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ASX up, recession worries and 5 other things to start your day

A composite image of the ASX board showing company price changes and a crowd of people.
The ASX is expected to open higher this morning. (Source: Getty)

ASX: The local share market is expected to rise this morning after US stocks edged higher overnight.

Recession: The World Bank has slashed its global growth forecasts for 2023, leaving many countries on the brink of recession.

The World Bank said it expected global GDP growth of 1.7 per cent in 2023, the slowest pace - outside the 2009 and 2020 recessions - since 1993.

Rental stress: Aussie renters could soon get relief, with new research finding that, while prices are still rising, they have started to slow down.

Renters endured the fastest growth on record last year, with rock-bottom vacancy rates driving national rents up by 10.2 per cent. But December-quarter rental data showed the pace of growth slowed to 2 per cent in the final three months of 2022.

International students: Australia's lucrative international student sector looks set for a huge boost, thanks to improving relations with China.

Government data shows Chinese student visa holders more than halved between 2019 and 2022, falling from 165,149 to 78,234 during the pandemic period. Australia's international student sector was valued at a cool $40 billion in 2019.

Pokies: Suspected money laundering through poker machines led to a big jump in reports last year, according to the Government’s financial intelligence agency.

Reports of possible suspicious activity or money laundering soared to more than 500 between April and May last year, which was the yearly national average between 2016 and 2019.

Green transition: Major car brands are failing to move to electric vehicles fast enough and must speed up their efforts to limit global warming, a European automaker has warned.

Polestar sustainability head Fredrika Klaren sounded the warning in Sydney this week, saying the automotive industry's efforts were on track to fall significantly short of the emission reductions recommended by 2030.

Housing woes: Around a third of Victorian prisoners had their parole requests denied because they didn’t have suitable housing, prompting a call to supercharge social housing stocks.

New data found 116 parole applications in Victoria were rejected last financial year because of an absence of suitable accommodation or insufficient time left on prisoners’ sentences to find appropriate alternatives.

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