ASIC places stop order on advertisements for PPM Units
ASIC has made an interim stop order preventing advertisements containing certain misleading or deceptive statements about PPM Units, a class of interests in RES Investment Fund (Fund). The responsible entity of the Fund is Responsible Entity Services Limited (RES). The order stops RES from advertising or publishing any statement regarding PPM Units that suggests an…
RMB retains 5th spot for global payments
The Chinese currency renminbi (RMB), or the yuan, has retained its position as the fifth most active currency for global payments by value in June 2022, with a share of 2.17 percent, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The value of RMB payments increased by 6.61 percent compared to May 2022, while…
Caravan industry on notice for poor treatment of consumers
Australian consumers have reported widespread consumer guarantee failures, misrepresentations by caravan suppliers, and unexpected delays in the delivery and repair of caravans, according to the ACCC’s New caravan retailing report released today. The report highlights key issues of concern in the market for new caravans and provides guidance to businesses about their obligations to comply…
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…
