Financial

  • Australian banks: Love on the rocks Financial Times - 5 hours ago

    The blissful early phase of every romance eventually collides with reality. Australian investors have been head over heels with the country's banks and their dreamy yields. Judging by recent earnings reports, ...

  • Greece makes IMF payment, another looms Associated Press - 7 hours ago
    Greece makes IMF payment, another looms

    Greece is making a 200 million euro ($222 million) repayment to the International Monetary Fund, though another, larger one looms next week that it will struggle to manage. A Greek finance ministry official ...

  • Banks rebuked over home loan rate cuts AAP - 8 hours ago
    Banks rebuked over home loan rate cuts

    Some of Australia's biggest banks are under attack for failing to pass on in full to home loan customers the Reserve Bank's interest rate cut. Only one of the nation's big four banks, ANZ, has followed the RBA's lead and cut standard variable home loan rates by 25 basis points. ANZ's rivals, the Commonwealth Bank and National Australia Bank, held back and trimmed their rates by just 20 basis points. Westpac late Wednesday announced a cut to its variable rate by 0.22 per cent to 5.48 per cent after the RBA sliced its cash rate by 0.25 per cent to a record low of two per cent on Tuesday.

  • UAE traders charged with 'spoofing' NY market Financial Times - 12 hours ago

    Two traders in the United Arab Emirates have been charged with "spoofing" the New York gold and silver market after an unusually quick investigation by the US futures regulator. In increments ...

  • CBA shares down on flat profit AAP - 16 hours ago
    CBA shares down on flat profit

    Commonwealth Bank shares have fallen to their lowest level in more than three months after it posted a flat $2.2 billion quarterly cash profit. Net profit, which includes one off-items, fell to $2.2 billion in the three months to March 31, from $2.3 billion for the same period a year ago. CBA said competition among lenders had weighed on its group net interest margin, the profit it makes on loans, during the quarter.

  • NZ dollar falls to 8-week low vs. Aussie after RBA removes easing bias BusinessDesk - 19 hours ago

    The New Zealand dollar fell to an eight-week low against the Aussie as traders bet the Reserve Bank of Australia is finished its easing cycle after it reduced the country's benchmark interest rate to a record low 2 percent yesterday. The local currency weakened to 67.49 euro cents from 67.80 cents yesterday and was little changed at 90.53 yen from 90.58 yen.

  • 5 years of bailouts: the grim legacy of Greece's crisis Associated Press - 23 hours ago
    5 years of bailouts: the grim legacy of Greece's crisis

    The sculpture shows a shabbily-dressed man slipping off what appears to be a graph, an economic index perhaps, that is crumbling under his feet. His mouth is distended in something less than a scream, ...

  • Greek officials lobby EU, ECB for swift loan payout Associated Press - Wed, May 6, 2015 1:44 AM NZST
    Greek officials lobby EU, ECB for swift loan payout

    With Greek ministers dispatched across the European Union on a whirlwind goodwill tour, the EU's top finance official said he expected Athens and its creditors to make "good progress" by next ...

  • Stocks cautious after plunge in Chinese market Associated Press - Tue, May 5, 2015 11:39 PM NZST
    Stocks cautious after plunge in Chinese market

    Stock markets were subdued on Tuesday after Chinese stocks plunged as the start of an IPO wave cooled investor sentiment. KEEPING SCORE: In Europe, France's CAC-40 edge up 0.1 percent to 5,084.85 and Germany's ...

  • WA govt seeks to finalise Bell Group case AAP - Tue, May 5, 2015 9:13 PM NZST

    The Bell Group legal saga began in 1995, four years after the Alan Bond-controlled group collapsed, and centred on loans of about $265 million provided to various Bell companies by a consortium of 20 banks. While the WA Supreme Court approved a settlement between the liquidators and banks in 2013, litigation between creditors is underway in the state and in the UK to determine how the $1.7 billion will be apportioned. WA Treasurer Mike Nahan told parliament on Tuesday that legislation would be introduced to finalise the matter and "inject some certainty into the timing of the distribution of funds". "There is limited confidence there will be a timely conclusion that does not involve further complex and protracted litigation across multiple jurisdictions," Dr Nahan said.

