How China’s fiscal strength pushes ahead carbon goals
BEIJING – China has aligned its fiscal strength with pro-ecology and low-carbon efforts to fast-track the pursuit of its carbon goals. A recent guideline issued by the Ministry of Finance has specified plans to buttress the goals of striving to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. “This is not…
Global pork prices edge up
BEIJING – Pork prices in China edged up last week, official data showed. From May 30 to June 2, the average pork price tracked by the Ministry of Agriculture and Rural Affairs was 21.03 yuan (about 3.16 U.S. dollars) per kg, up 0.1 percent week on week. The price was 5.3 percent lower than a…
central bank adds liquidity via reverse repos
BEIJING, – China’s central bank on Wednesday 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…
Court freezes funds and assets of property group
ASIC has obtained interim orders from the Federal Court to freeze the assets of company director Sasha Hopkins and two of his companies, The A Team Property Group Pty Ltd (A Team) and Sash Investment Holdings Pty Ltd. Mr Hopkins and A Team develop real property in Queensland, Victoria, New South Wales and South Australia…
CommSec morning report Wednesday
In US economic data, the trade deficit narrowed from US$107.7bn to US$87.1bn in April (survey: -US$89.5bn). Consumer credit grew by US$38.07 in April (survey: US$35bn). Johnson Redbook chain store sales rose by 12.4% in the past week compared with a year ago (prior week: +12.6%). European sharemarkets fell on Tuesday on fears that aggressive rate…
Evening report Tuesday
The Aussie sharemarket started on a weak note and deepened its losses after the ASX 200 shed 1.5 per cent or 111 pts, to 7095.7. A healthy portion of today’s decline came after the Reserve Bank of Australia (RBA) increased the official cash rate by a larger than expected 50 basis points. All sectors finished…
Biggest interest rate hike in 22 years
Reserve Bank Board meeting The Reserve Bank (RBA) Board has lifted the target rate for the cash rate by 50 basis points (0.50 per cent) to 0.85 per cent, the biggest rate hike in 22 years and the first back-to-back rate hike since May 2010. The RBA increased the interest rate on Exchange Settlement balances…
Evening report Wednesday
The Aussie sharemarket kicked off a strong note, but withdrew some of its gains after the ASX 200 finished 0.36 per cent higher, or 25.4 pts, to 7121.1. Financial stocks weighed on the index heavily after the Reserve Bank of Australia (RBA) announced its largest rate hike in 22 years yesterday. Energy stocks had their…
services sales boom during Dragon Boat Festival
BEIJING, – China’s sales of consumer goods and services expanded year on year during the Dragon Boat Festival holiday, and catering and hospitality sectors posted substantial recovery, official data showed. Retail sales nationwide during the three-day holiday ending Sunday climbed 9.5 percent year on year, said the State Tax Administration. Sales of daily necessities like…
central bank adds liquidity via reverse repos
BEIJING, – China’s central bank on Tuesday 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…
