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Business news and updates: Daily roundup (July 27, 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 July 27: 

Government opens public consultations for Emissions Reduction Fund

The Federal Government has opened up public submissions to help Australia reduce its carbon output under the Emissions Reduction Fund (ERF). 

Minister for Energy and Emissions Reduction Angus Taylor said this morning the government is aiming to develop five new ERF methods in 2022. 

He said expanding the range of eligible activities under the ERF scheme will help Australia both beat its emissions reduction goals and strengthen its economy.

Superannuation startup Spaceship hits $1 billion milestone in funds under management

Superannuation startup and investment platform provider Spaceship has hit $1 billion in funds under management and is on the cusp of having 200,000 customers.

The Fintech company is backed by Atlassian co-founder Mike Cannon-Brookes, through his investment vehicle Grok Ventures, alongside venture firm Airtree Ventures and a host of other tech entrepreneurs.

Curbs on mortgage lending work: RBA

The Reserve Bank of Australia said that the past measures to curb deterioration in lending standards at a time of a housing price boom have been successful.

Australia’s financial regulators, including the RBA, have been closely monitoring developments in the housing market for some months as home prices recorded strong gains across the country.

In the 2020-21 financial year, property prices nationally rose 13.5 per cent, the highest growth rate since 2004.

The RBA has repeatedly said it won’t step in to curb activity by hiking the cash rate, but at the same time has warned that it doesn’t want to see a deterioration in lending standards.

Bitcoin surges after Musk, Jack Dorsey comments

Bitcoin earlier soared close to US$40,000 after billionaires including Elon Musk, Jack Dorsey and Amazon’s Jeff Bezos suggested the party wasn’t over yet for cryptocurrency.

The unit leapt 15 per cent in Asian trade to a one-month high at $39,681 buoyed by reports that US retail titan Amazon was considering the use of crypto technology and supportive tweets from Tesla.

Ethereum and dogecoin also soared 7.3 per cent and 11 per cent respectively, over the past 24 hours, according to data from CoinDesk.

U.S. new home sales hit 14-month low 

Sales of new U.S. single-family homes tumbled to a 14-month low in June and sales in the prior month were weaker than initially estimated. This is the latest sign that expensive lumber and shortages of other building materials continue to hurt the housing market.

China’s revised data law a de facto ban on US IPOs

China is updating a vital ordinance governing cybersecurity rules that analysts say will effectively ban Chinese tech firms from listing in the United States and other foreign markets.

The move comes on the heels of its controversial probe into suspected data breaches by China’s ubiquitous carpooling and ride-hailing app Didi Chuxing in early July. 

The watchdog has inserted several catch-all clauses to give more powers to regulators to scrutinize, encumber, vet and veto overseas IPO plans. 

U.S.-listed Chinese companies must disclose government interference risks – SEC

Chinese companies listed on U.S. stock exchanges must disclose the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations, a top U.S. Securities and Exchange Commission (SEC) official announced. 

India difficult place for business: US report

The State Department, in a report ‘2021 Investment Climate Statements: India, said that India “remains a challenging place to do business”.

“New protectionist measures, including increased tariffs, procurement rules that limit competitive choices, sanitary and phytosanitary measures not based on science.

“Indian-specific standards not aligned with international standards effectively closed off producers from global supply chains and restricted the expansion in bilateral trade,” the report said.  

India’s GDP growth expected to be 8.8-9% in FY22: Care Ratings

India’s gross domestic product (GDP) growth is likely to be 8.8 to 9 per cent in the current financial year, driven by agriculture and industry sectors, Care Ratings said in a report. The country’s economy had contracted by 7.3 per cent in fiscal 2020-21.

The agency also said that the outlook for the Indian economy on almost all counts in FY22 would seemingly look better than FY21 because t of the negative base effect.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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