Australia, NZ dollars hit pause as rate outlook pondered
Minutes of the Reserve Bank of Australia July board meeting confirmed further cuts lay ahead and a decision to pause at 3.85% was largely because the majority did not want to be seen as easing too quickly.
One of the arguments against an immediate cut was that the labour market had not loosened as forecast, but data since then has shown unemployment unexpectedly spiked to a 3-1/2 year high in June.
As a result, markets imply almost a 100% chance the RBA will ease to 3.60% at its next meeting on August 12, and take rates to 3.10% by the end of the year.
"We expect another three 25 bps rate cuts this cycle - in August, November and February - down to a 3.1% terminal rate," said Andrew Boak, an economist at Goldman Sachs.
"We view the risks as skewed to a faster and deeper easing cycle, and particularly if June's gap higher in the unemployment rate is sustained."
A speech by RBA Governor Michele Bullock due on Thursday should help refine the outlook and she is likely to draw questions on whether the central bank is being too slow to ease given the disappointing labour data.
Three-year bond futures were supported near a two-week high of 96.635, while 10-year yields dipped 2 basis points to 4.308%.
The Aussie held steady at $0.6520, some way above last week's low of $0.6455. Resistance lies around $0.6540 and $0.6595.
The kiwi dollar eased a fraction to $0.5960, still weighed by a downside surprise on quarterly inflation. Major support lies at $0.5907 with resistance at $0.5990.
Markets now imply around an 80% probability the Reserve Bank of New Zealand will cut the 3.25% cash rate a quarter point at its meeting on August 20.
Investors suspect this will be close to the end of the easing cycle, with some chance of a move to 2.75% next year.
The RBNZ's chief economist is due to give a speech on the economic impact of tariffs on Thursday and might help refine the prospects of an August easing. (Reporting by Wayne Cole; Editing by Kate Mayberry)
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First Post
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- First Post
Milking it: How mothers in US, UK are making around Rs 69,000 a day selling breast milk
It's the ultimate side hustle. Many women in the United States and the United Kingdom are selling their breast milk at a premium after seeing a demand for it in the market. And they are raking in the moolah — some earn Rs 69,000 to Rs 86,000 a day, depending on how much they can pump read more Many women in the US and UK are selling their breast milk online and raking in the moolah. Representational image/Reuters We all know about side hustles and moonlighting. Across the world, people are taking up side hustles to make an extra buck. But there are many who are quite literally milking their side hustles. What are we talking about? We are talking about a growing number of new mothers in the United States as well as the United Kingdom who are doing just that: stockpiling their breast milk, selling it online, and cashing in big time. STORY CONTINUES BELOW THIS AD And this milk business is no small joke — some of these 'mammas' are minting over $1,000 (Rs 86,628) a day in profit by selling their naturally available milk to other women and in some cases even bodybuilders, who believe that breast milk is the best to pump those biceps up. Mammas' big milk businesses Meet Keira Williams, a 31-year-old NICU nurse from Atlanta in the US. She started selling her breast milk in May and since then sold more than 103 litres of it. And the money she has made from the business? She told the New York Post, 'I have made $800 (Rs 69,302) in just one day.' She further noted in the same report that she began this business by using Facebook groups to make connections. But Williams isn't alone. Thirty-three-year-old Emily Enger, a teacher from Minnesota, is also in the breast milk business. She started selling her milk when she noticed a lot of social pressure about breastfeeding, telling The Times, 'I feel like we started hearing about the positives of breastfeeding and I was like, OK, let's do this.' Most of the women who are selling their breast milk are doing it to make extra money. Representational image/AFP Today, Enger has been able to make $1,000 or more depending on how much she pumps. 'At first I thought 'I have this milk sitting there in the freezer, I might as well just give it away',' Enger told The Times. 'But then I thought, well you go to the store and you buy a gallon of milk or you go to the store and you buy formula. You can't go into a hair salon, for example, and expect a free haircut. Time and, literally, energy has gone into producing milk. That should be valued.' And the trend of selling breast milk isn't just restricted to the US. In the UK too, many new moms are bagging and selling their breast milk for a premium. 