckland; Elton John concert cancelled
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] People walk on a flooded street after Elton John?s concert was canceled due to bad weather, in Auckland, New Zealand, January 27, 2023 in this screen grab obtained from a social media video. Duane Moyle/via REUTERSSYDNEY, Jan 27 (Reuters) - Torrential rains caused widespread flooding in New Zealand's biggest city Auckland on Friday, bringing emergency services were into action and forcing organisers to cancel a scheduled concert by Elton John. Videos on social media showed firefighters, police and defence force staff rescuing stranded people from flooded homes using ropes and rescue boats. British musician Elton John's concert in the city, which was expected to by attended by about 40,000 people, was cancelled. Flights into Auckland have also been delayed or cancelled due to the wild weather.

☆ New Zealand's top PM contender wants to change central bank mandate, Ardern's policies
▼ + stars: | 2023-01-25 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

WELLINGTON, Jan 25 (Reuters) - New Zealand's main opposition party leader and top prime ministerial contender, Christopher Luxon, wants to change the central bank's mandate and reverse some of former leader Jacinda Ardern's polices if he is elected. Luxon's conservative, centre-right National Party is leading over the governing centre-left Labour Party in opinion polls. There is a general election set for October and with inflation tracking near three-decade highs the cost of living is the key election issue. Luxon said if elected prime minister, he would change the mandate of New Zealand's central bank to focus solely on inflation, provide tax relief and widen immigration settings in an effort to dampen price inflation. Critics say the dual focus has contributed to inflation tracking at near three-decade highs, which has led to aggressive interest rate increases.

☆ New Zealand's Ardern bids emotional farewell on last day as prime minister
▼ + stars: | 2023-01-24 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Jan 24 (Reuters) - Jacinda Ardern on Tuesday bid an emotional farewell on her last day as prime minister, speaking of the kindness and empathy New Zealanders have shown her, but said she was ready to be a sister and a mother. "Thank you from the bottom of my heart for the greatest privilege of my life," Ardern told the gathering in a speech. The speeches and accompanying songs and dances that followed saw elders speak with humour and warmth about Ardern. "Thanks so much for teaching us to love quickly," one elder told Ardern. Ardern responded, saying she that hadn't planned to speak but that those there refused to give her an out.

☆ New Zealand's ruling party confirms Hipkins as new prime minister - Radio New Zealand
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: 1 min

WELLINGTON, Jan 22 (Reuters) - New Zealand's ruling Labour Party selected Chris Hipkins to replace Jacinda Ardern as leader of the Labour party and prime minister in a meeting on Sunday, Radio New Zealand reported. Hipkins, 44, was the only nomination for the job and his confirmation by the 64 lawmakers, known as the Labour caucus, was largely a formality. Hipkins is expected to hold a news conference shortly to officially announce the decision. Reporting by Lucy Craymer, writing by Praveen Menon; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand chooses 'Chippy' Hipkins to replace charismatic Ardern
▼ + stars: | 2023-01-22 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

"This is the biggest privilege and biggest responsibility of my life," Hipkins said at a news conference announcing his appointment. Hipkins immediately acknowledged the leadership of Ardern, who he called one of New Zealand’s greatest prime ministers and an inspiration to women and girls everywhere. Known as "Chippy", Hipkins built a reputation for competence in tackling COVID-19 and was a troubleshooter for Ardern when other cabinet ministers were struggling. Hipkins named Carmel Sepuloni as deputy prime minister, New Zealand's first deputy prime minister of Pacific origin. Before Hipkins becomes prime minister, Ardern will tender her resignation to King Charles' representative in New Zealand, Governor General Cindy Kiro.