  • CBA, ANZ lower interest rates AAP - Tue, May 5, 2015 8:06 PM NZST
    CBA, ANZ lower interest rates

    The Commonwealth Bank has passed on a portion of the Reserve Bank's 0.25 per cent interest rate cut, cutting its standard variable rate by 20 basis points. The cut puts its standard variable rate to what it says is the lowest in its history at 5.45 per cent. Announcing the changes, Matt Comyn, group executive retail banking services said: "While the circumstances of each RBA cash rate decision will always vary, we've carefully considered the impact of the current environment and moved to balance the needs of our customers. The CBA was responding to the Reserve Bank's lowering of the official interest rate to a historic low of two per cent on Tuesday.

  • Shanghai shares slump 4%; Sydney slips after RBA rate cut CNBC - Tue, May 5, 2015 8:00 PM NZST
    Shanghai shares slump 4%; Sydney slips after RBA rate cut

    Chinese shares plummeted on Tuesday, while their counterparts in Sydney witnessed volatile trade following the Reserve Bank of Australia's rate cut.

  • Aust dollar up on interest rate outlook AAP - Tue, May 5, 2015 7:26 PM NZST

    The Australian dollar has risen on market expectations that the rate cut cycle has ended after the Reserve Bank lowered the interest rate to a record two per cent. It dipped to an intraday low of 78.23 shortly before the RBA released its interest rate decision at 1430 AEST.

  • Aust shares close flat AAP - Tue, May 5, 2015 7:05 PM NZST

    The share market gave up all of its gains during the day to close flat after investors were downbeat about the Reserve Bank of Australia's assessment of the economy. IG chief market strategist Chris Weston said investors hoping for further stimulus down the track had sent stocks falling, but he thought they were wrong.

  • RBA cut could be its last for a while AAP - Tue, May 5, 2015 6:58 PM NZST
    RBA cut could be its last for a while

    Home loan borrowers might want to savour the Reserve Bank of Australia's latest interest rate cut, with many economists tipping it to be the central bank's last trim for some time. The RBA slashed the cash rate by 0.25 of a percentage point at its monthly board meeting on Tuesday, taking rates to an historic low of two per cent. In a statement accompanying the RBA's decision, governor Glenn Stevens cited weakness in business capital expenditure in both the mining and non-mining sectors, while noting that the bank was working to contain risks in the housing market. CommSec chief economist Craig James said he believed the RBA was "quietly confident" it had now slashed rates enough, given there were signs of recovery in the economy.

  • ANZ passes on RBA rate cut AAP - Tue, May 5, 2015 5:57 PM NZST
    ANZ passes on RBA rate cut

    ANZ is the first of the big banks to pass on the Reserve Bank's interest rate cut. ANZ says its variable retail home loan rates will fall by 25 basis points from May 8. The RBA on Tuesday cut its cash ...

  • Macquarie boss says bank should behave AAP - Tue, May 5, 2015 5:32 PM NZST
    Macquarie boss says bank should behave

    Macquarie Group chairman Kevin McCann has acknowledged his banking firm needs to do better in the wake of the financial advice scandal. Victims of dodgy financial ideas lost millions of dollars in savings after consulting Macquarie's private wealth division. The Commonwealth Bank and National Australia Bank were also implicated in the financial planning drama. A fortnight after banking executives and financial advice victims fronted a Senate inquiry Mr McCann, who chairs Macquarie Group and Macquarie Bank, said the shortcomings were being addressed.

  • RBA cuts rates to new historic low in May AAP - Tue, May 5, 2015 5:32 PM NZST
    RBA cuts rates to new historic low in May

    Home loan borrowers will be cheering after the Reserve Bank of Australia cut the official cash rate to a new record low of two per cent. The RBA trimmed the cash rate by 0.25 of a percentage point at its monthly board meeting on Tuesday. Commonwealth Bank of Australia senior economist Michael Workman said soft investment outside the mining sector had probably been a key factor in the RBA's decision. "It remains quite weak and business surveys are telling people that there's quite low confidence among the private sector," Mr Workman told AAP.

