News

Philip Lowe’s RBA term ends, new chief will be appointed

Published

2 years ago

July 14, 2023

Lowe has overseen a controversial period of high interest rate rises

Philip Lowe, the current governor of the Reserve Bank of Australia (RBA), will not be reappointed to his position.

The Cabinet is expected to meet today to decide on his replacement, with an announcement from Treasurer Jim Chalmers to follow.

While Chalmers holds Lowe in high regard, it is believed that the Cabinet will opt for a change.

Three individuals are considered front-runners for the role: Michele Bullock, the deputy governor of the RBA, Steven Kennedy, the Treasury secretary, and Jenny Wilkinson, the secretary of the Finance Department.

Lowe’s seven-year term was scheduled to end in September, but the decision not to reappoint him comes amidst criticism and calls for his resignation.

The RBA’s decision to repeatedly raise interest rates, from 0.1 percent to 4.1 percent over the past year, has drawn fury and discontent.

Lowe had previously indicated that rates would remain at the record low level until at least 2024 but faced criticism for not clearly conveying the caveats to that statement. Inflation, which has been running higher than the RBA’s target range of 2 to 3 percent, eased to 5.6 percent in the year to May.

Opposition Leader Peter Dutton has argued against considering Kennedy and Wilkinson for the position due to their existing relationships with the government in their current roles as department heads.

“We will support somebody who is independent, and that’s an absolutely essential criteria. You can’t have somebody who is in the pocket of the treasurer or the finance minister,” Mr Dutton told Channel Nine.

“You can’t have somebody who is tainted by an association or a friendship, or worked very closely with the treasurer, the finance minister and the prime minister.”

Having been appointed directly from Treasury, former RBA governor Bernie Fraser dismissed that suggestion as “silly”.

According to Mr Fraser, Mr Lowe had made a mistake in stating he didn’t expect interest rates to rise until 2024, but had handled the situation well.

“I think he’s done a very good job,” Mr Fraser said.

News

UPS cargo plane crashes in Kentucky, as death toll rises

UPS cargo plane crash in Kentucky kills four, injures 11, governor warns death toll may rise

Published

3 hours ago

November 5, 2025

Ahron Young

UPS cargo plane crash in Kentucky kills four, injures 11, governor warns death toll may rise

In Short:
– A UPS cargo plane crashed in Louisville, resulting in at least four deaths and 11 injuries.
– Investigations are underway, and all departing flights from the airport have been cancelled.

A United Parcel Service cargo plane crashed shortly after takeoff in Louisville, Kentucky, at approximately 5:15 p.m. local time, leading to at least four fatalities and 11 injuries.Kentucky Governor Andy Beshear indicated that the death toll may rise. Those who died were not part of the three-person crew aboard the aircraft, which was heading to Honolulu.

Several people with serious injuries are receiving treatment at nearby hospitals.

The crash affected two businesses in proximity to the airport: Kentucky Petroleum Recycling and Grade A Auto Parts. Grade A Auto Parts confirmed most employees were accounted for, although uncertainty remains regarding customer safety.

Nearby, a Ford Motor assembly plant lost power but was not directly impacted by the crash.

Emergency services have worked to contain a fire resulting from the incident, which required a significant number of responders. UPS has not confirmed details regarding its crew’s condition. Photographs showed the MD-11 engulfed in flames at the Louisville Muhammad Ali International Airport.

UPS operates its primary air cargo facility in Louisville, processing millions of packages daily. The plane’s fuel load of 38,000 gallons contributed to explosions that occurred upon impact with the businesses, prompting significant road closures.

Investigation Underway

The Federal Aviation Administration and the National Transportation Safety Board will conduct investigations into the crash.

In the aftermath, all departing flights from the airport have been cancelled, affecting major airlines including Delta Air Lines and American Airlines.

News

This may be the AI market correction, according to traders

US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.

Published

9 hours ago

November 5, 2025

Ahron Young

US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.

US stocks have taken a sharp dive as investors grow nervous about stretched valuations and uneven earnings reports from tech giants. Major Wall Street banks, including Morgan Stanley and Goldman Sachs, are warning that the rally could be nearing a 10% correction – a wake-up call for traders betting on unstoppable market momentum.

Nvidia, the world’s most valuable public company, dropped nearly 4%, wiping out around $200 billion in market value. Meanwhile, Palantir slid 6%, dragging other AI and semiconductor names lower. Even gold — a traditional safe haven — dipped 1.6%, signaling widespread investor anxiety.

Bitcoin also broke below the $100,000 mark for the first time since June, underscoring how jittery markets have become. As earnings season unfolds and the US government shutdown looms, investors are questioning whether the bull run that lifted the S&P 35% since April has finally run out of steam.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker

#StockMarket #WallStreet #Nvidia #Bitcoin #AIStocks #MarketCorrection #TickerNews #Investing

News

Dick Cheney dies at 84: The end of an era in American power

Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.

Published

9 hours ago

November 5, 2025

Ahron Young

Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.

Former U.S. Vice President Dick Cheney has died at the age of 84, marking the end of one of the most influential — and controversial — political careers in modern American history. Cheney served under four Republican presidents, most notably George W. Bush, where he became known as one of the most powerful vice presidents in U.S. history.

His family confirmed he passed away from complications related to pneumonia and heart disease. Cheney’s decades in Washington were defined by his hardline approach to national security and his role in shaping America’s response to the September 11 attacks.

Even after leaving office, Cheney remained a strong defender of his policies, particularly the 2003 invasion of Iraq. His passing leaves behind a complicated legacy — one that reshaped U.S. foreign policy and continues to influence Republican politics today.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker

#DickCheney #BreakingNews #USPolitics #IraqWar #WarOnTerror #RepublicanParty #TickerNews #WorldNews