US Fed holds rates steady just hours after Trump's spat towards Powell
Sky News Business Editor Ross Greenwood says the US Federal Reserve has held interest rates steady overnight – against the wishes of the US President.
US President Donald Trump has called US Federal Reserve Chair Jerome Powell "stupid" hours before the central bank decided to hold interest rates steady.
'Chairman Jerome Powell says the Fed is waiting to see how the economy tracks – especially the economic impact of Donald Trump's tariffs,' Mr Greenwood said.
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News.com.au
36 minutes ago
- News.com.au
New Zealand halts aid to Cook Islands over China deals
New Zealand's government halted aid to close partner the Cook Islands on Thursday because of a row over agreements the Pacific island nation struck with China. New Zealand 'paused' the payments and would not resume them until the Cook Islands took 'concrete steps' to restore trust, a spokesman for Foreign Minister Winston Peters said in a statement. The self-governing Cook Islands, a country of 17,000 people, has a 'free association' relationship with its former colonial ruler New Zealand, which provides budgetary assistance as well as help on foreign affairs and defence. Cook Islands caught New Zealand off guard in February when it signed a Comprehensive Strategic Partnership agreement with China covering deep-sea mining, regional co-operation and economic issues. Mr Peters' spokesman pointed to the 'lack of consultation' surrounding the 'agreements signed by the Cook Islands and China' as a reason for the aid pause. 'Trust and meaningful engagement are fundamental to free association,' he said. Cook Islanders hold New Zealand citizenship. New Zealand provided $180 million ($NZ194 million) to the Cook Islands over the past three years, according to government figures. It has paused a planned $17 million ($NZ18.2 million) development assistance payment for the next financial year. 'New Zealand will also not consider significant new funding until the Cook Islands Government takes concrete steps to repair the relationship and restore trust,' Mr Peters' spokesman said. 'New Zealand hopes that steps will be taken swiftly to address New Zealand's concerns so that this support can be resumed as soon as possible.' The pause in funding comes as New Zealand's Prime Minister Christopher Luxon is scheduled to meet with Chinese President Xi Jinping in Beijing on Friday. Ahead of the meeting, Mr Luxon said he would seek to 'build and develop' New Zealand's relationship with China. Cook Islands Prime Minister Mark Brown did not immediately respond to a request for comment. Mr Brown survived a no-confidence vote in February over the deal with China, blaming 'misinformation' from New Zealand for destabilising his country. Mr Brown said he had consulted 'for months' with New Zealand about the China deal, 'but the messaging that goes out is that we never consult'. 'It becomes very clear this is not about consultation. This is about control.' New Zealand also announced this year it would review aid to climate-threatened Pacific nation Kiribati, one of China's warmest friends in the region. The review came after Kiribati's president brushed off a planned meeting with Mr Peters at the last minute. 'This was especially disappointing because the visit was to be the first in over five years by a New Zealand minister to Kiribati,' Mr Peters' office said at the time. 'For this reason, we are reviewing our development programme in Kiribati.' New Zealand had given some $88 million ($NZ95 million) in aid to Kiribati since 2021, according to official figures, including money for 'economic development and climate resilience'.
News.com.au
36 minutes ago
- News.com.au
Buss family sells LA Lakers for $10 billion after acquiring team for $67 million
The NBA's Los Angeles Lakers are changing hands — for a sky-high price tag. The Buss family is entering an agreement to sell its majority stake in the Lakers for approximately $10 billion to businessman Mark Walter, ESPN's Shams Charania reported Wednesday. It marks the largest sale ever of a US pro sports franchise. Walter, who is also the primary owner of Major League Baseball's LA Dodgers, is the CEO of TWG Global, a multinational conglomerate holding company. Walter also has interests in several other professional sports teams and enterprises — including the Los Angeles Sparks, Chelsea FC, the Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women's Hockey League. Jeanie Buss will remain in her position as the franchise's governor after the sale, Charania noted. The Buss family has seen the value of the Lakers skyrocket since Jerry Buss acquired the franchise for $67.5 million in 1979, and now gets to reap the benefits of that purchase 46 years later. When Jerry died in 2013, his ownership stake in the franchise transferred to his six children, with Jeanie assuming the role as the team's governor. The deal comes after two other highly valued NBA franchises recently sold: the Mavericks and Celtics. Longtime owner Mark Cuban sold his majority stake in the Mavs in late 2023 to the Adelson family for $3.5 billion, though he retained approximately 27 per cent in the team. In March 2025, Wyc Grousbeck sold his controlling stake in the Celtics to William Chisholm for $6.1 billion. Walter has been one of the most willing spenders in MLB with the Dodgers, who have the second-highest payroll in baseball at $321.3 million. Lakers legend and former part-owner Magic Johnson chimed in, posting on X: 'Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning. 'Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!'
