ASIC acts against eight SMSF auditors
ASIC has acted against eight self-managed superannuation fund (SMSF) auditors over the period 1 March 2022 to 30 June 2022. ASIC deregistered five SMSF auditors and imposed additional conditions on the registration of three others. Seven of these SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO). The remaining auditor had issues…
Companies eye opportunities in China’s green industries
LANZHOU, – During the 28th China Lanzhou Investment and Trade Fair held in Lanzhou, capital of northwest China’s Gansu Province, a new local energy automobile company signed a procurement and investment contract with a German car maker. “This cooperation has paved our way to the EU new energy vehicle (NEV) market. I hope our NEVs…
CommSec Morning Report Tuesday
Latest news European sharemarkets closed mostly lower on Monday. The panEuropean STOXX 600 index fell by 0.5%, with most sectors in negative territory. Autos stocks led the losses, down 2.8%. Shares of German energy company Uniper dropped 14.4% after a dispute flared up between Germany and Finland over the cost of rescuing the gas importer….
Evening report Monday
A slump in the local Materials sector weighed on the Aussie market after the ASX 200 finished at session lows, losing 75.8pts or 1.14 per cent to 6602.2. One sector and 31 stocks finished higher. Mining stocks fell most (down 2.8 per cent) after the price of most base metals fell on Friday. The Financials…
Two sci-tech innovation IPOs given the greenlight
China’s securities regulator has approved the initial public offerings (IPOs) of two companies on the science and technology innovation board. Shanghai OPM Biosciences Co., Ltd. and Medlander Medical Technology Inc. will be listed on the Shanghai Stock Exchange’s sci-tech innovation board, commonly known as the STAR market, according to the China Securities Regulatory Commission. The…
Ford recalls nearly 60,000 Explorer SUVs
Ford China Co., Ltd. started recalling 59,935 imported vehicles from the Chinese market, the country’s top quality watchdog said in a statement. The recall involved imported Explorer SUVs manufactured between Nov. 12, 2012 and Sept. 30, 2017, according to the State Administration for Market Regulation. Certain vehicles’ exposure to road salt can cause their cross-axis…
ASIC – Royal Commission case study
In proceedings issued by ASIC, the Federal Court has found that Select AFSL Pty Ltd (Select), BlueInc Services Pty Ltd (BlueInc) and Insurance Marketing Service Pty Ltd (IMS) engaged in unconscionable conduct when selling life, funeral and accidental injury insurance. The Court also found that Mr Russell Howden, the managing and sole director of Select…
CommSec morning report Monday
In US economic data, non-farm payrolls (jobs) rose by 372,000 in June (survey: 265,000). The unemployment rate was steady at 3.6% (survey: 3.6%). Average hourly earnings rose by 0.3% in June to be up 5.1% on a year ago (survey: +5.0%). Consumer credit increased by US$22.3 billion in May (survey: US$30.9 billion). European sharemarkets were…
Navigating the market’s murky waters
We have accepted the fact that there won’t be many quiet weeks in markets this year. Equity markets tumbled on Tuesday morning (newswires blamed growing recession fears), but most stock markets climbed for the rest of the week and ended up gaining almost 2.0% heading into Friday. Bond yields ended a touch higher, with yields…
How worried should we be about inflation?
Inflation at its present level is certainly a concern. It will be more of a concern if inflation stays high over a sustained period. Already we have seen evidence of inflation eating into the disposable incomes of families and reducing the profitability of some companies. Even so, shares have rallied moderately well since the US…
