THE Australian dollar was weaker at noon, as investors sold commodities-driven currencies on ongoing worries that a global recession will demand for raw materials. The domestic unit has depreciated nearly 37 per cent since hitting a post-float high of US98.49c in mid-July. At 12noon (AEDT), the Australian dollar was trading at $US0.6212/17, down from Friday’s…
Superannuation analysts are predicting super funds will have fallen 15 per cent for the year, by the end of October. In the year to September balanced funds were down about 12 per cent. It is the first time there has been four consecutive quarters of negative returns since the compulsory scheme was introduced in 1992.…
More property and mortgage related funds have suspended redemptions amid the financial services industry’s efforts to gain some further accommodation from the Federal Government around the bank guarantee. APN Funds Management today joined Colonial First State in announcing temporary suspensions to redemptions. Colonial First State announced that it had suspended applications, daily withdrawals and switches…
Leading superannuation body, the Australian Council of Superannuation Investors (ACSI), has called for a change in chief executive pay and disclosure and has labelled some CEO termination payments as “too generous”. In a media statement by ACSI, the council said it supports the introduction of UK-style proposals that provide for the outstanding term of a…
Colonial First State, ING and APN Funds Management have joined the ranks of the country’s leading mortgage funds that have suspended redemptions in the wake of the Government’s guarantee on banking deposits, locking up more than $6 billion of investor capital. Colonial First State will suspend applications, daily withdrawals and switches relating to funds with…
For the past two years bank chief executives have been explaining away the rising trend in bad and doubtful debt charges by saying rhe increases were off a low – abnormally low – base. The tone of the discussion changed yesterday when National Australia Bank’s chief executive designate, Cameron Clyne, said the bad-debt cycle had…
TELSTRA’S main rival in the bidding process for the national broadband network says it remains committed to the project despite the withdrawal of one of its key members. Terria chairman Michael Egan said he regretted today’s withdrawal of AAPT from the consortium of eight telecommunications companies, just six weeks before the federal government’s deadline for…
We are going through the worst financial crisis in our lifetime.” – Prime Minister Kevin Rudd A week may be a long time in politics but it’s proving to be an eternity on financial markets, as investors increasingly worry about runs on banks, global economic collapse and a deep recession. It’s requiring the Rudd government…
The Financial Planning Association (FPA) has moved to defend members after former Federal Treasurer Peter Costello suggested financial planners are to blame for superannuation investment losses. In an interview in The Australian, Mr Costello said people who believe they were pushed into large superannuation investments after his Government removed tax on benefits for those over…
Tower Australia Group has bought direct life provider InsuranceLine Holdings for $136 million, three years after buying an initial 15% stake in the company. The deal is intended to cash in on growing demand for direct life insurance products within a market that is projected to treble to $19 billion by 2017. The $136 million…