Victorian director sentenced for making a false statement
Timothy Lee Knight of Ivanhoe East, Victoria, has been convicted after pleading guilty to authorising the making of a false or misleading statement to ASIC, contrary to s1308(2) of the Corporations Act. Mr Knight was formerly the director of Knight & Day Eating Pty Ltd (ACN 611 316 333) (deregistered) (KDE) which operated a restaurant…
CommSec morning report Friday
In US economic data, the economy, as measured by GDP, contracted at a 0.6% annualised rate in the June quarter (survey: – 0.7%). Initial jobless claims fell by 2,000 to 243,000 in the past week (survey: 252,000). The Kansas City Federal Reserve manufacturing activity index eased from +13 to +3 in August (survey: +10). European…
Call for submissions on Australia Post price proposal
The ACCC is calling for submissions on Australia Post’s draft proposal to increase the price of its basic postage rate from January 2023. Australia Post proposes to raise the basic postage rate from $1.10 to $1.20, which is also the price to deliver reserved ordinary small letters. Australia Post has also proposed an increase to…
China-Europe freight trains on win-win cooperation
The number of China-Europe freight train trips in 2022 has reached 10,000 on Sunday, 10 days earlier than last year, data from the China State Railway Group Co., Ltd. showed. Offering a reliable channel for trade and economic cooperation, especially during the pandemic, the flagship project for interconnectivity has enhanced regional opening-up, expanded economic and…
New petroleum acreage to provide energy security
The 2022 Offshore Petroleum Exploration Acreage Release has been announced today by the Australian Government, with approximately 46,758 square kilometres of new acreage available for exploration. The release in Commonwealth offshore waters comprises 10 areas across the Bonaparte, Browse, Carnarvon, and Gippsland basins off the coasts of the Northern Territory, Western Australia, Victoria, and the…
IPO reform on ChiNext board invigorates capital market
China’s registration-based initial public offering (IPO) system has brought a new dynamic to the capital market since it was expanded to the Shenzhen-based ChiNext board two years ago. A total of 355 companies listed under the registration-based IPO system had debuted on the ChiNext board by Aug. 23, 2022, accounting for 30 percent of the…
ASIC update: Compensation for financial advice related misconduct
Six of Australia’s largest banking and financial services institutions have paid or offered a total of $3.6 billion in compensation, as at 30 June 2022, to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice. This includes $438m paid or offered by the institutions between 1 January to 30 June 2022…
CommSec morning report Thursday
In US economic data, durable goods orders were flat in July (survey: +0.6%). Excluding defence equipment, orders rose by 1.2%. Pending home sales fell by 1% in July (survey: -4.0%). Mortgage applications fell 1.2% in the past week after a 2.3% fall in the previous week. European sharemarkets generally rose on Wednesday. But high European…
Evening report Wednesday
The Aussie sharemarket rose for the first time this week, with the ASX 200 climbing by 0.5 per cent or 36 points to 6998.1. The Energy sector improved the most after rallying 2.8 per cent and was supported by the price of oil rising for the first time in three days. Mining stocks added 1…
Inflationary psychology could make things worse
With the world experiencing inflation levels not seen since the 1980s, central banks are caught between warning of the dangers of an 1970s-style inflationary spiral, and contributing to that spiral by talking about it. It’s a problem in any part of the economy where expectations shape outcomes. On one hand, central banks including Australia’s Reserve…