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While many of them are doing it for extra money, they note that there's been a rise in breast milk owing to the 'Make America Healthy Again' movement powered by Robert F Kennedy Jr. The US Health and Human Services Secretary Robert F Kennedy Jr has ordered an investigation on baby formula in the US, owing to which many new mothers to rethink what they are feeding their young and, in turn, cause a growth in demand for their breast milk. On TikTok and other social media platform, a lot of discussion is on 'breast is best' in which mothers, and experts espouse the benefits of breast milk over everything else. STORY CONTINUES BELOW THIS AD There are a lot of discussions online emphasising the benefits of breast milk for babies that has put led women to sell their breast milk online. Representational image/AFP This has put a lot of pressure on those who are unable to produce enough milk or who are undergoing treatments during lactation. For instance, there's a Facebook group called Breastmilk Community for All, which has 33,000 members. It is full of appeals from mothers who say they would rather their child have a stranger's milk than store-bought formula. 'It was always my plan to breastfeed but I take medication that makes it unsafe,' Briana Westland, a member from Fort Lauderdale, Florida, who spends around $1,200 a month to buy breast milk, told The Times. 'Obviously fed is best but you can't beat the nutritional quality of human milk, no matter what anyone says.' The ultimate pump But it's not just mothers who are wanting to buy breast milk. Much of the demand comes from bodybuilders, who hail it to be a 'super food' of sorts — perfect for pumping up their muscles. Referred to as 'liquid gold,' many bodybuilders note that breast milk has all the nutrients in order to achieve muscle gains and get into shape. In fact, the Netflix series (Un)Well even expanded on this idea, with James 'JJ' Ritenour, an amateur bodybuilder saying, 'If I wanna grow and be the best that I can, I'm going to eat like a baby, I'm going to sleep like a baby, and if drinking breast milk is a part of that, than it's definitely an edge I'm going to take advantage of.' STORY CONTINUES BELOW THIS AD A lot of the demand for breast milk comes from bodybuilders who believe that it is a 'super food' that can help build muscle faster. Representational image/Pixabay Speaking on this notion that breast milk is the answer to get ripped, Brian St Pierre, a sports dietitian with Precision Nutrition, told Men's Health, 'I think the idea behind drinking breast milk for muscle growth is that it's incredibly calorie and nutrient dense, and it has some additional healthy substances. 'Breast milk is designed to rapidly grow a human baby, so maybe people think a similar effect will happen to fully grown humans?' 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'Your body is not designed to produce one more drop than your baby needs, so it's not physiologically normal to be doing this. And freezing also reduces the amount of fat, calories, and micronutrients in the milk,' she was quoted as telling the Daily Mail. Medical experts also note that in most cases of breast milk being sold online, there's been disease-causing bacteria. In some cases, breast milk had infectious disease, while in others there were environmental contaminants. In fact, a study conducted by Nationwide Children's Hospital in found that out of 101 samples of breast milk purchased online, 10 per cent of them was adulterated with cow's milk or baby formula. Moreover, 75 per cent of the samples had pathogenic or disease-causing bacteria/viruses in it. STORY CONTINUES BELOW THIS AD But all of this hasn't stopped the many mothers who have chosen this to be their side hustle. 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Time of India
13 minutes ago
- Time of India
Chinese consumer complaints show widespread padding of car sales figures
A tactic used by Chinese automakers and dealers to inflate car sales has grown increasingly common in recent years in response to a bruising price war in the world's largest auto market, a Reuters analysis of consumer complaints has found. Earlier this month, Reuters reported EV brands Neta and Zeekr had arranged for cars to be insured before buyers purchased them, a scheme that effectively inflates sales numbers and gives the appearance the companies were hitting periodic targets. But the controversial tactic was not limited to the two companies and was employed elsewhere in the industry, according to a Reuters review of 97 separate consumer complaints published on three widely used Chinese websites. In more than