“The Reserve Bank of Australia cut its benchmark interest rate to a record low, driving down a currency that has damaged manufacturing and boosted unemployment. Governor Glenn Stevens reduced the overnight cash-rate target by a quarter percentage point to 2.75 percent, saying in a statement that the Aussie’s record strength ‘is unusual given the decline in export prices and interest rates.’ He joins global counterparts in embracing record-low rates in an economy where inflation is contained, mining spending is predicted to crest, and credit growth remains subdued.”
Related posts:
World's first 'invisible' skyscraper planned for South Korea
Aborted babies incinerated to heat UK hospitals
Thomson Reuters to Suspend Early Peeks at Key Index
Ernst & Young: 'Bitcoin has the potential to be a game-changer'
Greek Banks Reopen but Cash Limits Remain and Taxes Soar
Egyptian security forces open fire in dawn raid on praying pro-Morsi supporters, 42 dead
Sen. Lindsey Graham to seek authorization for U.S. attack on Iran
NJ State Police dashboard camera shows confrontation with county police
Trump administration is looking at 50- and 100-year bonds
Venezuela struggles to attract tourists
UN: Human rights abuses increase in Iran in 2012
U.S. Stepped In To Halt Mexican General's Rise
More Greek firms eye low-tax Switzerland
Microsoft drops data center into the sea: 'It will keep working for five years'
Bad Economy Has Young Europeans at Home