Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for September 22:
RBA releases Board meeting minutes
The minutes of the Reserve Bank of Australia (RBA) Board meeting on September 7 was released. Due to the “severe” disruption to the economic recovery caused by the Delta variant outbreak, the Board decided to reduce its bond purchases from $5 billion to $4 billion per week until at least mid-February 2022.
The Board also indicated that the cash rate is unlikely to be raised before 2024 since it does not expect to meet the conditions required for a return to full employment or its 2-3% inflation objective until then.
Aussie PM shrugs off risks to EU free-trade deal
Scott Morrison has dismissed warnings that Australia’s decision to cancel a $90 billion French submarine contract risks destabilising free-trade talks with the European Union. The prime minister insists that Australia must act in its national interests and is confident that issues can be addressed in the coming months.
Bank customers, SMEs seek assistance to offset lockdown effects
During the most recent lockdowns in NSW and Victoria, the number of people and small businesses getting financial hardship aid from banks has skyrocketed.
According to new ABA data, more than 57,000 customers are receiving assistance, including more than 30,000 repayment deferrals on home and business loans.
Twitter to pay US$809 million to settle lawsuit
Twitter has agreed to pay $US809.5 million ($A1.1 billion) to settle a consolidated class-action lawsuit alleging that the business misled investors about how much its user base was growing and the number of time users spent on its platform.
The San Francisco-based company stated that the proposed settlement, which still needs to be approved by a judge, ends all claims against it without Twitter admitting any wrongdoing.
U.S. home construction rises 3.9% in August
In August, U.S. home construction increased by 3.9 percent, which was higher than expected, with apartment construction setting the pace.
According to the Commerce Department, the August surge put home construction at a seasonally adjusted annual rate of 1.62 million units, 17.4 percent more than a year ago. In July, housing starts fell by 6.2 percent.
The improvement in August came from a 21.6 percent increase in apartment unit building, which countered a 2.8 percent decline in single-family homebuilding.
Inflation to remain high for two years: OECD
Prices in the G20 group of major economies will rise faster than before the pandemic for at least two years, according to a leading global body. Higher commodity prices and shipping costs are driving up inflation, according to the Paris-based OECD policy forum.
According to the OECD, inflation in the United Kingdom is anticipated to be over 3% by the end of 2022, the highest rate among advanced economies. In contrast, inflation in the United States, France, and Germany is expected to fall.
Amazon to probe India bribery allegations
Amazon has initiated an investigation into bribery claims leveled against some of its Indian representatives.
According to the Indian news and analysis outlet The Morning Context, the US e-commerce giant ordered an investigation after receiving a complaint from a whistle-blower who claimed that one or more of the company’s legal representatives misused money intended for legal fees and instead used it to bribe the government officials.
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