German industrial orders plunge in June
Industrial orders in Germany fell more than expected June, official data showed Tuesday, as global trade tensions weighed on Europe’s top economy.New contracts at industrial firms plunged four percent month-on-month, federal statistics authority Destatis said in figures adjusted for seasonal swings, following a 2.6 percent increase in May.Analysts surveyed by Factset had predicted a far…
Tesla battery manufacturer suspends its cobalt supply chain
The manufacturer of Tesla’s battery, Panasonic, has suspended its supply chain with a Canadian supplier that allegedly sourced cobalt from Cuba, which is currently under US economic sanctions. Panasonic said in a statement that it was not able to effectively determine precisely how much of the cobalt in its supply chain had come from Cuba,…
Wool industry review calls for overhaul
The controversial chairman of Australia’s wool industry research body, who admitted secretly viewing farmers in a focus group through a one-way mirror, could be forced out the door. A federal government-initiated independent review into Australian Wool Innovation has recommended 10-year limits for board members. The long-awaited review comes after a string of scandals involving embattled…
CommSec Daily Report Thursday
Latest newsAussie shares are remaining surprisingly resilient, with the ASX 200 index up 1 per cent, sitting at 10.5 year highs and are lifting for the fourth time in five days with gains across almost all sectors. What is perhaps most impressive about the improvement is that the Dow Jones has fallen for seven straight…
Australia concern as Qantas to list Taiwan as part of China
Qantas is poised to list Taiwan as part of China on its websites, sparking concern Tuesday from Australia’s foreign minister who said private firms must be able to conduct business ‘free from political pressure’.The Chinese Civil Aviation Administration sent a notice to 36 foreign airlines in April, asking them to comply with Beijing’s standards of…
Stocks to watch
Stocks to watch on the Australian stock exchange: ANZ – ANZ BANKING GROUP – up 18 cents, or 0.6 per cent, at $28.17 ANZ has agreed to sell its 55 per cent stake in ANZ Royal Bank in Cambodia to Japanese financial house J Trust, which will equate to a $30 million loss. CSL –…
China inflation under control
Chinese inflation data confirms healthy economyChina inflationChina consumer prices: Consumer prices rose by 1.8 per cent in the year to April (forecast 1.9 per cent), down from 2.1 per cent in the year to March.Chinese consumer prices: Food prices fell 1.9 per cent in April to stand 0.7 per cent higher than a year ago….
Frankfurt bankers expect bigger gains from Brexit
More London banks are expected to pick Frankfurt as a European base as they adjust to post-Brexit restrictions, German financial industry representatives said Monday, even as Britain and the EU hailed progress in divorce talks.‘From April there will be sizeable moves’ by banks setting up shop in the city on the Main river, Hubertus Vaeth…
Latest Monsanto GMO seeds raises worries of monopoly
The rapid growth of Monsanto’s new GMO seeds resistant to the controversial herbicide dicamba has revived worries about the company’s stranglehold over farming during a period of industry consolidation.Long a producer of dicamba, Monsanto last year introduced genetically-modified cotton and soybean seeds that can resist the weed killer. The products took off, amassing more than 20…
ACCC chairman Rod Sims re-appointed
Australia’s consumer watchdog will use its new powers to go after big companies under newly-reappointed chair Rod Sims. Mr Sims was appointed chair of the Australian Competition and Consumer Commission in August 2011 for an initial five-year term, before getting an extension in 2016. He is the first chairman to get a third term, which…
