Customers queue outside a Walmart store in Port Arthur, Texas. Picture: REUTERS
Customers queue outside a Walmart store in Port Arthur, Texas. Picture: REUTERS

Walmart by degrees

Walmart plans to attract high school students by offering them a low-cost path to a college degree and will expand an existing education programme. With unemployment at its lowest in nearly 50 years, US retailers are struggling to hire and retain talent. Walmart made the announcement a day before its annual shareholders meeting in Bentonville, Arkansas. Democratic presidential hopeful senator Bernie Sanders was expected there to pressure the world’s biggest retailer to raise its wages and introduce a worker seat on its board.

Reuters

PEOPLE BEFORE PROFITS: Australia’s Ttreasurer, Josh Frydenberg, said ANZ bank’s decision not to pass the full rate cut on to customers was ‘deeply disappointing’ since banks were urged to change their behaviour. Picture: GETTY IMAGES/TRACEY NEAMY
PEOPLE BEFORE PROFITS: Australia’s Ttreasurer, Josh Frydenberg, said ANZ bank’s decision not to pass the full rate cut on to customers was ‘deeply disappointing’ since banks were urged to change their behaviour. Picture: GETTY IMAGES/TRACEY NEAMY

Rates go down under

In a bid to kick-start the economy, the Reserve Bank of Australia (RBA) has cut interest rates 0.25 percentage points to a record low 1.25%. It’s the first time the RBA has used this policy lever in almost three years, the longest run of interest rate stability in Oz history. ANZ, the first of the big four banks to react, cut rates by just 0.18 percentage points. Treasurer Josh Frydenberg urged the other big banks to pass on the full cut. Two did.

Sydney Morning Herald