The ASX has dropped sharply in early hours of trading on Tuesday, following the collapse of several banks in the United States. Source
Economy
It is hard for Australians to believe, but the US has 4800 banks. That is one bank for every 70,000 people. Source
Prime Minister Anthony Albanese says he expects to sign major clean energy and national security agreements with India when he meets with Narendra Modi on Friday afternoon. Source
Anthony Albanese says he’s honoured by the effort his Indian counterpart has put in to his visit, which has included a ride on a chariot before a huge cricket-loving crowd. Source
What links Russia’s invasion of Ukraine with your soaring grocery bill? Gas. And the fertilisers it produces. Source
Renowned economist Nouriel Roubini, dubbed “Dr Doom”, has warned that the world is facing a looming “stagflationary debt crisis” that will be “the worst of all worlds for workers”. Source
South Africa is on the verge of “collapse” amid rolling blackouts and warnings a total power grid failure could lead to mass rioting on the scale of a “civil war”. Source
Everything’s a “win-win” situation – if Australia “rights its wrongs”. That’s why there’s little evidence China’s trade war with Australia is about to end. Source
Anthony Albanese has talked up Australia’s relationship with India ahead of his upcoming trip to the subcontinent. Source
The trade minister will soon fly to China with his sights set on lobbying Beijing to unwind sanctions on $20bn of Australian exports. Source
Russia has invaded a neighbouring country, seen more than 100,000 of its soldiers die, been shunned by a large chunk of the international community and been exposed to some of the world’s toughest sanctions – and still its economy is doing better than Britain’s. Source
As economic narratives surrounding the reopening of the Chinese economy continue to multiply like rabbits, the growing consensus among analysts appears to be that it will provide a strong boost to the global economy and to Australia in particular. Source
Microsoft on Wednesday said it would lay off 10,000 employees in the coming months as the economic downturn continues to punish US tech giants. Source
The Australian stock market jumped to a nine-month high after the release of lukewarm jobless figures. Source
Washington risks triggering a global financial crisis if politicians are not able to raise the debt limit, global banks, the US Treasury and even the President is warning. Source
Treasurer Jim Chalmers has joined his counterparts from the United States, United Kingdom, Canada and New Zealand in calling for co-operation in the face of the “threat and use of economic coercion”. Source
The skyrocketing cost of living, higher interest rates and disruptions caused by Russia’s invasion of Ukraine has the global economy on a knife edge where it could tip into recession, the World Bank has warned. Source
A fresh warning has been sounded that the US government could default on its debt as soon as June, when the “extraordinary measures” brought in to stave off the crisis are no longer enough to manage a $30 trillion bill that is ticking upwards. Source
There are fears a “financial earthquake” causing widespread distress is going to hit globally, with a warning issued by the world’s leading expert on debt crises. Source