Software sector sees robust revenue growth
China’s software industry reported a 10.3 percent increase in business revenues in the first seven months of the year, according to official data. Revenues totaled 5.46 trillion yuan (about 796.66 billion U.S. dollars) from January to July, data from the Ministry of Industry and Information Technology shows. Companies in the sector raked in 569.8 billion…
Federal Court penalises MobiSuper and ZIB Financial
The Federal Court has ordered MobiSuper Pty Limited (MobiSuper) and MobiSuper’s financial services licensee, ZIB Financial Pty Limited (ZIB), to pay combined penalties of $250,000 for failures surrounding promotion of the MobiSuper Fund. ASIC Deputy Chair Sarah Court said, ‘Superannuation is important for the future financial security of Australians. It is essential that consumers, when…
CommSec morning report Monday
US Federal Reserve Chair Jerome Powell noted in a speech to the Jackson Hole central bank symposium: “Restoring price stability will likely require maintaining a restrictive policy stance for some time.” And further: “The historical record cautions strongly against prematurely loosening policy.” In US economic data, personal income rose by 0.2% in July (survey: +0.6%)…
Keep liquid and embrace volatility
A challenging macroeconomic backdrop of rising inflation and interest rates has tested investor patience over 2022 and more recent recession fears have done little to help. We asked portfolio managers Anthony Aboud and Sean Roger how a bottom-up stock picker goes about adding value when the broader market is so dominated by macro themes. Twelve…
Many jobs summit ideas for wages don’t make sense
Treasury’s issues paper for the jobs summit says fair pay and job security “strengthen communities, promote attractive careers and contribute to broad-based prosperity”. But it notes “many Australians have not experienced real wage gains”. It says real (inflation-adjusted) wages have grown by only 0.1% per year over the past decade and have declined substantially over…
Retirement planning? Even multimillionaires can run out of money
Once upon a time in the U.S., not long ago, the “4% rule” was a reasonable (albeit very general) rule of thumb for everyone (including the wealthy) planning their retirement. You probably could expect to spend around 4% of your assets annually and be unlikely to run out of money during the rest of your…
The Week Ahead
Australia: Spring into ‘economic reporting season’ The focus shifts from the corporate ‘profit reporting season’ to the ‘economic reporting season’. Construction data on Wednesday and business investment figures on Thursday are key inputs to gross domestic product – the main measure of economic growth. The June quarter economic growth data is released on September 7….
China remains attractive to foreign investment
The Chinese market remains attractive to foreign investment, with the continued growth of foreign direct investment (FDI) inflows, a Ministry of Commerce spokesperson said on Thursday. FDI in the Chinese mainland, in actual use, expanded 17.3 percent year on year to total 798.33 billion yuan in the first seven months of the year. In U.S….
Australian gov policy ideas for the Future
Joint media release with Minister for Skills and Training the Hon Brendan O’Connor MP The Albanese Government welcomes the agreement between the Australian Council of Trade Unions and the Tech Council of Australia on a set of principles to support employment growth and skills development in the digital and technology fields across the economy. The…
Plan to boost NEV charging on highways
Authorities released an action plan on Thursday to facilitate the construction of charging infrastructure along highways in a bid to bolster the development of new-energy vehicles. The plan was jointly issued by the Ministry of Transport, the National Energy Administration, the State Grid Corporation of China and the China Southern Power Grid. By the end…
