Australian renewable energy fund gets backing from green bank
Positive developments are arising out of Australia in regard to green finance, as a new renewable energy fund is getting the go-ahead. The Clean Energy Finance Corporation (CEFC), an Australian government-owned green bank, has been looking to invest in key strategic plans that can influence development and action on climate change. It is now backing…
CommSec Daily Report Wednesday
Latest NewsLocal shares are edging lower heading towards lunch with the ASX 200 sliding 12 points or 0.2% to 5717, despite Wall Street closing higher on a late rally over reports that US economic advisor Larry Kudlow believes there is an opportunity for the US and China to “turn a new page” in relation to…
Australia takes India to WTO over sugar subsidies
Australia announced on Friday it was taking legal action against India at the WTO over sugar subsidies it said caused a ‘significant downturn’ in world prices and hurt domestic producers.India, the world’s second-largest sugar producer, has been giving help to its cane growers, who reported record production last season.‘We will support the right of our…
EU leaders say transparency needed in climate finance
EU heads of finances and economies have been calling for a more consistent and collaborative approach to funding climate change plans, saying that transparency must be one of the key motives behind the movement. Part of this is due to what many feel is a continuing insistence to involve coal in the energy mix, despite…
UK government vetoes Royal Mint digital gold
The UK government has put the brakes on a Royal Mint plan to issue a digital gold token, as it is still wary of cryptocurrency in general. The plan also failed in part because an initiative with CME, a US exchange group, didn’t come to fruition. Some governments have yet to make any official move…
CommSec Daily Report Friday
Latest NewsThere was another heavy sell off on Wall Street last night, with a 2% fall for the Dow Jones and 1.3% dip in the NASDAQ. In comparison, the Aussie market has seen rather muted losses on Friday.The ASX 200 opened around 0.6% weaker but has since recovered as the session progresses. Towards lunch, the…
Apartment slump drags building approvals
A slump in apartment approvals saw home building permits fall 9.4 per cent in August, according to the Australian Bureau of Statistics. Tuesday’s Building Approvals report showed permits to build houses fell by 1.9 per cent from a month earlier, but it was a 17.2 per cent drop in apartments approvals that contributed most to…
Aussie credit card balances grow
Fastest growth of credit card debt in a decadeConsumers prefer to spend rather than saveCredit & debit cards; Consumer sentimentCredit card debt: The average credit card balance fell by $54.60 to $3,223.70 in July, down from five-year highs of $3,278.30 in June. But balances were up by 5 per cent over the year – the…
Rumors of Westpac mortgage rate rise following margin drop
Rising costs of funding have been hitting Westpac’s margin figures more than its competitors as speculation increases that it will have to hike its mortgage rates to bring profits back under control. Releasing a Q3 update today, Westpac said that its key measure of funding costs – the net interest margin – has shrunk significantly…
Australian businesses post positive outlook for July
July resulted in positive news for Australian businesses, despite looming threats of an ongoing mortgage crisis in the wake of several national banks reeling from the Royal Commission inquiry into financial misconduct. With conditions easing slightly, levels of activity remained consistent, but the real boon came from businesses’ determination to recruit, suggesting that the money…
