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Services Sector in Longest Growth Spurt Since GFC

Posted: October 8th, 2015 | Author: | Filed under: Business News | Tags: , , , , , | Comments Off on Services Sector in Longest Growth Spurt Since GFC

Service Sector Rises SeptemberAustralia’s services sector expanded for a fourth straight month in September, marking the longest period of continuous growth since the 2008 global financial crisis.

The Performance Of Services Index by the Australian Industry Group stood at 52.3 last month. This was above the critical 50-point level, separating expansion from contraction.

However, the index eased by 3.4 points for the month, meaning that while the pace of growth slowed in September, the industry remained in expansion overall. The last time the index recorded a four-month stretch of growth was in March 2008.

At the same time, a leading private sector measure of inflation saw consumer prices gain momentum last month, sending the annual rate of inflation to its highest level in 12 months. The TD Securities Melbourne Institute Inflation Gauge rose by 0.3 percent in September, after a 0.1 percent rise in August.

In the 12 months to September, the Inflation Gauge increased by 1.9 percent, the highest annual rate since November 2014. However, that was still below the Reserve Bank’s target range for inflation of 2 to 3 percent.

Within the month, there was a 6.3 percent jump in tobacco prices because of an excise increase, a 4.5 percent rise in the cost of holiday travel and accommodation, and a 1.2 percent increase in fruit and vegetable prices. By contrast, petrol prices fell 5 percent, the cost of newspapers, books and stationery slipped 4.2 percent and clothing prices edged 0.7 percent lower.

Sector by sector, side-by-side the indices remain relatively flat, Services dropped 3.4 points to 52.3, Construction eased 1.9 points to 51.9 while Manufacturing inched forward, gaining 0.4 points to settle on 52.1 points  :: Read the full article »»»»

Anatomy of a Bloodbath

Posted: August 25th, 2015 | Author: | Filed under: Business News, China, Socially Engineerd | Tags: , , , , | Comments Off on Anatomy of a Bloodbath

Anatomy of a bloodbath

Many financial analysts have rushed to describe the current global stock market turmoil as a historic event, unprecedented, a bloodbath, however its evolution has so far been quite traditional. The correction, if that’s what this is, has been building since 2011/12 when many analysts began to question the numbers attached to Chinese growth. The questioning subsided with markets peaking earlier this year reaching new optimistic highs – April ’15 marked historic highs for all global indices.

And while markets around the globe rally to retake losses, China and it’s growth remains the question on everyone’s lips, what is the real number? …and will that number dictate a correction or crash for markets!?

Globally this current selloff started as a repricing of growth outlooks, in the main based on believable or unbelievable numbers out of China over the past 5 years, mounting evidence of economic weakness in the worlds second largest economy, coupled with persistent low growth in Europe and Japan, made it hard for markets to ignore the impact on earnings and profitability of what looked suspiciously like a global slowdown  :: Read the full article »»»»

Australian Government Considers Large Scale Roll-back of Pension Access

Posted: April 5th, 2015 | Author: | Filed under: Australia, Politics, World of the News | Tags: , , , , , | Comments Off on Australian Government Considers Large Scale Roll-back of Pension Access

Australian Government Indicates Large Scale Roll-back of Pension AccessIn its hunt for savings, the Australian Government is “seriously considering” a proposal to tighten the assets test for retirees, shaving hundred of millions off the ballooning cost of the pension system.

At the moment, retired couples who own their home, and with other assets up to $1.1 million still qualify for a part pension, a position many consider untenable. The Social Services Minister Scott Morrison has strongly indicated he will look at scaling back access to the pension for wealthy Australians as an alternative to the Government’s current plan to change the rate of indexation.

In the backflip – the government pledged, via last years budget, to decouple pension rises from the ‘average (male) earnings’, instead linking them to the rate of inflation, saving the government almost $450 million a year – cutting into pension payments by as much as $80 a week – might get the boot?

Social Services Minister Scott Morrison said last week that he wanted “modest, incremental change” to the pension system, though he is still standing by last year’s budget measure and an attempt to raise the pension age to 70 – which has also stalled in the Senate :: Read the full article »»»»

Iron Ore Stocks Crumble as Price Drops to Six-year Low

Posted: March 8th, 2015 | Author: | Filed under: Business News | Tags: , , , | Comments Off on Iron Ore Stocks Crumble as Price Drops to Six-year Low

Iron Ore Stocks Crumble as Price Drops to Six-year Low
Iron ore stocks have taken a beating on the share market, with the price of the commodity falling below $US60 a tonne. The benchmark price of iron ore dipped to $US59.3 a tonne overnight, hitting a fresh six-year low.

Prices for the steel making commodity have more than halved over the past year, driven by massive expansions in the Pilbara and Brazil. It has glutted the market, a situation the World Bank is predicting could last for up to two years :: Read the full article »»»»

Secret Files Reveal HSBC Helped High Profile Clients Dodge Taxes

Posted: February 10th, 2015 | Author: | Filed under: Business News, CRIME! | Tags: , , , , | Comments Off on Secret Files Reveal HSBC Helped High Profile Clients Dodge Taxes

HSBC: Secret files reveal bank helped businessmen, models and sports stars dodge taxesA cache of secret bank files shows HSBC’s Swiss banking arm helped wealthy customers avoid taxes and hide millions of dollars, according to a report by a network of investigative journalists.

The files, analysed by reporters in the International Consortium of Investigative Journalists (ICIJ), showed the British banking giant provided accounts to international criminals, corrupt businessmen, politicians and celebrities.

The files list a range of former and current politicians from Britain, Russia, India and Africa, as well as Saudi, Bahraini, Jordanian and Moroccan royalty, late Australian press magnate Kerry Packer and model Elle Macpherson :: Read the full article »»»»