The ASX rose by 0.3% to reach a record high of 8,122 points, driven by Austal securing a significant US defense contract — here’s how it unfolded.
The ASX200 climbed by 0.3% to close at a record high of 8,122 points, surpassing the previous peak set in August by 8.9 points. Meanwhile, Wall Street finished the week on an optimistic note, just 1% shy of a new record, as investors speculated about the scale of the Federal Reserve's anticipated rate cut this week. Here’s a recap of the day's events.
What are the reasons behind China’s economic slowdown, and what implications does it hold for Australia?
Most Chinese citizens are content with the economy's current performance, so Beijing is likely to avoid making significant changes to savings, consumption, and investment incentives unless they align with its industrial policy goals. The only factors that could shift this stance would be the threat of foreign markets closing or a severe domestic recession, neither of which Beijing expects in the near future. This assessment, made by the US Central Intelligence Agency, appears accurate—but it dates back[more...]
Global Energy Employment Report 2023
The second edition of the World Energy Employment (WEE) report tracks the evolution of the energy workforce from pre-pandemic times, through the global energy crisis, up to the present. It offers a detailed overview of energy employment, estimating the size and distribution of the workforce across regions, sectors, and technologies. The data covers the entire energy value chain, including fossil fuel supply, bioenergy, nuclear, low-emissions hydrogen, power generation, transmission, distribution, and storage, as well as key end[more...]
Chinese electric vehicle giant BYD increases hiring as Beijing places a strong focus on boosting employment.
BEIJING, Sept 13 (Reuters) - BYD (002594.SZ) has significantly expanded its workforce, reaching over 900,000 employees as of Friday, according to a senior manager. This makes the Chinese electric vehicle giant one of the largest employers in the country. The increase comes as the Chinese government emphasizes job creation, particularly for recent college graduates, amid economic challenges. The workforce grew by 5.8% since the end of August, making BYD the largest employer among the more than 5,300[more...]
OECD Employment Outlook 2024: The Impact of the Net-Zero Transition on the Labour Market
The OECD Employment Outlook examines recent labor market trends and future prospects in OECD countries. This edition focuses on the impact of the transition to net-zero emissions by 2050 on the labor market and millions of workers' jobs. While overall employment levels are expected to remain stable, significant job losses will occur in high-emission industries, while many new jobs will emerge in the growing low-emission sectors.
Mining and energy stocks lift ASX despite pressure from the Big Four banks.
The ASX closed higher on Friday after a volatile start, driven by rising commodity prices and positive economic data from the US. The S&P/ASX 200 climbed 24.2 points, or 0.3%, to end at 8099.9, though only five of the 11 industry sectors advanced. The index had earlier reached a six-week high of 8143.6 before cooling down due to weaker bank performance. The mining sector saw the strongest growth, fueled by robust commodity prices. Iron ore jumped 2.5%[more...]
Google’s AI feature can now create a complete podcast, including conversational ‘banter,’ using your research and notes from Notebook LM.
Users of a new Google product can now hear their research notes discussed and analyzed by two AI hosts in a banter-filled podcast, generated with the click of a button. The “experimental” NotebookLM feature, Audio Overview, aims to help users better digest information, though it currently has some limitations, the tech giant announced on Wednesday. Simply drag your research notes or articles into the app, click “generate,” and the documents will be turned into a “lively discussion”[more...]
The Apple iPhone 16 features GenAI and AirPods with hearing aid capabilities.
At the recent launch event in Cupertino, Apple introduced Apple Intelligence, marking a major milestone for the tech company. The new iPhone series is the first to fully integrate on-device artificial intelligence (AI) with the latest A18 chipsets. Apple Intelligence will roll out in the U.S. in English starting in October 2024, with expansion to more countries in December and support for additional languages by 2025.
Mining and energy stocks lift the ASX, despite pressure from the Big Four banks.
The ASX closed higher on Friday after a volatile start, driven by rising commodity prices and positive economic data from the U.S. The S&P/ASX 200 gained 24.2 points, or 0.3%, to finish at 8099.9, with only five of the 11 industry sectors seeing gains. Earlier in the day, the index had hit a six-week high of 8143.6 points before cooling off due to weaker performance from the banks. The mining sector led the growth, fueled by strong[more...]
U.S. companies are experiencing record-low profits in China due to geopolitical tensions and sluggish economic growth, according to a report.
HONG KONG American companies in China are reporting record-low profits, with business confidence hitting an all-time low amid ongoing U.S.-China tensions and a slowing Chinese economy, according to a report released Thursday by a U.S. business group. Out of 306 companies surveyed, only 66% were profitable in 2023—a record low—according to the China Business Report by the American Chamber of Commerce in Shanghai. The report also revealed that just 47% of respondents are optimistic about their business[more...]
