The Commonwealth Bank has indicated it will not lend money to Adani’s proposed Carmichael coalmine, leaving the project without financing from any of Australia’s big four banks.
The release of the latest GDP figures brought good news.
Oil prices have slumped by 5% after the latest attempt by Saudi Arabia to kill off the threat from the US shale industry sent crude to its lowest level since the depths of the global recession almost seven years ago.
Glencore has announced plans to sell copper mines in Australia and Chile as the embattled commodity trader and miner seeks to reduce its debts.
Taxi drivers have staged rallies in Melbourne and Sydney demanding state governments outlaw the ride-sharing service UberX.
China is planning a “circuit breaker” mechanism to prevent any further losses on its volatile stock markets.
The FTSE 100 has hit its lowest level this year after further signs of a weakening Chinese economy spooked global investors.
Having money from economic growth flow to poor people rather than the rich feeds into a lift in the rate of economic growth and lower unemployment. Conversely, as income inequality increases, the potential for economic growth is constrained.