While the global economy is set to avoid a recession, the fallout from China’s toxic property sector and persistently high interest rates point to an increasingly grim outlook for the Australian economy, the International Monetary Fund (IMF) has warned. Source
Economy
The company founded by Instagram fitness tycoon Kayla Itsines has continued its fight against a former employee in court, arguing the rising influencer’s rival exercise app could cost it up to $1m in lost revenue. Source
An increasing number of Australians with mortgages are teetering on the edge of financial stress as higher interest payments threaten to exceed incomes and deplete savings, the Reserve Bank has found. Source
Former US president Donald Trump allegedly slipped sensitive details about America’s nuclear submarine fleet to an Australian billionaire, reports have claimed. Source
As the world moves away from fossil fuels, mining giant BHP is betting on artificial intelligence to help solve a dramatic imbalance between copper supply and an expected surge in demand. Source
The ASX has closed up 28.7 points, or 0.41 per cent, to finish the week on 6,954.20. Source
The Australian share market tumbled lower to its lowest level in 11 months on Wednesday following a broad sell-off on Wall Street overnight. Source
Australia’s economic outlook looks set to darken over the next two years, with a major forecaster predicting substantial declines in the value of lucrative resource exports. Source
The late US Senator John McCain once described Russia as a “gas station masquerading as a country” with almost two thirds of its exports being fuels and energy products. Source
Economists have urged caution over the inflationary threat of soaring global oil prices and sticky price pressures ahead of Michele Bullock’s first board meeting at the helm of the Reserve Bank. Source
Has Beijing snared itself in its own debt trap? The lure of cheap cash has bought it diplomatic support and access to ports across Africa, Asia and the Pacific. But now those nations are struggling to meet repayments. And someone still has to pay. Source
Investment in a key commodity that will underpin a global transition to a renewables base and limit climate change is short by more than $300bn, mining giant BHP has warned. Source
Time is running out for the US to avoid a partial government shutdown in five days, as right-wing House Republicans refuse to budge on demands for massive spending cuts, including ceasing aid for Ukraine. Source
Surging petrol prices, soaring rents and higher insurance premiums could serve households with another rate hike before the end of the year. Source
The woes of debt-ridden Chinese property giant Evergrande just got a whole lot worse after 87 per cent of its market value was wiped away in less than a month. Source
Some experts believe that the economic tightening cycle is over as inflation returns to more stable levels across the world. Source
A Chinese wildlife conservation group has issued a desperate appeal for volunteers to donate food to animals at a zoo due to a lack of funds for feeding the animals — pointing to a much bigger crisis. Source
Another prominent Chinese property developer has filed for bankruptcy protection over its $15.5 billion foreign debt as police raid the investment arm of its embattled competitor, Evergrande. Source
There’s new hope for a resolution to the industrial dispute roiling Chevron’s LNG operations with union workers announcing they will consider recommendations from the Fair Work Commission to end the strike. Source