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  • Economy in RBA's hands for now AAP - 3 hours ago

    As both major political parties posture over the next month on how best to tackle much-needed budget repair ahead of the opening of the new parliament, the Reserve Bank will be getting on with the job in hand to shore up the fortunes of the economy. Official inflation figures on Wednesday will be crucial as to whether the central bank will need to cut the cash rate again at its board meeting on August 2. The central bank last cut the rate in May after the March quarter consumer price index showed prices actually declined, or deflation - a sign of a soft economy.

  • WA and Qld tumble down economic rankings AAP - 6 hours ago

    The NSW economy remains the nation's strongest and the mining downturn has sent Queensland and Western Australia tumbling down the rankings. NSW extended its lead on Victoria in the latest Commsec State ...

  • UK seeks to calm worries over Brexit path AAP - 9 hours ago
    UK seeks to calm worries over Brexit path

    Britain's new finance minister Philip Hammond, under pressure from his peers from around the world, says there could be more clarity later this year on how the country will exit the European Union. Several nations called on Britain during weekend G20 talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc.

  • Ministers say G20 prepared for Brexit AAP - 10 hours ago
    Ministers say G20 prepared for Brexit

    The fallout from Brexit will not be unsurmountable, the finance ministers and central bank chiefs of the Group of 20 leading economies (G20) say. "Members of the G20 are well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum," which voted on June 23 to leave the European Union, according to a statement issued after talks in Chengdu, 1,800km southwest of Beijing.

  • 'Star Trek Beyond' boots 'Pets' to box office doghouse AFP - 10 hours ago
    'Star Trek Beyond' boots 'Pets' to box office doghouse

    "Star Trek Beyond" boldly went to the top of the box office in its weekend debut, sending "The Secret Life of Pets" to the doghouse in the number two spot. Paramount's "Star Trek Beyond," the latest installment in the 50-year-old franchise, beamed up $59.6 million in gross receipts, according to estimates released by industry tracker Exhibitor Relations on Sunday. In the epic science-fiction adventure directed by Justin Lin, the crew of the USS Enterprise crash-land on a hostile planet and must find a way to escape from the villain Krall.

  • After NATO, the WTO: Trump ready to rip up post-war order AFP - 10 hours ago
    After NATO, the WTO: Trump ready to rip up post-war order

    Toughening immigration checks for the French and Germans, questioning NATO obligations and hinting at an exit from the World Trade Organization: Donald Trump cast further doubt Sunday on US alliances and commitments around the world. In his first wide-ranging interview since he was crowned the Republican Party's White House nominee, the billionaire and political novice spelled out his stance on a slew of foreign policy, international trade and national security issues.

  • UK warns of Brexit 'shadow' on world economy AFP - 10 hours ago
    UK warns of Brexit 'shadow' on world economy

    Britain's finance minister warned Brexit would cast a "shadow" over the world economy but said he was eyeing a free trade deal with China in interviews with the BBC and Sky News on Sunday. Speaking on the sidelines of the G20 meeting of leading world economies in Chengdu, China, Philip Hammond told Sky that the vote to leave the EU was "not the only shadow the world economy faces".

  • G20 to use all policy tools to lift growth AAP - 11 hours ago

    The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers say after a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism. Philip Hammond, Britain's new finance minister, said the uncertainty about Brexit would begin to abate once Britain laid out a vision for a future relationship with Europe, which could become clearer later this year.

  • G20 countries pledge to boost growth AAP - 12 hours ago

    Finance officials of major economies have pledged to boost sluggish global growth but announced no joint initiatives and promised to defend against the shockwaves of Britain's vote to leave the European Union. In a joint statement after a two-day meeting, envoys of the Group of 20 also rejected trade protectionism, an issue that has risen in prominence as US Republican presidential candidate Donald Trump has talked about restricting access to American markets. The United States, China, Britain, Germany and other governments at the meeting in Chengdu in western China pledged to use spending, monetary policy and regulatory reforms to strengthen growth.

  • Yahoo appears near deal to sell core assets AFP - 12 hours ago
    Yahoo appears near deal to sell core assets

    Yahoo is near a deal to sell its core online assets, ending a 20-year run as an independent company for one of the most storied names on the internet. Media reports said Yahoo, which introduced many users around the world to the internet, was close to selling its main assets for $5 billion. The online news site Re/Code reported that telecom giant Verizon had emerged as the buyer unless another bidder boosted the price.

