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
Economy
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
Treasurer Jim Chalmers has dismissed his budget critics following a warning about the “hefty price” the world is paying for Russia’s war on Ukraine. Source
West Australian Premier Mark McGowan has warned a recession is coming next year after previously only flagging it was a risk. Source
One of the world’s biggest banks has heralded disaster for 2023 as governments battle to stem the rapidly rising inflation tide. Source
Australia’s financial sector was better equipped to deal with the Covid pandemic thanks to a suite of reforms introduced during the global financial crisis. Source
RBA boss Philip Lowe has delivered a worrying warning there could be more power price spikes on the horizon as energy providers struggle to keep up with global demand and inflation pressures. Source
A finance expert has issued a grim warning that the world economy is facing one of the toughest periods in 30 years, with another claiming we could be set to face an economic “hurricane”. Source
As the US stock market took a dive on Thursday, Aussies woke up braced for their own ASX 200 downfall. Source
It’s impossible to predict the future but there is one way to get an indication of what will happen to Australian house prices in 2023 – and that’s to look over the ditch. Source
China has ditched reporting its daily Covid case numbers, as bodies pile up in the streets and while the official death toll remains stubbornly, and implausibly, below 10. Source
Since the colonies of Australia were first federated into a modern independent nation over 120 years ago, Australia’s economic fortunes relied on exports. Source
Finnish pharmacies ran out of iodine tablets Wednesday, a day after the Finnish Health Ministry advised families that a single dose is ideal for a radiation exposure emergency following growing fears of a nuclear event following Russia’s expanding military buildup in Ukraine. “An accident at a nuclear power plant could […]
The Nord Stream gas pipeline exploded early this morning, causing a massive fire. No injuries have been reported, but the pipeline has been shut down. The cause of the explosion is not yet known, but authorities are investigating whether it was caused by sabotage. This is the second major incident […]