News

SYDNEY: Australian consumer sentiment took a nose dive last week as a shockingly high reading in inflation fuelled concerns about the cost of living and possible rise in interest rates, a survey showed on Tuesday. Read full story

KYIV/LVIV: The European Union was preparing sanctions on Russian oil sales over its invasion of Ukraine after a major shift on Monday by Germany, Russia’s biggest energy customer, that could deprive Moscow of a large revenue stream within days. Read full story

WASHINGTON: The Biden administration will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing, U.S. officials said on Monday. Read full story

SYDNEY: Australia’s ruling coalition is bracing for a possible rise in interest rates on Tuesday right in the middle of a national election campaign that could further increase living costs and hamper Prime Minister Scott Morrison’s (pic) re-election efforts. Read full story

SINGAPORE: Shares in HSBC Holdings edged up in Hong Kong trade on Tuesday after its largest shareholder, Chinese insurance giant Ping An , called for a break-up of the London-based bank. Read full story

LOGITECH International reported a 20% drop in sales for its fourth quarter on Tuesday, as the computer mice, webcam and keyboard maker lapped high comparables from a year earlier. Read full story

MELBOURNE: Oil prices rose on Tuesday, extending gains from the previous session, as the European Union firmed up plans to tighten sanctions on Russia this week, with Germany saying it was prepared to back an immediate embargo on Russian oil. Read full story

SYDNEY: Australia’s central bank on Tuesday raised its main cash rate by a surprisingly large 25 basis points to 0.35%, its first hike in more than a decade, and flagged more to come as it runs down the curtain on pandemic stimulus. Read full story

LONDON: BP boosted its share buyback programme after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia. Read full story

HONG KONG: China’s offshore yuan dropped to its weakest in 17 months on Tuesday, and neared the symbolic level of 6.7 to the dollar, as foreign investors remained bearish towards Beijing with COVID-19 lockdowns weighing on the outlook for economic growth. Read full story