ASIC questions disclosure rules

The Australian Securities and Investments Commission said yesterday that 44 per cent of consumers can't read well enough to understand investment disclosures and only 20 [...]

POSTED ON February 19, 2008
Allco asset sale imminent

Shares in financial services company Allco have been in a trading halt since last Monday while it is believed to be considering a partial asset [...]

POSTED ON February 18, 2008
It’s been a busy time at the ASX

The Australian Securities Exchange is referring an increased number of insider trading allegations to ASIC with six breaches referred in January alone, compared with the [...]

POSTED ON February 15, 2008
Tricom struggles with fund demand

The future of troubled broking firm Tricom is in doubt as it has been forced to seek a buyer. With some of the company’s largest [...]

POSTED ON February 15, 2008
Industry wants 15% super in 7 years

The superannuation industry says that most people are not saving enough to fund their retirement and have called on the government to force 15 per [...]

POSTED ON February 14, 2008
Lenders check the books at Allco

Lenders to Allco Finance Group have called in corporate restructuring specialists as they attempt to ensure the viability of the investment finance specialist. With Allco [...]

POSTED ON February 14, 2008
Regulator eyes margin loan industry

The Australian Securities and Investments Commission has called for greater regulation of the $36 billion margin lending sector. In its submission to the Productivity Commission, [...]

POSTED ON February 14, 2008
Bank share hit bargain levels

Bank shares fell yesterday following the Commonwealth Bank's profit announcement and are now at their cheapest since early 2000 and the "tech-wreck". CBA shares were [...]

POSTED ON February 14, 2008
Commonwealth reports profit jump

The Commonwealth Bank has announced an 8 per cent increase in its first half profit to $2.371 billion, compared with $2.191 billion in the same [...]

POSTED ON February 13, 2008
Fortress fund tumbling down

The Macquarie Fortress Investments fund is close to collapse with the value of its portfolio falling by a third in the last week. The drop [...]

POSTED ON February 12, 2008
Opes Prime rides out margin call surge

Broking firm Opes Prime said that it has not seen any significant increase in the level of margin calls to its clients during the share [...]

POSTED ON February 11, 2008
Credit problems could persist all year

The National Australia Bank has warned that conditions in wholesale funding markets have continued to deteriorate and predicts that the turmoil in global financial markets [...]

POSTED ON February 8, 2008
Rates rise supports currency

Stabilising equity markets overnight have helped the Australian dollar to open firmer today. The currency was trading at $US0.8975 early this morning with some of [...]

POSTED ON February 7, 2008
Moss departure makes markets mean

The chief executive of Macquarie Group, Allan Moss, has announced his retirement and from May will be replaced by Nicholas Moore, currently its investment banking [...]

POSTED ON February 7, 2008
Nervous investors punish CBA

Investors have punished the Commonwealth Bank for its Monday announcement of a change in profit reporting definitions to exclude unrealised gains and losses on derivatives [...]

POSTED ON February 6, 2008
Understand risks in the margins

Investors considering a margin loan should read the find print and ensure they understand their obligations. If the value of the share portfolio falls the [...]

POSTED ON February 6, 2008
Dow Jones leads the world

The Dow Jones Industrial Average has outperformed other world markets despite the increasing possibility of a recession in the US. In January the Dow lost [...]

POSTED ON February 6, 2008
Tricom rethinks margin strategy

Troubled broker Tricom Securities is under instruction from its banks to reduce its margin loan portfolio to $500 million and has said that it could [...]

POSTED ON February 5, 2008
Margin calls hit record highs

Record levels of margin calls have been made in the last two weeks and investors who have borrowed to purchase shares in companies exposed to [...]

POSTED ON February 5, 2008
CBA fears lead bank shares down

Shares in the major banks fell yesterday after the market was spooked by the Commonwealth Bank. The bank called an investor briefing and said that [...]

POSTED ON February 5, 2008
Margin lenders differ on regulation call

The call from the ASX for closer regulation of the margin lending industry has received a lukewarm response from the industry. While the proposal has [...]

POSTED ON February 4, 2008
Tricom slashes margin loan business

Embattled broker Tricom Equities is busily reducing the size of its loan book and has seen broking revenues dive. Managing director Lance Rosenberg said that [...]

POSTED ON February 4, 2008
Margin calls made on ‘risky’ shares

Investors who have used margin loan facilities to buy stocks that are now seen as risky are being hit with orders to settle their loans. [...]

POSTED ON February 1, 2008
Bad start for IPOs

January has been the worst month for initial public offerings (IPOs) since February 2006 with only four new floats worth $US17 million. While the first [...]