  • Trump says US could pull out of World Trade Organization AFP - 14 hours ago
    Trump says US could pull out of World Trade Organization

    Republican White House nominee Donald Trump suggested Sunday that the United States could pull out of the World Trade Organization if he is elected president. The New York billionaire made the comments during a wide-ranging interview with NBC television's "Meet the Press," his first since being crowned as his party's presidential nominee. Trump, who has already threatened to renegotiate or rip up the North American Free Trade Agreement, also doubled down in the interview on recent comments questioning the US commitment to its NATO allies.

  • Aussie shares to open slightly higher AAP - 16 hours ago

    Wall Street closed higher on Friday, clinching the fourth straight week of gains, boosted by strength in telecom stalwarts AT&T and Verizon. "Wall Street would suggest a stronger rise but the problem is commodity prices also fell and that will act as a restraint on resources stocks in our market," he said. CommSec chief economist Craig James said the June inflation was likely to be 1.1 per cent over the year, well below the Reserve Bank of Australia's two-to-three per cent target range.

  • Brexit is risk to global growth, says G20 AFP - 17 hours ago
    Brexit is risk to global growth, says G20

    Britain's vote to leave the European Union heightens risks for the world economy, finance chiefs from the G20 group of leading countries said Sunday, vowing to use "all policy tools" to boost growth. The outcome of June's referendum "adds to the uncertainty in the global economy", they said in a communique after a meeting of central bankers and ministers in the Chinese city of Chengdu. "In light of recent developments, we reiterate our determination to use all policy tools -?

  • Beijing slaps EU, Japan, S. Korea with steel duties AFP - 20 hours ago
    Beijing slaps EU, Japan, S. Korea with steel duties

    China said Sunday it has started imposing anti-dumping tariffs on certain steel imports from the European Union, Japan and South Korea, as Beijing itself comes under fire for similar trade practices. The world's second largest economy, which makes more than half the world's steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium in violation of international trade agreements. On Friday Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China "will not engage in a trade war or currency war".

  • China unveils 'world's largest amphibious aircraft' AFP - 20 hours ago
    China unveils 'world's largest amphibious aircraft'

    China has completed production of the world's largest amphibious aircraft, state media has said, the latest effort in the country's program to wean itself off dependence on foreign aviation firms. The state-owned Aviation Industry Corporation of China (AVIC) unveiled the first of the new planes, dubbed the AG600, Saturday in the southern port city of Zhuhai, the official Xinhua news agency reported. At around the size of a Boeing 737, it is far larger than any other plane built for marine take off and landing, Xinhua quoted AVIC's deputy general manager Geng Ruguang as saying.

  • Terror attacks a growing economic threat: G20 ministers AFP - 20 hours ago
    Terror attacks a growing economic threat: G20 ministers

    Increasingly frequent terrorist attacks are becoming a growing threat to the global economy, finance chiefs from the world's leading economies said Sunday. Earlier this month 84 people were killed in Nice when a Tunisian truck driver -- suspected to be inspired by the Islamic State jihadist group -- ploughed a 19-tonne vehicle through a holiday crowd. Kabul mourned Sunday after its deadliest attack for 15 years killed 80 people and left hundreds maimed the previous day, reigniting concern that Islamic State was seeking to expand its foothold in Afghanistan.

  • Britain might deploy fiscal stimulus in autumn: Hammond AFP - 22 hours ago
    Britain might deploy fiscal stimulus in autumn: Hammond

    Britain could unleash a government stimulus package this autumn to counter the negative effects of its vote to leave the European Union, its finance minister said Sunday. "We have the option of a fiscal response, and we will do that on our normal timetable around the autumn statement," Philip Hammond told reporters on the sidelines of a G20 finance ministers meeting in the Chinese city of Chengdu. "The reality is that there will be a measure of uncertainty right up to the conclusion of our negotiations with the European Union," he added.

