By Wayne Cole SYDNEY (Reuters) -Australia’s economy held up better than expected in the first quarter as strong domestic demand offset the drag from dismal weather and a flood of imports, setting the scene for more inflation-fighting hikes in interest rates. Data from the Australian Bureau of Statistics out on Wednesday showed gross domestic product…
SYDNEY (Reuters) – Australian economic growth slowed in the first quarter as a flood of imports and dismal weather proved a drag, but strength in domestic demand and mounting price pressures still set the scene for more hikes in interest rates. Data from the Australian Bureau of Statistics out on Wednesday showed gross domestic product…
BEIJING (AP) — China’s support for Russia through oil and gas purchases is irking Washington and raising the risk of U.S. retaliation, foreign observers say, though they see no sign Beijing is helping Moscow evade sanctions over its war on Ukraine. Beijing’s importance as a lifeline to Russian President Vladimir Putin rose Monday after the…
SINGAPORE (Reuters) – Oil prices rose in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China ended its COVID-19 lockdown in Shanghai. Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel at 0037 GMT. The front-month contract…
By Sinéad Carew and Anisha Sircar (Reuters) – Wall Street’s three major indexes closed lower on Tuesday, following a rally last week, as volatile oil markets kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official. After outperforming earlier in the session, the S&P’s energy sector lost ground after…
By Jeff Mason and Jarrett Renshaw (Reuters) – U.S. President Joe Biden on Tuesday met with Federal Reserve Chair Jerome Powell to discuss historic inflation that’s draining American wallets, even as he assured the central bank chief he would have freedom from political interference. “The president underscored to Chair Powell in the meeting what he…
NEW YORK (AP) — A firm that advises investors on proxy voting said Tuesday that Spirit Airlines shareholders should oppose Frontier Airlines’ bid to buy Spirit, saying that a competing offer by JetBlue is financially superior. Institutional Shareholder Services Inc. conceded that Spirit’s board might be correct in concluding that the Frontier offer has a…
WASHINGTON (AP) — A divided Supreme Court has blocked a Texas law, championed by conservatives, that aimed to keep social media platforms like Facebook and Twitter from censoring users based on their viewpoints. The court voted in an unusual 5-4 alignment Tuesday to put the Texas law on hold, while a lawsuit plays out in…
By David Shepardson WASHINGTON (Reuters) – The U.S. Federal Aviation Administration (FAA) will grant a shorter regulatory compliance program extension to Boeing than planemaker sought, so it can ensure the company implements “required improvements,” the agency said on Tuesday. The FAA opted to renew Boeing’s Organization Designation Authorization (ODA) program for three years rather than…
LAS VEGAS (AP) — Las Vegas chapels of love that use Elvis Presley’s likeness could find themselves becoming Heartbreak Hotels. The licensing company that controls the name and image of “The King” is ordering Sin City chapel operators to stop using Elvis in themed ceremonies, the Las Vegas Review-Journal reported on Monday. Authentic Brands Group…
