Money
US gas stations run out of fuel
The cyberattack on one of America’s Colonial Pipeline is starting to impact consumers and businesses across the United States.
Gas stations across the US have begun reporting fuel shortages, primarily because of what analysts say is being caused on unwarranted panic-buying among drivers.
Panicked drivers have been seen banking up their cars in long lines at petrol stations across America’s East Coast, as they rushed to fill their cars amid fear supply could soon temporarily run out.
The pipeline supplies the East Coast of America with about 45 percent of its fuel but has now been offline for four days after a cyber attack.
The Governments Response
Government officials have acted swiftly to waive safety and environmental rules to speed the delivery of fuel by truck, ship or rail to motorists and airports, even as they sought to assure the public that there was no cause for alarm.
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In some good news, a large part of the pipeline has now resumed operations manually and Colonial hopes that it will begin restarting most of its operations by the end of the week, US Energy Secretary Jennifer Granholm said.
Motorists may still feel a crunch because it takes a few days to ramp up operations, but she said there is no reason to panic-buy fuel.
“We know that we have gasoline; we just have to get it to the right places”
S&P’s Oil Price Information Service put the number of gas stations encountering shortages at more than 1,000.
Why the country’s biggest fuel pipeline system has shutdown:
One of the United States’ major fuel pipeline operators has shut its entire network following a cyber attack that involved ransomware.
Colonial Pipeline, the source of nearly half of the US east coast’s fuel supply, said they had engaged a cyber security firm to help the investigation and contacted law enforcement and federal agencies after the attack.
The biggest U.S. gasoline pipeline won’t resume full operations for at least several more days due to a ransomware cyberattack blamed on a shadowy criminal network called DarkSide.
The attack on the Colonial Pipeline is one of the most disruptive digital ransom schemes ever reported.
The cyber attack on one of America’s Colonial Pipeline is starting to impact consumers and businesses across the United States.
Gas stations across the US have begun reporting fuel shortages, primarily because of what analysts say is being caused on unwarranted panic-buying among drivers.
Panicked drivers have been seen banking up their cars in long lines at petrol stations across America’s East Coast, as they rushed to fill their cars amid fear supply could soon temporarily run out.
The pipeline supplies the East Coast of America with about 45 percent of its fuel but has now been offline for four days after a cyber attack.
North Carolina issues State of Emergency due to fuel supply issues
North Carolina governor Roy Cooper declared a state of emergency to help ensure adequate supplies are delivered.
“Today’s emergency declaration will help North Carolina prepare for any potential motor vehicle fuel supply interruptions across the state and ensure motorists are able to have access to fuel”
Aviation Impact
American Airlines says it has been impacted by the shutdown of the Colonial Pipeline
The airline says it has added a stop on two long-haul flights out of Charlotte North Carolina, because of a fuel supply shortage due to the recent colonial pipeline outage
Money
Australia’s unemployment rate rises to 4.5 per cent
Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut
Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut
– Australia’s unemployment rate rose to 4.5% in September, the highest since November 2021.
– Economists note a cooling labour market, with fewer job ads and increased participation rate amid rising living costs.
Economists suggest that the Reserve Bank should consider another interest rate cut next month. BetaShares chief economist David Bassanese noted a slowdown in employment demand as the labour market struggles to accommodate job seekers.
The number of officially unemployed rose by 33,900 in September, while the employment count increased by 14,900. The labour force expanded by 48,800 people, resulting in a participation rate rise of 0.1 percentage points to 67 per cent, returning to July levels.
In trend terms, the unemployment rate remained steady at 4.3 per cent.
Labour Market
BDO chief economist Anders Magnusson stated that while the unemployment rate has increased, the labour market is cooling, not collapsing.
He pointed out that the 14,900 jobs added in September were slightly below the average for the past year.
A growing participation rate indicates that rising living costs are prompting more individuals to seek employment. Magnusson said the release confirms a gradual cooling of the labour market that keeps the Reserve Bank on track without necessitating immediate action.
He added that hiring activity is slowing, signalled by a 3.3 per cent drop in job advertisements in September, the largest monthly decrease since February 2024.
Despite this, he does not foresee a rate cut in November.
Money
Stocks rebound after Trump eases China trade tensions
Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off
Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off
– Stocks rose on Monday after Trump expressed optimism about trade relations with China.
– The Dow Jones gained 621 points, with significant increases in tech stocks and broad market recovery.
Oracle’s stock surged over 5%, with AMD and Nvidia seeing 1% and 3% increases, respectively. Broadcom’s stock jumped 10% following the announcement of a partnership with OpenAI.
Trump’s comments hinted that he might not impose a significant increase in tariffs on China, which had previously caused market turmoil. Vice President JD Vance similarly indicated a willingness to negotiate with China, while also asserting that the U.S. holds advantages in potential trade discussions.
Broader Recovery
Monday’s trading saw a positive shift with four out of five S&P 500 stocks rising, indicating widespread recovery. Small-cap stocks also made gains, with the Russell 2000 rising over 2.5%.
Market concerns persist, however, with a government shutdown continuing and a major payroll deadline approaching on October 15. Earnings reports from major financial institutions, including Citigroup and JPMorgan Chase, are expected this week, potentially impacting market sentiment.
Money
Australia revises superannuation tax plans for fairness
Australia revamps retirement tax with new thresholds and increased support for low-income earners amid political pressure
Australia revamps retirement tax with new thresholds and increased support for low-income earners amid political pressure
– Treasurer Jim Chalmers announced a 40% tax on retirement balances over $10 million, aiding low-income earners.
– The reform improves the Low Income Superannuation Tax Offset, helping 1.3 million Australians with higher annual payments.
The announcement comes after months of political and industry pressure and represents a major shift from the original policy.
It addresses prior criticisms related to indexation and taxation of unrealised capital gains.
Under the revised policy, balances between $3 million and $10 million will face a 30 percent concessional tax rate.
Both thresholds will now be indexed to inflation to prevent bracket creep affecting middle-income Australians.
The government has also removed taxes on unrealised capital gains, with changes applying solely to realised earnings from 2026.
“This has been a contentious policy,” Chalmers stated, indicating that it affects less than 0.5 percent of Australians, with about 80,000 anticipated to have over $3 million in superannuation next year.
Key Benefits
The reform package significantly improves the Low Income Superannuation Tax Offset (LISTO).
Annual payments will rise from $500 to $810, with an increased eligibility threshold from $37,000 to $45,000 by 2027.
This adjustment will assist approximately 1.3 million Australians, mainly benefiting women.
Eligible workers could gain around $15,000 in retirement, increasing LISTO eligibility to 3.1 million Australians.
The changes could generate about $1.6 billion in net revenue by 2028-29, a decrease from the original $2.5 billion projection due to enhanced LISTO benefits and extended implementation.
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