作者: admin

  • ASX tumbles as Middle East fallout spooks Australian investors

    ASX tumbles as Middle East fallout spooks Australian investors

    Just 24 hours after Australia’s benchmark share index notched an all-time record high, a wave of volatility spurred by developments in the Middle East and a sector-wide pullback for mining stocks erased all recent gains, leaving the country’s major markets in negative territory on Thursday trading.

    The benchmark S&P/ASX 200 finished the session down 99.60 points, a 1.13% drop that closed the index at 8686.10. The broader All Ordinaries index followed a similar trajectory, falling 100.30 points or 1.11% to end at 8916.90. The Australian dollar also weakened slightly against its U.S. counterpart, slipping 0.12% to settle at 71.25 U.S. cents. Of the 11 market sectors tracked by the ASX, six closed in negative territory, with the steepest losses concentrated in mining, telecommunications and technology stocks.

    Among the hardest hit were Australia’s two largest mining giants, BHP and Rio Tinto, which fell more than 3% each to close at $62.80 and $188.08 respectively. The drop came just one day after the firms’ stocks hit record highs. Fortescue Metals extended recent losses to fall a further 4.11% to $21.02, while gold miners Northern Star Resources and Evolution Mining dropped 6.08% and 3.04% to close at $20.39 and $12.10 respectively.

    Cameron Curko, chief investment officer at wealth management firm Pitcher Partners, noted that shifting iron ore supply dynamics also weighed heavily on investor sentiment for the sector. Expanded production at the large Simandou iron ore deposit in the Republic of Guinea is accelerating, he explained, sparking fears of an oversupplied global iron ore market in the near term. “It also follows a period of extreme exuberance for the sector, so some pullback is not surprising,” Curko added.

    Outside of mining, major listed companies also posted steep losses: Telecommunications leader Telstra fell 2.93% to $4.97, while top technology firms including accounting software provider Xero dropped 4.19% to $80.40, logistics software firm WiseTech Global fell 2.93% to $40.14, and health technology firm Life360 tumbled 4.03% to $21.66.

    Much of the day’s market movement was driven by breaking news from the Middle East. Earlier in the day, an Iranian missile attack damaged Kuwait’s international airport, and U.S. military forces carried out targeted strikes near the Strait of Hormuz—one of the world’s busiest and most critical global oil chokepoints—raising fears of disrupted energy supplies that initially sent oil prices surging. That upward momentum faded quickly after Israel and Hezbollah announced a ceasefire along the Israel-Lebanon border, and Brent Crude Oil futures ultimately fell 1.1% to settle at $US96.78 per barrel by market close.

    Justin Lin, an investment strategist for Global X ETFs, explained that repeated false starts for peace negotiations in the Middle East have left markets cautious of reacting to headline news, prompting a broad flight to safe assets during Thursday’s session. “The distinct mood across markets today was a retreat to safety, with consumer staples and utilities leading the way while materials and information technology lagged,” Lin said. “This came despite oil prices moving lower on news of a ceasefire between Israel and Lebanon, a development that has historically supported the Australian market and more risk sensitive exposures.”

    Not all stocks closed in negative territory on Thursday. Treasury Wine Estates was a standout gainer, soaring 13.11% to close at $4.66 after the winemaker reaffirmed its full-year projected earnings guidance of between $480 million and $490 million alongside plans to cut up to a dozen low-performing wine brands from its portfolio. On the other hand, medical imaging technology firm Pro Medicus slipped just 0.25% to $159.23 after announcing a new five-year, $16 million contract with Ohio State University Wexner Medical Center.

  • Nepali climber alive after six days missing on Everest

    Nepali climber alive after six days missing on Everest

    In an extraordinary story of survival that has stunned the global mountaineering community, a Nepali climbing guide declared lost and presumed dead after six days stranded on Mount Everest has been rescued alive, having crawled nearly the entire distance to Base Camp unaided, officials confirmed to AFP Thursday.

