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May 13 - Railway construction progressed efficiently and effectively from January to April this year, with the national railway system completing 200.8 billion yuan in fixed asset investment, a year-on-year increase of 3.2%.On May 13, Iranian Foreign Ministry spokesman Baghae stated in a media interview on May 11 that ending the war and lifting the blockade of the Strait of Hormuz are prerequisites for any negotiations between Iran and the United States. He emphasized that the unilateral demands made by the US in the negotiations are unacceptable, and Iran will never succumb to the USs "exorbitant demands." Baghae pointed out that the urgent tasks are to end the current war, properly resolve the issues related to the Strait of Hormuz, and lift the blockade against Iran. Regarding the claim that the current ceasefire agreement is "extremely fragile," Baghae stated that Iran is prepared to deal with any unforeseen circumstances.May 13 - A 4.8-magnitude earthquake struck off the southern coast of Hokkaido, Japan, at approximately 11:24 a.m. local time on May 13. The maximum intensity was 1, and the epicenter was at a depth of 10 kilometers. There was no risk of a tsunami.According to Nikkei, an executive at U.S. chip giant Texas Instruments (TXN.O) said the company is expanding its global manufacturing scale, including in Japan and Malaysia, to increase in-house production of its “foundational” semiconductors, thereby supporting the booming artificial intelligence infrastructure market.On May 13th, local time, US President Trump departed for China on the evening of May 12th. Before takeoff, he stated that the US and China have extensive and deep cooperation, and he believed good things would happen. According to Bloomberg, Nvidia CEO Jensen Huang will accompany President Trump on his trip as a temporary addition to the team. Furthermore, according to a post on social media by White House correspondent Emily Gooden of the New York Post, she saw Huang board Air Force One during a stopover in Alaska.

Over half of AMP's Australian wealth management net outflows decreased

Skylar Williams

Oct 21, 2022 14:22

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Friday, AMP Ltd announced that its Australian wealth management unit's third-quarter net outflows were more than halved due to increased inflows into its main online investment platform, North, and decreased withdrawals at its pension trusts.


AMP (OTC:AMLTF) has seen chronic outflows after a government-backed investigation found a litany of flaws that the 173-year-old corporation has been striving to overcome in order to regain public trust.


"We've seen a reduction in cash outflows to other superannuation funds, and we're acquiring new customers on our North platform, which has led to an increase in cash flows from independent financial advisers," said AMP CEO Alexis George.


During the quarter, the North platform generated $774 million in inflows, while Master Trust outflows declined from $1.59 billion to $819 million.


According to the company's annual report published in March of this year, Master Trust offers about 850,000 consumers the largest single retail superannuation product set in Australia.


In the three months leading up to September, the major wealth management division of AMP saw net cash outflows of A$0.8 billion ($502.40 million), compared to A$1.9 billion in the same period of the previous year.


Due to a drop in investment markets and continued cash withdrawals, the unit's assets under management decreased by A$3.7 billion to A$121.4 billion.


AMP reported that its banking unit's net interest margins remained on track to exceed the annual target range of 135 to 140 basis points (bps).

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