a dozen cases, buyers said they were informed by dealerships that the practice was specifically designed to meet sales targets. The allegations cover some of China's largest domestic and foreign brands by sales volume, including homegrown champion BYD and Toyota, Volkswagen and Buick. The three foreign brands operate their China businesses in partnerships with state-owned giants GAC and SAIC Motor Group . While the earliest complaints date back to 2021, the majority were published this year and last as a price war squeezed an industry crucial to China's export-driven economy. Reuters reviewed complaints posted on a third-party site used for consumer dispute resolutions, and two other similar sites. The platforms require owners to verify their identity and submit proof of their allegations. In most of the cases reviewed, the automakers responded publicly, saying they sought to resolve problems. Reuters was not able to independently verify the complaints or their resolutions. It is not clear what portion of China's car sales were inflated by the insurance scheme. SAIC, which is a China joint venture partner for Volkswagen and Buick-owner General Motors, said it is committed to providing users with high-quality and standardised sales services but did not elaborate. The practice effectively disguises how much inventory automakers actually held, said Yale Zhang, managing director at consultancy Automotive Foresight. "That could lead to a misjudgment of monthly demand within the industry and result in increased production scheduling," Zhang said. Consumer anger Between 2021 and 2025, 48 separate buyers said on that they purchased new cars only to later discover they were already insured by the dealer. Many of the buyers said they felt deceived by the dealerships, especially when they realised the insurance on their cars was registered in other names. Likewise, there were 26 separate complaints published between 2021 and 2025 on the 315 auto consumer complaint platform, run by the state-owned China Internet Information Center. 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Dealer complaints Separately, Reuters identified 29 official media reports from 2020 to 2025 that detailed complaints against dealers of major brands, including BYD and Changan and foreign brands Volkswagen, GM, Toyota, Nissan and Honda, run by their joint ventures with state-owned Chinese automakers. The media outlets, across 15 provinces and cities, are controlled and owned by the regional governments. In nine cases, dealers representing FAW Hongqi, SAIC Roewe, SAIC VW, Dongfeng Nissan, GAC Toyota, GAC Honda and SAIC GM told official media that insuring unsold vehicles was for booking purchases early to meet sales targets. A Honda spokesperson said that GAC Honda prohibits dealers from taking out compulsory insurance before selling new cars and that any dealers found doing so would be dealt with severely. FAW Hongqi said it does not use insurance plans to pre-confirm sales and any such activity was not official company action. GM China said it does not require wholesale vehicles to be insured pre-purchase and that it counts deliveries, not insurance, in its sales reports. BYD, GAC Toyota, Geely, Changan, Nissan and Li Auto did not respond to requests for comment. Reuters also identified five articles published by Chinese courts between March 2023 and March 2025 about consumers taking dealers to court for concealing pre-purchase car insurance. In three of those, the court ruled for the buyers who demanded compensation. Verdicts for the other two were not publicised. 'ZERO MILEAGE' Vehicles booked as sold before reaching buyers are called "zero-mileage used cars" in China. The practice emerged out of the cut-throat competition as the market deals with a years-long price war caused by chronic overcapacity. More than 100 car brands are competing intensely to survive consolidation, deepening pressure to bolster sales and take market share. Analysts and investors that track the industry use two sets of data. Wholesale figures reported by automakers to the industry association show sales from automakers to dealers, while retail data compiled from mandatory traffic insurance registrations show the number of sales to users. Accusations of selling cars with existing insurance policies date back to 2016 when a Cadillac buyer told a regional radio programme he found the car was insured before his purchase. The practice appears to have picked up after the price war started in early 2023, when several brands led by Li Auto started posting weekly sales rankings on social media based on insurance registrations. The China Association of Automobile Manufacturers has criticised such postings as unreliable and this month blamed them for intensifying "vicious" competition.