POSTED ON February 1, 2008
Business lending up, but brakes on housing

Business lending is increasing at its fastest rate in almost 20 years with a 1.6 per cent increase in December contributing to a 24.3 per [...]

POSTED ON February 1, 2008
ASX under scrutiny for Tricom troubles

The ASX has been criticised for its role in creating uncertainty in the share market following the failure of Tricom to settle its trades on [...]

POSTED ON February 1, 2008
Broker settles but will be closely watched

The broker and margin lender Tricom will be under daily supervision by the ASX after failing to settle trades on Tuesday. While the firm did [...]

POSTED ON January 31, 2008
MFS fund frozen

Investors in the $770 million MFS Premium Income Fund will today receive a letter advising them that they cannot withdraw any money for up to [...]

POSTED ON January 30, 2008
Broker fails to settle

Stockbroker Tricom Equities has confirmed that it did not settle its trades with the Australian Securities Exchange last night, prompting speculation that the company may [...]

POSTED ON January 30, 2008
Margin lenders give Allco a break

Two margin lenders have given Allco executives a reprieve by agreeing not to force the sale of the remaining 6.5 per cent of the company [...]

POSTED ON January 29, 2008
ANZ to let fingers do the banking

The ANZ Bank is understood to be trialling a new service that will allow customers to use mobile phones to conduct their banking. While a [...]

POSTED ON January 29, 2008
Super fund members need reassurance

Superannuation fund members are seeking assurances about the performance of their funds in record numbers after falls on the share market in the past few [...]

POSTED ON January 25, 2008
US moves prop up markets

All the share market losses on Tuesday have been recovered as investors reacted to moves in the US to shore up its economy. Following a [...]

POSTED ON January 25, 2008
Margin call on Allco shares

Shares in Allco went against the market trend yesterday by falling 78 cents to $2.21. The slide was triggered by margin calls which saw executives [...]

POSTED ON January 24, 2008
Market plunge causes record trade volumes

The Australian Stock Exchange saw record volumes on Tuesday with 665,000 cash market trades worth $10 billion and there were a further 576,000 trades yesterday [...]

POSTED ON January 24, 2008
Aussie banks a safe haven

Shares in Australia's big banks have outperformed the general share market by only losing 20 per cent of their value since the start of November, [...]

POSTED ON January 23, 2008
Market heat causes CommSec crash

CommSec's online trading system crashed yesterday morning as the market went into meltdown with the service unavailable from 10am until 10.35am. CommSec accounts for around [...]

POSTED ON January 23, 2008
AXA shareholders will hear from Tweed

Market predator David Tweed has won his battle to gain access to the shareholder register of AXA. The Corporations Act says that listed companies must [...]

POSTED ON January 23, 2008
Massive market wipeout

Investors lost $104 billion on the Australian share market yesterday in the biggest fall in a single day since October 1989. Since the market peaked [...]

POSTED ON January 23, 2008
Merrill and Citi seek funds injection

Merrill Lynch and Citigroup, two of the world's largest banks, are approaching foreign investors to raise a total of $US13 billion. The news comes as [...]

POSTED ON January 22, 2008
Banks still offer good returns

While concerns about the exposure of Australian banks to problems in the US have been circulating over the past few days, analysts say that the [...]

POSTED ON January 22, 2008
Allco shares hit by market nerves

Shares in Allco Finance Group fell by 35 per cent to close at $3.10 yesterday and are 77 per cent below the $13.24 peak achieved [...]

POSTED ON January 22, 2008
Westpoint investors still looking for cash

Two years after the collapse of the Westpoint group investors are still waiting to see any of their cash. The Australian Securities and Investments Commission [...]

POSTED ON January 22, 2008
Super funds promote long term view

According to SuperRatings the average superannuation fund has lost 6 per cent so far this month, following a 0.46 per cent drop in December. However [...]

POSTED ON January 22, 2008
Market down again and could keep falling

The share market fell 3 per cent yesterday and some analysts are tipping that it could lose a further 10 per cent. The S&P/ASX 200 [...]

POSTED ON January 22, 2008
Super returns stall

After three years of positive returns from all asset classes Australians should brace themselves for mixed results in 2008. With the local sharemarket experiencing its [...]

POSTED ON January 22, 2008
Second stockmarket correction this year

The stock market has recorded its second technical correction in six months after losing a total of $44 billion over the last two days. A [...]

POSTED ON January 22, 2008
Gold worth its weight

The price of gold has risen by 42 per cent since the problems in the US credit markets started in August. With central banks taking [...]

