$16.2 million Sydney Metro contract
Western Sydney will benefit from a boost to its workforce following the awarding of a $16.2 million contract to house 200 workers for the Sydney Metro – Western Sydney Airport project. This contract is a significant milestone in the delivery of the Sydney Metro – Western Sydney Airport project which is jointly funded by the…
Toyota upgrades NEV production capacity
The second-phase new energy vehicle (NEV) capacity expansion project of Guangzhou Toyota Motor Co., Ltd. (GTMC) was put into operation on Tuesday in Guangzhou, capital of south China’s Guangdong Province. The NEV project covers an area of 740,000 square meters with a capacity of 200,000 units per year, according to the GTMC. With the operation…
CommSec morning report Thurs 22 December
In US economic data, existing home sales fell by 7.7% in November to a 4.09 million annualised rate (survey: 4.2m), the second weakest pace since November 2010. The Conference Board consumer confidence index rose from 101.4 to an 8- month high of 108.3 in December (survey: 101). The current account deficit narrowed by US$21.6 billion…
No deal for Telstra and TPG regional network
The ACCC has decided not to authorise proposed regional mobile network arrangements between Telstra Corporation Limited (ASX:TLS and ASX:TL1) and TPG Telecom Limited (ASX:TPG). Under the statutory test, the ACCC must not grant authorisation unless it is satisfied the proposed arrangements would not be likely to substantially lessen competition, or that the likely public benefits…
Insurance premiums in northern Australia remain high
Insurance affordability remains a significant issue in northern Australia and other high cyclone risk areas, according to the ACCC’s first insurance monitoring report. The report finds that policyholders in those regions face much higher premiums on average, and that those premiums have increased much more quickly than for the rest of the country over the past…
PBOC issues 5 bln yuan of bills in Hong Kong
China’s central bank issued 5 billion yuan (about 715.7 million U.S. dollars) worth of central bank bills in the Hong Kong Special Administrative Region on Tuesday. The bills will mature in six months and have an interest rate of 2.2 percent, according to the People’s Bank of China. The issuance was well-received by overseas investors,…
Court finds A&M Group liable for misleading or deceptive conduct
The Federal Court has ordered A&M Group Pty Ltd, which trades as Debt Negotiators, pay a penalty of $650,000 after finding that it engaged in misleading or deceptive conduct and in undue harassment or coercion against debtors who had missed payments under their debt agreements. A&M Group is a debt agreement administrator who collects payments…
CommSec morning report Wed 21 December
In US economic data, housing starts fell by 0.5% in November to a 1.43 million annualised rate (survey: 1.4 million). Building permits decreased by 11.2% in November to a 1.34 million annualised pace (survey: 1.48 million). European sharemarkets were mixed on Tuesday. Major indexes caught markets off guard by widening its cap on 10-year Japanese…
RBA results of the monetary policy meeting
International economic developments Members commenced their discussion by observing that global inflation remained high. However, inflation appeared to have peaked in a number of countries as oil prices declined, supply-chain pressures eased and economic growth slowed. Activity in most advanced economies was growing only modestly, and had begun to contract in the United Kingdom. The…
China’s economy to see upward trajectory in 2023
While the world’s growth will likely weaken significantly in 2023, the Chinese economy is expected to see an independent upward trajectory with an overall recovery, a senior official said. The official of the office of the Central Committee for Financial and Economic Affairs made the remarks after last week’s tone-setting Central Economic Work Conference. The…
