China’s solar power investment surges
China’s major power generation enterprises saw a surge of investment in solar power projects in the first seven months of this year, official data showed. The investment skyrocketed 304 percent from a year ago to 77.3 billion yuan (about 11.4 billion U.S. dollars) in the January-July period, said the National Energy Administration. These companies’ investment…
ASIC’s priorities for 2022–26
ASIC has released its Corporate Plan, outlining its strategic priorities for the next four years and its plan of action for the year ahead. Chair Joe Longo said, ‘The plan identifies work we have underway to address a number of emerging trends and important law reforms that are reshaping the financial system, including digitally enabled misconduct, emerging…
NEV market to see rapid expansion
China’s new-energy vehicle (NEV) market is expected to expand rapidly during the 2022-2026 period, a report from the global market research firm International Data Corporation (IDC) showed. The country’s NEV market size is forecast to reach 15.98 million units in 2026, with a compound annual growth rate of 35.1 percent during the period, said the…
Safeguarding domestic energy supply
The Australian Domestic Gas Security Mechanism (ADGSM) has been formally extended to 2030, ensuring the Government can use the mechanism to safeguard domestic gas supplies. Resources and Northern Australia Minister Madeleine King on 1 August announced plans to extend the emergency gas measure following public and industry consultations. The mechanism was due to expire on…
CommSec morning report Monday
European sharemarkets closed weaker on Friday in response to new inflation data. German producer prices rose by a record 5.3% in July to be up 37.2% on the year – the biggest jump since 1949. Higher energy prices were the key drivers. Just Eat Takeaway.com rose 25.8% after agreeing to sell 33% stake in Brazil’s…
Why unemployment is set to stay below 5% for years to come
Unfathomably, Australia’s unemployment rate has sunk to 3.5%. Even harder to believe is that it will soon sink lower – perhaps even this week, when the update is released on Thursday – and after that, if the ANZ’s forecasts are correct, dip below the next threshold to two-point-something for the first time since 1974. That…
Australia’s inflation rate is about to go monthly
Australia’s consumer price index is about to go monthly, meaning Australia will join most of the developed world in getting an update on inflation at the end of every month, instead of once every three months as at present. Until now Australia has been the only member of the Group of 20 leading industrial nations…
Evening report Friday
The Aussie sharemarket finished the week on a rather flat note, with the ASX 200 up by a modest 1.7 pts or 0.02 per cent, to 7114.5. The index was supported by a 4 per cent rally in the Energy sector, its best daily improvement in around two months. The Financials sector however shed 0.8…
Jobs lost, but jobless rate still hits fresh 48-year low
Labour force Employment fell by 40,900 in July (consensus: +25,000) with full-time jobs down by 86,900 while part-time jobs rose by 46,000. The unemployment rate fell from 3.5 per cent in June to 3.4 per cent in July (lowest since August 1974). To 2-decimal places the jobless rate stands at 3.38 per cent. The number…
Former Continental Coal and Citation Resources director pleads guilty
On 17 August 2022, Peter Neil Landau, of Claremont, Western Australia, pleaded guilty in the Stirling Gardens Magistrates Court to nine charges following ASIC’s investigations into former ASX-listed companies, Citation Resources Limited (Citation) and Continental Coal Limited (in liquidation). Mr Landau, the former director of Citation and Continental Coal, has pleaded guilty and will be…