    Fifty-something Dawa Sherpa, a veteran guide widely known by the nickname “Hillary” in honor of legendary Everest pioneer Edmund Hillary, disappeared from the upper slopes of the world’s highest peak amid brutal weather conditions in the early hours of May 30. He was located Thursday morning near Base Camp by personnel from the Sagarmatha Pollution Control Committee (SPCC), a Nepali organization tasked with maintaining climbing routes and removing discarded waste from the mountain.

    “He was found by an SPCC team this morning close to base camp — he was crawling down,” Pemba Sherpa, a representative from 8K Expeditions, the company that coordinated the search and rescue operation, told reporters. A rescue helicopter airlifted the climber directly to Kathmandu, where an AFP on-site team observed him being carried from the aircraft on a stretcher and transferred to HAMS Hospital for treatment.

    Pemba Sherpa added that after consulting with attending physicians, the guide is conscious and only suffering from minor frostbite, with no other life-threatening injuries. His wife, Damu Sherpa, spoke from the hospital Thursday, describing her family’s overwhelming shock and joy at the miracle outcome. “We had given up all hope, we even began traditional death puja prayers for his soul yesterday,” she shared. “Hearing he was alive was more happiness than we ever dared to imagine.”

    The events that led to Dawa Sherpa being stranded began on the evening of May 29, when he guided former British Royal Marine and climber Chris Thrall to a successful summit of the 8,849-meter peak by approximately 5:00 pm. Before Dawa Sherpa went missing, Thrall had posted an Instagram tribute Wednesday mourning what he believed was his guide’s passing, calling him an “absolute gentle giant of a man and a true ‘tiger of the mountains’”.

    Thrall recounted that the pair began their descent from Camp Four, which sits roughly 7,950 meters above sea level just below the oxygen-starved “death zone,” on May 30. As they climbed down, Dawa Sherpa paused to rest, telling Thrall to continue ahead without him — a common occurrence between guides and clients on large expeditions. As Thrall moved down, he encountered a Polish climber in critical condition: the mountaineer had exhausted his supplementary oxygen, already developed frostbite, and was at high risk of deadly hypothermia.

    This season’s summit conditions were unusually harsh, Thrall explained: what is typically a five-day round trip to the summit stretched to 11 days for his team. Faced with an impossible choice, Thrall opted to assist the imperiled Polish climber, sharing his own oxygen supply as the pair descended. The trip that normally takes just two hours to Camp Three took 11 hours due to severe conditions, leaving Thrall unable to return for Dawa Sherpa.

    Search teams launched efforts to locate the missing guide immediately, but harsh weather and the timing of the expedition — one of the final permitted climbs of the spring season, when few other climbers remain on the mountain — left no trace of him until Thursday’s unexpected discovery. Five other climbers, two Indian mountaineers and three Nepali guides, have already lost their lives on Everest during the 2026 spring climbing season. Initial counts from Nepali authorities show that more than 1,000 climbers have summited the peak this season, making it the busiest climbing season in Everest’s history.

  • Armed clashes erupt in Somalia’s capital ahead of a planned anti-government demonstration

    Armed clashes erupt in Somalia’s capital ahead of a planned anti-government demonstration

    Fresh armed violence has shaken Somalia’s capital Mogadishu, as clashes between supporters of opposition political figures and national state security forces broke out Wednesday evening, just one day ahead of a scheduled anti-government demonstration. No official casualty statistics have been released in the immediate aftermath of the fighting, which has drawn urgent calls for de-escalation from both the United Nations and the United States, as the two rival political factions trade blame for the unrest.

    Local residents across multiple affected neighborhoods reported sustained heavy gunfire and loud explosions throughout the confrontation. Abdullahi Mohamed, a resident of Mogadishu’s Howlwadaag district, described widespread panic forcing residents to flee their homes. “We heard heavy weapons fire, and people were fleeing their homes,” Mohamed said. “Many families left the area looking for safer places.”

