Allianz and AWP plead guilty to ASIC
Allianz Australia Insurance Limited (Allianz) has pleaded guilty to six criminal charges, and AWP Australia Pty Ltd (AWP) to one criminal charge, of making false or misleading statements. The charges relate to the sale of Allianz domestic and international travel insurance products and statements published online on various domestic, basic and comprehensive travel insurance web…
China’s surveyed urban unemployment rate down to 5.9 pct in May
BEIJING, – China’s surveyed urban unemployment rate stood at 5.9 percent in May, down 0.2 percentage points from April, official data showed Wednesday. A total of 5.29 million new urban jobs were created from January to May, data from the National Bureau of Statistics showed. In May, the surveyed urban unemployment rate among those aged…
ASIC warns on Treasury Bond investment scams
ASIC is alerting investors about the existence of several fake Treasury Bond offers. These are scams. Financial institutions are not authorised to issue Treasury Bonds on behalf of the Australian Government. Legitimate Treasury Bonds are generally bought by consumers through licensed ASX brokers or securities dealers. What to look out for Offers made via links…
CommSec morning report Wednesday
In US economic data, the producer price index (PPI) rose by 0.8% in May to be up by 10.8% on the year (survey: +10.9%). The core PPI (ex-food and energy) rose by 0.5% in May to be 8.3% higher on a year ago (survey: +8.6%). The NFIB small business optimism index eased from 93.2 to…
Avoiding ‘greenwashing’ for superannuation and managed funds
ASIC has released an information sheet to help issuers avoid ‘greenwashing’ when offering or promoting sustainability-related products. The publication will also assist issuers to provide investors with the information they should have to make informed decisions. ASIC considers ‘greenwashing’ as the practice of misrepresenting the extent to which a financial product or investment strategy is…
Evening report Tuesday
The Aussie sharemarket was on track to have its worst day since May 2020 earlier today, but bounced back from its lows this afternoon. The ASX 200 still slumped by 3.55 per cent or 246pts to 6686, dragging the index to a 16-month low in the process. All sectors finished lower for the 14th time…
Evening market report
The Aussie sharemarket fell for the fourth straight day after the ASX 200 shed 1.3 per cent or 85pts, to 6601. The market remained cautious ahead of the US Federal Reserve’s decision on US interest rates tomorrow morning (4am AEST). All 11 sectors finished in negative territory, with the interest-rate sensitive Tech and Real Estate…
Financial alarm bells ringing around the world
China China continues its zero-COVID policy as Shanghai has reimposed lockdowns, and Beijing is on high alert after detecting several new COVID cases. A staggered reopening will harm the Australian resource sector and downstream services. BHP Billiton Ltd (ASX:BHP) is up 11% year-to-date (YTD) and Rio Tinto Ltd (ASX:RIO) is up 16% YTD. United States…
China’s FDI inflow up 17.3 pct in first five months
BEIJING, – Foreign direct investment (FDI) into the Chinese mainland, in actual use, expanded 17.3 percent year on year to 564.2 billion yuan in the first five months of the year, the Ministry of Commerce said Tuesday. In U.S. dollar terms, the inflow went up 22.6 percent year on year to 87.77 billion U.S. dollars….
China accounts for 30 pct of global manufacturing output: official
BEIJING, – China accounted for 30 percent of the global manufacturing output in 2021, marking an increase from 22.5 percent in 2012 as the industry grew bigger and stronger, data from the industry regulator showed Tuesday. The manufacturing value-added output had expanded from 16.98 trillion yuan (about 2.5 trillion U.S. dollars) in 2012 to 31.4…
