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ASIC To Crack Down On Rogue Stock Brokers
The Australian Securities and Investment Commission (ASIC) says it will start focusing more closely on the operations of Australian broking houses that use market rumours to generate an increase in their sales or the trading activity of their clients .
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Australian Credit Growth Falling, More Interest Rate Cuts To Follow
Low interest rates have failed to stimulate demand for credit in Australia, which means that the country is probably in line for further reductions by the Reserve Bank of Australia (RBA) in the official cash lending rate as early as next week.
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Rio Tinto up **** Creek Without a Paddle
BHP Billiton has been weighing up a bid for Rio for years, as the two companies have highly complementary assets, especially in iron ore, coal, copper and diamonds. Chip Goodyear, former BHP chief executive, and Don Argus, chairman, pitched a friendly deal to their Rio counterparts in April last year but were rebuffed.
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QBE Raises A$ 2 billion. Will it bid for AIG?
QBE Insurance, Australia’s largest insurer announced that it would be raising capital into order to repay debt and fund foreign expansion through acquisitions. The exercise should raise A$ 2 billion and would take place in the form of a fully underwritten institutional share placement.
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CBA Computer Glitch Now Fixed.
A computer error resulted in money disappearing from the accounts of 200,000 Commonwealth Bank of Australia customers over the weekend which had the bank scrambling to fix the error and reassure its customers.
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The Credit Crisis and Me
It has been a long time since the developed world has experienced a recession, one like the kind that I believe to be coming. I see a little disconnect between what people who live in the worlds big cities are saying and what they are doing. High end restaurants and bars still seem to be full, even if they are only catering to the well to do and its only one session rather than two these days.
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Suncorp Raises Full Year Earnings Guidance
Suncorp-Metway who only as recently as 6 weeks ago was looking at selling of key business units at distressed prices at the height of the credit crisis, raised it full year bank profit forecast. Not surprisingly the insurance and banking groups stock gained as much as 8 per cent at the start of trade, immediately after the announcement, and then paired its gains, ultimately closing down a little over 5 per cent for the day compared to a broader index which was largely unchanged
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Babcock & Brown in Deposit Dispute With Bankers
Babcock & Brown, the troubled Australian investment advisory firm, said that it was involved in a dispute with one of its bankers, over the release of a deposit which it views as a “material amount”
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Some Credit Card Lenders Actually Increasing Interest Rates
Some Australian credit card lenders have been raising their interest rates despite the Reserve Bank of Australia (RBA) having cut official lending rates by 2 per cent since September.
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No More No Deposit Home Loans
No deposit home loans for now are going to be a thing of the past, or at the very least it will become increasingly difficult for prospective home to secure funding on a no deposit basis, if not outright impossible.
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