Latest Business News
S&P Global: Australian Government Spending Hits Record Levels Amid Middle East Crisis
S&P Global Ratings reports Australia's government spending at record highs with surging construction costs due to the Iran war. Anthony Walker from S&P notes the AAA credit rating remains stable as tensions are expected to peak in April.
Contracts for LNG, coal, and iron ore exceed forecasts, aiding budget repair.
US Importers Use $166 Billion Tariff Refund Claims as Loan Collateral
Following the Supreme Court's ruling two months ago striking down Trump's tariffs, US companies await $166 billion in refunds. Cash-strapped firms, hit by supply chain issues, high energy prices from the Iran war, and recession fears, are using claims for loans.
Refunds via CBP's system start April 20, taking 45 days.
World Finance Chiefs Convene at IMF with Déjà Vu Over Trump Policies
IMF and World Bank spring meetings April 13-18 focus on US-Iran negotiations for lasting peace after a two-week ceasefire. Leaders assess Iran war's growth damage, echoing last year's tariff discussions.
Emphasis on supporting economies without new issues.
Wall Street Banks Poised for $40 Billion Q1 Trading Revenue Surge
Major banks expect record Q1 2026 trading profits from Iran war-induced market volatility. Revenues projected to hit highest since 2014.
Volatility boosts trading desks across Wall Street firms.
KPMG Survey Reveals Tariff Fallout: 82% of US Firms See Foreign Sales Drop
A February KPMG survey shows over half of US companies faced margin compression from tariffs. 82% reported declining foreign sales, 61% domestic drops, and 70% delayed investments.
Impacts worsened by Iran war energy prices.
Australia's Biofuels Eyed as Solution to Oil and Gas Shortages
Amid Middle East crisis exposing Australia's energy vulnerabilities, biofuels are discussed as a potential fix for oil and gas issues. Sky News Business Weekend highlights lack of preparedness for crises like the Iran war.
Experts explore alternatives to bolster energy security.
S&P Downgrades Multiple Australian States Amid Fiscal Pressures
S&P has downgraded several states, some by two notches, with Queensland and New South Wales on negative outlook. Pressure stems from unmet budget forecasts and rising spending.
Western Australia spared due to strong revenues.
US Supreme Court Ruling Leaves Tariff Refund Process Unclear
The Supreme Court deemed Trump-era tariffs under IEEPA unlawful but provided no refund details. Court of International Trade and CBP to handle distribution, with first phase on April 20.
Manufacturing, auto, retail sectors hit hardest seek quick cash.
Iran War Pushes US Consumers and Firms Toward Recession Bracing
US importers face cash shortages from tariffs, supply woes, and hiked energy from Iran conflict. Nervous consumers and businesses delay spending amid recession fears.
Tariff refunds could provide relief but timing uncertain.
Central Banks Grapple with Iran Ceasefire Economic Support Strategies
IMF meetings to discuss government and central bank responses to Iran war without sparking inflation. Focus on turning two-week ceasefire into peace via US-Iran talks this weekend.
Echoes prior tariff shocks from Trump policies.