BYD’s 3 millionth NEV rolls off production line
BYD, China’s leading new energy vehicle (NEV) manufacturer, said Wednesday that its three millionth NEV has rolled off the production line. From January to October, NEV sales of the Shenzhen-based carmaker surged 240 percent yearly to 1.39 million units. BYD ceased the production of traditional gasoline-powered vehicles in March. Starting as a niche brand and…
CommSec morning report Fri 18 November
In US economic data, housing starts fell from a 1.488 million annual rate to 1.425m in October (survey: 1.41m). Initial jobless claims fell from 226,000 to 222,000 (survey: 225,000). The Philadelphia Federal Reserve manufacturing index eased from -8.7 points to -19.4 points in November (survey: -6.2 points). The Kansas Fed manufacturing index rose from -22…
Evening markets report Thurs 17 November
The Aussie sharemarket edged higher to break a three day losing streak as the ASX 200 added 13.5 points or 0.2 per cent to 7135.7. Nine (of 11) sectors finished higher. The previous session’s largest gainers, energy and materials, lost 2.1 per cent and 1.2 per cent respectively to be the only sectors to close…
Wages lift – fastest growth rates in a decade
Latest economic data Wage growth, as represented by the Wage Price Index (WPI), grew by 1.00 per cent (to two decimal places) in the September quarter, the fastest quarterly growth rate in 10½ years (since March quarter 2012). Annual WPI growth lifted from 2.63 per cent in the June quarter to 3.13 per cent in…
Global cosmetics maker Shiseido to up investment
Global cosmetics giant Shiseido Group will enhance investment to boost its innovation capabilities in China, the company said in a statement. The company will continue to invest in building its second-largest research and development center in the country to cater to the demands of its largest overseas market, according to its new growth plan released…
RBA statement on ASX CHESS replacement program
ASIC and the Reserve Bank of Australia (RBA) (the regulators) note ASX’s announcement on the CHESS Replacement program. ASX’s announcement marks a significant setback to the replacement of critical national infrastructure for Australia’s cash equity markets and now brings into sharp focus the longevity of the existing CHESS platform. As a result of ASX’s announcement and…
Record year for agriculture production
Agriculture in NSW is contributing more to the economy than ever before despite this year’s devastating weather events, with the total value of the industry rising by more than $2 billion last year to a record $23.1 billion. Deputy Premier and Minister for Regional NSW Paul Toole said farmers continue to go above and beyond…
Tencent’s revenue exceeds forecasts in Q3
Internet giant Tencent raked in about 140 billion yuan (about 19.9 billion U.S. dollars) in revenue during the third quarter of 2022, according to a company financial statement released on Wednesday. During this period, the company’s net profit neared 32.3 billion yuan, up 2 percent year on year, ending a four-quarter decline. Tencent’s revenue in…
Ground broken on major underground iron ore mine
Steelmaker Ansteel broke ground on a 22.9-billion-yuan (about 3.25 billion U.S. dollars) underground iron ore mine project in northeast China’s Liaoning Province on Wednesday. It is estimated that the Xi’anshan mine, located 7 kilometers southwest of Qianshan District in Anshan City, will produce an annual 30 million tonnes of iron ore and 10 million tonnes…
Former CEO sentenced for breach of directors’ duties
Former van Eyk Research Pty Ltd CEO Mark Peter Thomas has been sentenced to one year and three months’ imprisonment, to be served by way of an Intensive Correction Order, for using his position as a director dishonestly with the intention of directly or indirectly obtaining an advantage for himself. As part of his sentence,…
