Commonwealth Bank of Australia, the largest lender in the country, recently announced its annual cash profit for the year ending June 30. Surprisingly, the cash profit of A$9.84 billion exceeded expectations, although it was slightly lower than the previous year’s record of A$10.16 billion. Additionally, the bank declared its highest-ever dividend of A$2.50 per share,
Economy
Currency markets were in a state of uncertainty as investors awaited the release of U.S. economic data to determine the likelihood of significant rate cuts. The dollar was seen hovering at 147.17 yen, remaining relatively steady after touching a one-week high of 148.23 overnight. At the same time, the euro was positioned at $1.0931, inching
Republican U.S. vice presidential candidate JD Vance expressed his support for Donald Trump’s stance on giving presidents a say in Federal Reserve Board policy-making, particularly when it comes to interest-rate moves. This position was outlined during an interview on CNN’s “State of the Union” program, where Vance emphasized the importance of allowing political leaders to
China’s bond market, the second-largest in the world, recently experienced a turbulent week with the central bank heavily intervening to stem a plunge in yields. This move comes at a time when the economy is struggling, raising concerns among investors. Despite the unprecedented government actions to cool down the market, some die-hard investors remain bullish
India’s markets regulator, SEBI, recently responded to allegations made by Hindenburg Research regarding the head of the organization, Madhabi Puri Buch. SEBI urged investors to remain calm and exercise due diligence before reacting to such reports. It stated that the allegations against the Adani Group have been thoroughly investigated, with most investigations already completed. SEBI
A recent federal appeals court decision has further extended an injunction blocking President Joe Biden’s administration from implementing a student debt relief plan aimed at easing the burden for millions of borrowers. The ruling, issued by the 8th U.S. Circuit Court of Appeals, came in response to a request from seven Republican-led states. The decision
On a recent campaign stop in Nevada, U.S. Vice President Kamala Harris expressed her support for eliminating taxes on tips, echoing a similar stance taken by her opponent, former President Donald Trump. This move is strategic, as it aims to win over service workers, a crucial constituency in the state. Harris emphasized her commitment to
The recent announcement from the State Department regarding the provision of $3.5 billion in military aid to Israel is causing a stir in the international community. This funding is intended for the purchase of U.S. weapons and military equipment, highlighting the deep-rooted relationship between the two countries when it comes to defense and security matters.
The recent statements by U.S. Vice President Kamala Harris regarding the independence of the Federal Reserve have sparked discussions about the role of politics in central bank decisions. Harris made it clear that if she were to become president, she would not interfere in the Fed’s decision-making process. This stands in stark contrast to former
Federal Reserve Governor Michelle Bowman recently acknowledged the progress made on inflation in the last few months. This comes as a welcome development, despite inflation levels remaining higher than the central bank’s 2% target. Bowman emphasized the need for a cautious approach to monetary policy, highlighting the upside risks to inflation that still persist. Bowman
Indian automaker Mahindra & Mahindra’s proposed joint venture with China’s Shaanxi Automobile Group to set up a $3 billion car manufacturing plant in India raises serious concerns. Given the current geopolitical tensions between India and China, this partnership seems risky and potentially damaging to India’s national interests. The lack of transparency surrounding this joint venture
As the holiday season approaches and concerns loom over potential strikes at U.S. ports, retailers are ramping up their imports at an unprecedented rate. Container imports and freight rates saw a significant surge in July, marking an earlier peak season for the ocean shipping industry. With about 80% of global trade relying on ocean shipping,