    Opposition leaders say their planned Thursday rally was organized to protest what they claim are unconstitutional violations by President Hassan Sheikh Mohamud, including unilateral efforts to extend his time in office. The president’s administration has flatly denied all of these allegations.

    In an official statement, Mogadishu police framed the unrest as premeditated “organized attacks” carried out by armed militias connected to opposition political groups seeking to undermine state authority. “The incidents were not the organization of peaceful public demonstrations, but rather coordinated armed acts that directly threatened the security, order and stability of the capital,” the police statement read. Security forces successfully repelled attacks on their outposts, authorities confirmed, adding that investigations are already underway to identify all individuals involved in organizing, funding, and executing the violent actions.

    Opposition leaders have pushed back with a competing narrative, accusing security forces of launching unprovoked attacks on residential properties tied to two top opposition figures: former Prime Minister Hassan Ali Khaire and former President Sheikh Sharif Sheikh Ahmed. “We are under attack,” Khaire said in his own statement. “For the second time in less than 24 hours, Hassan Sheikh Mohamud has directed armed forces against our peaceful gatherings.” Khaire added that the attack took place while traditional elders, politicians, and community leaders were gathered at his residence for a meeting. The Somali government has rejected this version of events entirely.

    The United Nations quickly voiced alarm over the outbreak of violence. UN Secretary-General António Guterres confirmed the clashes have left civilians dead and injured, alongside widespread damage to critical public infrastructure. “The Secretary-General strongly condemns all acts of violence and incitement to violence undertaken for political advantage,” Guterres’ statement read. He also called on all parties to immediately exercise maximum restraint, prioritize the safety of civilian populations, and resolve long-running political disagreements through constructive dialogue.

    The United States echoed that concern, with the U.S. Embassy in Mogadishu labeling the violence “reckless” and urging all Somali political leaders to pursue a peaceful negotiated resolution. “Somali leaders on all sides have a responsibility to preserve stability and resolve differences through peaceful means,” the embassy said in a statement. “Actions taken in the coming hours and days may have lasting consequences for Somalia’s security, unity, and future.”

    Khaire further alleged that Mohamud has redirected military resources trained and equipped by international allies – originally intended to combat the al-Shabab extremist insurgency – to target political opposition figures.

    The latest clashes underscore a steady erosion of trust and deepening political rift between Mohamud’s administration and opposition leaders, driven by long-running disputes over the country’s electoral framework and constitutional future. This internal tension comes as Somalia continues its years-long campaign to defeat al-Shabab, while working to build durable democratic state institutions with extensive support from the international community.

  • Knicks lead NBA Finals after late run beats Spurs

    Knicks lead NBA Finals after late run beats Spurs

    The opening clash of the 2026 NBA Finals delivered a dramatic turnaround for the ages, as the New York Knicks erased a 14-point third-quarter deficit to secure a 105-95 road win over the San Antonio Spurs on Wednesday.

    Led by veteran floor general Jalen Brunson, who poured in 13 of his game-high 30 points in the final frame, the Knicks closed out the contest with an unanswered 11-point run over the closing two minutes to pull away from the hosts. The victory marked New York’s 12th consecutive postseason win, tying the record for the second-longest winning streak in NBA playoff history — a mark that was previously set by the 1999 Spurs, the last team to defeat the Knicks in an NBA Finals matchup.

    This comeback is far from an anomaly for the 2023-2024 Knicks: Game 1 marked the fourth time this postseason that the team has rallied from a double-digit halftime deficit to claim victory. In the Eastern Conference Finals opener against the Cleveland Cavaliers, New York even overcame an even larger 22-point hole to kickstart their run to the Finals.

    Karl-Anthony Towns, the 2015 first overall pick who notched a double-double of 18 points and 12 rebounds in Game 1, credited New York’s passionate fanbase and the iconic grit of the city for the team’s repeated ability to fight back from big deficits. “It’s something that’s in the city, you feel that energy in the city. The grit, the grind, the hard work you’ve got to put in to make it in the city. I think we reflect our fans and their lifestyles and what it takes to make it in New York City, when we step on that court with the Knicks jersey,” Towns told reporters postgame.