  • G20 nations warn of Brexit risk to global growth AFP - 23 hours ago
    G20 nations warn of Brexit risk to global growth

    Britain's vote to leave the European Union heightens risks for the world economy, finance chiefs from the G20 group of leading countries said Sunday. The outcome of last month's referendum "adds to the uncertainty in the global economy", they said in a communique after a meeting in China. Britain's finance minister Philip Hammond -- who was seated in the front row of a group photo on Sunday -- told reporters the subject had come up "a great deal".

  • Priced out by tourists: Airbnb effect in Lisbon's historic centre AFP - 23 hours ago
    Priced out by tourists: Airbnb effect in Lisbon's historic centre

    Alfama, one of the oldest and most picturesque areas of Lisbon, is becoming a victim of its own charm. Short-term lets to tourists are driving up rents and driving out old residents. "They want to throw me out to rent my home to tourists," complained retired salesman Antonio Melo, 70.

  • Warner, Marvel wow Comic-Con with blockbuster previews AFP - 23 hours ago
    Warner, Marvel wow Comic-Con with blockbuster previews

    Warner Brothers -- still smarting from the lukewarm reception for "Batman v Superman: Dawn of Justice" -- presented a star-studded lineup ahead of Marvel's showcase later in the day. Its first exclusive of the session was a sneak peek at "Wonder Woman," which saw Gal Gadot's Amazonian princess leaving her lush island to stop the First World War. Due to hit theaters on June 2, 2017, it focuses on the one character to escape criticism in "Batman v Superman," which chalked record drops in box office revenue after a strong opening week in March.

  • China builds massive seaplane: state media AFP - 23 hours ago
    China builds massive seaplane: state media

    China has completed production of the world's largest amphibious aircraft, state media has said, the latest effort in the country's program to wean itself off dependence on foreign aviation firms. The state-owned Aviation Industry Corporation of China (AVIC) unveiled the first of the new planes, dubbed the AG600, Saturday in the southern port city of Zhuhai, the official Xinhua news agency reported. At around the size of a Boeing 737, it is far larger than any other plane built for marine take off and landing, Xinhua quoted AVIC's deputy general manager Geng Ruguang as saying.

  • Clouds gather for Turkey economy after attempted coup AFP - Sun, Jul 24, 2016 4:34 AM AEST
    Clouds gather for Turkey economy after attempted coup

    The last week alone has shown that life is not going to be easy for Turkey's economy after the coup aimed at unseating President Recep Tayyip Erdogan from power. "Turkey's ultimate fragility is the fact that it cannot afford to see the currency go where it may," Michael Harris, Turkey strategist and head of research at Renaissance Capital told AFP.

  • Tourism blow for Greek island that sheltered refugees AFP - Sun, Jul 24, 2016 4:28 AM AEST
    Tourism blow for Greek island that sheltered refugees

    When a sea of humanity landed on their island's rocky shores last year, the people of Lesbos turned out with blankets and hot food to help thousands of refugees emerging from the cold waters of the Aegean. In the months that followed, Lesbos' citizens were hailed for their compassionate response by everyone from Pope Francis to UN Secretary General Ban Ki-moon, Queen Rania of Jordan and Angelina Jolie. "We were bracing for a difficult season after the migrant crisis but it's even worse than we could imagine," said Marilena Gourgoutzi, staring at the empty tables in her restaurant in the normally bustling port village of Molyvos.

  • EU should suspend funds for Spain, Portugal: letter AFP - Sun, Jul 24, 2016 3:05 AM AEST
    EU should suspend funds for Spain, Portugal: letter

    The EU should suspend structural funds to Spain and Portugal after they failed to rein in their debt, according to a letter from the European Commission seen by AFP. Eurozone finance ministers agreed this month to impose unprecedented sanctions against Spain and Portugal for overstepping the bloc's budget deficit limits. European Commission vice president Jyrki Katainen said "socio-economic factors," including the Iberian countries' high rates of unemployment, should be taken into account when deciding how much to suspend.

  • Indecisive Fed expected to again hold rates steady AFP - Sun, Jul 24, 2016 1:36 AM AEST
    Indecisive Fed expected to again hold rates steady

    Indecision is certainly not the habit of Federal Reserve policy makers. Most observers do not expect the Federal Open Markets Committee, which sets monetary policy, to raise the crucial federal funds rate when they meet on Tuesday and Wednesday in Washington. "I think it's very plausible you'll see zero" change, said Dean Baker, co-founder of the Center for Economic and Policy Research.