Ride-hailing giant DiDi fined more than 8 bln
China’s internet watchdog imposed a penalty of 8.026 billion yuan (about 1.187 billion U.S. dollars) on ride-hailing giant DiDi Global Inc., on Thursday. The company was penalized for violating cybersecurity, data security and personal information protection laws, according to the Cyberspace Administration of China (CAC). The CAC launched a cybersecurity review against DiDi in July…
CommSec morning report Friday
In US economic data, initial jobless claims rose by 7,000 to 251,000 last week (survey: 240,000). The Conference Board leading index dipped 0.8% in June (survey: -0.6%). The Philadelphia Fed manufacturing index fell from -3.3 to -12.3 in July (survey: +0.8). The European Central Bank (ECB) raised all three of its main policy rates by…
Evening Report Thursday
Latest News The Australian sharemarket spiked in the final 30 minutes of trade, pushing the ASX 200 35.1pts or 0.52 per cent higher to 6794.3. Gains in the Tech (3.15 per cent climb) and the Financials sector (0.97 per cent) offset losses in the resources sector. The Energy sector shed 2.83 per cent – worst…
How China’s push for economic stability bolsters global recovery
On the shop floor of Shaoxing’s Buting textile company in east China’s Zhejiang province, processing and manufacturing machines are humming around the clock. Container trucks loaded with colorful textile fabrics are ready to depart for the Ningbo-Zhoushan port, one of the world’s busiest ports in terms of cargo throughput. Located at Shaoxing’s Keqiao District, a…
Strengthening global supply chain resilience
Australia has joined other nations to strengthen cooperation on global supply chains. Minister for Industry and Science Ed Husic joined a virtual ministerial forum, hosted by the U.S. Secretary of State Antony Blinken and U.S. Secretary of Commerce Gina Raimondo, to discuss collective long-term strategies to build supply chain resilience. The Global Supply Chain Resilience…
Making Australia the world’s hardest target for scams
The financial and emotional devastation caused by scams every year in Australia can be reduced if government, consumer groups and the private sector work together to make Australia a much harder target for scammers, ACCC Chair Gina Cass-Gottlieb said yesterday. In a speech to the Law Council of Australia’s 2022 Consumer Law Forum in Sydney…
Unregistered investment scheme operator charged with fraud
Chris Marco, of Mount Hawthorn, Western Australia is due to appear on 22 July 2022 at the Perth Magistrates Court charged with 50 counts of fraud under section 409 of the Criminal Code (WA). Following an ASIC investigation, it is alleged that between July 2013 and October 2018, Mr Marco defrauded $36.5 million from nine…
China’s hog supplies guaranteed in H2
China’s hog supply in the second half (H2) of this year is guaranteed and hog prices will not grow continuously and substantially, an agricultural official said on Wednesday. “Overall, this round of hog price hikes were mainly caused by recovery-related and seasonal reasons,” Chen Guanghua, an official with the Ministry of Agriculture and Rural Affairs,…
Grain production expected to remain stable
China is expected to see stable grain production this year, despite challenges including rare autumn floods last year, sporadic resurgences of COVID-19 cases and drastic fluctuations in the global farm produce market, an agricultural official said Wednesday. “China is witnessing a sound grain production situation this year,” Liu Lihua, an official with the Ministry of…
CommSec morning report Thursday
In US economic data, existing home sales fell by 5.4% in June to an annualised two-year low of 5.12 million (survey: 5.35m). MBA mortgage applications fell by 6.3% last week (prior week: -1.7%). European sharemarkets fell on Wednesday. The pan-European STOXX 600 index dipped by 0.2% on jitters around Russian gas supplies to the continent….
