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On September 2, CMB International published a research report stating that Jitu Express (01519.HK)s adjusted net profit in the first half of the year increased by 66% year-on-year, mainly driven by reduced expenses and financial expenses, while gross profit remained stable. The companys goal is to increase the annual parcel volume by 56% and 38% in Southeast Asia and new markets respectively, with EBIT of US$0.07 and US$0.09 per parcel respectively. The bank slightly adjusted Jitu Expresss earnings forecast for 2025-27 from a 1% decrease to a 2% increase, and raised the target price from HK$10 to HK$13.4, maintaining a "buy" rating. The bank continues to be optimistic about the company, believing that it has competitive advantages and market share growth potential in Southeast Asia, and also has huge potential in new markets such as Brazil and the Middle East.The chairman of Japans Suntory Holdings has resigned following an investigation into suspected violations of cannabis control laws.Japans 10-year bond sales demand ratio hit a new high since October 2023.Futures data from September 2nd revealed that as of September 1st, the mainstream benzene market in East China closed at 5,840-5,880 yuan/ton, down 200-240 yuan/ton from early August. Expected arrivals at major ports in East China in September are expected to increase compared to August, and with downstream businesses currently facing losses and insufficient terminal orders, price transmission is facing significant resistance. The weakening US dollar and the Ukrainian attack on energy infrastructure in a European country have led to a rise in Brent crude oil futures after some fluctuations, boosting market confidence. Benzene prices in East China are expected to stabilize.Futures News, September 2nd: Yesterday, the crude oil market closed early for a holiday, resulting in light trading. However, prices continued to fluctuate upwards. This was primarily due to the continued weakening of the US dollar and the turbulent situation in Europe, particularly the attack on a refinery in a European country, which further complicated the prospects for Russia-Ukraine peace talks. Zhuochuang Information predicts that, judging from the current market situation, positive factors continue to dominate, and oil prices will continue to strengthen despite geopolitical fluctuations. However, concerns about Saudi Arabias production increase over the weekend will limit the rise in prices.

The operator of the Australian stock exchange delays software upgrading by twenty months

Charlie Brooks

Aug 03, 2022 11:02

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The Australian Securities Exchange stated on Wednesday that it will delay the redesign of its major share trading platform by up to twenty months, citing problems in achieving "scalability and resilience."


Clearing House Electronic Subregister System, ASX Ltd's plan to upgrade its equities clearing software, will not be finished until late 2024, the latest of numerous delays (CHESS).


The CHESS application enables the ASX registry to settle transactions. Since 2017, the exchange has sought to replace CHESS with blockchain technology in an effort to lower customer fees.


ASX, which has had a series of software failures, has announced that it would retain Accenture (NYSE:ACN) to perform an independent examination of the new CHESS program.


The exchange operator and its application software provider, Digital Asset, recognized that the program required more development than anticipated.


In a joint statement, Philip Lowe, Governor of the Reserve Bank of Australia, and Joseph Longo, Chairman of the Australian Securities and Investments Commission (ASIC), expressed their concern.


Lowe said that the ASX-initiated research was "crucial" for providing assurance that the new CHESS application software would be adequate for its intended function.


Longo added, "It is imperative that Accenture complete this study in order to provide assurance on the delivery of a solid replacement for CHESS and a high degree of confidence regarding the amended go-live date."

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