    For the Spurs, the night was marked by an uncharacteristically off performance from generational rookie star Victor Wembanyama. While Wembanyama led the team in scoring with 21 points, he connected on just 6 of his 21 field goal attempts, struggling to find his rhythm against New York’s aggressive interior defense. The 7-foot-4 phenom remained unshaken by the underwhelming outing, noting his confidence in bouncing back in the next game. “We’ve been down in a series before – never in the Finals – but I’m not kicking myself about anything. I was bad, it’s not more complicated than that. I’m not worried in the slightest,” Wembanyama said.

    The best-of-seven championship series will remain in San Antonio for Game 2 on Friday, before the teams travel to New York to face off at Madison Square Garden for Game 3 on Monday. The Knicks are currently vying for their first NBA championship title in more than five decades, with their last title win coming all the way back in 1973.

  • Indian film union drops boycott call against Bollywood star Ranveer Singh

    Indian film union drops boycott call against Bollywood star Ranveer Singh

    A high-profile drama unfolding in India’s iconic Bollywood film industry has taken a new turn, with the Federation of Western India Cine Employees (FWICE) reversing its earlier call for industry members to stop working with A-list actor Ranveer Singh, following his unexpected departure from the much-anticipated action sequel *Don 3* just weeks before a scheduled overseas production shoot.

    The union first rolled out the informal ban last month, after production team behind *Don 3* filed an official complaint alleging that Singh had walked away from the project unexpectedly. At the time of his exit, producers had already poured roughly 450 million Indian rupees (equivalent to $4.7 million USD) into pre-production work for the big-budget franchise installment.

    The reversal of the boycott came only after Singh reportedly submitted a formal legal notice to the film industry body, though the BBC has not independently obtained or verified a copy of this document. In public comments released this week, FWICE president BN Tiwari affirmed the union’s support for Singh, noting that the Indian film community stands behind the star and that the federation’s legal team will prepare an official response to the notice.

    FWICE chief adviser Ashoke Pandit clarified that the decision to lift the ban came after multiple leading industry organizations pushed for a de-escalation of the conflict. Pandit also extended an invitation to Singh for in-person talks to resolve the underlying dispute. “We celebrate his stardom… We don’t have any authority to ban anyone. We are hopeful that there will be a positive reaction from Ranveer,” Pandit told Indian broadcaster NDTV.

    To date, Singh has not issued any public statement addressing the *Don 3* conflict directly. His spokesperson previously released a brief comment noting that Singh holds the Indian film industry and the *Don* franchise in the “highest regard” and had chosen to refrain from public comment on the matter amid ongoing discussions.

    The *Don* franchise is one of Bollywood’s most valuable and long-running action intellectual properties. It first launched back in 1978, with Bollywood legend Amitabh Bachchan in the titular lead role. Filmmaker Farhan Akhtar, who is attached to direct *Don 3*, rebooted the franchise in the early 2000s with global superstar Shah Rukh Khan headlining the new installments. When *Don 3* was formally announced in 2023, Ranveer Singh was tapped as the new lead to carry the franchise forward into its next era.

    Singh is one of Bollywood’s biggest contemporary leading men, famous for his over-the-top public persona and a string of commercially successful critical hits including *Padmaavat* and *Gully Boy*. His most recent release, the two-part spy thriller *Dhurandhar*, ranks among the highest-grossing Indian films of recent years.

    This is not the first time FWICE has taken coordinated action against high-profile industry figures, though such moves remain rare. The organization has previously called for Indian artists to avoid working with Pakistani performers during periods of heightened cross-border tension, and in 2025 it issued a similar non-work directive against popular actor-singer Diljit Dosanjh after he appeared alongside Pakistani actor Hania Aamir in a Punj-language film.

