ILEA001902448: Rising petrol prices driving persistent inflation: Australian Treasurer

Australian gov't to penalize supermarkets for anti-competitive behavior under crackdown

STORY: Australian gov't to penalize supermarkets for anti-competitive behavior under crackdown SHOOTING TIME: June 26, 2024 DATELINE: June 27, 2024 LENGTH: 00:01:51 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of supermarket in Australia STORYLINE: Australian supermarket chains will face large fines for anti-competitive behavior under new laws. The federal government on Monday announced it has accepted all the recommendations of a review into the Food and Grocery Code of Conduct and will impose new obligations on large supermarket chains to treat their suppliers fairly. Under the new laws, legislation for which was introduced to parliament by Treasurer Jim Chalmers on Monday, the code of conduct will be made mandatory for chains with annual revenue exceeding 5 billion Australian dollars (3.3 billion U.S. dollars) after being voluntary for a decade. Supermarkets will be required to deal with their suppliers in good faith and prevented from penalizing those who complain after the rev

U.S. Fed keeps interest rates unchanged at 5.25-5.5 pct as inflation cools

STORY: U.S. Fed keeps interest rates unchanged at 5.25-5.5 pct as inflation cools SHOOTING TIME: June 12, 2024 DATELINE: June 13, 2024 LENGTH: 00:01:26 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of the press conference STORYLINE: The U.S. Federal Reserve on Wednesday left interest rates unchanged at a 22-year high of 5.25 percent to 5.5 percent as the latest consumer price data shows that inflation seems to be cooling. In a statement after the two-day policy meeting, the Federal Open Market Committee (FOMC), the Fed's policy-setting body, reiterated that the committee does not expect it will be appropriate to reduce the target range "until it has gained greater confidence that inflation is moving sustainably toward 2 percent." In addition, the committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, the FOMC said. The Fed's announcement came just a few hours after the U.S. Labor Department reported that the

India's retail inflation in 12-month low in May

STORY: India's retail inflation in 12-month low in May SHOOTING TIME: File DATELINE: June 13, 2024 LENGTH: 00:01:29 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of market area 3. various of food grain STORYLINE: India's retail inflation fell to 4.75 percent in May from 4.83 percent in April, official data showed Wednesday. This was said to be the lowest in the past 12 months. Retail inflation has been under the five-percent mark for three consecutive months starting from March. "Year-on-year inflation rate based on all India Consumer Price Index (CPI) number is 4.75 percent (provisional) for the month of May 2024. Corresponding inflation rate for rural and urban is 5.28 percent and 4.15 percent, respectively," the statistical ministry said. Food inflation was 8.69 percent in May, marginally down from 8.70 percent in April. Xinhua News Agency correspondents reporting from New Delhi. (XHTV)

Millions of Australians struggling to make loan repayments: gov't report

STORY: Millions of Australians struggling to make loan repayments: gov't report SHOOTING TIME: June 4, 2024 DATELINE: June 6, 2024 LENGTH: 0:02:15 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of banks in Australia 2. various of street views in Australia 3. various of the Parliament House STORYLINE: Millions of Australians have struggled to make debt repayments in the last 12 months, government research has found. The research, which was published by corporate regulator the Australian Securities and Investment Commission (ASIC) on Monday, found that 47 percent of Australian adults with debt -- the equivalent of 5.8 million people -- have struggled to make repayments in the last 12 months. A survey conducted by YouGov on behalf of the ASIC found that cost of living pressures, reduced income, and unexpected expenses were the most common reasons given for financial difficulties. Thirty percent of respondents to the survey said they would not seek hardship assistance from their bank or lend

Australian minimum wage to rise by 3.75 pct

STORY: Australian minimum wage to rise by 3.75 pct SHOOTING TIME: June 4, 2024 DATELINE: June 6, 2024 LENGTH: 00:01:31 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of Fair Work Commission (FWC) office 2. various of Australians in different professions 3. various of the Australian Bureau of Statistics (ABS) building STORYLINE: Australia's minimum wage will rise by 3.75 percent from the start of July, industrial relations tribunal the Fair Work Commission (FWC) ruled on Monday. From July 1, the minimum wage will increase from 23.23 Australian dollars (15.47 U.S. dollars) per hour to 24.10 Australian dollars (16.05 U.S. dollars) per hour, or 915.90 Australian dollars (609.99 U.S. dollars) per week based on a 38-hour week, FWC said. According to the commission, 20.7 percent of the Australian workforce, or approximately 2.6 million people, are paid minimum wage rates. After accounting for flow-on effects, the FWC estimates that the increase to the minimum wage will affect a quarter of a

