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 October 13:
Consumer confidence hits 13-week high
Australia’s consumer confidence increased for the fifth week in a row, rising 1 per cent to a 13-week high of 105.6 points. When compared to the same week in 2019, national credit and debit card spending at Commonwealth Bank (CBA) is 12.6% higher for the week ending October 8, 2021.
Aussie businesses optimistic about future
According to the most recent NAB survey, businesses reported harder operating difficulties in September, but they were more hopeful about the future. NAB attributed the optimism to the roadmap to reopening for New South Wales and Victoria.
Certainly, confidence increased by 42 points in NSW and by 16 points in Victoria. And, across industries, wholesale trade and recreation and personal services saw the greatest increase in confidence.
In September, the NAB business confidence index increased from -5.5 to +13.0 points (long-run average: +5.3 points). However, the conditions index fell from +14.5 to +4.7 points.
NSW businesses given Christmas stock certainty
Small and medium-sized businesses have been granted approval to restock for Christmas, with NSW Premier Dominic Perrottet expressing confidence that the state economy will rise again in the December quarter.
While the Labor Party supported the plan, it was concerned that toll relief measures would be insufficient. It comes as NSW records 360 new local COVID-19 cases and five deaths in the last 24 hours. Moreover, three of the five were not vaccinated.
ASIC sends warning text message to investors after infiltrating their private messages
After infiltrating their private chats, Australia’s corporate watchdog ASIC sent shockwaves across an online group of self-described “small investors.”
The Australian Securities and Investments Commission (ASIC), the independent government regulator of financial services, sent a chilling message to a group of 288 Australians using the secure messaging app Telegram.
The ASIC was inadvertently invited to their group chat and could see their whole communication, which featured potentially illegal market tip-offs and was aptly dubbed “Pump and Dump Organization.”
Oil stabilises after energy crunch stirs up volatility
Oil prices have levelled out after a volatile session, halting a rally that has sent prices to multi-year highs and stoked fears that higher energy costs will derail the global economic recovery.
India to grow at 8.5% in 2022
The International Monetary Fund (IMF) forecasts 8.5 percent growth for India in 2022, retaining its title as the world’s fastest growing economy.
According to the IMF’s new World Economic Outlook report, the Indian economy is anticipated to grow by 9.5 percent in 2021 and 8.5 percent the following year. The announcement is a good sign for the economy, which is recovering from the impact of the Covid-19 outbreak.
India’s coal shortage hits critical level
With more thermal power plants running out of fuel, India’s coal crisis has worsened. According to the Press Trust of India, the number of non-pit head plants with less than four days of dry fuel storage jumped to 70, up from 64 a week ago.
According to the Central Electrical Authority, as many as 70 of the 135 plants with a total installed capacity of more than 165GW were classified as super-critical, or having less than four days of fuel remaining on October 10 as opposed to 64 on October 3.
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