Hong Kong reader contribution.

Edited by James M. Kelly – www.reportingasia.com

photo credit: Ivan Walsh

The task of HK as a finance go-between between China and the remainder of the world bolstered this week with the Peoples’s Bank of China and the HK Financial Authority updating and expanding clearing agreements for the mainland currency, the yuan, AKA the renminbi. The two sides confirmed a revised clearing arrangement and concluded “to further promote Hong Kong’s standing and role as a renminbi market platform in the midst of developing renminbi business outside of the mainland,” the HKMA claimed in an announcement. Liao Qun, chief financial consultant at CITIC Bank World , determined that yuan deposits in HK will go up by five bill yuan a month in the second half of the present year, bringing total deposits to over one hundred bill yuan by December.

Cross-border yuan trade settlement in the 1st half of this year was 70.6 billion yuan ( US$10.4 bn.), about twenty times the 3.6 bn. yuan recorded in the second half 2009, of which HK gave seventy five percent, according to the PBoC.

The revised agreement has demonstrated that there’s a big room for another development of the yuan business in HK regardless of the inconvertibility of the yuan, Liao related. “it’ll make settlement of the yuan less complicated in HK, further reinforcing Hong Kong’s position as a worldwide money center and an offshore yuan financial hub,” he claimed.

Requirement for the yuan is skyrocketing in HK due to closer trade and business ties between China and its quick-growing economy and HK. The new arrangement should help firms to be better in their money transactions concerning yuan and inspire people to hold long term savings in the mainland currency, with the chance that its price will appreciate against the US buck. Under the revised agreement, interbank transfers of yuan deposits in HK will be authorized, that means banks can now offer their yuan surpluses to one another.

Before this change, banks could only take deposits from individuals to buy bonds or sell them to the clearing bank – the HK arm of Beijing-based Bank of China ( BOC ). Firms can also now purchase or sell yuan in HK without boundaries, a key step permitting brokerages in the town to trade yuan bonds and shares for clients and letting insurance corporations sell policies based in yuan. The contract did not relax the present exchange cap for people in HK – they are permitted to buy up to twenty thousand yuan each day – but HKMA CEO Norman Chan Tak-lam stated that it was sufficiently good to promote more yuan investment products in HK. “The revision of the Clearing Agreement will lead on to the upward push of lots more kinds of renminbi-denominated financial instruments and finance third party activities in the local finance market, helping the city’s renminbi business platform jump to new heights,” Chan declared after the event.

Right after the new agreement was signed, banks like HSBC and Standard Chartered Bank, and insurance firms including China life assurance (Overseas) asserted new releases and savings schemes. HSBC said the minimum daily grant of its new yuan-denominated foreign exchange-linked deposits was met inside 8 hours and a new tranche will be released on Wed. . HSBC, as an example, offered individual or company shoppers a ten year insurance plan for which they can settle their yearly premiums in either yuan or HK greenbacks.

Amy Yip Yok-tak, Boss of DBS Bank ( HK ), asserted the rise in yuan-related money activities has led straight to a rise in the yuan IR in the town. With more money players permitted to issue yuan-related services, HK will turn into a totally fledged offshore yuan center and the yuan will play an augmenting role in world trade and investment in the midst of transforming itself into a global currency, economic gurus and researchers asserted. China first permitted banks in HK to supply yuan deposits, remittances and currency conversions in 2004.

Shenzhen

Reader Contribution

Edited by James M. Kelly

photo credit: Ray Devlin

China will launch a national campaign to put pressure on the property industry as it makes an attempt to rein in sky-rocketing property costs, state media declared today. The five-month crackdown will start by targeting land hoarding and price supposition this month, recounted Liao Yonglin, a senior official at the Ministry of Land and Resources, according to Xinhua reports agency.

China’s property costs rose 10.7 % on year last month, the swiftest pace in virtually 2 years, fuelling worries that an asset bubble is building that could at last burst and hurt the broader economy.

High housing costs have also become a heated social issue, particularly among young and middle aged wage earners, who’ve moaned of problems in purchasing a home.

Investigators will search for irregularities in local state land transfers and failure by property firms to develop their holdings as agreed by transfer approvals, the report recounted. On Wednesday, the ministry also claimed rules that need local govts to distribute at least 70 p.c of their total housing land supply for inexpensive housing or the rebuilding of shanty cities.