    This current controversy is also not the first public pushback Singh has faced in his career. In 2025, he drew widespread criticism for mimicking a sacred cultural ritual sequence from the hit Kannada film *Kantara* during a public film festival appearance. Critics accused him of disrespecting the sequence’s cultural significance, and Singh ultimately issued a public apology to resolve the backlash.

  • Sherpa guide missing for a week on Mount Everest rescued while crawling to base camp

    Sherpa guide missing for a week on Mount Everest rescued while crawling to base camp

    KATMANDU, Nepal — In an extraordinary survival story that has shocked the mountaineering community, a veteran Sherpa mountain guide has been recovered alive from the slopes of Mount Everest seven days after he went missing during the closing days of this year’s record-breaking climbing season, rescue officials confirmed Thursday. A rescue helicopter was transporting the guide to a Kathmandu hospital for urgent evaluation and care Thursday afternoon.

    The guide, 52-year-old Dawa Sherpa, was last spotted on May 29 as he descended the world’s highest peak alongside his Polish climbing client. While the client successfully made it to Everest’s base camp to conclude the expedition, Dawa never arrived. The pair was among the final groups of climbers on the mountain as the 2024 climbing season wrapped up, and the fixed safety routes that support summit attempts were already being taken down, leaving the mountain largely unoccupied for the coming off-season.

    Pemba Sherpa, a representative of 8K Expeditions, the adventure company that was in charge of coordinating the search operation for Dawa, shared that the missing guide was discovered by a mountain cleaning team early Thursday morning. At the time of his discovery, he was slowly crawling down a snow-covered slope in the Khumbu Icefall region, located just above base camp, in one of the most dangerous sections of the entire Everest climbing route.

    Shortly after being spotted, rescuers carried Dawa down to a secure lower elevation at base camp, where he was immediately given food, water, and initial first aid to address his week of exposure to extreme high-altitude conditions. A dedicated rescue helicopter was deployed to the site within hours to airlift him to a specialized hospital in Kathmandu, the Nepalese capital.

    Despite Dawa going missing a full week before his discovery, search operations were delayed in launching, according to local expedition officials. An initial aerial search carried out by helicopter earlier this week had failed to locate the guide, leaving search teams holding out little hope of finding him alive.

    The team that made the life-saving discovery is part of the Sagarmatha Pollution Control Committee, a Nepalese organization that manages Everest climbing infrastructure each season. At the start of every climbing window, the committee installs fixed ladders and safety ropes across the mountain’s icy routes to support climbers; when the season ends, it removes all equipment to minimize environmental impact and cleans up tons of waste left by expeditions each year.

    Dawa hails from Okhaldhunga, a mountain town located south of Everest, and works for Himalayan Traverse, a small adventure outfitter based in Kathmandu. This year’s climbing season on Everest made history as the busiest on record, with more than 1,000 climbers and their guides successfully reaching the 8,849-meter (29,032-foot) summit throughout May.

    The 2024 season also got off to a late start: a massive unstable ice block formed on the route just above base camp, requiring two weeks of intensive work to clear before climbing could resume. The first successful recorded ascent of Everest was completed on the same date Dawa was last seen this year — May 29 — in 1953, by New Zealand mountaineer Edmund Hillary and Sherpa guide Tenzing Norgay.

  • US House approves measure to restrain Trump action in Iran

    US House approves measure to restrain Trump action in Iran

    WASHINGTON — In a landmark bipartisan rebuke of the Trump administration’s foreign policy, the U.S. House of Representatives passed a binding resolution on Wednesday that would compel President Donald Trump to pull all U.S. military forces out of the ongoing war with Iran and require explicit congressional authorization for any future military action against the country.

    The final vote tally stood at 215 in favor to 208 opposed, with four House Republicans breaking ranks to join every Democratic member in supporting the measure. This vote marks the most significant pushback against Trump’s management of the months-long conflict to date. The war has already resulted in the deaths of more than a dozen U.S. military service members, claimed the lives of thousands of Iranian civilians, and wreaked havoc on global commodity supply chains. Blockades of the Strait of Hormuz, a critical global shipping chokepoint, have disrupted international flows of both oil and fertilizer, driving up global market prices.