  • Cramer: Warren Buffett's biggest diet nightmare CNBC - Tue, May 5, 2015 11:03 AM NZST
    Cramer: Warren Buffett's biggest diet nightmare

    Jim Cramer talks to Ali Partovi on the growing trend of organic farming and three major trends flipping the table on how the world eats.

  • Prudential Bancorp posts 2Q profit Associated Press - Tue, May 5, 2015 10:09 AM NZST

    The Philadelphia-based company said it had net income of 18 cents per share. The bank holding company posted revenue of $5.4 million in the period. Prudential Bancorp shares have risen roughly 5 percent ...

  • May rate cut still possible, but that's it AAP - Tue, May 5, 2015 9:29 AM NZST
    May rate cut still possible, but that's it

    The Reserve Bank is expected to make only one more interest rate cut in the foreseeable future - and it's mostly likely to happen on Tuesday. Twelve out of the 15 economists surveyed by AAP last week, expect the RBA to cut the cash rate to a new record low of two per cent at its May board meeting, after the bank made a similar reduction in February. All but three of them say the interest rate won't go any further below two per cent for the foreseeable future. After the RBA failed to cut the cash rate in April, the futures market was pricing in an almost 100 per cent chance of an interest rate cut in May.

  • RBA rate cut also needs budget help AAP - Tue, May 5, 2015 9:01 AM NZST
    RBA rate cut also needs budget help

    If Glenn Stevens pushes the button on an interest rate cut at Tuesday's monthly Reserve Bank board meeting, he'll be hoping for back-up from a confidence-building federal budget in a week's time. Financial markets are tipping a greater than 60 per cent chance the RBA governor will oversee a 25 basis point reduction in the official cash rate to an all-time low of two per cent.

  • 6 Habits of Successful 401(k) Savers US News - Tue, May 5, 2015 2:07 AM NZST

    For the majority of U.S. workers, the 401(k) plan has become the single largest source of retirement savings. The bad news is that you have more control over your retirement money. Moreover, if you do not manage it well, the 401(k) can become, at best, a savings account and, at worst, a high-risk gamble with your retirement money. Remember that 401(k) money is retirement money, and everybody has different dreams about what their retirement will entail -- traveling, boating, etc. Also, you may have some preretirement goals that you need to save for.

  • 4 Credit Lessons Every Graduate Must Know US News - Tue, May 5, 2015 12:40 AM NZST

    Part of that reality is they might not be able to get by without a credit card. Say you have $1,000 in debt on a credit card with a 19.9 percent interest rate.

  • Wall Street rebound shores up markets at start of busy week Associated Press - Tue, May 5, 2015 12:01 AM NZST

    Global stocks rose sharply Monday at the start of a potentially big week for markets as they tracked an end-of-week rebound on Wall Street. A promise by China's leaders to shore up growth and hopes of ...

  • Rate cut tipped despite upbeat job ads AAP - Mon, May 4, 2015 11:05 PM NZST
    Rate cut tipped despite upbeat job ads

    A surge in job advertisements in April is unlikely to be enough to keep the Reserve Bank of Australia from trimming the official cash rate on Tuesday, economists say. Job ad numbers rebounded 2.3 per cent to 144,559 last month after falling 1.3 per cent in March, according to ANZ's monthly job advertisement series out Monday. Job ads are now up 7.3 per cent on a year ago, the ANZ data shows. CommSec chief economist Craig James said while more job ads indicated a strengthening labour market, he still tipped the RBA to cut rates on Tuesday.

  • Do I have to keep my kid on my health insurance? Bankrate.com - Mon, May 4, 2015 10:00 PM NZST

    How can we remove her from our health insurance? If my 18-year-old is able to get health insurance through his employer, am I still responsible for covering him on my health insurance until he turns 26? If my daughter, who's 24, has a full-time job without health insurance, must I pay for her health coverage until she reaches age 26? Parents have a right to continue to insure their children on their health plans until age 26.

