Australian house prices fall at ‘fastest pace’ since 2008 financial crisis
Australian house prices are falling at their fastest pace since the global financial crisis, and market conditions are likely to “worse” as interest rates continue to rise, the research firm says CoreLogic real estate. Key Points: Economists predict Australian house prices could fall by 12 to 20 per centThe average property value fell by 8.5% during the GFCRents have increased by 9.8% in the past year The latest data shows the country’s median property value has fallen 2 percent since the start of May, to $747,182 (a figure that includes houses and apartments). “Although the housing market has only fallen…
Read More »Goldman Sachs cuts payout by 30% as trading fees fall
Goldman Sachs has slashed wages by more than 30% by 2022 as a sharp slowdown in hiring is expected to lead to a new round of job cuts across the industry. The US investment bank, which reported a 47% drop in profit to $2.9 billion in the second quarter, has cut compensation costs by 31% to $7.7 billion in the first six months of 2022, despite a hiring spree over the past year that has seen the number of employees increase by more than 6,000. Goldman has cut its compensation costs by a larger percentage than rival Morgan Stanley, which…
Read More »Financial woes close 7 nursing homes, state officials reject short-term funding requests |
Sometimes the tears win when Paula Small-Plenty talks about the closing of Big Horn Senior Living. All of its residents are local to Big Horn County, but since the decision to close was made, the administrator has been frantically searching for their new homes, sometimes hundreds of miles away. He has made calls to nursing homes as far away as Wolf Point, a 267-mile drive from Hardin. The senior living complex is one of seven skilled nursing facilities in the state slated to close by 2022 due to anemic Medicaid reimbursement rates, staffing, wage pressures and inflation Among the closings…
Read More »Sensex ends 246 Pts higher and Nifty50 crosses 16,300 — Rupee settles at 79.94 Vs Dollar
Market nearby | Sensex and Nifty50 at fresh one-month highs Here are some highlights: –Financial stocks continue to lead the market higher: Nifty Bank up over one percent –ICICI Bank, Axis Bank, Reliance, SBI Nifty movers –ONGC, GAIL fall sharply on windfall tax reports for gas companies — HDFC lifetime earnings estimates not found –FMCG stocks see profit booking after recent surge: Nestlé, Tata Consumer top losers –IndusInd Bank among top Nifty gainers ahead of earnings –Axis Bank continues to gain momentum: Stock up more than five percent in two days –Tata Steel rises nearly two percent after a positive…
Read More »SEC’s Gensler criticizes slow pace of audit reform
Securities and Exchange Commission Chairman Gary Gensler said the US audit regulator has been slow to update its rules, in a speech marking the 20th anniversary of the law that created it. The Public Company Accounting Oversight Board, created as part of the Sarbanes-Oxley Act, continues to work with interim standards that were allowed to use from the American Institute of Certified Public Accountants, a professional association guidelines and rules of which they are often used as alternatives. for the industry. “The expectation was that the board would produce a more appropriate set of standards in the future,” Gensler said…
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Emerging markets hit by a record streak of foreign investor withdrawals
Foreign investors have pulled funds from emerging markets for five straight months in the longest withdrawal streak on record, highlighting how recession fears and rising interest rates are roiling developing economies. Cross-border outflows by international investors in emerging stocks and domestic bonds reached $10.5 billion this month, according to provisional data compiled by the Institute of International Finance. That brought outflows over the past five months to more than $38 billion, the longest period of net outflows since records began in 2005. The outflows risk exacerbating a growing financial crisis in developing economies. In the past three months, Sri Lanka…
Read More »Financial woes close 7 nursing homes, state officials reject short-term funding requests | Regional news
Sometimes the tears win when Paula Small-Plenty talks about the closing of Big Horn Senior Living. All of its residents are local to Big Horn County, but since the decision to close was made, the administrator has been frantically searching for their new homes, sometimes hundreds of miles away. He has made calls to nursing homes as far away as Wolf Point, a 267-mile drive from Hardin. The senior living complex is one of seven skilled nursing facilities in the state slated to close by 2022 due to anemic Medicaid reimbursement rates, staffing, wage pressures and inflation Among the closings…
Read More »The busiest financial week of the summer is over – here’s everything we learned
The impact of these last seven days will reverberate over the coming weeks around the deserted halls of Wall Street and Washington DC while politicians and investors retreat to the Hamptons or Martha’s Vineyard or wherever summer. Are we in a recession? It’s hard to say, but hopefully come September the insights we’ve gleaned during this treacherous week will be fully absorbed and our understanding of the US economy will be clearer. So what are we working with here? Let’s recap. The Federal Reserve raised interest rates by another 75 basis points. The market expected this move, but it was…
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