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Large developing countries, represented by Bolivia"s Diego Pacheco, have rejected the proposed $200-300 billion climate finance figure for the new climate finance goal at COP29, calling it unacceptable. They also oppose expanding the base of contributors to include China and wealthy Gulf states, labeling this a "super red line." Meanwhile, Australia and New Zealand have pledged significant contributions to the Fund for Responding to Loss and Damage, with Australia committing AU$50 million and New Zealand NZ$10 million, bringing total donations to $85 million this year.
Australia"s pension industry is approaching a critical juncture, with projections indicating that retirees may soon outnumber savers. Over the next decade, approximately 2.5 million individuals are expected to retire, presenting significant challenges for the A$3.9 trillion sector, including customer service and suitable retirement products.
The Jeep Avenger EV, a compact electric vehicle, is attracting attention in Brisbane, particularly among younger buyers, despite its limited space for passengers. With a range of 400 km and a 54-kW battery, it offers a fun driving experience, though it lacks one-pedal driving and has a hard suspension. Priced competitively under AUD$50,000, it aims to carve out a niche in the city-focused EV market, having already won accolades like the European Car of the Year for 2023.
EUR/GBP"s recovery from last week"s low of £0.8260 has stalled at the 55-day SMA of £0.8365, facing minor resistance. Meanwhile, GBP/USD is approaching resistance between $1.2799 and $1.2817, while AUD/USD has found support at $0.6441, with potential resistance at $0.6537.
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The ASX 200 surged to a record high of 8431, up 131 points (+1.59%), driven by optimism from Nvidia"s earnings and strong performance in the financial sector. The Reserve Bank of Australia"s meeting minutes indicated stable policy settings, with little chance of an interest rate cut before May 2025. Local tech stocks also benefited, with notable gains in companies like TechnologyOne and Afterpay"s owner Block.
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HESTA, one of Australia"s largest pension funds with A$88 billion in assets, will repay over 100,000 members after the Australian Prudential Regulation Authority found unfair asset valuation practices. The fund failed to reprice unlisted assets consistently, leaving members disadvantaged during the Covid-19 pandemic.
TechnologyOne aims to double its size every five years, targeting over $1 billion in annual recurring revenue by 2030, leading to a 12% stock surge. Despite a high P/E ratio of 56, the company’s consistent earnings growth makes it a compelling long-term investment, appealing to those willing to endure market volatility.
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A group representing Australia’s A$3.9 trillion pension industry has urged its members to oppose the remuneration plan of Mineral Resources Ltd. at the upcoming annual general meeting. The Australian Council of Superannuation Investors seeks clarity on what directors knew regarding the company"s investment in industrial property partly owned by Managing Director Chris Ellison. This controversy is part of a series of scandals that have caused the company"s value to plummet by over 50% since May.
Australia"s central bank maintains that its current cash rate is suitable for addressing persistently high core inflation. In its recent meeting, the Reserve Bank noted that while monetary policy is deemed restrictive, the extent of this remains uncertain, with broader financial conditions having eased in recent months.
Australia’s National Reconstruction Fund is set to invest A$40 million ($26 million) in mining equipment manufacturing in Queensland, marking its first investment since its establishment by the Labor government in 2023. The fund will partner with Resource Capital Funds in a joint A$100 million co-investment to support Russell Mineral Equipment (RME).

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