Time of India
27 minutes ago
- Time of India
Chinese consumer complaints show widespread padding of car sales figures
A tactic used by Chinese automakers and dealers to inflate car sales has grown increasingly common in recent years in response to a bruising price war in the world's largest auto market, a Reuters analysis of consumer complaints has found. Earlier this month, Reuters reported EV brands Neta and Zeekr had arranged for cars to be insured before buyers purchased them, a scheme that effectively inflates sales numbers and gives the appearance the companies were hitting periodic targets. But the controversial tactic was not limited to the two companies and was employed elsewhere in the industry, according to a Reuters review of 97 separate consumer complaints published on three widely used Chinese websites. In more than a dozen cases, buyers said they were informed by dealerships that the practice was specifically designed to meet sales targets. The allegations cover some of China's largest domestic and foreign brands by sales volume, including homegrown champion BYD and Toyota , Volkswagen and Buick. The three foreign brands operate their China businesses in partnerships with state-owned giants GAC and SAIC Motor Group . While the earliest complaints date back to 2021, the majority were published this year and last as a price war squeezed an industry crucial to China's export-driven economy. Reuters reviewed complaints posted on a third-party site used for consumer dispute resolutions, and two other similar sites. The platforms require owners to verify their identity and submit proof of their allegations. In most of the cases reviewed, the automakers responded publicly, saying they sought to resolve problems. Reuters was not able to independently verify the complaints or their resolutions. It is not clear what portion of China's car sales were inflated by the insurance scheme. SAIC, which is a China joint venture partner for Volkswagen and Buick-owner General Motors , said it is committed to providing users with high-quality and standardised sales services but did not elaborate. The practice effectively disguises how much inventory automakers actually held, said Yale Zhang, managing director at consultancy Automotive Foresight. "That could lead to a misjudgment of monthly demand within the industry and result in increased production scheduling," Zhang said. Consumer Anger Between 2021 and 2025, 48 separate buyers said on that they purchased new cars only to later discover they were already insured by the dealer. Many of the buyers said they felt deceived by the dealerships, especially when they realised the insurance on their cars was registered in other names. Likewise, there were 26 separate complaints published between 2021 and 2025 on the 315 auto consumer complaint platform, run by the state-owned China Internet Information Center. Another 23 were posted between 2022 and 2025 on Black Cat, a widely used consumer complaint platform run by tech firm Sina. In 14 complaints on the three platforms, buyers of BYD-, Neta-, Toyota-, Buick- and Chevrolet-branded cars said they were told by dealers the practice was aimed at booking sales early to meet targets. One complaint, filed in December against a SAIC GM dealer on alleged the automaker required 60 cars to be insured without buyers to meet sales targets. Another complaint on filed in April alleged a BYD store in Shaanxi told a buyer it had 12 cars insured in a batch to inflate sales last July. Buyers of Li Auto, Changan, FAW-Volkswagen and Geely also reported cars being insured pre-purchase. A Volkswagen Group China spokesperson said it refused to boost sales figures through insurance and that complaints would be investigated. Dealer complaints Separately, Reuters identified 29 official media reports from 2020 to 2025 that detailed complaints against dealers of major brands, including BYD and Changan and foreign brands Volkswagen, GM, Toyota, Nissan and Honda , run by their joint ventures with state-owned Chinese automakers. The media outlets, across 15 provinces and cities, are controlled and owned by the regional governments. In nine cases, dealers representing FAW Hongqi, SAIC Roewe, SAIC VW, Dongfeng Nissan, GAC Toyota, GAC Honda and SAIC GM told official media that insuring unsold vehicles was for booking purchases early to meet sales targets. A Honda spokesperson said that GAC Honda prohibits dealers from taking out compulsory insurance before selling new cars and that any dealers found doing so would be dealt with severely. FAW Hongqi said it does not use insurance plans to pre-confirm sales and any such activity was not official company action. GM China said it does not require wholesale vehicles to be insured pre-purchase and that it counts deliveries, not insurance, in its sales reports. BYD, GAC Toyota, Geely, Changan, Nissan and Li Auto did not respond to requests for comment. Reuters also identified five articles published by Chinese courts between March 2023 and March 2025 about consumers taking dealers to court for concealing pre-purchase car insurance. In three of those, the court ruled for the buyers who demanded compensation. Verdicts for the other two were not publicised. 'ZERO MILEAGE' Vehicles booked as sold before reaching buyers are called "zero-mileage used cars" in China. The practice emerged out of the cut-throat competition as the market deals with a years-long price war caused by chronic overcapacity. More than 100 car brands are competing intensely to survive consolidation, deepening pressure to bolster sales and take market share. Analysts and investors that track the industry use two sets of data. Wholesale figures reported by automakers to the industry association show sales from automakers to dealers, while retail data compiled from mandatory traffic insurance registrations show the number of sales to users. Accusations of selling cars with existing insurance policies date back to 2016 when a Cadillac buyer told a regional radio programme he found the car was insured before his purchase. The practice appears to have picked up after the price war started in early 2023, when several brands led by Li Auto started posting weekly sales rankings on social media based on insurance registrations. The China Association of Automobile Manufacturers has criticised such postings as unreliable and this month blamed them for intensifying "vicious" competition.
