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Reserve Bank’s fears about inflation come true – and they could be forced to raise rates again
Reserve Bank of Australia governor Michele Bullock says rising inflation risks are materialising, potentially requiring another interest-rate increase at the board’s late-September meeting. Although economic growth is slowing, inflation remains too high and may take longer than expected to return to the bank’s target range, increasing pressure on households and businesses. The RBA had forecast…
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F-16 crashes into field in Midwest fireball, as local claims pilot is ‘conscious’
An F-16 fighter jet crashed in a field near Alpena, Michigan during training exercises on Thursday, injuring the pilot but causing no deaths. The pilot successfully ejected from the aircraft before impact and was reported conscious and receiving medical treatment at a local hospital. The crash sparked an evacuation of residents within a one-mile radius…
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Widow of car show founder demands probe into McLaren crash that killed husband and Hooters calendar girl
James Wehr, a 27-year-old car influencer and owner of South OC Cars and Coffee, one of the world’s largest weekly car shows, was killed along with 22-year-old Alexis Kramer when his 2019 McLaren crashed in Irvine, California. The vehicle struck a tree at around 12:20 am on Saturday and split in half before catching fire,…
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Waymo says Singapore will be its next international robotaxi city
Waymo plans to launch a fully autonomous robotaxi service in Singapore in 2028, expanding its international presence. Vehicles will arrive in the coming months for mapping and testing with human safety drivers in 2027, but the company must first secure approval from Singapore’s Land Transport Authority. Singapore requires autonomous vehicles to pass safety assessments by…
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‘This is our company’: Nigerians show off oil wealth after share-buying frenzy
Nigerians have rushed to buy shares in Aliko Dangote’s oil refinery, turning the sale into a major social-media event. The IPO matters because it has broadened public participation in one of Africa’s largest industrial projects and offered people hope of improving their finances amid economic difficulties. More than four billion shares, representing just over 3%…
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Aussies warned to expect more interest rate hikes as IMF delivers a blunt warning to Jim Chalmers over tax and spending
The International Monetary Fund has warned that Australia’s inflation problem has worsened, giving the Reserve Bank of Australia scope to raise interest rates further if price pressures persist. It said restoring inflation to target should be the immediate priority, while economic growth is expected to slow after three rate rises and weaker productivity. The IMF…
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Marvell pushes GlobalFoundries to light up wafer production
Marvell is expanding its partnership with GlobalFoundries to increase silicon germanium wafer production in Vermont, supporting optical components for AI data-centre networks. The agreement matters because faster networking is pushing data centres away from copper towards optical connections, while Marvell seeks to scale its role in a rapidly growing market. The additional capacity will support…
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China is building ‘first-ever mothership capable of launching submarine drones’
Satellite imagery has revealed that China is constructing the world’s first underwater mothership designed to launch and recover large autonomous submarine drones, known as XXLUUVs (extra-extra-large uncrewed undersea vehicles). The vessel, under construction at a Shanghai shipyard, represents a significant advancement in China’s naval capabilities and underscores its strategic focus on maritime operations. Defence experts…
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Find a credible plan for British Steel, ministers told as ‘startling’ costs soar
Ministers have been urged to publish a credible long-term plan for British Steel after MPs warned that keeping the publicly owned company operating is becoming increasingly expensive. The firm costs taxpayers about £1.3m a day, while the government has yet to explain how it will become financially sustainable or whether public funding can be recovered.…
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Australian cop stood down after allegedly assaulting his baby could face three years behind bars
West Australian police officer Nickolas Wayne Peake, 30, has pleaded guilty to aggravated assault after allegedly assaulting his five-week-old daughter in Perth’s east. He remains stood down from operational duties, while the case has prompted protective measures for his wife and child and an internal police review. The baby was taken to Perth Children’s Hospital…