  • Tips for boosting your credit score Bankrate.com - Mon, May 4, 2015 10:00 PM NZST

    The interest rate you'll pay for the money you borrow will be determined, in large part, by this three-digit number that's generated from the information in your credit report. Most lenders have carved-in-stone rules about handing out the best terms, and those rules almost always place a major emphasis on your credit score. According to MyFICO.com, the consumer website of popular scoring model FICO, the interest rate difference between those two scores is about one-third of a percentage point. On a $165,000 30-year fixed-rate mortgage, that difference could cost you more than $13,378 in interest charges, assuming a 4.5 percent interest rate with a 700 credit score and a 4.875 percent rate on a 698 score.

  • Survey: Americans embrace free credit scores Bankrate.com - Mon, May 4, 2015 10:00 PM NZST
    Survey: Americans embrace free credit scores

    Nearly half of Americans -- 46 percent -- have checked their credit score within the past year, according to a new Bankrate Money Pulse survey. Many have never pulled their credit scores. Case in point: A 2013 study from the American Bankers Association found that 56 percent of U.S. consumers did not know their score. Bankrate's survey found that a majority of consumers are getting their credit score for free.

  • Changes to card fees to save millions AAP - Mon, May 4, 2015 1:32 PM NZST
    Changes to card fees to save millions

    Lower interest rates are not the only thing in the Reserve Bank's repertoire to put extra money in people's pockets and lift the economy. Changes are being considered by the central bank to so-called "interchange" fees that banks charge each other for the use of credit and debit cards that are passed on to customers, which could save 10 million lower income Australians an estimated $500 million a year. According to EFTPOS systems provider Tyro Payments, the RBA is looking to cap these fees at 0.3 per cent rather than the 0.5 per cent average at present.

  • No irregularities in dollar spike: ASIC AAP - Mon, May 4, 2015 11:20 AM NZST

    The corporate watchdog has been unable to uncover any irregularities surrounding a spike in the Australian dollar moments before the Reserve Bank's surprise interest rate cut in February. The Australian Securities & Investments Commission (ASIC) says preliminary findings from its investigation reveal that moves in the dollar before the rate cut announcement were a result of normal market operations. "Much of the trading reviewed to date was linked to position unwinds by automated trading accounts linked to risk management logic and not misconduct," ASIC said on Monday.

  • Market attention on RBA and rate cut AAP - Sun, May 3, 2015 1:44 PM NZST
    Market attention on RBA and rate cut

    The Australian sharemarket should enjoy a positive start to the week before investors' attention turns to an expected interest rate cut by the Reserve Bank. Stocks will likely open higher on Monday following a sharp rise on the US market on Friday, with the Dow Jones Industrial Average gaining more than one per cent or 183.54 points to 18,024.06. All eyes will be on the Reserve Bank of Australia board meeting on Tuesday, with 12 of the 15 economists surveyed by AAP expecting the RBA to cut the cash rate to a new record low of two per cent. "The case for another cut remains strong: the outlook for business investment remains weak, commodity prices are softer than expected, the Australian dollar remains too high and is at risk of rebounding further and inflation is benign," AMP Capital chief economist Shane Oliver said.

  • How to Use an Anti-Budget US News - Sat, May 2, 2015 1:15 AM NZST

    If you aren't likely to stick with a detailed budget, then try this alternative: the anti-budget. The purpose of a budget is to make sure we're adequately saving. To be clear, a detailed budget is helpful for those that can stick with it. Savings: Open a savings account at a different bank, so you don't see your savings balance when you log into your primary accounts.

  • Moody's tops Street 1Q forecasts Associated Press - Fri, May 1, 2015 11:28 PM NZST

    Moody's Corp. (MCO) on Friday reported first-quarter profit of $230.1 million. On a per-share basis, the New York-based company said it had profit of $1.11. The results surpassed Wall Street expectations. ...

  • Erie Indemnity posts 1Q profit Associated Press - Fri, May 1, 2015 11:13 AM NZST

    The Erie, Pennsylvania-based company said it had net income of 74 cents per share. The insurance company posted revenue of $1.6 million in the period. Erie Indemnity shares have decreased almost 9 percent ...