Türkiye's annual inflation exceeds 75 pct in May

STORY: Türkiye's annual inflation exceeds 75 pct in May SHOOTING TIME: June 2-3, 2024/Archives DATELINE: June 4, 2024 LENGTH: 00:01:10 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people shopping in Istanbul, Türkiye (Shooting date: May 17, 2024) (courtesy of ihlas news agency) 2. various of people at a discount cafe in Samsun, Türkiye (Shooting date: June 2, 2024) (courtesy of ihlas news agency) 3. various of people at a fish bazaar in Düzce, Türkiye (Shooting date: June 3, 2024) (courtesy of ihlas news agency) 4. various of people shopping in Safranbolu, Türkiye (Shooting date: June 2, 2024) (courtesy of ihlas news agency) STORYLINE: Türkiye's annual inflation rate rose to 75.45 percent in May, the highest since November 2022, reaching the peak expected by the government and economists, according to official data released on Monday. Consumer prices rose by 3.37 percent in May, compared to an increase of 3.18 percent in April, as per data from the Turkish Statistical Institute. The highe

Turkish consumers' patience wears thin as inflation peaks at 75 pct

STORY: Turkish consumers' patience wears thin as inflation rate peaks at 75 pct SHOOTING TIME: June 3, 2024 DATELINE: June 4, 2024 LENGTH: 00:03:37 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Ankara 2. SOUNDBITE 1 (Turkish): SUAT ENGIN, Pensioner 3. various of Ankara 4. SOUNDBITE 2 (Turkish): NILGUN OZMEN, Pensioner 5. various of Ankara 6. SOUNDBITE 3 (Turkish): SELMA SONGUN, Housewife STORYLINE: With Türkiye's annualized inflation rate exceeding 75 percent in May, Turkish consumers are in desperate need of the relief promised by the government's disinflation efforts. Türkiye's inflation rate rose in May to 75.45 percent, official data revealed on Monday. That's the highest point since November 2022, and a significant jump from April's rate of 69.8 percent. "The worst is over," Treasury and Finance Minister Mehmet Simsek said on X after Monday's data release. The minister sought to reassure the public that relief is in sight. "We saw the highest level of annual inflation, which refl

Tokyo consumer inflation accelerates in May

STORY: Tokyo consumer inflation accelerates in May SHOOTING TIME: recent footage DATELINE: June 3, 2024 LENGTH: 00:00:39 LOCATION: Tokyo CATEGORY: ECONOMY SHOTLIST: 1. various of street views in Tokyo STORYLINE: Core inflation in Tokyo continued to rise in May as utility costs expanded, government data showed. The Tokyo core consumer price index, which excludes volatile fresh food but includes fuel costs, rose 1.9 percent in May from a year earlier, accelerating from a 1.6 percent rise in April, according to the internal affairs ministry. Seen as a leading indicator of nationwide trends in Japan, the Tokyo data released on Friday stood below the Bank of Japan's 2-percent target. The acceleration was largely pushed up by utility costs related to renewable energy promotion, as electricity bills increased for the first time in 16 months by rising 13.1 percent year on year. Meanwhile, prices of food excluding fresh items rose 3.2 percent, unchanged from the previous month. Xinhua News Agency correspondent

Industrial production costs fall in Italy for 6th consecutive month

STORY: Industrial production costs fall in Italy for 6th consecutive month SHOOTING DATE: May 30, 2024 DATELINE: May 31, 2024 LENGTH: 00:00:49 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of streets in Rome STORYLINE: Industrial producer prices in Italy fell for the sixth consecutive month, the country's statistics entity reported Thursday, due largely to continued decreases in energy costs. The Italian National Institute of Statistics (ISTAT) said that prices for industrial producers fell by 0.9 percent in April compared to the previous month. Costs were 5.9 percent below their levels from a year earlier. The trend represents a marked turn-around from 2022 and early 2023, when the key index rose nearly every month and when year-on-year increases regularly topped 30 percent due to the spike in energy prices. Overall inflation in Italy has fallen dramatically since October 2023. This decline has been broadly in line with the drop in producer prices. Still, the rate of decrease in producer

Tokyo stocks close mixed on rising interest rates, positive U.S. futures

STORY: Tokyo stocks close mixed on rising interest rates, positive U.S. futures SHOOTING TIME: May 28, 2024 DATELINE: May 29, 2024 LENGTH: 00:01:51 LOCATION: Tokyo CATEGORY: ECONOMY SHOTLIST: 1. various of street view in Tokyo 2. various of Tokyo Stock Exchange 3. various of securities company STORYLINE: Tokyo stocks closed mixed on Tuesday amid concerns over rising long-term interest rates in Japan, while the market's downside was buoyed by positive U.S. stock futures. Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 44.65 points, or 0.11 percent, from Monday at 38,855.37. The broader Topix index, meanwhile, finished 2.14 points, or 0.08 percent, higher at 2,768.50. Market watchers here noted the yield on the benchmark 10-year Japanese government bond briefly rose 0.015 percentage point from Monday's close to 1.035 percent, its highest level since April 2012, amid speculation that the Bank of Japan is shifting away from monetary easing measures. The Nikk

Rising petrol prices driving persistent inflation: Australian Treasurer

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