☆ Chris Hipkins set to replace Jacinda Ardern as New Zealand prime minister
▼ + stars: | 2023-01-20 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/2] A view shows the Executive Wing of the New Zealand Parliament complex, popularly known as "Beehive" because of the building’s shape, in Wellington, New Zealand July 23, 2020. REUTERS/Praveen MenonWELLINGTON, Jan 21 (Reuters) - Chris Hipkins is set to replace Jacinda Ardern as New Zealand's next prime minister after emerging as the only candidate nominated to lead the Labour Party, the party said on Saturday. Hipkins is expected to be confirmed as the new leader at a meeting of Labour’s 64 lawmakers, or Caucus, on Sunday. Hipkins is currently minister for police, education and public service as well as leader of the House. Hipkins becomes prime minister until the party’s term ends.

☆ New Zealand's Ardern leaves legacy of kindness, disappointments
▼ + stars: | 2023-01-19 | by ( Praveen Menon | ) www.reuters.com time to read: +5 min

"Be strong, be kind," New Zealand's youngest prime minister in more than a century repeated through her eventful tenure, but her empathetic leadership and crisis management skills often masked her government's shortcomings. Ardern made global headlines in 2020, presiding over New Zealand's most diverse parliament, with more than half the members women and the highest number of indigenous Maori lawmakers. Ardern said it was "totally unacceptable in 2017 to say that women should have to answer that question in the workplace". Less than three months later, Ardern brought the baby, Neve Te Aroha, to the U.N. General Assembly in New York. “I wonder whether or not anyone ever asked Barack Obama and John Key if they met because they were of similar age,” Ardern said, in reference to the former U.S. president and New Zealand prime minister.

Leaving parliament on Saturday, Rabuka told waiting media he was humbled to have become the prime minister of Fiji before being rushed away to be sworn in by the country's president. Biman Prasad, leader of the NFP and the new finance minister, said the incoming government would work for the Fijian people. The prime ministers of both New Zealand and Australia released statements to congratulate the newly sworn-in Rabuka. "We strongly value Fiji as a close friend and partner as we progress our shared priorities for the region," New Zealand Prime Minister Jacinda Ardern said. Anthony Albanese, Australia's prime minister, added in a tweet that he also looked forward to working with Rabuka.

☆ Fiji’s king maker party SODELPA votes to support opposition coalition
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, Dec 23 (Reuters) - Fiji's Social Democratic Liberal Party (SODELPA) said on Friday that it would form a coalition with two other parties, a move that will dislodge current Prime Minister Frank Bainimarama. "We believe we have agreed on a way forward that benefits this country," party leader Viliame Gavoka said in a news conference after an internal party vote. The Pacific island nation's military was called in on Thursday to help police maintain law and order. read moreReporting by Kirsty Needham and Lucy Craymer; writing by Praveen Menon; editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Fiji PM Bainimarama says military deployed to maintain law and order
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, Dec 22 (Reuters) - Fiji Prime Minister Frank Bainimarama said on Thursday that the military was deployed across the country to complement the police in maintaining law and order. "The reports of harassment suffered by our citizens and violence targeted at Indo-Fijian homes and businesses in the wake of the election are deeply disturbing," he said in a Facebook post. The government called in the military citing racial tensions after last week's election delivered a hung parliament. read moreOpposition parties have disputed reports of violence and have called for evidence. Reporting by Kirsty Needham; Writing by Praveen Menon; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Relentlessly rising rents, eight consecutive interest rate hikes, surging living costs and devastating natural disasters in the past few years have inflamed what was already among the world's least affordable rental markets. In Demographia's International Housing Affordability report this year, Sydney ranked the world's second-least affordable market, behind only Hong Kong. Australia's worst floods on record in the east of the country earlier this year destroyed homes and forced about 40,000 people to evacuate, adding to the housing crisis. SEEKING SOLUTIONSProperty owners say rising costs are forcing them to raise rents. Trina Jones from Homelessness New South Wales said for the move to be successful, homes need to be representative of social and affordable housing, and not aimed at making profits.

