ASIC takes disciplinary action against nine SMSF auditors LeapRate

February 08, 2024 BY PureContent

ASIC takes disciplinary action against nine SMSF auditors

The concerns included non-compliance with auditing and assurance standards, independence requirements, registration conditions, or being unfit to remain an SMSF auditor. ASIC took the disciplinary measures in the quarter ending 31 December 2023. Among the actions taken, ASIC disqualified five auditors and imposed additional conditions on two. Two auditors had their registrations cancelled. Notably, of…

February 08, 2024 BY Elizabeth Anderson

South Korean authorities clamp down on cryptocurrency looters

Reportedly, Haru Invest emphasised high-yield promises while it froze certain platform functions in June 2023. Around this time, the outfit also cut 100 jobs. The company cited issues with its partners as the reason why customers could not make deposits or withdrawals. Yonhap News described the company as a “rug pull” front for fraud, which…

February 08, 2024 BY Elizabeth Anderson

Chinese NEV sales hitting long-time lows

Based on the China Association of Automobile Manufacturers (CAAM) statistics, the overall sales, which include exports, came to 2.44 million units. Although this is an annual 47.9% jump, it is a 22.7% dip compared to December 2023. The CAAM data tracks sales to third-party dealers and vehicles such as trucks. Reuters indicated that, according to…

February 07, 2024 BY PureContent

RBA keeps interest rates unchanged but warns of rate hikes if inflation remains stubborn

The RBA maintained its view on the inflation trajectory, expecting to achieve an annual target range of 2% to 3% by 2025, with a midpoint within that range expected only by 2026. In the statement on its Monetary Policy Decision, the RBA stated: The Board remains resolute in its determination to return inflation to target…

February 07, 2024 BY Elizabeth Anderson

Cisco launches first-of-its-kind AI defence against identity cyber-attacks

The company pointed out the gaps between virtual authentication and access processes. According to its 2023 data, 26% of all Cisco Talos Incident Response incidents comprised fraudulent logins to gain access to authentic accounts. Due to the connection between accounts used on different platforms, Cisco said that cybercriminals only need to compromise one digital identity…

February 07, 2024 BY Elizabeth Anderson

Novartis broadening horizons with bolt-on MorphoSys acquisition

This per-share takeover price is significantly higher than the German manufacturer’s going market performance. At the final bell on Monday, MorphoSys’s Nasdaq shares priced at $17.27. Bloomberg claimed that this acquisition was an attempt by Vasant Narasimhan, the Novartis CEO, to prove to investors that he could drive financial and organisational growth. After disappointing financial…

February 06, 2024 BY PureContent

Investors dump shares of Indian fintech giant Paytm after RBI's strictures on its payments bank

The PAYTM stock crashed on 5 February to ₹438.35, limit down by 10%, following a staggering 36% fall in the preceding two sessions. The RBI, India's Central Bank, issued the directive on 31 January after its inspections at PPBL revealed the bank had failed to comply with some regulations. Non-compliance included Know Your Customer (KYC)…

February 06, 2024 BY Elizabeth Anderson

Société Générale announces organisational changes at its Paris head office

Forbes reported that January cuts reached an approximate 15-year high as more than 82,000 employees lost their jobs in US-based companies. The media agent attributes these movements to persistent interest rate hikes during 2023. Société Générale’s planned job cuts make up around 5% of the employees at its headquarters and less than 2% of its…

February 06, 2024 BY Elizabeth Anderson

Chinese regulator tries to placate investors as shares spiral

This notice attempted to appease individual investors amid the sell-off of property shares and reported state-sanctioned buying of national banks and other prominent stocks, which boosted the share price of these institutions. The CSRC claimed that it would stamp out share price manipulation and what it termed “malicious short selling”. While technology stocks suffered, banks…

February 06, 2024 BY PureContent

Weekly data: Oil and Gold

The most important economic data for this week: Monday: US Services PMI at 15:00 GMT for January. The consensus is for an increase from 50.6 points to 52. This might be rather bullish news for the dollar since it would mean the services sector in the States is still expanding, given that the actual figure…

Category: Market News