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| Australia ousts conservatives after nine years, Prime Minister Morrison concedes |
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Posted by: superadmin - 05-23-2022, 09:23 AM - Forum: Politics
- Replies (4)
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- Prime Minister Scott Morrison conceded defeat after an election on Saturday and the opposition Labor Party was set to end almost a decade of conservative rule.
- In at least five affluent Liberal-held seats, so-called “teal independents” looked set to win, tapping voter anger over inaction on climate change after some of the worst floods and fires hit Australia.
Australian Prime Minister Scott Morrison conceded defeat in an election on Saturday and the opposition Labor Party was set to end almost a decade of conservative rule, possibly with the support of independents who campaigned for greener policies.
Partial results showed that while Labor had made small gains, Morrison’s Liberal-National coalition had been punished by voters in Western Australia and affluent urban seats in particular.
The Greens and a group of so-called “teal independents”, who campaigned on policies of integrity, gender equality and tackling climate change, put on a strong showing, tapping voter anger over inaction on climate change after some of the worst floods and fires to hit Australia.
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| Economic & Financial Meltdown Is Here – All Signs Lead To Recession |
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Posted by: superadmin - 05-21-2022, 01:56 PM - Forum: Business, Economy and Investment
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Economic & Financial Meltdown Is Here – All Signs Lead To Recession, Stagflation, Jobless And A Repeat Of Dot-Com Bust
Dow Jones dropped 1,164.52 points on Wednesday (May 18) – the biggest drop since June 2020. In fact, at 31,490.07, the DJIA saw the lowest close since March 2021. Likewise, the S&P 500 plunged to its lowest drop since June 2020. The fact that this is the fifth Dow decline of more than 800 points this year alone speaks volumes about the financial trouble ahead.
On the same day, retailer Target reported a stunning 52% drop in quarterly profits. Its share price tumbled a whopping 25%, and the company blamed it on higher costs for fuel that caused a drop in demands for items like TVs. The results were consistent with Walmart, the American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.
Walmart reported a similar poor earnings a day earlier, also cited higher fuel and labour costs. Walmart shares ended Tuesday lower by 11% (the worst one-day loss in 35 years) and dropped another 6.8% on Wednesday. Other retailers also took a hit – Amazon’s stock price dropped 7.2%, Best Buy’s stock price fell 10.5%, Macy’s stock price plunged 10.7%, Dollar General’s fell 11.1% and Dollar Tree’s declined 14.4%.
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| China vows 'all necessary measures' after Ottawa moves to ban 5G gear from Huawei |
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Posted by: superadmin - 05-21-2022, 01:06 PM - Forum: Politics
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Update: China vows 'all necessary measures' after Ottawa moves to ban 5G gear from Huawei, ZTE
China's foreign ministry and commerce ministry on Friday vowed all necessary measures to safeguard the legitimate interests of Chinese firms, after Canada revealed plans to ban the use of 5G gear from Huawei and ZTE on so-called national security grounds.
The 5G ban targeting Chinese firms, coming on the heels of a gesture of goodwill from China which lifted a three-year ban on Canadian canola seeds, lays bare Ottawa's role as a political pawn of the US, experts said, viewing Ottawa's unwise action as sowing the seeds of uncertainty over China-Canada cooperation.
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![[Image: Economic-Inflation-Recession-Stagflation.jpg]](http://www.financetwitter.com/wp-content/uploads/2022/05/Economic-Inflation-Recession-Stagflation.jpg)
![[Image: aeb19810-a53e-4953-ba6f-1041d268c9e5.png]](https://www.globaltimes.cn/Portals/0/attachment/2022/2022-05-20/aeb19810-a53e-4953-ba6f-1041d268c9e5.png)
