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Australia shares: ASX 200 edges higher are close; Australia shares end higher on tech, Wall Street boost


Synopsis
The benchmark ASX 200 index closed 0.2 per cent higher at 7030.3 points, and delivered a weekly gain of 0.23 per cent.
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Banking stocks were flat, although three of the Big Four banks were trading in the black. Commonwealth Bank of Australia, which lost about 0.5 per cent, weighed in the index.
Australian shares on Friday flitted in and out of negative territory, but turned positive to end the week higher, with local tech stocks taking cues from an upbeat Wall Street session on signs of a pick-up in U.S. job growth this month.
The benchmark ASX 200 index closed 0.2 per cent higher at 7030.3 points, and delivered a weekly gain of 0.23 per cent. ....

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bitcoin: Did you say Bitcoin is better than gold? Eat crow now


By Eric Lam and Ranjeetha Pakiam
One-day swings of 31 per cent. A slump amid a jump in U.S. inflation. Ever more critical regulatory scrutiny. Bitcoin delivered all of these in the past few days, undermining its claimed role as a portfolio hedge rivaling gold.
While true believers still tout Bitcoin’s merits as a store of value akin to digital bullion, recent events show how controversial that view is. The largest token has shed 40 per cent after hitting a mid-April record, and its volatility compared with the precious metal jumped during this week’s cryptocurrency rout.
“For all of 2020 and pretty much up until April, Bitcoin has been the best performing asset, so it wasn’t hard to say it was an inflationary hedge given all the stimulus that keeps getting pumped into the global economy,” said Edward Moya, senior market analyst with Oanda Corp. “This week’s crypto plunge and rebound was a wake-up call. Bitcoin will still act like a leveraged risk-on trade ....

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Ukur Yatani's Sh6.8b Ministry of Trade plan


THE STANDARD
BUSINESS
CS Ukur Yatani at The National Treasury before proceeding to Parliament Building to present the 2020/2021 Budget Statement. [Wilberfore Okwiri, Standard]
President Uhuru Kenyatta government has proposed to allocate the state department of industrialisation Sh6.8 billion in the 2021/2022 financial year, in line with his Big Four Agenda .
According to a report by the National Assembly committee on Trade and Industrialisation, the figure proposed by the National Treasury Cabinet Secretary Ukur Yatani is to be unveiled in the next budget early next month before Parliament.
Of the amount, Sh2.2 billion is for recurrent expenditure and Sh3.7 billion is for development expenditure. ....

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Labor shortages, rising wages intensify inflation threat: Summers


Dive Brief:
Labor shortages are emerging throughout the economy despite low employment levels and rising wages, increasing the risk of accelerating inflation, former Treasury Secretary Lawrence Summers said at an online gathering held by the Federal Reserve Bank of Atlanta.
Persistent fears of the coronavirus and supplemental unemployment assistance have discouraged many idle workers from rejoining the labor force, compelling some companies to substantially increase wages, he said.
“Labor shortage is a pervasive phenomenon and the failure to recognize that, and the failure to begin an adjustment to that reality, puts at risk the kinds of mistakes we have not seen made in the United States for a long time,” Summers said, flagging the risk that accelerating inflation may destabilize financial markets. ....

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