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…
Unlocking the power of offshore wind in Gippsland
Joint media release with the Minister for Climate Change and Energy, the Hon Chris Bowen MP, and Victorian Minister for Energy and Resources, the Hon Lily D’Ambrosio MP The Albanese and Andrews Governments today joined Wellington Shire Council, local community members and industry to formally declare the Bass Strait off Gippsland as Australia’s first offshore…
West Australian arrested and charged with insider trading offences
Cameron Waugh, of Cottesloe, WA, has been arrested by the Australian Federal Police after ASIC charged him with offences relating to insider trading and subsequently sought a warrant for his arrest. ASIC alleges that Mr Waugh traded in shares of Genesis Minerals Limited on the ASX from 14 September 2021 to 20 September 2021, while…
Pumped Hydro project powers ahead with $7 million grant
Up to 400,000 NSW households could soon be powered by renewable electricity generated at the Phoenix Pumped Hydro station after the project received $7 million in support from the NSW Government to progress feasibility studies. The Phoenix Pumped Hydro project, located at the Burrendong Dam, near Wellington and within the Central West Orana REZ, will provide 810MW of…
CommSec morning report Tues 20 December
In US economic data, the NAHB housing market index fell from 33 to 31 in December (survey: 34), the lowest since June 2012, excluding the onset of the Covid-19 pandemic. European sharemarkets climbed on Monday, with energy shares up 1.7%, as oil prices were supported by hopes for a demand leading indicator, the Ifo index,…
