ASX officially enters a 'bear market' | Sky News Australia

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A $65 billion drop has sent the ASX into bear market territory despite an optimistic start to the trading day.

The announcement of a US stimulus package to combat the economic ramification of the coronavirus did little to calm jittery nerves with the local market closed 3.

6 per cent down to 5725.9. Sky News Business editor Ticky Fullerton said the result "is the fastest fall to create a bear market in Australia's history". Image: Getty

 

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No 'grand conspiracy' following announced closure of AAP in Australia: Kenny | Sky News AustraliaSky News host Chris Kenny says, in the face of a 'changing media environment ... if you want journalism, real news, reliable news and diverse news, you need to pay for it,' amid the decision to close down the Australian Associated Press.\n\nLast week it was announced hundreds of jobs are expected to be cut as the AAP closes its doors after 85 years of business in Australia. \n\nOwners said the newswire service - which supplied copying, sub-editing and photography to newsrooms across the country - was no longer viable due to the increase in free online content producers such as Google and Facebook. \n\nThe AAP’s CEO Bruce Davidson said consumers should share the blame for the company’s demise for their reluctance to pay for Australian journalism.\n\nMr Kenny said the decision comes in the face of “the changing media environment,” which has seen “expanded free ABC and SBS digital services,” along with “the relentless march of social media”. \n\nHe said a “myriad of free options, funded by governments, union funds or green-left benefactors continue to undercut” media outlets and “a diversity of opinions” in the nation. \n\nAt the end of the day, while some of the “the loony left saw a grand conspiracy” from this event, “free online media is the problem here,” he said. \n\nImage: Getty Disclaimer: NewsCorp were majority stakeholder and pulled all of it along with Nine, because they're cheapskates that don't like paying for journalism. But no yeah go on The Australian is running at a loss. Discuss. ' if you want journalism, real news, reliable news and diverse news, you need to pay for it,' That doesn't ring true for his employer's outlets though. You pay for tiresome culture warrior bullshit and ridiculing experts.
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