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By Swati PandeySYDNEY (Reuters) - Australia's central bank cut its cash rate to a record low 1.25% on Tuesday in what could be the first in a series of stimulus measures amid growing calls for policymakers to revive the country's slowing economy.The Reserve Bank of Australia (RBA) lowered rates for the first time in three years with data due on Wednesday likely to show annual growth in the A$1.9 trillion ($1.33 trillion) economy slowed to a decade low of 1.8%.'The Board took this decision to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target,' RBA Governor Philip Lowe said in a brief statement.In a signal that the door was still wide open for further cuts, if need, Lowe said: 'The Board will continue to...
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By Swati PandeySYDNEY (Reuters) - Australia's central bank will consider cutting interest rates next month, Governor Philip Lowe said on Tuesday as the resource-rich economy looked set to join some of its global counterparts in easing financial conditions to boost growth.Lowe also urged the country's newly re-elected government to do its part by slashing income taxes and boosting spending, as inflation and wages growth lagged the central bank's expectations.'A lower cash rate would support employment growth and bring forward the time when inflation is consistent with the target,' Governor Lowe said in a speech in Brisbane.'Given this assessment, at our meeting in two weeks' time, we will consider the case for lower interest rates.'A cut would be the first in...
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The Belt and Road Forum in Beijing has drawn worldwid attention. Picture: AP GLENDA KORPORAAL 12:00AM APRIL 26, 2019The chief executive of the Australia China Business Council, Helen Sawczak, has urged Australian companies to look at the business potential of China’s multi-billion- dollar Belt and Road initiative, despite the fact that Australia has not signed up to it.“They shouldn’t be frightened by the fact that Australia hasn’t signed a memorandum of understanding on the BRI,” Ms Sawczak told the Australian yesterday on the sidelines of a chief executive forum at the second BRI conference in Beijing.“The fact that Australia has not signed an MOU will not preclude companies from participating in BRI projects.”Victoria is the only government in Australia to have signed an MOU ...
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SYDNEY - Although Australia has never historically viewed itself as being an Asia-Pacific nation, this perception may be starting to change in the continent, according to New South Wales State Member of Parliament for the Labor Party Shaoquett Moselmane.Moselmane told Xinhua: 'Australians continue to see themselves as part of the democratic, western world, part of the Commonwealth of Nations and under the British Monarchy (and) bound by the ANZUS (The Australia, New Zealand and United States Security) treaty.''Institutions of state operate with such a frame of mind and so do many Australians.'While it can be difficult for some Aussies to view the globe outside of this prism, Moselmane said it is also true that a significant proportion of Australians do not see the world in ...
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The increasing presence of Chinese investors in the Midas List is a solid reflection of the scale and vigor of the Chinese economy. [Photo/IC] Chinese investors earned a record high place in Forbes' latest list of the top 100 venture capitalists as the nation's investors are gradually changing the global venture capital market dominated by Silicon Valley.According to the annual Midas List of Forbes Magazine, 21 Chinese investors made it into the top 100 venture capitalists globally, which broke the previous record of 17 domestic investors last year.Four Chinese investors rank among the top 10 this year with Shen Nanpeng, founding and managing partner of Sequoia Capital China, remaining at the top of the ranking for the second consecutive year.Shen was followed by Gan Jianping,...
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By Paulina DuranSYDNEY (Reuters) - U.S. family tracking app operator Life360 has begun approaching potential investors for a listing in Sydney, fund managers said on Monday, valuing the company at up to $675 million in what could be Australia's biggest technology IPO in three years.Opting for an Australian listing, where the startup already has a number of institutional investors, Life360 plans to raise about $100 million via an initial public offering (IPO) by mid-year, current investors said.That would be the largest amount since wealth management software provider Bravura Solutions Ltd raised $111 million when it listed on the Australian Securities Exchange (ASX) in 2016, Refinitiv data showed.Life360 provides a free mobile app that allows family members to track each other, as well...
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MELBOURNE (Reuters) - Australia's new budget will include an additional A$550 million ($390 million) to boost funding for policing the country's financial sector, Treasurer Josh Frydenberg said on Saturday.The funds are to boost implementation of recommendations issued earlier this year by a high-powered inquiry into financial sector greed and malpractice.The government-appointed inquiry, known as a Royal Commission, recommended among other things for Australia's corporate regulators to be subjected to a new oversight body and that remuneration structures across the industry be overhauled.As part of the response to the recommendations, the government will allocate A$400 million in additional funding to the Australian Securities and Investments Commission and A$150 million for t...
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Senior official calls on nations to 'inject new strength into the world economy'China has called for an open global business environment and reiterated its commitment to further encourage outbound investment from capable domestic companies in accordance with international market principles and practices, a senior commerce official said on Tuesday.Qian Keming, vice-minister of commerce, said the rise of protectionism in some countries has not only caused tightened security reviews of foreign investment, but also had an impact on Chinese businesses operating overseas.'We hope those countries can uphold an open and inclusive attitude, to create an open, transparent and convenient business environment for global investors, including Chinese companies, and inject new strength into t...