NZ sees bigger deficit as economy sputters, spending boost to fan inflation

By Lucy Craymer WELLINGTON (Reuters) -New Zealand on Thursday announced a worse-than-forecast budget deficit as a slowing economy and a lower tax take hit its coffers, leaving the Labour government walking a tight rope as its spending plan is expected to fan inflationary pressures. In his last budget ahead of what is set to be…

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Top Australian sporting bodies endorse Indigenous referendum as support dips

By Praveen Menon SYDNEY (Reuters) – Two of Australia’s top football codes on Thursday backed a proposal to constitutionally recognise the country’s Indigenous population in a referendum, as latest opinion polls show public support for the government-backed plan dipping. In a full page statement published in The Sydney Morning Herald, Rugby Australia (RA) said the…

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New Zealand set to deliver no frills budget as election looms

By Lucy Craymer WELLINGTON (Reuters) – New Zealand is set to deliver what it calls a “no frills” budget on Thursday as falling tax revenues squeeze coffers and inflation risks cap cyclone reconstruction efforts, constraining stimulus as the Labour government faces an election this year. Finance minister Grant Robertson has said the budget will focus…

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With China looming, Biden plans new Pacific islands summit after PNG no-show

By Jeff Mason and Kirsty Needham ABOARD AIR FORCE ONE/SYDNEY (Reuters) -U.S. President Joe Biden will arrange another summit of Pacific island leaders this year after the disappointment caused by his cancellation of a visit to Papua New Guinea due to the domestic debt ceiling crisis, his national security adviser said on Wednesday. Political analysts…

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Wall St ends sharply higher, dollar hits seven-week high as debt limit talks advance

By Stephen Culp NEW YORK (Reuters) – Wall Street rallied to a higher close on Wednesday, gathering momentum throughout the afternoon trading, and the dollar touched a six-week high as regional banks surged and negotiations in Washington over raising the debt ceiling progressed. All three major U.S. stock indexes rallied to end up more than…

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Brazil’s antitrust watchdog approves L’Oreal deal to buy Aesop

SAO PAULO (Reuters) – Brazil’s antitrust regulator Cade on Wednesday recommended the approval of the sale of Natura & Co’s Aesop brand to French cosmetics company L’Oreal, according to the country’s daily gazette. Last month, L’Oreal agreed to buy Australian luxury brand Aesop from Natura for an enterprise value of $2.53 billion. Under the regulator’s…

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Australia wage growth hits decade-high, quarterly gains miss forecasts

SYDNEY (Reuters) -Australian wages grew at the fastest annual pace in a decade last quarter, although quarterly gains missed forecasts, in a result that offers some temporary solace for policymakers who worry a price-wage spiral may lead to more rate hikes. Figures from the Australian Bureau of Statistics on Wednesday showed its wage price index…

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