The rules also need developers to pay for land transfers inside one year while also curbing them from hoarding space to coerce costs up. Authorities on Thursday banned the Pacific Century Group, controlled by HK entrepreneur Richard Li, from trading land in Beijing after a company affiliate did not meet contract obligations and instead authorized land to sit idle.

To cool the red-hot market, Beijing has proscribed lending, raised downpayments for purchasers of 2nd houses and increased IRs on mortgage loans.

Kuala Lumpur

Reader Contribution

Edited by James M. Kelly

photo credit: mulberry leaves

PROPERTY SECTOR MANAGES A COMEBACK

The recent economic recession had a global impact. Every country in the world has been trying to come up with policies that would help them cope up with the difficult situation of economic downturn.

The property sector, according to the official figures, has shown a drastic improvement and a commendable comeback. People have indulged in buying houses and investments in the construction sector have increased. Datuk Seri Kong Cho ha the Housing and Local Government Minister of Malaysia, stated that the country’s property and construction sectors had been more severely impacted than the other sectors of the economy, are making a turnaround.

He also said “Our local property market, especially in the Klang Valley has shown a recovery over the past few months”. Kong also said that the property market was recovering, mainly among the up market properties, and the sales had been very encouraging”.

In a statement he made to the reporters he said “I have personally experienced it after visiting a few projects and through the licenses that came to the ministry”. Kong gave the credit of the recovery to the government’s execution of the stimulus packages.

The Ministry successfully revived 12 of the 148 projects of which 48 are now in various stages of processing. On the Public Housing Project (PPR), he said “the Ministry still had another 10,000 to 12,000 units of low cost houses to build, adding that the Ministry was asked to build total of 74,000 units”.

The government has to be prudent and proactive while planning the next budget in 2010 and should keep in mind the impact it would have on the different section of people, especially the lower income group of people. The government should also propagate more strategies that could stimulate investment in other sectors as well if they want to see a desirable growth and an overall improvement in the world economy.

Written by
James M. Kelly

Staunch Wealth Creation

It is not often that an opportunity comes along which offers not only stirling products but also the chance to make money from it.

Staunch International, based in Hong Kong with an office in Australia is rapidly expanding its retail and network marketing base and is likely to have representative offices in Singapore, Malaysia, UK and the USA before too long.

The Staunch range of prooducts includes: energy drinks; Staunch Blase Energy Strip; Staunch Talk or Staunch MMN; Staunch Bidz; and, Staunch Travel.

The company recently signed a multi million dollar contract with Metcash in Australia for the distribution of the Staunch Blast Energy Strips throughout the nation in such stores as IGA, 7-Eleven, Foodland and many thousands of Delis, Milk Bars and Service Stations.

People becoming involved in the company’s network marketing programme can benefit by earning Reward Points from all product purchases made by themselves or friends or contacts they introduce to the marketing system.

The company’s unique Quadrant Binary reward point distribution system is known to be the best in the industry whereby distributors do not have to qualify each month to stay in the system.

The big news for the company is Staunch Bidz which is a reverse auction system whereby participants use a token (nominally US$1) to expose the last big on a product of an amount of cash. Once the participant is satisfied a Sure Win exists they press the “buy now” button and can either make arrangements to pay the bid amount and take delivery of the product OR convert the right to CASH.

In the case of converting to CASH the difference between the opening big and the winning bid is deposited in the participant’s Staunch Virtual Finance Account which can be withdrawn by means of their Staunch Deibit Card.

The company is activly sourcing distributors worldwide to join the network marketing opportunity. Interested parties should check out the web page www.staunchinc.com/leadbellykelly

Further information may be obtained by writing directly to jkelly@staunchinc.com

Rewards
Group

Edited by James M. Kelly
The Fundamentals of Growing Teak are Getting Even Better

· Supply is in rapid decline.

· Prices continue to rise.

· Worldwide demand remains strong.

Rewards Group Ltd, Australia’s largest Teak grower, is pleased to note the recent developments in the global Teak industry by Teak producer, Floresteca, the world’s largest plantation Teak manager. Floresteca is selling second and third thinning material in the form of sawn Teak boards directly into the European timber markets at prices of up to US$7,000 to US$8,000 per cubic metre.

