Stainless steel industry resilient
The Chinese market for stainless steel shows resilience and is brimming with opportunities, despite the disruption that COVID-19 has brought to the global stainless steel industry, according to industry insiders. As the world’s largest stainless steel producer and consumer, China saw its output rise 1.64 percent year on year to over 30.6 million tonnes in…
Bingo Industries pleads guilty to alleged demolition waste cartel
Waste company Bingo Industries has today entered pleas of guilty to criminal cartel offences relating to price fixing for demolition waste services in Sydney. Bingo was charged with these offences today after an investigation by the ACCC and referral to the Commonwealth Director of Public Prosecutions (CDPP). It is alleged that in mid-2019, Bingo agreed…
CommSec morning report Thursday
According to minutes of the US Federal Reserve July 26-27 policy-making meeting, “Participants agreed that there was little evidence to date that inflation pressures were subsiding.” But “many” participants also noted a risk that the Fed “could tighten the stance of policy by more than necessary to restore price stability.” In US economic data, retail…
Evening report Wednesday
The Aussie sharemarket extended its gains to a third straight session, with the ASX 200 up by 22.3pts or 0.31 per cent, to 7127.7. The Health Care sector fell most today, losing 0.8 per cent, in part due to a 1.3 per cent decline in the share price of CSL. Stocks in the Consumer Discretionary…
Strongest Aussie wage growth in 8 years
Wage Price Index (WPI) Wage growth, as represented by the Wage Price Index (WPI), grew by 0.72 per cent (to two decimal places) in the June quarter, the strongest quarterly growth rate in over 8 years (since March 2014). Annual WPI growth lifted from 2.35 per cent in the March quarter to 2.63 per cent…
CSL Ltd Full Year Result: Plasma collection headwinds continue
Australia’s third largest company CSL Limited (CSL) posted a modest lift in full year revenue, higher costs and softer net profit. While plasma collections rose in FY22, it was done at a higher cost, flu vaccine sales improved and a near US$12b acquisition has muddied its outlook. Originally published by CommSec
ASIC secures over $102 million in remediation
ASIC has now secured over $102 million in remediation for around 83,600 customers who were, or may have been, mis-sold insurance policies over the phone by Freedom Insurance Pty Ltd (Freedom Insurance) between 2010 and 2018. ASIC is encouraging Freedom Insurance customers from between 2010 and 2018 to come forward to see if they are eligible for…
Homegrown vaccines on the way for Australia
Joint media release with Prime Minister the Hon Anthony Albanese, Premier of Victoria Daniel Andrews, Minister for Health the Hon Mark Butler MP and Victorian Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford MP Onshore manufacturing of life-saving mRNA vaccines took a major step forward today, with the Australian Government, Moderna and…
ACCC to examine competition and consumer concerns with social media
The ACCC’s Digital Platforms Services Inquiry will examine the state of competition for social media services in Australia as part of the sixth interim report of the ACCC’s five-year Digital Platform Services Inquiry. The ACCC will also consider potential consumer issues, including the way that businesses are using social media advertising services such as display advertising,…
Market exchange rates in China — Aug. 17
– The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Wednesday by the China Foreign Exchange Trade System: Currency Unit Central parity rate in yuan U.S. dollar 100 678.63 Euro 100 690.25 Japanese yen 100 5.0526 Hong Kong dollar 100 86.563 British pound…
