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☆ Australia Thought It Was Done Raising Interest Rates. It Wasn’t.
▼ + stars: | 2023-11-06 | by ( James Glynn | ) www.wsj.com time to read: 1 min

Michele Bullock, governor of the Reserve Bank of Australia, said Tuesday, ‘Inflation in Australia has passed its peak but is still too high.’ Photo: Lisa Maree Williams/Bloomberg NewsSYDNEY—The Reserve Bank of Australia raised interest rates in response to stubbornly high inflation, ending a four-month pause and diverging from other major central banks that have signaled they might have price pressures under control. The increase takes Australia’s official cash rate to 4.35%, from 4.10%, representing its highest level in more than a decade. The move was widely expected by economists after inflation in the three months through September showed prices of services, fuel, and rents climbing again.

Persons: Michele Bullock, Lisa Maree Williams Organizations: Reserve Bank of Australia, Bloomberg News SYDNEY, The Reserve Bank of Australia Locations: Australia

☆ US military advisers invoke lessons of Iraq in urging Israelis to avoid all-out ground assault in Gaza
▼ + stars: | 2023-10-24 | by ( Natasha Bertrand Oren Liebermann Mj Lee Katie Bo Lillis | Natasha Bertrand | Oren Liebermann | ) edition.cnn.com time to read: +9 min

“I don’t think Israel has a strategy for what they do next” in terms of executing a full-blown ground invasion, one source familiar with concerns within the Biden administration said. President Joe Biden greets Israeli Prime Minister Benjamin Netanyahu at Ben Gurion International Airport, Oct. 18, 2023, in Tel Aviv. “We stand before the next stage, it is coming,” Netanyahu told the Israel Defence Forces’ Yahalom unit on Tuesday, according to a press release from Netanyahu’s office. “We will not stop until we complete it, with your help.”Military to military channelsIn 2014, Netanyahu set out to debilitate Hamas with the last ground invasion into Gaza. Despite numerous rounds of escalation and conflict with Gaza, Israel hasn’t attempted another incursion since.

Persons: Biden, James Glynn, Israel, Joe Biden, Bill Burns, Benjamin Netanyahu, Evan Vucci, Netanyahu, enflamed, ” Netanyahu, “, ”, Israel hasn’t, Alexi J . Rosenfeld, Matthew Miller, “ We’ve, Defense Lloyd Austin, Yoav Gallant, ” Gallant, Emmanuel Macron, ” Macron, Obama, Gilad Erdan Organizations: Washington CNN — American, CNN, Israel Defense Forces, ISIS, Marine Corps, Marine Forces Special Operations Command, CIA, NATO, Israeli, Ben Gurion International Airport, Israel Defence Forces ’, ”, Pentagon, Defense, International Coalition Locations: Iraq, Gaza, Israel, Fallujah, US, Mosul, France, Germany, Italy, Canada, United Kingdom, Tel Aviv, United States, Western, Palestinian

WASHINGTON (AP) — The Pentagon has sent military advisers, including a Marine Corps general versed in urban warfare, to Israel to aid in its war planning and is speeding multiple sophisticated air defense systems to the Middle East days ahead of an anticipated ground assault into Gaza. Glynn will also be advising on how to mitigate civilian casualties in urban warfare, the official said. The advisers will not be engaged in the fighting, the unidentified U.S. official said. Last Thursday the destroyer USS Carney shot down four land-attack cruise missiles launched from Yemen that the Pentagon has said were potentially headed toward Israel. The official noted arranging for the release of the Raanans took longer to come together than many people realized.

Persons: James Glynn, Glynn, Israel “, John Kirby, Kirby, Carney, Israel —, Eisenhower, “ We’re, ” Ryder, “, ”, Biden, Natalie Raanan, —, Axios Organizations: WASHINGTON, Pentagon, Marine Corps, Marine, Islamic, U.S, National Security, Patriot, Defense, Eisenhower, U.S . Central Command, Navy, Ford, U.S . Locations: Israel, Gaza, Islamic State, Fallujah, Iraq, Iran, Syria, East, Yemen, of Oman, Qatar, U.S

Biden administration officials insisted that the United States had not told Israel what to do and still supported the ground invasion. General Glynn, the official said, would not be on the ground in Israel if an incursion into Gaza begins. But on Sunday, a diplomat from the Israeli Embassy denied that the U.S. government was advising the Israelis to delay the ground invasion. In conversations with Israeli officials since the Hamas attacks on Oct. 7, American officials said they have not yet seen an achievable plan of action. Like U.S. officials, Mr. Reed said he also still supports the ground invasion to destroy Hamas.