    This resolution, which leverages Congress’s constitutional War Powers authority to limit executive branch ability to initiate or escalate military engagements, narrowly failed to pass the House just one month prior, deadlocking at a 212-212 tie vote.

    While parallel measures in the U.S. Senate have previously failed to advance, the political landscape shifted recently after Louisiana Republican Senator Bill Cassidy lost his party’s primary election. Cassidy has since joined Senate Democrats and a small group of fellow Senate Republicans to advance the Iran War Powers resolution, though a final floor vote on full passage has not yet been scheduled.

    The House resolution was sponsored by Rep. Gregory Meeks of New York, the ranking Democratic member of the House Foreign Affairs Committee. In a separate legislative action, Michigan Democratic Rep. Rashida Tlaib has introduced an additional War Powers resolution that would force the withdrawal of U.S. troops from Lebanon, where Israel – backed by U.S. weapons and funding – has launched a large-scale military offensive.

    The passage of the Iran resolution, achieved even in a House controlled by the Republican Party, underscores the growing intraparty dissent against President Trump’s policies among congressional Republicans.

    In a separate development highlighting rifts within the party, Senate Republicans have rejected a Trump administration proposal to create a $1.8 billion compensation fund for individuals who claim they were wrongfully prosecuted by the U.S. Department of Justice. The fund would have covered individuals convicted for their role in the January 6, 2021 attack on the U.S. Capitol who were later pardoned by Trump. Following the opposition, the administration pulled back from the proposal, after disputes over the fund derailed progress on broader legislation to fund immigration and deportation operations for the remainder of Trump’s second term.

  • SA budget axes 1000 public sector jobs in major recruitment freeze

    SA budget axes 1000 public sector jobs in major recruitment freeze

    South Australia’s newly elected Malinauskas Labor government has tabled its first state budget, introducing a public sector hiring freeze that will eliminate approximately 1,000 non-frontline public service roles over the coming 12 months. The cost-cutting measure is projected to generate annual savings of $120 million, introduced as the state prepares for public debt to surge to a projected $50 billion. Delivered to state parliament on Thursday by Treasurer Tom Koutsantonis, the 2026-27 budget balances austerity measures with a broad suite of policy commitments aimed at addressing pressing community needs across housing, education, healthcare, and Indigenous affairs.

    Alongside the public sector hiring restrictions, the budget includes a series of targeted investments and relief measures designed to deliver on election promises. To boost the state’s struggling housing market, the government has committed $50 million to develop a 400-unit housing estate in Munno Para, north of Adelaide, exclusively for first-time home buyers. It has also expanded stamp duty relief, extending exemptions to domestic abuse survivors and homeowners over the age of 60 downsizing to properties valued up to $2 million.

    Major education investments feature prominently in the budget. Over the next four years, $174 million will be allocated to eliminate all fees for public school attendance, while $210 million across six years will fund the redevelopment and upgrades of 37 public school campuses. The government is also expanding access to early childhood education, funding new long daycare spots to enable universal access for three-year-olds to attend preschool. Seniors will also see expanded support, with the seniors card scheme opening to all residents aged 60 and over, and to Aboriginal and Torres Strait Islander residents aged 50 and over.

    In healthcare, the government has pledged $250 million in loan funding to cut persistent ambulance ramping at public hospitals and create 650 new aged care beds, alongside a $28 million investment in a new dedicated mental health assessment unit at the Royal Adelaide Hospital. In a historic step for Indigenous reconciliation, the budget allocates $8.5 million over four years to establish a new treaty commission led entirely by Aboriginal leaders, tasked with advancing improvements to health, education, and economic outcomes for Aboriginal and Torres Strait Islander communities across the state.

