Australia’s Economy To Recover Slowly: RBA

Defying precedent, Trump says he will give Republican convention speech from the White House lawn

  • President Trump told the New York Post on Thursday that he would likely give his Republican National Convention speech from the White House lawn.
  • "I'll probably be giving my speech at the White House because it is a great place. It's a place that makes me feel good, it makes the country feel good," he told the tabloid.
  • "We'd do it possibly outside on one of the lawns," Trump said.
  • Presidents typically avoid conflating their official capacities with their electoral campaigns, a tradition repeatedly flouted by Trump.
  • Trump previously floated giving his acceptance speech at the Great Battlefield in Gettysburg, Pennsylvania.
  • The Republican National Convention was planned for Charlotte, North Carolina, but some events were moved to Jacksonville, Florida, over disagreements about capacity and social distancing with the governor.
  • The Jacksonville plan was nixed due to the coronavirus pandemic; scaled-down events will happen in Charlotte and there will be a live stream. The event will take place from August 21 to August 24.
  • Visit Business Insider's homepage for more stories.

FTSE 100 LIVE: Asian stocks falter after worrying economic data for China is released

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Stocks faltered as worries about a delay in US fiscal stimulus discouraged some investors from taking on risk. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.24%, although shares in Japan rose 0.07%.

South Korean stocks fell 1.27% after authorities reported the largest number of new coronavirus cases since March.

Chinese shares erased early gains and fell 0.1% as a slower-than-expected rise in industrial production and a surprise fall in retail sales weighed on investor sentiment.

Further equity gains are likely to be limited as investors await progress in negotiations over US economic stimulus.

The mood was cautious in Asia after Chinese retail sales unexpectedly fell in July, suggesting domestic demand is still struggling after the coronavirus outbreak.

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Malaysia current account surplus falls to 7.6 bln ringgit in Q2

KUALA LUMPUR, Aug 14 (Reuters) – Malaysia’s current account surplus fell to 7.6 billion ringgit ($1.81 billion) in the second quarter from 9.5 billion ringgit in the previous three months, the Department of Statistics said on Friday.

Portfolio investment saw a net inflow of 22.2 billion ringgit, compared with 41.3 billion ringgit in outflows in the first quarter. ($1 = 4.1940 ringgit) (Reporting by Joseph Sipalan; Editing by Ana Nicolaci da Costa)

Former Hertz CEO Mark Frissora Agrees To Settle Accounting Misconduct Claims

The former chief executive officer of Hertz Global Holdings, Mark Frissora, agreed to pay about $2.2 million to settle the U.S. Securities and Exchange Commission’s
claims that he played a key role in causing the now-bankrupt car-rental company to file inaccurate financial statements in 2013.

Frissora neither admitted nor denied the SEC’s allegations but will refund Hertz about $1.98 million in bonus and other incentive-based compensation. He will also pay a $200,000 penalty to the U.S.The settlement is subject to court approval.

The SEC’s complaint alleged that as Hertz’s financial results fell short of its forecasts throughout 2013, Frissora pressured subordinates to “find money,” principally by re-analyzing reserve accounts, causing Hertz’s staff to make accounting changes that rendered the company’s financial reports materially inaccurate.

In addition, the complaint alleged that Frissora approved Hertz’s reaffirming its earnings guidance in November 2013, despite Hertz’s internal calculations that projected lower earnings per share figures.

The complaint also alleged Hertz revised its financial results in 2014 and restated them in July 2015, reducing its previously reported pretax income by $235 million.

In December 2018, Hertz agreed to pay $16 million to settle related fraud and other charges brought by the SEC and in December 2019, the SEC issued a settled Order against Hertz former Controller Jatindar Kapur.

Australia’s Economy To Recover Slowly: RBA

Australia’s economy is set to log a slow recovery given the ongoing spread of the coronavirus and the response to contain it, the Reserve Bank of Australia said in its quarterly Statement on Monetary Policy, released Friday.

According to baseline scenario of RBA, GDP is expected to contract by around 6 percent over the year to December 2020, but then grow by around 5 percent over 2021.

The outlook for 2020 was largely unchanged from the previous projection but downgraded the projection for 2021 from 6 percent.

“We now think that, even though the initial contraction was smaller, the subsequent recovery is likely to be more protracted and progress on reducing unemployment will be slower,” Luci Ellis, RBA Assistant Governor, said.

“The recovery is expected to be slow and uneven, and GDP will probably take several years to return to the trend path expected prior to the virus outbreak,” Ellis said.

The recent outbreak of the coronavirus in Victoria and the associated introduction of restrictions on activity are likely to reduce national GDP growth by at least 2 percentage points in the September quarter.

A contraction in demand represents an enormous shock to the labor market, Ellis noted.

The unemployment rate is expected to rise to almost 10 percent over the next six months and gradually decline to around 7 percent over the latter part of the forecast period.

Underlying inflation is expected to remain below 2 percent over the next couple of years.