The sawn material has been derived from ‘Saw Quality Grade 3’ (SG-3) logs, which are approximately 30cm in diameter when felled and are more than 2.4 metres in length. These growth parameters match the growth profile of Rewards’ projections for the second and third thinning of Teak logs.

Teak log sales from Burma’s native resources have seen the average price for SG-3 Teak logs increase from A$610 per cubic metre in 2000 to A$1,740 per cubic metre in 2008. Teak logs of all sizes have experienced dramatic price increases over the past 15 years with prices climbing at an average rate of 7% per annum compound, due to rapidly dwindling supply. The price chart below say it all. Please note that all prices are in A$ and in cubic metres.

Average Teak Prices (A$) per cubic metre for SG-2, SG-3, SG-4 and SG-5.

Supply and Demand
With the supply of old-growth native Teak logs from Burma in drastic decline, plantation Teak has become more important than ever, according to R.T Somaiya. Mr Somaiya is India’s consultant for the International Tropic Timber Organisation or ITTO and one of the largest Teak traders in the world. “The demand for Teak in India is far greater than the supply being imported in,” said Mr Somaiya.

“There was only 500,000 cubic metres of Teak logs being imported into India in 2008. 90% of this was plantation Teak. Indian imports of native Burmese Teak logs have fallen to only 50,000 cubic metres.” said Mr Somaiya. “Native old growth Teak logs from Burma are rapidly becoming a thing of the past. The West African production of plantation Teak logs has fallen off a cliff in the past 4 years. The future is in plantation Teak from Brazil and Australia,” he said.

Mr Somaiya said that from 1998 to 2008 the supply of Teak logs from Burma declined by half “from 500,000 cubic metres per annum to 250,000 cubic metres per annum”. A number of West African nations supply 25% of India’s total Teak log imports, but Mr Somaiya said that the supply of West African Teak to India is declining every day. “Supply has dropped off because of the lack of re-planting on Teak estates,” said Mr Somaiya. “The supply of West African Teak to India is expected to cease in 5 years time”.

The Future
Australian plantation Teak will play a vital role in meeting the world’s demand for Teak logs and sawn Teak boards. “The future is very bright for Australian plantation teak. It’s like growing gold in the ground,” said Mr Somaiya. “If you can copy what Floresteca has done in the sawn Teak board market in Teak markets around the world then the financial outcome for all concerned will be spectacular”.

Dhaka
Correspondent

Edited by: James M. Kelly

The infrastructural structure of Bangladesh was last in news in the year 1998, when the Jamuna Bridge was successfully completed. Before this bridge was opened, ferry was the only mode of transport across the Jamuna River, but they too were plagued by long waiting hours and unmanageable rush. Now nearly 2 million vehicles use this bridge and enjoy low transport cost and express transport time.

Its 2009 now and Bangladesh is again in the news for embarking upon another ambitious infrastructural project – The Padma Multipurpose Bridge. This project is even more complex and expensive than the earlier one, but the positive impact this project could make is much more significant. The southwest region of the country, which is comparatively underdeveloped than the rest of the country, will get a developmental boost from this bridge. It will improve telecommunications, railway links, power and gas transmissions and road links to that area, thus making it more integrated with the rest of Bangladesh.

The Bangladeshi government is leaving no stone unturned to make this project a success. They have hired an international consultant firm to handle all the major issues related to this project. In case of the Jamuna Bridge project, World Bank was a major contributor, both in terms of financial and project related expertise. This time also, the World Bank is designated to play a crucial role in project planning and implementation. One area of concern for the government would be to adequately compensate the people affected by the construction of this bridge. These people should be resettled in a proper and systematic manner.

The Padma Bridge, when completed, will be a great boost for Bangladesh. After having successfully completing two enormous projects like the Jamuna Bridge and the Padma Bridge, Bangladesh will be able to take forward the knowledge from these two projects and use it in further projects to improve the overall condition of the country.

Written by: Amber Butler-Davis

Edited by: James Kelly
Financial Crisis doesn’t ruin festive plans

Bai Meng, a Beijing citizen, did not receive her usual holiday bonus from her boss this year. But Bai, who is a researcher with an American-owned chemical firm in Beijing, said she would still spend the last day before the Spring Festival at the capital’s largest supermarket and indulge on ingredients which will help prepare the traditional family reunion feast on the eve of the Lunar New Year.

