ASIC warns super trustees to be transparent
ASIC today released the findings from its review of superannuation trustees’ communications with their members following the first annual performance test for MySuper products. The test measures the performance of MySuper products against prescribed benchmarks according to a trustee’s own strategic asset allocation. Report 729 Review of trustee communications about the MySuper performance test (REP 729) focuses…
CommSec morning report Monday
In US economic data, new home sales rose from a 629,000 annual rate to 696,000 in May (survey: 588,000). The University of Michigan consumer sentiment index dropped from 58.4 to a record low 50.0 in June (survey: 50.2). European sharemarkets posted solid gains on Friday. The panEuropean STOXX 600 index rose by 2.6%, its best…
US markets in bear territory – misfortune or opportunity?
What we think about the price of an asset largely reflects whether we are a buyer or a seller of it. Most of us don’t have barrels of crude lying around but we do need to put fuel in our cars. We’re naturally inclined, therefore, to think the oil price is too high. On the…
Introducing land tax impacts property prices
In Tuesday’s budget, NSW will announce a switch from stamp duty to land tax. It will become the second Australian jurisdiction to do so, with the ACT halfway through a 20-year switchover. Homebuyers who accept the offer will be taxed annually on the value of their land, instead of hit with an upfront fee (that…
Beijing bourse sees 100 IPOs in 7 months
BEIJING, June 24 (Xinhua) – China’s Beijing Stock Exchange (BSE) embraced the listing of the 100th firm Friday as the newly established bourse attracts innovative smaller enterprises with its listing efficiency and smooth operation. The BSE started trading on November 15 last year. As part of China’s efforts to deepen capital market reform, the stock…
Evening report Friday
Despite a soft start to trade, the ASX 200 finished the session on a positive note, recording its first back-to-back gain this month after edging 50.3pts or 0.77 per cent higher to 6578.7. Federal Reserve Chair Jerome Powell, testified before Congress for a second day, reiterating that a recession remains a ‘possibility’. Our market was…
The Week Ahead – 24 June 2022
Australia: End of Financial Year 2022 It’s time for investors to get their tax affairs in order and make their new financial year resolutions as the June 30 deadline approaches. On the data docket, retail spending, job vacancies and home prices headline the Aussie economic calendar. The week kicks-off on Tuesday, when the weekly consumer…
Economic Watch: A decade of evolution
BEIJING – With steady efforts to push structural reforms and expand opening-up, China’s financial system has gradually evolved and matured over the past decade, offering solid support to the stability and development of the broader economy. The following are some facts and figures on how the country reformed its financial system to spur the real…
BMW opens new factory in China
SHENYANG – A new factory of BMW Group’s joint venture in China opened Thursday in Shenyang, northeast China’s Liaoning Province, with an investment totaling 15 billion yuan (about 2.2 billion U.S. dollars). Plant Lydia of BMW Brilliance Automotive Ltd. (BBA), a joint venture between BMW and Chinese carmaker Brilliance China Automotive Holdings Ltd., will boost…
ASIC releases guidance for corporate collective investment vehicles
ASIC has today released a range of documents to support the licensing and other requirements for corporate collective investment vehicles (CCIVs). The requirements come into effect on 1 July 2022, when the CCIVs regime commences. Report 728: Response to submissions on CP 360 Corporate collective investment vehicles: Preparing for the commencement of the new regime (REP 728) highlights the key…