Persons: Biden, Yoav Gallant, Lloyd J, Austin III, James Glynn, General Glynn, Axios, Gallant, Austin, “, Mr, ” Mr, Patrick S, Ryder, Benjamin Netanyahu’s, we’ve, Michael Knights, Knights, Jack Reed, Reed, ”, Michael Crowley Organizations: Israel Defense Forces, Biden, Pentagon, Israel, Embassy, Islamic, United States Central Command, ABC, American Marines, Associated Press, Islamic State, State, The Washington Institute, Hamas, Rhode Island Democrat, Armed Services Committee Locations: Israel, Gaza, United States, Washington, U.S, Mosul, Iraqi, Tel Aviv, Kurdish, Mosul —, British, Falluja, Iraq, Raqqa, Cairo, Saudi Arabia, Egypt, “, State

☆ Data centers are booming. Their need for power is causing utilities to retreat on green energy.
▼ + stars: | 2023-10-09 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +18 min

Katie Hobbs at Google's September announcement of a a new $600 million data center in Mesa, Arizona. The amount of electricity needed to power data centers in the U.S. is expected to more than double by 2030, according to McKinsey. "With data centers, you're going to do all of the above to have capacity to meet those loads." Utilities struggle to meet data center loads while cutting carbonThe utility-level impact of the data center industry's energy demand reaches beyond Phoenix. In preliminary documents, it has identified data centers as "the major source of load growth during 2023-2038."

Persons: Karla Moran, Moran, Katie Hobbs, you've, Terry Boston, James Glynn, Glynn, Caryn Potter, it's, OPPD, that's, David Corbin, Corbin, Valerie Plesch, Aaron Ruby, Devon Smiley, Smiley, Lee Kestler, Ruby, George Frey, Wendy Bridges, Bridges, Jill Hanks, Hanks, Potter, Meghin Delaney, Reno, Kestler, EdgeCore, Hunter Holman, Delaney, Holman Organizations: Microsoft, Google, Digital Realty, Arizona Gov, McKinsey, PJM, Columbia University's Center, Global Energy Policy, Southwest Energy Efficiency, Utilities, Omaha Public Power, Sierra Club's, The Washington, Getty, Dominion Energy, Dominion, Blackstone, KKR, APS, Phoenix, Goodyear, NV Energy, Reno, Bay Area, Silver State, Western Resource Locations: Phoenix, Salt, Mesa , Arizona, City, Mesa, U.S, Arizona, Phoenix . Omaha , Nebraska, New York, Sierra Club's Nebraska, Woodbridge , Virginia, Virginia, Nebraska, OPPD, Eagle Mountain , Utah, Brookfield, Seattle, Goodyear, Bay, Nevada, Reno, Las Vegas, North

☆ New Zealand Felt a Recession Could Be Necessary to Tame Inflation. It Got One.
▼ + stars: | 2023-06-15 | by ( James Glynn | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/new-zealand-felt-a-recession-could-be-necessary-to-tame-inflation-it-got-one-e4abaef

Persons: Dow Jones Locations: zealand

☆ Australia, Spooked by Inflation, Resumes Raising Interest Rates
▼ + stars: | 2023-05-02 | by ( James Glynn | ) www.wsj.com time to read: 1 min

A man ran past the Reserve Bank of Australia in Sydney on Tuesday. Photo: Rick Rycroft/Associated PressSYDNEY—The Reserve Bank of Australia surprised financial markets by raising interest rates a month after pausing to assess the impact of earlier tightening on the economy, illustrating how central banks are wary of declaring victory over inflation. The RBA lifted its official cash rate by a quarter of a percentage point to 3.85%, arguing that while inflation had already peaked it was still too high at 7% and could take a couple of years before it reaches the top end of a 2% to 3% target range.

☆ Australia Plots Biggest Shake-Up of Central Bank in Decades
▼ + stars: | 2023-04-19 | by ( James Glynn | ) www.wsj.com time to read: 1 min

An independent review of the Reserve Bank of Australia concluded it was ill-equipped to meet current challenges. Photo: Brent Lewin/Bloomberg NewsSYDNEY—Australia said it would make broad changes to how its central bank operates, including who gets to decide interest rates, amid criticism from some lawmakers and economists that officials took too long to tighten policy in response to accelerating inflation. The biggest change will see the Reserve Bank of Australia adopt a monetary policy committee structure that has parallels to the setup of the Bank of Canada and the Bank of England. Australian Treasurer Jim Chalmers said RBA policy makers would now gather to set interest rates eight times a year, compared with the current 11 meetings.

☆ New Zealand Shocks With Big Rate Rise as Some Central Banks Pause
▼ + stars: | 2023-04-05 | by ( James Glynn | ) www.wsj.com time to read: 1 min

The Reserve Bank of New Zealand’s decision illustrates a widening split in the approaches of global central banks. SYDNEY—New Zealand’s central bank announced a further sharp rise in interest rates despite recent indications that activity in the agriculture-rich economy is slowing and could be on the cusp of a recession. The official cash rate was raised to 5.25%, from 4.75%, the Reserve Bank of New Zealand said after its policy meeting on Wednesday. Economists had expected a smaller increase to 5.00%.

