Industrial profit growth slows in Jan-April
BEIJING – Profit growth of China’s major industrial firms slowed during the first four months of 2022, weighed down by the resurgence of domestic COVID-19 cases, official data showed on Friday. Profits of the firms each with annual main business revenue of at least 20 million yuan (about 2.97 million U.S. dollars) grew 3.5 percent…
Biggest lift in planned investment in a decade
The Australian Bureau of Statistics (ABS) said new business investment (spending on buildings and equipment) fell by 0.3 per cent in the March quarter but was still up by 4.5 per cent on the year. The cost of investment goods rose 2.2 per cent in the quarter to be up 6.6 per cent on the…
ASIC cancels AFS licence of Metal Alpha
ASIC has cancelled the Australian Financial Services (AFS) licence of NSW-based financial services provider Metal Alpha Pty Ltd, effective 19 May 2022. On 18 May 2022, Metal Alpha confirmed to ASIC that Metal Alpha was no longer carrying on a financial services business and had no intention to resume trading. On this basis, ASIC decided…
CommSec Friday morning report
In US economic data, the economy, as measured by GDP, contracted at a 1.5% annual pace in the March quarter (second estimate, survey: -1.3%). Initial jobless claims fell by 8,000 to 210,000 in the past week (survey: 215,000). Pending home sales dipped by 3.9% in April (survey: -2.1%). The Kansas City Fed manufacturing index eased…
CommSec Evening Report
Latest News Despite a strong start to trade, the Australian sharemarket finished at session lows after losing 49 points or 0.7 per cent, to 7106. The Tech sector was the only sector to finish in positive territory following a 1.5 per cent lift in the tech-heavy Nasdaq overnight. Falling coal and gold prices put pressure…
central bank conducts reverse repos to boost liquidity
BEIJING, – China’s central bank Thursday conducted 10 billion yuan (1.5 billion U.S. dollars) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.1 percent, according to the People’s Bank of China. The move aims to keep liquidity in the banking system reasonably…
foreign trade up 7.4 pct in January-April
HOHHOT, – North China’s Inner Mongolia Autonomous Region saw robust foreign trade growth in the first four months of 2022, according to the regional commerce department. The region’s total import and export value hit 41.49 billion yuan (about 6.21 billion U.S. dollars) from January to April, up 7.4 percent year on year. Exports rose 27.8…
Huawei cloud service sees robust growth in Bangladeshi market
DHAKA, – China’s telecom giant Huawei on Wednesday said its cloud service is gaining popularity in the Bangladeshi market. The company said the Bangladeshi government is using HUAWEI CLOUD in meeting myriads of digital needs, with many leading local and multinational companies also benefiting from the cloud service. In February, it provided cloud service for…
CommSec Morning Report
Latest news • In US economic data, durable goods orders rose by 0.4% in April (survey: +0.6%). Mortgage applications fell 1.2% in the past week after falling 11% in the prior week. • Minutes of the US Federal Open Market Committee meeting on May 3&4 show that all participants agreed that a half-percentage point rate…
From tourist island to free trade port
HAIKOU – Over the past ten years, great changes have taken place in China’s tropical island province of Hainan, which is now being developed into the country’s largest free trade port. The transformation has left a strong impression on the people living in Hainan, including the Italians who have settled down on the island. Stefano…
