Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for August 23:
Call for regulatory crackdown before new solar rules
The Clean Energy Council has called for a regulatory assault on poles and wires firms in Australia prior to the implementation of new solar household guidelines. Due to broad limits, network firms can no longer block solar homeowners from putting electricity into the grid.
The Australian Energy Markets Commission has pledged that its “strong new duties” will hold network providers accountable for making the grid solar and storage-friendly.
Australia boasts the world’s highest rate of solar adoption, with about one in every four Australian households having rooftop solar installed.
However, Darren Gladman of the Clean Energy Council told AAP that poles and wires companies should be held accountable before construction begins.
China has slashed steel exports to Australia by 50 per cent, says trend to continue
Beijing boasts that it has reduced steel exports to Australia by more than 50%. And it believes that efforts to “wean” itself off Australian iron ore are just getting started.
The “world’s top steel exporter,” according to Chinese government-controlled media, is adopting measures to cut output and restrict exports. According to the Global Times, this would weigh on Australia’s infrastructure construction and economy.
The media report cites an unnamed Chinese steel exporter as saying the trend is “set to accelerate further.”
Auto prices to remain high in near future
This quarter was supposed to be when computer chip supply and auto production were returning to normal.
Instead, the surge in Covid cases, especially in Southeast Asia, is causing a new round of parts shortages and auto plant shutdowns around the globe. That could keep already astronomical car prices high.
T-Mobile breach probe finds wider impact
T-Mobile US Inc stated that an ongoing investigation into a data breach showed that hackers gained access to the personal information of an additional 5.3 million customers, raising the total number of persons affected to more than 53 million.
Nvidia’s Arm takeover raises serious antitrust concerns: watchdog
The planned £29 billion acquisition of the UK chip designer Arm by US business Nvidia poses “severe” competition issues, according to the UK’s competition authority.
The Competition and Markets Authority expressed concern that the agreement might restrict innovation in various fields, including gaming and self-driving cars. As a result, the CMA believes a more thorough investigation of the takeover is necessary. According to Nvidia, the agreement will benefit Arm, licensees, and competition in the UK.
Insurance contribution to India’s GDP is increasing
In India, the pandemic has raised the need for health and life insurance. According to Swiss Re’s Sigma report on World Insurance, insurance contributed 4.2 per cent of GDP in FY21, up from 3.76 per cent in FY20.
During the pandemic, insurance penetration (premium as a proportion of GDP) for both life and non-life insurance increased. While life penetration has increased from 2.8 per cent to 3.2 per cent, the non-life play has increased from 0.94 per cent to 1 per cent.
Despite a decrease in premium in dollar terms, India’s ranking in non-life has risen by one spot. This is because Brazil, which was ranked 13th, fell drastically as its business shrank by 20% in dollar terms.
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