central bank adds liquidity via reverse repos
BEIJING, – China’s central bank on Monday conducted 10 billion yuan (1.49 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…
ASIC commences civil penalty proceedings against ANZ
ASIC has commenced civil penalty proceedings in the Federal Court against Australia and New Zealand Banking Group Ltd (ANZ) for allegedly misleading its customers as to the available funds and balances in their credit card accounts. ASIC alleges that between May 2016 and November 2018, around 165,750 ANZ customers were charged cash advance fees and…
Record retail spending – Industries in solid shape
Retail trade; Industry data The Australian Bureau of Statistics (ABS) reported that retail trade rose by 0.9 per cent in April after rising 1.6 per cent in March, rising 1.8 per cent in February and after lifting by 1.6 per cent in January. Retail trade was up by 9.6 per cent on a year ago…
CommSec morning report Monday
In US economic data, personal income rose by 0.4% in April (survey: +0.5%) with spending up 0.9% (survey: +0.8%). The key inflation measure – the core personal consumption expenditure (PCE) deflator – rose by 0.3% (survey: +0.3%) in April to be up 4.9% on the year (survey: +4.9%). Wholesale inventories rose by 2.1% in April…
Investing – Backing the ugly duckling
As an active value manager, we like investing in companies where we believe there are hidden assets not being properly valued by the market. And sometimes it takes a demerger for parts of a business to really show their worth. Portfolio manager Anthony Aboud and Deputy Portfolio Manager Sean Roger look at some recent demergers,…
Commentary: The Dark Horse Cometh
Natural Catastrophes. A pandemic. War. What will the Four Horsemen of the Apocalypse bring next? ‘Then another horse came out, a fiery red one. Its rider was given power to take peace from the earth and to make men slay each other. To him was given a large sword. When the Lamb opened the third…
Water and waste investing
In 2015, the United Nations launched its 17 Sustainable Development Goals (UNSDGs) as a blueprint for a more sustainable future. Along with heightened awareness of the risks presented by climate change,1 the UNSDGs elevated the importance of ESG issues within the global and economic agenda. Water and waste are now a direct focus for five…
Economics – Lifting the minimum wage
Stand by for something “reckless and dangerous”. That’s what former prime minister Scott Morrison said Prime Minister Anthony Albanese would be if he asked the Fair Work Commission to grant a wage rise big enough to cover inflation. It would make Albanese a “loose unit” on the economy. Yet Albanese and his industrial relations spokesman…
Friday evening report
The Aussie sharemarket has finished the last day of the week on a strong note. The S&P/ASX 200 commenced on a strong note and finished near session highs, adding 1.1 per cent or 76.8pts, to 7182.7. Energy stocks delivered the strongest gains and were led by an overnight rally in the oil price. The Financials…
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…
