Here is the list of news you need to catch up for today:
- RBA Cuts Interest Rates to Record Low of 0.1% During Covid-19 slowdown
- Joe Biden Wins The First Election Day Votes in Tiny Township
- Airlines Will Not Offer Refunds for November Flights
RBA Cuts Interest Rates to Record Low of 0.1% During Covid-19 slowdown
The Reserve Bank cut the official cash rate today, on October 3, to a new historic low of 0.1%. This cut is down from the previous record low of 0.25% that was announced earlier this year.
The RBA said its Tuesday meeting decisions were taken in order to ease economic pressure caused by the pandemic, that has shattered the Australian economy.
Apart from the cut in the interest rate, the Reserve Bank of Australia decreased its three-year bond rate target to 0.1%. The bank confirmed it would buy $100 billion worth of Australian Government bonds of 5 to 10 years maturity during the next semi-annual period in order to higher inflation and encourage investment.
The governor of RBA Philip Lowe stated that: ‘’ The board decided on a package of further measures to support job creation and the recovery of the Australian economy from the pandemic’’ .
The last measure is seen as a big expansion of quantitative easing (QE) in Australia and much a great deal of Australian economists’ enthusiasm or nervousness. It is expected to increase the money supply and boost asset prices higher by these measures.
Joe Biden Wins The First Election Day Votes in Tiny Township
Dixville Notch, a tiny New Hampshire township along the USA-Canada border has been an icon of midnight voting and among the first places to make its presidential preference known since 1960. Obviously, this year their preference was in favor of Biden. Joe Biden won all five votes in the town, following the result after midnight and gained the first victory.
Tom Tillotson, town moderator of Dixville Notch stated that: ‘’ Normally, there would be a big food spread and a celebration for voting. But that’s no longer possible due to pandemic. Sixty years – and unfortunately, we can’t celebrate it’’ .
Meanwhile, President Donald Trump won 16 votes in Millsfield, located 20 km to the south, winning Biden 16-5.
In the following days with the votes of Americans we will see how the fate of the USA turned out. To win the presidency, either President Trump either vice president Biden must get over 50% of the electoral college vote, which is making 538 in total.
Till now, Joe Biden is leading in the national pools as we are reaching the elections. If chosen, he would be the oldest president in US history at the age of 78. Trump, on the other hand, if elected would also be the oldest president ever if he wins a second term.
Airlines Will Not Offer Refunds for November Flights
New lockdown measures were taken by Europe and the UK in the past days. Airlines, including Ryanair and Wizz Air, have responded to these measures by stating that the customers will not get refunds, despite the UK government banning all but essential international travel, impacting demand for flights.
Ryanair boss Michael O’Leary criticised the return of lockdowns, as the firm has already been shattered by the pandemic losing 80% of its passengers and with a loss of €197m for the six months to September compared with a €1.15bn profit last year.
Speaking on BBC today, Michael O’Leary said: “If the flights are operating there won’t be any refunds, although they will be able to avail of our change policy. We allow people to change their flight timings to flights on later dates if necessary. But if the flight is operating there won’t be any refunds.”