LONDON—The dollar edged up against major peers on Monday, as markets priced in around a 1-in-4 chance of the U.S. Federal Reserve raising benchmark rates this month after robust jobs data on Friday. The dollar index—which tracks the greenback against six peers—came off the boil last week, after some Fed officials voiced a preference for…
Oil Rises on Saudi Plan to Deepen Output Cuts From July
LONDON—Oil prices rose by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets. Brent crude futures were up $1.72, or 2.3 percent, at $77.85 a barrel by 0900…
Shares Stroll Higher on June Hike Hiatus Hopes
June 5, 2023
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SYDNEY/LONDON—Shares rose and the dollar firmed on Monday as investors bet the Federal Reserve would pause its rate hikes this month after a mostly encouraging U.S. jobs report, while oil prices jumped after Saudi Arabia pledged big output cuts. The benchmark European STOXX index climbed 0.18 percent in early trading, led by gains in the…
Australian Government Announces Law Reform to Resolve Migrant Worker Exploitation
June 5, 2023
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The Australian government has introduced new measures to address the exploitation of migrant workers among local businesses. On June 5, the federal government announced a package of legislation to crack down on unfair employment practices targeting temporary visa holders. Under the changes, employers who force workers to breach their visa conditions will face jail terms…
Environmentalist Group Calls on Banks to Set ‘Deforestation’ Targets
June 4, 2023
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The Australian Conservation Foundation (ACF) says banks should consider attaching “deforestation” conditions on loans in a proposal most likely to impact farmers. The ACF claimed that over 200,000 hectares of koala-inhabited habitat in Queensland, Australia, were destroyed in the past 10 years and that over 364,000 hectares of native vegetation were cleared from 2018 to…
Woke, Crony Capitalism Takes Hold Down Under
June 4, 2023
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Commentary The corporate campaign backing a change to Australia’s Constitution is the latest installment in large business bludgeoning not just customers, but everyone, over woke causes. It’s a form of crony capitalism verging on fascism. It’s bad for the country, and it is bad for the government. Large companies are primed for it by the…
Biden Signs Debt Ceiling Bill, Ending Monthslong Political Battle
June 3, 2023
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President Joe Biden signed the Fiscal Responsibility Act on Saturday, suspending the debt ceiling for 19 months and bringing a monthslong political battle to a close. The compromise legislation negotiated by Biden and House Speaker Kevin McCarthy (R-Calif.) passed both houses of Congress with bipartisan support this week, averting a potential default on the nation’s…
Biden Signs Debt Ceiling Bill, Ending Months of Political Battle
June 3, 2023
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President Joe Biden signed the Fiscal Responsibility Act on June 3, suspending the debt ceiling for 19 months and bringing a months-long political battle to a close. The legislation negotiated by Biden and House Speaker Kevin McCarthy (R-Calif.) passed both houses of Congress with bipartisan support last week, averting a potential default on the nation’s…
Biden Addresses the Nation After Passage of Debt Ceiling Deal: ‘The Stakes Could Not Have Been Higher’
June 2, 2023
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President Joe Biden promoted the recent debt ceiling agreement that prevented a historic U.S. default in his first-ever address to the nation from the Oval Office on June 2. He said he would sign the bill into law on Saturday. Biden began his address by highlighting the significance of the deal he reached with House…
How the Debt Deal Will Impact the Economy
June 2, 2023
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The debt deal between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) allows the federal government to continue functioning for the next year and a half. To make the agreement, both sides conceded what they believe are important issues. One thing the agreement provides is a clear picture each party envisions for the future…
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