Sky News Business Editor Ross Greenwood says America’s oldest and biggest firearm manufacturer, Smith and Wesson, claimed sales fell 47 per cent in the second quarter of this year.
“The company partly blames inflation for rising prices but also quelling consumer demand, but it does say that demand fell after massive sales during the pandemic,” Mr Greenwood said.
“As for all those shootings and states including Oregon introducing tougher gun ownership laws, that might have an opposite effect when you listen to the President and Chief Executive Mark Smith on the analyst earnings call.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Engineering firm Clough enters voluntary administrationSky News Business Editor Ross Greenwood says the timing and cost of the ambitious Snowy 2.0 project are in serious question after the collapse of engineering firm Clough. “Perth-based Clough is owned by South Africa's Murray and Roberts – It was to have been bought out by Italian construction company Webuild, but Webuild walked away yesterday,” Mr Greenwood said. “In response, Murray and Roberts put Clough into administration.”
Read more »
Steve Smith steps in to captain Australia with Pat Cummins ruled out of Adelaide TestPat Cummins has been ruled out of the Adelaide Test, with Steve Smith to captain against West Indies
Read more »
Inflation has ‘risen less’ in Australia than in other nationsRich Insight Economist Chris Richardson says so far inflation and interest rates in Australia have “risen less” than in most other nations. “There is pressure out there in the Australian economy, but relative to a bunch of others, we haven’t seen the same degree of troubles,” Mr Richardson told Sky News host Ross Greenwood. “Part of that is because this global surge of inflation came at a time when Australia’s wage system was not flexible. “When the surge of inflation came, you haven’t had an enormous change in wage growth here in Australia.”
Read more »
‘Lower than expected’: GDP grows 0.6 per cent over September quarterAustralia’s GDP has risen 0.6 per cent in the September quarter and 5.9 per cent for the year. Sky News Business Editor Ross Greenwood said the September quarter GDP growth figures are “not as strong” as the market anticipated. “That’s 0.6, lower than expected, and the annual number also at 5.9 per cent is lower than expected, which was expected to be 6.3 per cent,' he said.
Read more »
Inflation will become ‘more sticky’ as wages rise to catch up with interest ratesSky News Business Editor Ross Greenwood says the problem with wage increases to catch up with interest rate rises is inflation “becomes more sticky” and will lead to the RBA further raising rates. It follows the RBA’s decision today to raise the cash rate by 25 basis points to 3.10 per cent. “This is deliberately designed to curb the spending inside households,” he said.
Read more »