West Australian
40 minutes ago
- West Australian
Industry wary but confident of environmental law overhaul after talks with new minister
Business leaders remain wary of environmental reforms following the nature positive disaster but new minister Murray Watt is doing a better job of earning their trust than his predecessor. Industry sources who attended an initial consultation on Thursday told The West they got a much better vibe from the new environment minister than Tanya Plibersek, who some said was more likely to take an 'it's my way or the highway' approach. The main sticking points to landing the reforms within Senator Watt's ambitious 18-month timetable are the scope of a Federal environmental protection agency and whether climate impacts should be added as a consideration for project approvals. The minister told the 30 groups represented at the roundtable — half in Canberra and half attending virtually — that he was determined to get the deal done and all sides would have to compromise. 'I think that people understand that we had a lost opportunity in not being able to reach agreement as a country about where these rules go,' Senator Watt said afterwards. 'If we don't pass these laws, then our environment faces more destruction. Businesses face more cost and delay in their projects.' Business Council Australia chief executive Bran Black backed the aim to get the changes through in the first half of this term. 'We need more projects approved and more homes built, and the closer we get to an election the harder it can sometimes get to achieve consensus,' he said. Peak bodies for resources, construction, agriculture and energy attended along with a range of environmental groups and key figures from Rio Tinto, BHP, AACo, Mirvac, Origin, Stockland and Lendlease. Industry representatives described the talks as a 'strong start', productive, and a 'constructive reset' although acknowledged there was a long way to go yet. It was the first time during Labor's efforts at overhauling the Howard-era laws that stakeholders from all sides had been in a room together and were able to put their views to the minister. Senator Watt told those gathered for the EPBC Act consultations that he had deliberately mixed up the seating around the large table in one of Parliament House's committee rooms so that 'we don't have an industry corner and an environment corner' in order to better encourage people to work together. He said there appeared to be genuine commitment from everyone to get something done. The view was echoed by one stakeholder, who said most of those involved had already been through several iterations of talks and no longer wanted to go through the motions and let it die. They thought Senator Watt was preparing to put forward something more achievable and acceptable than Ms Plibersek had tried. She had split the establishment of an EPA out from the environmental protection rule changes and proposed a model that went further than the Samuel review proposed. Ultimately, the nature positive legislation couldn't find support for either the Coalition or the Greens to pass. Others were encouraged that the minister's starting point seemed to be working with the existing Environment Protection and Biodiversity Conservation Act rather than seeking to write an entirely new Act. He also committed to a more transparent process and a comprehensive package that incorporated both the proposed new watchdog and the rule changes. Chamber of Minerals and Energy WA chief executive Rebecca Tomkinson said a 'robust and transparent consultation process that allows stakeholders to provide input at each stage and, crucially, to see the proposed legislative changes in their entirety before they are introduced to Parliament' was integral to achieving the objectives of better outcomes for the environment and business. Association of Mining and Exploration Companies head Warren Pearce said while there were still differing views, there was a clear desire on all sides to get this done. 'Minister Watt is pretty frank, he is seeking a package of reforms that can find broad support – and that will pass the Parliament – and to get it done in the first half of the new term,' he said. A top priority resources groups is removing the duplication between State and Federal processes, which will come down in part to the role of the new federal EPA and whether the Federal minister retains the powers to make ultimate approvals decisions. 'While a national EPA is clearly a key priority, questions remain around decision-making accountability,' Minerals Council of Australia head Tania Constable said. Environmental groups are pushing for a climate trigger to be included in the new laws, which many on the industry side see as a deal-breaker, pointing out that it would stop far more than just coal and gas projects. But Greenpeace's Glenn Walker said the environmental framework was already failing and needed fixing urgently. 'Central to all of this is an independent national environmental watchdog with teeth to enforce the laws and make decisions on approvals or large projects,' he said.