Bai, 26, told China Daily how the dinner on the Spring Festival eve is very important for every member of the family and she will shop and prepare the feast herself this year.

The China Daily quoted her saying “I didn’t get the bonus this year because of the global financial crisis, and that’s why we decided not to celebrate in a restaurant.”

Beijingers like Bai are extremely busy with last-minute preparations to celebrate for the Spring Festival. Even with the global financial crisis and job security looming large people rushed from supermarkets to shopping malls.

All the shops displayed red lanterns and ox-motif paper-cuts as customary decorations of joy and hope.

A marketing manager at Joy City in Xicheng district, one of Beijing’s main shopping areas explained how they gave a 70 percent discount on some products and arranged various entertainment shows in the mall to attract younger shoppers.

The marketing manager explained how over 200,000 people came to their shops at Christmas last year, and he expected the number to be much higher during the Spring Festival.

Airports and railway stations across the country also remain packed, with travellers eager to return to their hometowns for family reunions.

Bo Changyin, a migrant worker from Mingguang, in the Anhui province, told the Chian Daily how he managed to buy only railway tickets, which allowed his family of three to stand for the 14 hours of their journey home.

The 47-year-old told how his boss paid him his salary yesterday which is why his family are leaving Beijing so late. In total he is taking home 20,000 yuan he was able to save throughout the year while working on a construction site.

The China Daily quoted him saying, “I am thrilled to be able to arrive home tomorrow. My father is waiting for me and we six brothers will together celebrate his 70th birthday. Standing 14 hours on the train is nothing.”

On the Friday before the Spring Festival, workers are preparing red lantern decorations for the Spring Festival Temple Fair at the entrance to Ditan Park in Beijing. Also on Friday, sculptures, a roller coaster, Ferris wheels and a carousel will turn Beijing’s Olympic Park into a sea of joy and fun for the holiday season.

A total area of 15,000 sq metres in the forest park has already been turned into an artificial snow world wonder. Visitors can enjoy skating, skiing, making snowmen and throwing snowballs while ten penguins from Qingdao Ocean Park will be welcoming the visitors.

Besides the Bird’s Nest and Water Cube, the grand Olympic Square between the two buildings will attract a number of visitors over the Spring Festival with a grand carnival, covering a total area of 40,000 sq metres.

Economy Shrinks Weddings

Written: Amber Butler-Davis
Edited: James Kelly
As reality sinks in, the garment worker bursts into tears then reaches for her wedding cake and throws it furiously at a near by wall. Now I know this might just sound like a slight melodramatic fit on the brides behalf but when she realised that the wedding gift money did not cover the cost of her modest wedding party what else was there to do.

Her husband quickly got in contact with his relatives and was able to borrow VND4 million (US$236) from the family. This happy couple had only ordered eight tables at VND650,000 each.

Due to the economic slowdown orders from overseas customers has resulted in a dramatic slump. Many Vietnamese factories and their thousands of workers have been standing still or have been laid off because of so little business.

Brides to be are now simply trying to create their dream wedding on a tight budget. Many woman are now renting their dresses which is only costing them anywhere between VND100,000 to VND200,000. Wedding cakes that used to be three or five tiers high are being replaced with cakes that are only as big as an average hand span. While the guest can still enjoy a four course meal the portions of the meals can now been seen as a taste testing ordeal.

Mai Thi Duy Phong, the manager at Tan Vinh Loc restaurant in the Binh Tan District, where many of the factory workers from Ho Chi Minh City celebrate their weddings is sad to say that he has had some brides trying to pay for parties by offering their wedding jewelry and the traditional gifts that they receive from their in-laws. Mai explains that it is generous but she just does not have the heart to accept their offerings, she can only imagine what the brides must be thinking handing over precious pieces like that.

Now, weddings are simple and the guests often tell one another to eat a hearty meal before attending the ceremony. Plus the dress code has changed dramatically, you no longer see tuxedos, skirts, dresses or make-up at weddings, everyone comes in jeans and a t-shirt.

Workers weddings are now very simple affairs for the restaurants. Sometimes it is only a house with roughly 30 tables, there are 10 guests to a wedding and sheets of plywood separate the different parties.

Nguyen Xuan Thong, from the northern province of Ha Tinh, and Dinh Thi Hai from the nearby Nghe An Province, told how they spent only VND5.8 million ($341) on their wedding last month. The couple explained how they could not even pay for all of it since they only earn a total income of about VND3 million ($177) a month.