POSTED ON January 22, 2008
Difficult days for margin lenders

It's not just mortgages that are feeling the pressure of higher interest rates with many lenders increasing their margin loan rates by more than the [...]

POSTED ON January 22, 2008
Aussie stocks battered

Over $35 billion was wiped from the Australian sharemarket yesterday following Friday's poor employment figures out of the US which fed concerns that it could [...]

POSTED ON January 22, 2008
Most choose industry or self-managed super

The biggest winners from the introduction of the superannuation choice legislation have been industry funds and self-managed super funds (SMSFs). While some thought that industry [...]

POSTED ON January 21, 2008
Suncorp confident of share price

Suncorp's chief executive, John Mulcahy, says that they will be able to close the share price gap with rivals by the end of 2008. With [...]

POSTED ON January 21, 2008
More happy with their choice of fund

The rate of people switching their superannuation funds continues to slow with the latest Roy Morgan research finding that only 2.9 per cent changed funds [...]

POSTED ON January 21, 2008
Bargain hunters scour share market

The Australian share market has fallen 16 per cent over the last two and a half months but some say there are now good deals [...]

POSTED ON January 21, 2008
US tries to kick-start economy

A $US145 billion rescue package for the American economy announced by President George Bush on Friday has failed to calm investor concerns on Wall Street. [...]

POSTED ON January 21, 2008
Margin call rates shoot up

The incidence of margin calls is increasing as the stock market continues to fall. Macquarie Margin Lending said that they made 72 calls yesterday but [...]

POSTED ON January 17, 2008
Share market on the skids

The local share market fell for the eighth consecutive business day yesterday with the All Ordinaries Index shedding a total of $35 billion. The S&P/ASX [...]

POSTED ON January 17, 2008
Index up but on the back of few stocks

While the S&P/ASX 200 Index showed that the Australian stockmarket rose by 12 per cent over 2007, just five stocks accounted for over three-quarters of [...]

POSTED ON January 17, 2008
Property trusts give no returns

Property funds have recorded their worst annual performance in over 25 years with the S&P/ASX 300 Listed Property Trusts Index down 8.4 per cent during [...]

POSTED ON January 17, 2008
Citigroup posts record loss

US bank Citigroup has posted a net loss of $9.83 billion for the fourth quarter after writing off $US18.1 billion in sub-prime losses and being [...]

POSTED ON January 17, 2008
Dismal start to the year for super returns

The average superannuation fund return is estimated to be 8.6 per cent for 2007 according to research by SuperRatings. While this is the lowest rate [...]

POSTED ON January 17, 2008
CFD player picks up broker

Contracts for difference specialist CMC Markets has purchased online broker Andrew West Stockbrokers. The $20 million plus acquisition will give CMC access to the 28,000 [...]

POSTED ON January 17, 2008
NAB says UK market OK

The share price for National Australia Bank has lost almost $10 or 21 per cent from its $45 peak in November. Causing the slide is [...]

POSTED ON January 17, 2008
Bonds could be the star performers this year

Analysts are predicting that the bond market could outperform shares this year, as long as the Reserve Bank of Australia’s tightening cycle ends in the [...]

POSTED ON January 17, 2008
US concerns weigh heavily on markets

The Australian sharemarket is expected to fall further today, following the lead of heavy falls on Wall Street on Friday. The US Treasury Secretary Henry [...]

POSTED ON January 17, 2008
Investors lose on structured products

Products marketed to investors as conservative investments that would protect against market volatility are facing losses. Products offered by Macquarie Bank, Deutsche Bank and Lehman [...]

POSTED ON January 17, 2008
Shareholders fight for their rights

Class actions by shareholders look set to become more common as investors seek to assert their rights. As the ramifications of the US sub-prime crisis [...]

POSTED ON January 17, 2008
US economy gives market the jitters

Sharemarkets fell yesterday amid building concerns about the health of the US economy. The worst result in five years for the manufacturing sector raised the [...]

POSTED ON January 17, 2008
Oil hits record $100 a barrel

A combination of African violence, tight energy stockpiles and a weaker US dollar have contributed to a surge in the price of oil as speculative [...]

POSTED ON January 17, 2008
Shares higher on blog rumours

Bargain hunters helped to push the sharemarket slightly higher yesterday with the All Ordinaries gaining 13.2 points to 6434.2. However chief equities economist at CommSec, [...]

POSTED ON January 17, 2008
Xmas mobile shoppers beware

Consumers buying mobile phones for Christmas should check and understand the terms of their phone contract before signing warns the Australian Communications Authority (ACA). The [...]