    Treasurer Koutsantonis framed the budget as fiscally responsible, emphasizing that the document “lives within its means” with genuine surpluses and lower debt-to-revenue ratios than previously projected. He noted that the framework delivers certainty for businesses and entrepreneurs while delivering on election commitments for core public services and cost-of-living relief.

    Premier Peter Malinauskas echoed this framing, describing the budget as restrained and modest, pointing out that the government has fulfilled its pledge not to introduce any new taxes to fund expenditure, thanks to disciplined spending limits. “We are honouring our commitment to not create new taxes to justify expenditure because we’ve been restrained in our expenditure,” he said.

    However, the budget has drawn sharp criticism from opposition figures. Cory Bernardi, leader of One Nation’s South Australian branch, dismissed the package as a “bread and circuses” distraction from the state’s growing debt crisis. He argued that the targeted handouts and spending initiatives come at the expense of future generations, noting that the budget adds $4 billion in new debt annually and called for an end to what he labeled reckless government spending.

  • Reserve Bank governor warns cost-of-living pain to last two more years.

    Reserve Bank governor warns cost-of-living pain to last two more years.

    Australia’s battle against persistent inflation has entered a critical phase, with Reserve Bank of Australia (RBA) Governor Michele Bullock confirming that while aggressive interest rate increases are starting to deliver results, financially stretched households will have to weather nearly two more years of elevated cost-of-living strain. Speaking at a senate budget estimates committee hearing on Thursday, alongside RBA assistant governors Christopher Kent and Sarah Hunter, Bullock laid out the central bank’s policy trajectory, acknowledging the widespread hardship rate hikes have imposed even as she defended the measures as necessary to bring runaway prices under control.

    So far in 2024, the RBA’s monetary policy board has lifted the benchmark cash rate by a cumulative 75 basis points, with a 25-basis-point increase at each of its three consecutive policy meetings this year. These consecutive hikes are designed to tighten domestic financial conditions and cool aggregate demand across the Australian economy, the core mechanism through which central banks combat sustained inflation. Bullock emphasized that early indicators already point to these adjustments having an effect, but warned the full impact of monetary policy changes always operates with a significant lag. “It will take one to two years for the full effects to flow through the economy,” she told the committee.

    The policy moves are targeted at reining in domestic inflationary momentum and offsetting secondary spillover effects from global commodity and oil price shocks, Bullock explained. She admitted that the current period is deeply challenging for Australian households already grappling with steep price increases for essential goods and services, but stressed that taming inflation remains the RBA’s non-negotiable priority. “High inflation hurts everyone, it reduces the purchasing power of all Australians and it disproportionately affects vulnerable people in the community,” she said, framing continued interest rate adjustments as the “least worst option” to avoid longer-term, more widespread economic harm from entrenched high inflation.

    Bullock reaffirmed the RBA board’s commitment to taking all necessary action to resolve the country’s inflation challenge, noting that after three consecutive hikes this year, monetary policy is well positioned to adapt to evolving economic conditions. “Inflation is too high and the board will do what it considers necessary to achieve our mandate of price stability and full employment,” she said. She also added a critical caveat: RBA policy cannot neutralize the impact of global inflationary drivers, including the recent run-up in global fuel prices driven by escalating geopolitical tensions between the U.S., Israel and Iran.

    Recent official inflation data from the Australian Bureau of Statistics (ABS) paints a mixed picture of the current price environment. Yearly headline inflation edged down from 4.6 percent in March to 4.2 percent in April, a decline partially driven by temporary government policy interventions: a temporary cut to the national fuel excise and a GST rebate that have both helped ease near-term inflationary pressure. However, the RBA’s closely watched trimmed mean inflation rate – a measure that strips out volatile, price swings to track underlying domestic price pressures – rose to 3.4 percent for the 12 months ending in April. Both headline and core inflation remain above the RBA’s official 2 to 3 percent target range for sustainable price stability. In its most recent economic forecasts, the RBA projects inflation will not return to this target range until mid-2027.

