Archived News for Finance Sector Professionals - October, 2012
Large institutional investors are increasingly reliant on the personal advice of their colleagues, according to new research released by East & Partners.
BOQ profits shaky, but Board confident
The Bank of Queensland has announced a statutory loss of $17.1 million for the full 2012 year, with the company citing increased provisions and one-off legacy expenses the causes of the loss.
Financial wellbeing hits highest level since 2010
Household financial wellbeing has hit its highest level since 2010 according to the latest ING DIRECT Financial Wellbeing Index, with savings, traditionally an Australian weak point, recording a particularly strong bounce.
It's still a buyers market finds Commbank
The Australian property market continues to favour buyers, according to the latest Commonwealth Bank/ RP Data Home Buyers Index (HBI).
One in four victim of card fraud
One in four credit card holders have fallen victim to credit, debit or pre-paid card according to international research and advisor firm ACI Worldwide.
Pandit steps down from Citigroup
Citigroup’s Board of Directors has confirmed that Vikram Pandit has stepped down from the position of Chief Executive Officer and member of the Board.
ASX releases disclosure draft paper
The ASX has released a revised draft of the Listing Rule Guidance Note 8 that would seek to provided listed companies with clear, more detailed information to assist them understand and comply with their continuous disclosure obligations.
Final default superannuation report released
The Federal Government has released the Productivity Commission’s (PC) final report into default superannuation funds in modern awards, concluding the existing arrangements have provided market stability with health returns.
Housing finance shows heartening bounce
The number of home loans taken out has increased by 1.8 per cent over August, reaching the highest point the sector has seen since January this year.
SA announces housing grant reforms
All South Australian homebuyers will be eligible for a minimum of $8,500 under a new reform package announced by Premier Jay Weatherill.
TPG withdraws Billabong offer
Capital management firm TPG has announced it has pulled out from the offer to acquire 100 per cent of the shares in the company.
ACCC blocks Seven's move on CMH
The Australian Competition and Consumer Commission (ACCC) has announced it will oppose the proposed acquisition by Seven Group Holdings of Consolidated Media Holdings (CMH).
Government moves to implement trans-Tasman super portability
The Federal Government has introduced legislation before Parliament that seeks to establish a trans-Tasman retirement savings portability scheme.
Government ratifies multilateral tax agreement
The Federal Government has ratified the Convention on Mutual Administrative Assistance in Tax Matters, paving the way to promote international corporation between national revenue authorities to assist in enforcing national tax laws.
Lee appointed as VFMC's new CEO
Warren Lee has been appointed of the Victorian Funds Management Corporation new Chief Executive Officer effective Monday, 15 October.
Non-majors building market share
Recent findings published by AFG show that the country’s non-major lenders have increased their market share of the mortgage market from the Big Four banks, rising from 19.6 per cent in October last year to 24.3 per cent last month.
Unemployment jumps to 5.4 per cent
Australia's seasonally adjusted unemployment rate increased 0.3 percentage points to 5.4 per cent in September, as announced by the Australian Bureau of Statistics (ABS).
Australia becomes 12th largest economy
Australia has become the 12th largest economy, after IMF data revealed the country has overtaken Spain in economic output.
Consumer sentiment growth lacklustre
Consumer sentiment has tracked up marginally in October, with experts calling the findings a disappointing result for the economy.
IMF paints gloomy global picture
Growth forecasts have taken a significant hit after global trade has slumped, hurting emerging markets and developing economies according to the latest review of the global economy released by the International Monetary Fund (IMF).
Retail turnover increases
The latest Australian Bureau Statistics (ABS) Retail Trade figures show that Australian retail turnover rose 0.2% in August 2012, seasonally adjusted, following a fall of 0.8% in July 2012.