☆ Australia’s Central Bank Jumps Ahead of Fed by Holding Interest Rates Steady
▼ + stars: | 2023-04-04 | by ( James Glynn | ) www.wsj.com time to read: 1 min

The Reserve Bank of Australia kept its official cash rate at 3.60% at its latest policy meeting. SYDNEY—Australia’s central bank put the brakes on its campaign of interest-rate increases, breaking with many of its global counterparts as it steers the commodity-rich economy on a narrow path away from a recession. The Reserve Bank of Australia kept its official cash rate at 3.60% at a policy meeting on Tuesday, snapping a run of 10 consecutive increases that have added 3.50 percentage points to the benchmark rate since May last year.

☆ New Zealand Bans TikTok From Parliamentary Devices, Citing Security Risks
▼ + stars: | 2023-03-17 | by ( James Glynn | ) www.wsj.com time to read: 1 min

New Zealand plans to ban TikTok downloads on all digital devices linked to its parliament. SYDNEY—New Zealand said it would ban TikTok on all digital devices linked to its parliament, joining the U.S. and some allies in limiting the use of the China-owned video-sharing app. The decision by New Zealand’s Parliamentary Service is part of a broadening of a political campaign against TikTok, owned by Beijing-based ByteDance Ltd., in countries that share intelligence with Washington. Still, it stops short of a governmentwide ban, with individual departments in New Zealand left to decide whether their employees can install the app.

☆ Australia’s Central Bank Raises Rates, but a Pause Could Be Coming
▼ + stars: | 2023-03-07 | by ( James Glynn | ) www.wsj.com time to read: 1 min

SYDNEY—Australia’s central bank raised interest rates for the 10th consecutive time, but indicated there had been progress made in taming inflation and that increases could be nearing an end. On Tuesday, the Reserve Bank of Australia raised its official cash rate by a quarter point to 3.60%, the highest level in more than a decade. But it said the monthly consumer-price index suggested that inflation had peaked and the bank tempered language surrounding its plans for further monetary tightening.

☆ New Zealand’s Inflation Challenge Worsened by Cyclone Gabrielle
▼ + stars: | 2023-02-22 | by ( David Winning | James Glynn | ) www.wsj.com time to read: 1 min

New Zealand’s central bank said recent storms are likely to add to inflation and disrupt production in the near term, while boosting activity during the rebuild. New Zealand’s battle with inflation had shown signs of easing before Cyclone Gabrielle wrecked homes, downed power lines and washed away roads after making landfall earlier this month. Now, officials at the South Pacific country’s central bank are assessing how the rebuilding effort could complicate their campaign to bring price pressures under control. New Zealand raised interest rates by half a percentage point to 4.75% on Wednesday and signaled more increases are to come, even as some global central banks say they could soon pause tightening policy to judge how their economies are responding.

☆ Epic Housing Booms Meet Their Match in Australia, Canada, New Zealand
▼ + stars: | 2022-11-06 | by ( James Glynn | ) www.wsj.com time to read: 1 min

SYDNEY—Australia, New Zealand and Canada are home to three of the biggest property booms in recent history, having survived the global financial crisis, recession and Covid-19 pandemic. They might have finally met their match, however, at the hands of an unprecedented pace of global monetary tightening. While home prices have been strong around the world for decades, these three stand out. They dodged much of the collapse in prices that hit the U.S. ahead of the global financial crisis, and the booms have gathered even more steam during the pandemic. Since 1990, home prices in Australia, New Zealand and Canada are up 532%, 602% and 331%, respectively, compared with 289% for the U.S., according to one measure from research firm Oxford Economics.

Australia and Japan said that they would deepen defense cooperation and that Japanese forces would train in Australia’s north, the latest move by U.S. allies to respond to strategic tensions with China. Prime Minister Anthony Albanese of Australia and Prime Minister Fumio Kishida of Japan made the announcements after meeting in the western Australian city of Perth. The leaders said they agreed to update an existing 2007 security declaration between the two countries, reflecting the growing alignment between both nations.

Australia and Japan said they would deepen defense cooperation and that Japanese forces would train in Australia’s north, the latest move by U.S. allies to respond to growing strategic tensions with China. Prime Minister Anthony Albanese of Australia and Prime Minister Fumio Kishida of Japan made the announcements after meeting in the western Australian city of Perth. The leaders said they agreed to update an existing 2007 security declaration between the two countries, reflecting the growing alignment between both nations.

☆ Reserve Bank of Australia Raises Rates, Signals More to Come
▼ + stars: | 2022-08-23 | by ( James Glynn | ) www.wsj.com time to read: 1 min

SYDNEY—The Reserve Bank of Australia delivered a ninth consecutive increase in interest rates and signaled more to come, suggesting global central banks are headed down different paths as their battle with inflation enters a new phase. The latest increase of 0.25 percentage point took Australia’s benchmark interest rate to 3.35% from 3.10% and marked the first time that the RBA had tightened policy at nine straight meetings of its board. Explaining the move, RBA Gov. Philip Lowe said inflation was at its highest level in more than three decades.

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