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…
Review of Banknote Distribution Arrangements
The Reserve Bank has concluded its Review of Banknote Distribution Arrangements. Today, it has released a Conclusions Paper setting out various changes that seek to ensure that banknote distribution is effective, efficient, sustainable and resilient – both now and into the future. This will help ensure Australians continue to have good access to cash. The Review confirmed…
China to cut gasoline, diesel retail prices
China will cut the retail prices of gasoline and diesel on Wednesday, the country’s top economic planner announced on Tuesday. The price of gasoline will drop by 205 yuan (about 29.92 U.S. dollars) per tonne and diesel by 200 yuan per tonne, according to the National Development and Reform Commission (NDRC). Under the current pricing…
ASIC and APRA release notes on third Superannuation CEO Roundtable
ASIC and APRA have released the public notes on the third Superannuation CEO Roundtable held on Friday 12 August 2022. The Roundtable was hosted by ASIC Commissioner Danielle Press and APRA Member Margaret Cole. It was attended by 11 superannuation trustee CEOs and executives, representing a broad cross-section of the industry. The event focused on…
New offshore greenhouse gas storage acreage to help lower emissions
The Australian Government has approved the first two new offshore greenhouse gas storage areas since 2014, providing Australian industry with new opportunities for carbon capture and storage and helping Australia to achieve its target to lower emissions by 43 per cent by 2030. Minister for Resources and Northern Australia Madeleine King said greenhouse gas storage…