  • Beijing bans 4 New Zealand lawmakers from entering China because they visited Taiwan

    Beijing bans 4 New Zealand lawmakers from entering China because they visited Taiwan

    In a unprecedented diplomatic move marking a sharp escalation of Beijing’s sovereignty pressure over Taiwan, China has barred four New Zealand parliamentarians from entering mainland China, Hong Kong and Macau for 12 months, and demanded the lawmakers issue a formal apology for their parliamentary trip to the self-governing island, multiple official sources confirmed to the Associated Press Thursday.

    This sanction marks the first time New Zealand elected officials have been targeted by Beijing for punitive measures over engagement with Taiwan, although lawmakers from other countries have previously faced similar restrictions for contacts with Taipei. For years, Beijing has ramped up diplomatic and military pressure on Taiwan, the democratically ruled island that China claims as an inalienable part of its sovereign territory.

    The four New Zealand lawmakers traveled to Taipei for a parliamentary visit back in May, a trip that follows a long-standing tradition of New Zealand parliamentary delegations visiting Taiwan “for decades,” according to a spokesperson for New Zealand Foreign Minister Winston Peters. Two of the four lawmakers who were reached by the AP this week have flatly rejected Beijing’s apology demand, while attempts to contact the other two for comment were not immediately successful.

    Beijing’s position holds that Taiwan, as a Chinese region, has no authority to conduct official foreign relations, and that visits by sitting legislators from countries that maintain formal diplomatic ties with Beijing violate China’s core sovereignty claims. In an official statement posted to its website Thursday, the Chinese Embassy in Wellington clarified its stance, noting: “China has consistently opposed visits to China’s Taiwan region by members of the legislatures of countries that have established diplomatic relations with China, including New Zealand, and this case is no exception. The New Zealand side should not be surprised.”

    The details of the travel ban and apology demand were outlined in emails from New Zealand’s Parliamentary Service to the affected lawmakers, which were reviewed by the AP. The correspondence confirms the ban could be lifted only if the legislators comply with the apology requirement.

    The New Zealand government has pushed back against the measure, announcing it will formally convey its concern over the travel restrictions to Chinese authorities. A spokesperson for Peters emphasized that the May visit was “not inconsistent with New Zealand’s One China policy,” the long-standing framework under which Wellington acknowledges Beijing’s position that Taiwan is a Chinese province. Like most nations around the globe, New Zealand does not maintain formal diplomatic relations with Taipei. New Zealand’s parliamentary system allows individual legislators to make independent decisions about joining international travel delegations, which typically cross party lines to include representatives from multiple major political groups.

    Affected lawmakers have publicly pushed back against Beijing’s action. Laura McClure, a legislator from New Zealand’s libertarian ACT Party, called the demand for an apology “frankly insulting” and confirmed she would not meet the requirement. Duncan Webb, a lawmaker from the center-left Labour Party, echoed the sentiment, noting that New Zealand upholds democratic norms and the right of its elected officials to engage with international partners. “If the cost of doing that is to be excluded from China for a year, I will pay that price,” Webb said in an emailed statement.

    The diplomatic dispute comes at a time when bilateral relations between New Zealand and China have otherwise remained broadly positive in recent years. China holds the position of New Zealand’s largest trading partner, and New Zealand made history as the first Western nation to sign a free trade agreement with Beijing decades ago.

    Neighboring Australia has also joined New Zealand in expressing disapproval of the measure. Australian Foreign Minister Penny Wong told a Senate committee in Canberra Thursday that her government would also raise concerns about the travel ban with Beijing and China’s diplomatic mission in Canberra. “We agree with the principle expressed by New Zealand that members of parliament, including the Australian Parliament, are free to make their own decisions about their travel independent of government,” Wong said. “Placing pressure on parliamentarians is not appropriate,” she added.

    Associated Press reporters Huizhong Wu in Bangkok and Rod McGuirk in Melbourne contributed reporting to this article.