ASX up, recession possible and 5 other things to start your day
ASX: The local share market is expected to rise this morning after a solid session on Wall Street overnight.
The ‘R’ word: Economists say a recession is still on the cards in Australia as global conditions remain volatile and Aussie households feel the pain of higher interest rates.
The Reserve Bank lifted the cash rate yesterday by 0.25 per cent to 3.35 per cent, the highest level since September 2012 and the ninth rise in a row.
Hack attack: Medibank is facing a class action over the data security breach last year in which personal information of thousands of customers was stolen.
The class action lawsuit was filed against the company in the Federal Court on Tuesday by international law firm Baker & McKenzie.
Star inquiry: And Medibank is not the only one. Shareholders have launched a class action against Star Entertainment Group over its failure to disclose money-laundering links to organised crime.
Filed by Shine Lawyers in Victoria's Supreme Court, the action said revelations of alleged misconduct caused the company's stock price to plummet.
Not happy, Jan: The Optus cyber attack is being blamed for a jump in the number of complaints about telecommunications companies.
Complaints from small businesses and households rose 9.9 per cent from October to December, according to the Telecommunications Industry Ombudsman. About half of the 17,903 complaints related to mobile services. That’s an increase of about 19 per cent.
Big changes: Australia's biggest electric vehicle fleet is set to grow even larger, with Australia Post revealing plans to test an electric truck capable of hauling tonnes of mail packages over large distances.
The six-month heavy-vehicle trial comes as the national mail carrier revealed plans to phase out petrol-powered motorcycles within three years in its latest commitment to green transport.
Forking it out: Sydney drivers have paid a staggering $835 million in tolls in the past six months, with tolling company Transurban telling investors it benefited from record traffic on the roads.
The company released record earnings of $1.66 billion for the six months ending December 31, saying it was in a good position to reap the rewards of inflation, with tolls set to rise in coming years.
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