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Technology firms were again the whipping boys, with Apple, Amazon and Facebook all losing more than one per cent. AFP
Asia markets hit by volatility, oil stays down
Thu, 20 May 2021
Asian markets fell on May 19 as investors struggled to break out of a long-running cycle of volatility, with optimism over the economic recovery playing off against fears about inflation, while oil prices extended their losses on reports of a possible breakthrough in the Iran nuclear talks.
Bitcoin was also taking another beating after China’s central bank said cryptocurrencies cannot be used for payments, adding to the unit’s woes after recent comments from tycoon Elon Musk and Tesla.
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Easter holidays, not the end of JobKeeper, turned out to be a bigger drag on employment last month.
The end of the $90 billion wage subsidy and the final one million workers rolling off the scheme passed with barely a blip.
The labour force survey overlapped with the Easter school holidays period.
Attila Csaszar
Indeed, more than 132,000 people have exited welfare since JobKeeper finished in late March, defying doomsday warnings and calls for another extension.
The reason for this paradox is that 64,300 extra people gave up looking for work during April – reducing the participation rate from a previous record.
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20 May, 2021 Author Ranina SanglapRehan Ahmad
The ongoing earnings recovery at Australia s major banks may gather steam as the economy bounces back from its first recession in 30 years and global demand for commodities such as iron ore, copper and natural gas rises.
Three of Australia s major banking groups reported improved cash earnings for the fiscal first half ended March 31, helped by the country s economic recovery from the COVID-19 pandemic and lower notable charges. Australia and New Zealand Banking Group Ltd., Westpac Banking Corp. and National Australia Bank Ltd. all said that credit impairment writebacks boosted their profits in the period.
ASX rallies 1 3pc as Afterpay, banks jump afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
IN THIS ISSUE
A Win for Deal Certainty, Delaware Court of Chancery Orders Closing of Cake Supplier Acquisition; Under Armour to Pay $9M to Settle SEC Charges Involving Disclosure Failures; First Circuit Upholds Decision Applying Federal Securities Laws to Solicitation of Foreign Investors; Delaware Court of Chancery Applies Business Judgment Rule in Dismissing Buyout Action Against Icahn.
On April 30, 2021, in
Snow Phipps Group, LLC v. KCake Acquisition, Inc. (Del. Ch.), Chancellor Kathaleen S. McCormick issued an order compelling affiliates of Kohlberg & Company, LLC to close their planned $550 million acquisition of DecoPac Holdings Inc., a supplier of cake decorations and technology for use in supermarket bakeries. Opening with a quote from Julia Childs (“A party without cake is just a meeting”), the court describes the decision as a “victory for deal certainty” and offers a detailed analysis of several common contractual provisions, and their operation, during the