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On February 21, the Supreme Peoples Court, the Supreme Peoples Procuratorate, and the Ministry of Public Security jointly issued the "Guiding Opinions on Punishing Property Crimes in the Water Transport and Logistics Sector According to Law." The opinions comprehensively address the application of law and policy considerations in this area, safeguarding the vital interests of the people. Adhering to a problem-oriented approach and focusing on the characteristics of property crimes in the water transport and logistics sector, the opinions stipulate provisions for typical issues encountered in practice, including the application of charges, jurisdictional rules, evidence collection, determination of amounts involved, and handling of seized assets, providing clear guidance for law enforcement. Furthermore, the opinions emphasize systematic governance and a combination of punishment and prevention, outlining requirements for promoting industry governance and strengthening legal education during law enforcement. They stress the importance of establishing sound long-term mechanisms to create a favorable legal and social environment for the high-quality development of water transport and logistics.Iran Situation: 1. Iranian Foreign Minister: A draft agreement with the US will be finalized within three days. 2. Iranian Oil Minister: Oil cooperation between Iran and the US is not impossible. 3. Trump confirmed he is considering a "limited military strike" against Iran. 4. Iranian expert: Israel is the biggest uncertainty in the Iran-US negotiations. 5. The USs largest aircraft carrier, the USS Gerald R. Ford, and an escort destroyer appeared near Gibraltar. 6. Iranian Foreign Minister Araghchi stated that the US did not demand "zero uranium enrichment" from Iran during the Geneva talks. Iran did not propose a "zero enrichment" option. 7. Irans letter to the UN Secretary-General: If subjected to military aggression, Iran will retaliate, and all bases, facilities, and assets of "hostile forces" in the region will become legitimate targets. Other: 1. Norway reiterated that it will not join the so-called "Peace Commission." 2. France said the European Commissions participation in the "Peace Commission" meeting was "unauthorized." 3. Yemens new government held its first meeting; demonstrators demanded the new government withdraw from Aden. 4. According to Yonhap News Agency: South Korea attended the first meeting of the Gaza Peace Committee established by Trump. 5. Hamas: Any arrangements regarding Gaza must be predicated on stopping Israeli aggression.The U.S. military said it struck a suspected drug smuggling ship in the eastern Pacific on Friday, killing three people.The White House stated that goods exempt from the new trade tax include passenger cars, certain light trucks, and certain aerospace products.The White House stated that, in light of recent developments, the additional tariffs imposed under the International Emergency Economic Powers Act will no longer be in effect and will be discontinued as soon as practicable.

Over half of AMP's Australian wealth management net outflows decreased

Skylar Williams

Oct 21, 2022 14:22

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Friday, AMP Ltd announced that its Australian wealth management unit's third-quarter net outflows were more than halved due to increased inflows into its main online investment platform, North, and decreased withdrawals at its pension trusts.


AMP (OTC:AMLTF) has seen chronic outflows after a government-backed investigation found a litany of flaws that the 173-year-old corporation has been striving to overcome in order to regain public trust.


"We've seen a reduction in cash outflows to other superannuation funds, and we're acquiring new customers on our North platform, which has led to an increase in cash flows from independent financial advisers," said AMP CEO Alexis George.


During the quarter, the North platform generated $774 million in inflows, while Master Trust outflows declined from $1.59 billion to $819 million.


According to the company's annual report published in March of this year, Master Trust offers about 850,000 consumers the largest single retail superannuation product set in Australia.


In the three months leading up to September, the major wealth management division of AMP saw net cash outflows of A$0.8 billion ($502.40 million), compared to A$1.9 billion in the same period of the previous year.


Due to a drop in investment markets and continued cash withdrawals, the unit's assets under management decreased by A$3.7 billion to A$121.4 billion.


AMP reported that its banking unit's net interest margins remained on track to exceed the annual target range of 135 to 140 basis points (bps).