Despite the cost and financial difficulties at the present time, factory workers are still planning weddings. Almost all factory workers are now haunted by wedding debts, leaving them to borrow money form relatives are using the wedding gift money to pay for everything. However, now the greeting money pile is shrinking as everyone is sitting in the same boat and cant afford to be as generous as they used to be.

Tran Cam Hong, owner of Dai Nam restaurant in the Binh Tan District has been hosting nearly 70 parties a month this wedding season and explains how the workers’ weddings are even plainer this year.

The results from a survey that was conducted among HCMC industrial parks showed that only 30 percent of the workers who were in a couple in love, dared to marry. Among those who were married only 13 percent were considering about having children.

Le Thi Bich Thuy, the owner of the Lien Thuy restaurant that is in the district explained how there has been a decrease in workers’ weddings at the restaurant when looked at the same time as last year. Thuy also explained how more than half of the wedding parties only were having five tables of guests or less. Sadly, some of the couples had already paid their deposit but then have had to postpone their wedding because either both or their partner have been laid off at work.

With such a low income this has caused brides to be and prospective grooms to think about whether or not they should tie the knot. Instead of enjoying the happy day, couples have been worried about no-shows, hoping that all their guests will come and greet them.

As a result, many wedding parties are lasting till after midnight because the brides and grooms have been waiting for more guest to arrive so they do not start the celebrations on the scheduled time.

Tan Vinh Loc restaurant’s manager Phuong told how the restaurant now has to accept orders of only four to five tables and they must allow their guess to be flexible on the ending time because if not, the workers just won’t book with them. Phuong understands that it is a problem that the workers cannot avoid and the restaurant will help as much as they can.

Hong of Dai Nam restaurant told how the one couple last week waited till 8 pm and still only then the guest s only filled six of the nine tables that had been booked. However, one couple was lucky last week as the greeting money they received from their wedding was able to cover the cost. They expressed their delight and explained that if the greeting money had not covered everything then they would not have known what to do.

Jon Reilly – Vivid Financial

Vivid Financial Monthly Commentary October 2008

The month of October has traditionally been a volatile one. The 2008 version was particularly so… consider the following statistics for equities and commodities:

Equities
• October was the worst month for the companies in the S&P500 in 21 years, since the 1987 stock market crash.
• Global equities in October shed $9.5 trillion.
• October was the most volatile in the 80 year history of the S&P500.
• America had the most down days in a single month since August 1973.
• During an eight-day streak at the start of the month, the Dow lost 2,396 points.

Considering days with 4% moves up or down: there were none from 2003 through 2007; only three throughout the 1950s and two in the 1960s. As for October 2008, there were nine days with moves of more than plus or minus four percent, which edges out September 1932′s record of eight.

Commodities
• Copper and Crude Oil had their worst one-month losses ever.
• Crude Oil futures lost one third of their value, this was their biggest monthly percentage drop since trading began in 1983.
• Gold lost 18% for the month, representing its worst monthly drop since 1980.

As noted in our blog entry on the web site from October 31, several of the indicators that track various measures of volatility and credit markets have started to show signs of improvement. We again see many commentators asking just how much more bad news can there be that is not already priced in at current levels.

Self confessed market bull Charlie Aitken at Southern Cross Equities believes that the worst case scenario has already been accepted and discounted by current share prices.

Using BHP as an example, he estimates that the company is trading on about 5.5 times earnings for 2008/09, down significantly from both the recent highs of 11.5 times and the long term average for the resources sector of 14 times.

The fall from just the recent high implies that BHP’s earnings will decline by about 52% during the current financial year. Aitken makes the exceedingly valid point that this is nigh on impossible given that about half of BHP’s earnings are contracted and locked in until March of next year.

In the meantime, BHP’s share price has fallen 50% from the recent high of $50. He suggests that a worst case scenario is already being discounted into the share price after the recent correction.

In the listed property trust sector we are now at multi decade lows. The S&P/ASX200 property index got to a level of 900 on October 30, the last time it was there was briefly in January 1991, and prior to that November 1987.

We have commented in the past that the prognosis for the Australian economy appears relatively robust. Applying even the most pessimistic outlook one can imagine still would not seem to warrant the absolute capitulation we have seen in this sector.

