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

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

6 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.

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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

6 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.

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News

Nasdaq sell-off deepens amid AI stock concerns

Nasdaq sell-off worsens as AI stock valuations spark investor concerns and Palantir shares plummet despite strong earnings

Published

8 hours ago

November 5, 2025

Ahron Young

Nasdaq sell-off worsens as AI stock valuations spark investor concerns and Palantir shares plummet despite strong earnings

In Short:
– Stocks fell due to concerns over AI valuations; S&P 500 down 1.2%, Nasdaq down 1.9%.
– Palantir shares dropped 9% despite strong performance, raising questions about sustainability of high valuations.

Stocks fell on Tuesday as investor concerns regarding artificial intelligence valuations impacted major indices.

The S&P 500 declined by 1.2%, and the Nasdaq Composite dropped by 1.9%, while the Dow Jones Industrial Average lost 304 points, equating to a 0.6% decrease.Palantir shares dropped 9%, despite the company’s strong third-quarter performance and positive forecasts attributed to its AI sector growth. The stock has surged over 150% this year, yet trades at over 200 times its forward earnings, leading investors to question whether such valuations can be sustained.

Other tech stocks also faced declines, including Oracle and AMD, which saw drops of 4% and more than 3%, respectively.

Gains in AI stocks have inflated the S&P 500’s price-earnings ratio above 23, raising concerns about stock valuations. Ameriprise market strategist Anthony Saglimbene highlighted potential risks, stating that investors are questioning if future profit growth will support high capital expenditures.

Market Outlook

Comments from executives at Goldman Sachs and Morgan Stanley further added to market worries.

Both firms predicted potential market pullbacks, with drawdowns of 10% to 20% possible within the next two years. Saglimbene noted a narrow market breadth in recent months, suggesting limited alternatives if a downturn occurs in the tech sector.