POSTED ON December 12, 2000
Record health fund profits prompt payout call

Private health funds are under increased pressure to help out consumers and struggling private hospitals after recent figures indicate a record $343 million profit for [...]

POSTED ON December 11, 2000
Anger at Kurnell airport plan

The Federal Government's plan for a second Sydney airport in Kurnell – supported by Prime Minister John Howard – has been attacked by local residents [...]

POSTED ON December 11, 2000
Chat sites back under the hammer

Criminal lawyer, Chris Murphy, is launching a defamation action against online stock chat forum Stockhouse. It appears that the abuse and allegations against Murphy were [...]

POSTED ON December 11, 2000
Virgin Blue arrives in Adelaide

Virgin Blue commenced its Brisbane to Adelaide service yesterday. The red Boeing 737 didn't have one empty seat and flew under an archway of water [...]

POSTED ON December 11, 2000
Colonial customers to move to CBA

By the end of January 2001, Colonial Bank customers will be able to do their banking at Commonwealth Bank branches. CBA has announced plans to [...]

POSTED ON December 8, 2000
Banks will cooperate on fees says ACCC

According to the Australian Competition and Consumer Commission (ACCC), the major banks – who the ACCC have accused of fixing credit card interchange fees – [...]

POSTED ON November 28, 2000
Dial a pop star

Telstra has struck a deal with ARIA and record label, Transistor Music, to bring PhoneAway cards to the public. The new cards have been developed [...]

POSTED ON October 12, 2000
Happy about net and mobile services

A recent survey by the Australian Communications Authority (ACA) indicates that the majority of Australian consumers are satisfied with their mobile and internet services. Figures [...]

POSTED ON October 12, 2000
New stock exchange for Bendigo

Targeting the rural sector, the Bendigo Stock Exchange will open for share trading once funding is established. Six companies and around 12 brokers are needed [...]

POSTED ON October 12, 2000
Qantas serves up expired food

1,000 out-of-date Qantas meals were thrown out after staff refused to serve them. However, staff have claimed that meals that were either out-of-date or on [...]

POSTED ON October 11, 2000
First Australian and Bendigo merger

Shareholders of First Australian Building Society will decide whether or not to accept Bendigo Bank’s merger proposal in a meeting tomorrow to be held in [...]

POSTED ON September 29, 2000
GST refund mess

Delays in GST refunds may cause some businesses problems with their cash flow. According to tax advisers the ATO is yet to pay out GST [...]

POSTED ON September 28, 2000
Mortgage brokers moving in

The recent rise of mortgage brokers - intermediaries that offer loans from a variety of lenders instead of only one – has helped ANZ and [...]

POSTED ON September 28, 2000
NAB cracks down on credit fraud

Using software already in use in the US, the National Australia Bank is cracking down on credit card fraud saving $2 million in the last [...]

POSTED ON September 28, 2000
WAP banking still needs work

After Westpac launched its WAP service, the NAB and ANZ have completed trials for their WAP programs but are yet to officially launch them. The [...]

POSTED ON September 27, 2000
$200bn customers for NAB

The NAB’s Global Securities Services business has scored two new lucrative clients, Brown Brothers Harriman and Mellon Trust. NAB’s assets under custody in Britain could [...]

POSTED ON September 26, 2000
ATMs at churches

In an attempt to re-establish the local parish as the centre of the community, The Church of England is considering installing cash-dispensing machines in its [...]

POSTED ON September 26, 2000
Suburban anger at major banks

Communities in Sydney’s inner west are following in the footsteps of their rural counterparts by attempting to establish their own community banks with Bendigo Bank. [...]

POSTED ON September 26, 2000
Westpac open on Sundays

From the 17th September to October 1, Westpac branches in the CBD, Manly, Bondi and Kings Cross will open for trading each Sunday. Manly, Bondi [...]

POSTED ON September 25, 2000
Treasurer asks NAB to explain

Federal Treasurer Peter Costello has called for an explanation from the NAB regarding its decision to close 100 of its branches and to increase fees. [...]

POSTED ON September 22, 2000
Credit card bank back down

After the ACCC threatened legal action against the major banks for fixing of credit card 'interchange’ fees (charges between banks for processing transactions on each [...]

POSTED ON September 22, 2000
Qantas passengers go hungry

In an ironic twist in the current discount airfare war, Qantas was forced to run several domestic flights last night without meal services. A snap [...]

POSTED ON September 21, 2000
ACCC points to card fees compensation

The ACCC has raised the possibility of consumers receiving compensation from the banks for being charged excessive interchange fees on credit card transactions. Mr Allan [...]

POSTED ON September 20, 2000