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The Ukrainian military reported that it attacked an oil refinery in Yaroslavl, Russia.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of newly employed groups. The opinion emphasizes strengthening the protection of their legitimate rights and interests. It calls for urging internet platform companies and express delivery companies to reasonably determine the remuneration of newly employed groups based on work tasks and labor intensity, and to pay them in a timely and full manner. It also emphasizes guaranteeing the rest rights of newly employed groups and strengthening labor protection under special circumstances such as severe weather. Furthermore, it calls for ensuring smooth channels for expressing grievances within enterprises, improving dispute resolution mechanisms, handling complaints and appeals fairly and reasonably, and protecting the legitimate rights and interests of all parties. The opinion also calls for establishing and improving a regular consultation and discussion mechanism for important matters concerning the rights and interests of newly employed groups, and disclosing the results of consultations to the newly employed groups through appropriate means. Finally, it calls for investigating and punishing illegal and irregular activities such as unreasonable charges and commissions, unfair allocation of traffic, and abuse of market dominance in accordance with laws and regulations. The opinion also incorporates the protection of the legitimate rights and interests of newly employed groups into the corporate social responsibility evaluation system and supports relevant social organizations in promoting industry self-regulation.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of newly employed groups. The opinion emphasizes improving supervision and management. It calls for strengthening industry operation monitoring, improving the employment information release system, and guiding newly employed groups to form reasonable expectations regarding income and benefits. It also calls for comprehensively addressing "involutionary" competition and strictly preventing damage to the legitimate rights and interests of newly employed groups. Furthermore, it emphasizes strengthening the protection of the personal privacy and information security of newly employed groups in accordance with the law. Finally, it calls for strengthening financial supervision and further standardizing the management of business loans involving newly employed groups. Finally, it calls for resolutely cracking down on illegal and criminal activities such as fraud and loan fraud involving newly employed groups.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of new employment groups. The opinion emphasizes strengthening the governance of internet platform algorithms. It urges internet platform companies to earnestly fulfill their social responsibilities, standardize algorithms, improve transparency, and guarantee the new employment groups right to know, participate in, and choose algorithm rules. It calls for optimizing and adjusting algorithm rules, fully considering the opinions of trade unions and representatives of new employment groups, and reasonably determining allocation rules, pricing rules, and time estimations. It also mandates regular review, evaluation, and verification of algorithm mechanisms and application results, and strict enforcement of the algorithm filing system. The opinion emphasizes the application of innovative technologies such as artificial intelligence and the Internet of Things to optimize algorithms. Finally, it calls for conducting algorithm security assessments and supervision in accordance with the law.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of new employment groups. The opinion emphasizes regulating employment management in accordance with the law. It calls for internet platform companies and express delivery companies to improve their employment management systems, promote the use of labor contracts and written agreements that are adapted to industry characteristics and closely aligned with the needs of new employment groups, and legally and reasonably determine rights and obligations based on employment facts. The opinion also calls for standardizing and strengthening the onboarding management of new employment groups, strictly enforcing the training-before-job system. It emphasizes the role of corporate headquarters, reinforcing the responsibilities of partner companies, franchise companies, and outlets, and strengthening the regulation and restraint of uncivilized work behaviors among new employment groups. Finally, it calls for improving safety management systems to ensure the occupational safety and health of new employment groups.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.