Economy

German Economy Minister cancels trip to Iran due to sickness

German Economy Minister Sigmar Gabriel has canceled his planned trip to Iran, saying that he is sick. Reuters reports that he was scheduled to co-chair an economic conference, along with his Iranian counterpart Ali Tayyebnia. There is no information yet about plans to reschedule the event. Germany is looking to increase its exports to the Islamic Republic now that the international sanctions ... Read More »

Vic gives NSW economy run for money

The NSW and Victorian economies continue to outpace the rest of the country while Western Australia has the post-mining boom blues. Those are the findings of Commsec’s latest quarterly State of the States report which saw NSW, the most populous state, post its seventh consecutive result as the country’s strongest performing economy. Victoria is edging ever closer in second place, ... Read More »

State of the States report: Queensland rises to fifth

Queensland has leap-frogged Australia’s other mining-heavy state to wedge itself firmly in the middle of the nation’s state economies. The state replaced Western Australia in fifth place on the latest CommSec State of the States report, released Monday, but remained a long way off the powerhouses of New South Wales and Victoria and just behind the Northern Territory. Queensland Treasurer Curtis ... Read More »

TTIP trade talks: Greenpeace leak ‘shows risks of EU-US deal’

EU standards on the environment and public health risk being undermined by compromises with the US, Greenpeace has warned, citing leaked documents. The environmental group obtained 248 pages of classified documents from the TTIP trade talks, aimed at clinching a far-reaching EU-US free trade deal. Secrecy surrounding the talks has fuelled fears that US corporations may erode Europe’s consumer protections. ... Read More »

The U.S. Economy’s Secret Weapon

In this lackluster economy, an unlikely catalyst could provide a much-needed boost. The moribund U.S. manufacturing sector has struggled with low oil prices, the strong dollar and a soft global economy. But it finally showed signs of life in March. Further evidence that manufacturing is regaining its footing is expected in a report due Monday. And improving activity could help ... Read More »

State of the States: NSW ranked as Australia’s best performing economy

The economic weakness linked to the end of the mining construction boom continues to weigh on Australia’s resource-rich states, but both New South Wales and Victoria remain strong, according to CommSec’s latest quarterly State of the States report. CommSec economist Savanth Sebastian said Victoria had very strong housing finance, retail spending, population growth and unemployment figures and was becoming a ... Read More »

China’s factories grow less than expected, raising recovery doubts

China’s manufacturing sector expanded less than expected in April, raising doubts about the sustainability of a recent pick-up in the world’s second-largest economy. The official purchasing managers’ index (PMI) was 50.1 in April, easing from March’s 50.2 and barely above the 50-point mark that separates expansion in activity from contraction. Analysts polled by Reuters had predicted the reading would improve ... Read More »

U.S. economy stalls in first quarter as activity weakens broadly

U.S. economic growth braked sharply in the first quarter to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a pick-up in activity is anticipated given a buoyant labor market. Gross domestic product increased at a 0.5 percent annual rate, the weakest since the first quarter of 2014, the Labor ... Read More »

Australian economy faring well against tough global conditions

A key economic report has praised Australia’s performance, given the ongoing slowdown in China and the overall state of the global economy. Deloitte Access Economics’ latest Business Outlook stated that, while short-term growth in Australia would likely be modest, the economy was managing to weather most challenges. Deloitte Access Economics partner Chris Richardson said Australia has kept growing, despite a ... Read More »

McGrath Estate Agents slump 30pc on slowing northern Sydney property market

McGrath Limited has downgraded its profit forecasts for 2016 by up to 16 per cent, sending its shares plunging 30 per cent lower. The move comes just four months after the company listed on the share market at $2.10 — it has lost 57 per cent of its listing value, closing at 90 cents. The Sydney-based real estate giant is ... Read More »