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The final August services PMI figures for France, Germany, and the Eurozone will be released in ten minutes; Singapores fuel oil inventory figures for the week ending September 2, and the changes in LME copper, aluminum, and nickel inventories in the UK for the week ending September 3 will be released in twenty minutes.On September 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Reuters reporter asked, "The president of Palau, the host country of the 55th Pacific Islands Forum, said today that he hopes member states will reach a consensus to condemn Chinas missile test in the region. What is the Foreign Ministrys response to this?" Guo Jiakun stated that China has repeatedly clarified its position on the test. Palaus repeated hype is an attempt to manipulate the positions of other Pacific Islands Forum member states; its intentions are malicious, and its scheme will not succeed. Guo Jiakun said that China adheres to the path of peaceful development, firmly pursues a defensive national defense policy, and never engages in military expansion. We are willing to work with South Pacific countries to contribute to maintaining peace, stability, development, and prosperity in the South Pacific region.On September 3, Polish Deputy Defense Minister Pawel Zalewski stated that Poland hopes to expand its participation in NATOs nuclear deterrence system, and the issue of participating in related missions under the NATO nuclear sharing framework is currently under discussion. He said Poland hopes to participate in missions related to nuclear weapons delivery, which is also part of the NATO nuclear sharing mechanism. Through participation in related programs, Poland hopes to further strengthen its role in NATOs nuclear deterrence system. Zalewski stated that this is the first time Poland has pushed for NATO member states to consider allowing it to participate in related nuclear weapons delivery missions. However, he also emphasized that there is currently no issue of deploying nuclear warheads outside of existing NATO deployment sites.September 3 - U.S. retail diesel prices rose to their highest level since mid-2022, surpassing the peak set at the beginning of the Iran-Iraq War and just shy of a record high. Data from the American Automobile Association (AAA) showed that the national average retail price of diesel rose to $5.783 per gallon on Wednesday, exceeding the high reached in April during the Middle East war and only slightly below the record high set in June 2022 during the energy crisis triggered by the Russia-Ukraine conflict. Patrick DeHaan, director of oil analysis at GasBuddy, said that at the current rate of increase, diesel prices could break a new record before Labor Day next Monday.On September 3, the Ministry of Commerce held a regular press conference. Spokesperson Huang Ling, responding to comments made by EU Trade and Economic Security Commissioner Šefčovič regarding China-EU trade, emphasized that consultations at all levels between China and the EU should adhere to the stable and balanced positioning of the key China-EU trade partnership, and insist on resolving each others concerns on an equal footing. Unilateral demands, conditions, or even threats of market closures should be avoided. Huang Ling stressed that China has repeatedly reiterated that the EU should face up to its own economic and trade problems. China is not the root cause of these problems, but rather a partner that can help the EU resolve them.

The Australian Authority Suspends Orders For Two Permanent Investment Funds

Charlie Brooks

Nov 25, 2022 14:27

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Friday, the Australian securities regulator ordered a unit of asset management firm Perpetual Ltd to temporarily halt promoting or delivering two products to individual investors due to elevated market risks.


Perpetual is aiming to conclude a deal with EQT-owned Barings Private Equity Asia (BPEA) and Regal Partners, while being compelled by the court to launch its own takeover proposal for rival Pendal Group.


The Australian Securities & Investments Commission (ASIC) has ordered Perpetual Investment Management's Perpetual Pure Microcap Fund and Perpetual Geared Australian Share Fund to halt distributing interest and giving advice to retail investors for 21 days.


According to the regulator, the portfolios of the funds are exposed to extreme market volatility and carry substantial risks, increasing the potential that investors would sustain enormous losses.


"ASIC issued the interim measures to protect retail investors from engaging in funds that may not be appropriate for their financial objectives, circumstances, or needs," the regulator noted.


"The Australian Securities and Investments Commission is concerned that Perpetual did not appropriately consider these features and risks when choosing the wide target markets for the products."


The government expects Perpetual to take "immediate measures" to ensure compliance.


Reuters requested a response from Perpetual but did not receive a prompt reply.