☆ Apple workers in Australia plan Christmas strike
▼ + stars: | 2022-12-09 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

SummarySummary Companies About 200 Apple workers to strike ahead of Christmas weekendStriking workers asking for better work conditions, wagesIndustrial action comes at peak time for Apple salesSYDNEY, Dec 9 (Reuters) - Hundreds of Apple workers in Australia are preparing to go on a strike ahead of Christmas to demand better working conditions and wages, union leaders and staff said, a move likely to hurt the iPhone maker's sales and services in the country. read moreMembers of Australia's Retail and Fast Food Workers Union (RAFFWU) are asking Apple Inc (AAPL.O) for fixed rosters, known hours of work, weekends of two consecutive days and an agreed annual wage rise. Striking workers would walk out of Apple's retail outlets at 3 p.m. (0400 GMT) on Dec. 23 and stay away throughout Christmas Eve, usually a peak time for sales of Apple iPhones, watches and other products. In June this year Apple workers in Maryland became the first retail employees of the tech giant to unionise in the United States. Apple workers staged a full day strike in October and also a one-hour walkout later that month.

☆ Australian contractor Clough's collapse leaves more than $8 bln of projects in limbo
▼ + stars: | 2022-12-06 | by ( Sonali Paul | ) www.reuters.com time to read: +3 min

It said the goal is to source "immediate interim funding to be able to continue work on as many projects as possible as quickly as possible". Clough is also handling construction of the A$768 million ($515 million) Waitsia Stage 2 gas project, owned by a unit of Japan's Mitsui & Co (8031.T) and Australia's Beach Energy (BPT.AX). The Waitsia Stage 2 project was due to start producing gas for export through the North West Shelf liquefied natural gas (LNG) plant in late 2023. "Given that an administrator has only just been appointed for Clough, it would be premature to speculate on the precise impacts for the Waitsia Gas Project Stage 2," Mitsui E&P Australia said in a statement. TransGrid said it would continue to work with Clough's partner Elecnor to deliver the A$2.3 billion project.

☆ Analysis: Australia's climate policies don't match its big talk at COP27
▼ + stars: | 2022-11-20 | by ( Praveen Menon | ) www.reuters.com time to read: +6 min

Albanese's climate change minister, Chris Bowen, telling the conference Australia was a "willing climate collaborator", made a pitch to host COP31 in 2026 along with the Pacific island nations. "But if you turn to see the other side of the face it's all about the fossil fuel development and the government's addiction to fossil fuel royalties and revenues," Hutley told Reuters in a phone interview from COP27 in Sharm el-Sheikh. Australia's biggest contribution to the climate crisis is its export of fossil fuels. More than 100 fossil fuel developments continued in various stages as of December 2021, the council said in a report this month, based on government data. "There is clearly a policy gap in Australia that is allowing fossil fuel companies to continue expanding and developing new fossil fuel projects," said Will van de Pol, asset management campaigner at activist investor group Market Forces.

The banks are now less conservative in counting expected rental income when assessing loan applications, said the four sources. In September, about a third of new bank mortgage lending was for investment. On Nov. 12, NAB will also halve its discount on rental income to 10%, including for Airbnb-like short-term rentals, the sources said. NAB, Westpac and ANZ trail market leader Commonwealth Bank of Australia (CBA.AX), which has a quarter of the mortgage market. Commonwealth continues to apply a rental income discount of 20% on mortgage applications, a sixth source said.

HONG KONG, Nov 8 (Reuters) - Asian shares rose on Tuesday as U.S. stocks increased overnight before midterm elections and investors clung on to hopes that China would eventually relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-COVID policy. Wall Street ended sharply higher Monday as investors focused on Tuesday's midterm elections that will determine control of Congress, while shares of Meta Platforms jumped on a report of job cuts at the Facebook parent. Hong Kong's Hang Seng index (.HSI) and China's benchmark CSI300 Index (.CSI300) were up 0.3% and 0.14%, respectively. Investors are hoping China will gradually ease its zero-COVID policy and reopen to the world, even after health officials reiterated their commitment to the policy on Saturday at a press conference. Analysts said U.S. mid-term elections on Tuesday could impact markets.

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