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Chinese telecom operators spend 400 bln yuan in 5G

Chinese telecom operators have accumulatively invested 401.6 billion yuan (about 59.4 billion U.S. dollars) in 5G, according to the 2022 World 5G Convention that kicked off Wednesday in Harbin, capital of northeast China’s Heilongjiang Province. China has some 1.85 million 5G base stations and more than 450 million 5G end users, both accounting for over…

CommSec Morning Report Thursday, 11 August 2022

Latest news In US economic data, the consumer price index (CPI) was flat in July (survey: +0.2%), but was up 8.5% over the year (survey: +8.7%). The core CPI (ex-food and energy) lifted 0.3% in July (survey: +0.5%) to be up 5.9% over the year (survey: +6.1%). European sharemarkets advanced on Wednesday following the release…

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IC Markets becomes Official Global Partner for Rugby World Cup Sevens

Sydney, Australia: IC Markets, one of the world’s largest Forex CFD brokers, has announced today that it is an Official Global Partner for the Rugby World Cup Sevens, taking place in Cape Town, South Africa between 9th and 11th September 2022. The Rugby World Cup Sevens will be played over three days at the Cape…

Former financial adviser banned

ASIC has permanently banned former financial adviser Ezzat-Daniel Nesseim from performing any function involved in the operation of a financial services business or controlling, whether alone or with others, an entity that operates a financial services business. The ban follows Mr Nesseim’s conviction for engaging in dishonest conduct, for providing forged documents to ASIC and…

China’s zero-COVID approach and your wallet

China’s oil imports remain low as COVID-19 restricts internal movements. Daily imports in July are hovering around a 47-month low. As the world’s oil markets remain tight and inflation is running rampant, China’s reopening deferrals are going a long way toward turning an inflation tsunami into something a little more manageable. Oil price backdrop Oil…

Market exchange rates in China — Aug. 10

The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Wednesday by the China Foreign Exchange Trade System: Currency Unit Central parity rate in yuan U.S. dollar 100 676.12 Euro 100 690.15 Japanese yen 100 5.003 Hong Kong dollar 100 86.133 British pound 100…

Broadband download speeds improve but upload speeds remain flat

Australians who get their broadband through NBN fixed-line connections experienced slightly faster download speeds in May 2022 than they did in February 2022, the ACCC’s latest quarterly Measuring Broadband Australia (MBA) report shows. Fixed-line connections are those that have a physical line running to the property, such as fibre to the premises or fibre to the node….

Good times for the banks roll on

Unemployment is currently at record lows. The RBA is raising rates very quickly relative to the past. A robust customer credit quality position due to high employment and higher margins are painting a rosy picture for the financial sector. The big four The Australian finance sector is denominated by the ‘big four’ banks: the Commonwealth…

Environmental services section to debut at China services trade fair

The upcoming 2022 China International Fair for Trade in Services (CIFTIS) will focus on environmental services for the first time, according to Beijing Capital Group Exhibitions & Events, one of the event’s organizers. Focusing on such areas as low-carbon energy, carbon economy, carbon neutrality and green technology, the fair will showcase the most recent achievements…

Evening Report

Latest News The Aussie market traded on a rather flat note throughout the session and finished in positive territory, with the ASX 200 up by a modest 9.2 points or 0.13 per cent, to 7029.8. Gains were broadbased, with the Consumer Discretionary, Technology, Real Estate and Telco sectors climbing by at least one per cent….