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Business news and updates: Daily roundup (August 3, 2021)

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 3: 

House prices continue to rise in July 

According to CoreLogic’s national house value index, property values in Australia climbed by 1.6 per cent in July, but there are signs that growth is slowing.

Housing values have risen 14.1 per cent in the first seven months of the year and 16.1 per cent in the last 12 months as a result of the current increase.

CoreLogic research director Tim Lawless described the market as strong but losing steam.

The rate of increase in home prices has eased in each of the major cities, with the biggest drop being witnessed in Sydney

Up to $10K in compensation for NSW farmers battling mice

NSW farmers who have been dealing with a devastating mouse plague for nearly a year can now get up to $10,000 for the zinc phosphide they are using to kill the rodents.

The rodents have been devouring crops and cutting a destructive swathe through properties for 11 months in the state’s west and south.

Deputy Premier John Barilaro said zinc phosphide rebates are now available as part of the government’s $150 million mice support package.

Farmers who are laying defences against a spring surge in mouse populations can now claim the rebate which will cover 50 per cent of the cost of zinc phosphide baits, up to $10,000.

More support for aviation by Australia government

Government support programs for airlines including cheap tickets have been extended as states deal with new outbreaks of COVID-19 cases.

The half-price flights program is being extended to November 30 for both sales and travel, to ensure travellers impacted by lockdowns or border closures can access tickets and benefit key tourism regions.

In addition, the Domestic Aviation Network Support and Regional Airline Network Support programs which were due to end in September will now run until the end of the year.

U.S. manufacturing growth slows in July amid supply shortages

U.S. manufacturing activity grew at a slower pace in July for the second straight month as raw material shortages persisted, though there are signs of some easing in supply-chain bottlenecks.

The survey from the Institute for Supply Management (ISM) showed a measure of prices paid by manufacturers fell by the most in 16 months. The supplier deliveries index retreated further from a 47-year high touched in May.

Facebook – Kustomer deal may hurt competition: EU regulators

Facebook’s acquisition of U.S. customer service startup Kustomer may hurt competition and boost its market power in online advertising, European Union antitrust regulators warned as they opened a full-scale investigation into the deal.

The move by the European Commission comes amid regulatory concerns that a buying spree of startups by big firms may be aimed at closing down nascent rivals.

China seeks common ground on US IPO rules

The China Securities Regulatory Commission (CSRC) is seeking to improve communication with its counterpart in the United States regarding the requirements for Chinese companies to go public on American bourses.

The spokesperson said that CSRC remains open to Chinese companies choosing international and domestic markets to list as long as they are in compliance with laws and regulations.

China on brink of a new COVID crisis

China’s seemingly impregnable COVID-19 firewall is springing leaks, with the country logging more local cases in 20 days than in the previous five months combined. 

At least 15 of the nation’s 31 provinces have confirmed Delta strain infections over the past two weeks, marking China’s biggest outbreak this year. 

The disease’s spread is believed to have started from a foreign flight at Nanjing’s airport in early July.

The National Health Commission (NHC) said 328 cases have been reported since last month, including in the central city of Wuhan, the original epicentre of the global pandemic.

Indian investors richer by $416 billion in 4 months

Despite the fact that India was hit by a devastating second wave of the COVID-19 pandemic, which has taken a huge toll on the economy, it’s been a fantastic year for stock market investors. 

The capital markets remained positive and reached new highs this fiscal year. Equity investors have witnessed a wealth addition of more than US$ 416 billion in the first four months of the current fiscal year, Press Trust of India reports. 

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