The view of our Reserve Bank outlined below suggests that when fear does eventually subside and buyers return to the market that there will be a strong rally in this sector.

RBA Commentary
Our Reserve Bank Deputy Governor gave a speech at the end of October that contained some interesting observations. We have heard much about the fact that our economy is in better shape than many others, so it is good to see someone put some flesh on the bones of this argument.

A selection of comments from Ric Battelino’s speech follows:

On Chinese demand for our resources:
It would be naïve to assume that China will not experience an economic cycle, so we should expect its demand for our resources to fluctuate. However, China’s strong long term growth potential must be a source of optimism about our own long term prosperity, given our role as one of its most important suppliers of raw materials.

On potential returns from share markets:
The one-year forward earnings yield on Australian shares has risen to 11 per cent, well above the long run average. This is a very attractive yield. When the yield has risen to these levels in the past, the return on shares over the subsequent 10 years has almost always been well above average.

On the Australian housing market compared with the US:
US house prices stopped rising essentially because the supply of houses overtook demand… The overhang of unsold houses in the US has created downward pressure on house prices as builders and developers have been forced to sell. This is absent in Australia.

Battelino goes on to note that another key difference is that the borrowers targeted by Australian lenders had much better ability to repay loans than did the Americans who took on obligations they could not manage. He points out that the home ownership rate in Australia was no different at the start of our boom than it was at the end. As a result, the arrears rate in Australia is also no higher than it was at the start of the boom, and is low by international standards.

In Conclusion:
The next couple of years will be noticeably more subdued than the past five. We should not be surprised by this as the income and wealth generated over the past five years were simply extraordinary.

By definition, the economy must grow at a below average pace for some of the time. These periods provide the economy with the breathing space to sustain the expansion. There is no reason to assume that the next year or two will not do the same.

US Presidential Election
By the time you read this the Presidential election will have at least been contested, whether we have a result or not will perhaps depend on the lawyers. Although many polls are forecasting that Senator Obama and the Democrats will have a sufficient margin to ensure that this time the election will not be decided in the courts.

Historically, there is little to suggest that either party has had a significantly better track record at managing the economy. What has been more often sited in the past is the importance of the actual presidential cycle, not which party is occupying the Oval Office.

Historical trends suggest that the year of an election has generally been a good one for the markets, and that the first year of a new presidential term has been not so good. The veracity of the trend is questionable at best, as the last three Presidents have all seen good share market performance in their first years in office.

Similarly, the last year of a presidency is supposed to the best of the four year cycle, which clearly has not been the case during 2008. What should be more important, assuming the predictions are correct, is the genuine opportunity for the Democrats to undertake significant structural reform, or the New Deal II as it has become known in the media. This may just provide the catalyst that the American economy needs to begin its long path back.

The economic landscape for the new President will not be a pretty one. The American economy is very much a consumer driven one, and that same consumer has for many years lived beyond their means, using home equity withdrawals to keep buying the production of other countries, mainly China.

Commentator John Mauldin reports that over 2% and sometimes over 3% of GDP growth in 2002-2006 was the result of rising housing prices, allowing consumers to borrow against their homes and spend on mainly discretionary items.

He has also produced the following chart and makes the point that without this additional spending that George W Bush would have presided over a two year recession in 2001 and 2002, and would likely have only been a one term president.

Interest Rates
Finally a quick comment on interest rates, in the context of the Reserve Bank cutting by 75 basis points in their November meeting. The markets were expecting a 50bps reduction, so the move to cut by 75bps marks the second month in a row where the RBA has surprised the markets.

We are fortunate to have the capacity to do so, and it is worth noting that the 5% rate is generally a considered a neutral policy stance. So in fact, the significant moves which have shaved 2% off rates in the last two months has only brought about a removal of the restrictive stance that had previously been in place.

By comparison to the United States and Europe and especially Japan, our central bank still has significant scope to stimulate our economy.

DISCLAIMER: The information contained in this document is for general information purposes only. It is provided in good faith and is not intended as advice. It does not take into account any individual circumstances, objectives or particular needs. We strongly recommend that you seek professional advice from one of our advisers before making any decisions on your tax or financial planning. Vivid Financial Pty Ltd is a Corporate Authorised Representative No. 317 682 of Australian Financial Services Limited (AFSL 297239 ABN 50 116 900 362).