Financial

  • Vatican's anti-money laundering norms taking hold Associated Press - 2 hours 33 minutes ago
    Vatican's anti-money laundering norms taking hold

    The Vatican's financial watchdog agency said Friday it received 147 reports of suspicious financial transactions last year, a sign that tough new anti-money laundering norms are taking hold at its scandal-marred ...

  • RBA rate cut unlikely, experts say AAP - 10 hours ago
    RBA rate cut unlikely, experts say

    The Reserve Bank is unlikely to cut rates further next week as it balances the need to boost economic growth while keeping Sydney and Melbourne house prices under control. Market pricing for a June rate cut has remained at just four per cent this week, despite Thursday's downbeat capex data which showed business investment slumped in the March quarter, and will likely fall further in the coming financial year. Nine out of 12 economists surveyed by AAP expect the cash rate to remain steady on Tuesday, but 10 of them tip a move by the end of the year.

  • Most homeowners missing out on low rates AAP - 12 hours ago

    Most homeowners are missing out on the full benefits of record low interest rates by failing to refinance their mortgage, financial services veteran Mark Bouris says. A survey of 1,000 Australians who took out a home loan more than two years ago shows almost half have never changed the terms of their mortgage. A further 25 per cent had not refinanced since interest rates began to fall almost four years ago, according to Mr Bouris' financial services firm Yellow Brick Road.

  • Atlantic City sues over failed community loan program Associated Press - 18 hours ago
    Atlantic City sues over failed community loan program

    A 2-year-old loan program that was supposed to lend as much as $40 million to struggling homeowners and businesses in this cash-strapped resort city has given out nothing and has instead led to a federal ...

  • US average rate on 30-year home loans rises to 3.87 percent Associated Press - 21 hours ago

    Average U.S. long-term rates rose this week to their highest level so far this year as new data showed strength in the housing market. Here's a look at rates for fixed- and adjustable-rate mortgages this ...

  • Greece aims to get bailout deal by Sunday but creditors wary Associated Press - Fri, May 29, 2015 2:04 AM NZST
    Greece aims to get bailout deal by Sunday but creditors wary

    Greece says it aims to clinch a deal with its creditors by Sunday, a development that would allow it to receive the desperately needed final installment of its international bailout plan and avoid a default. ...

  • The New Grad's Guide to Good Credit US News - Fri, May 29, 2015 1:00 AM NZST

    1. An excellent credit score could save you hundreds of dollars a year and hundreds of thousands over the course of your life. Many credit scoring models use your age of accounts to help determine your score, so it's important to get your credit history started as soon as you can. Getting a credit card or loan early may not be the best thing you can do for your credit, but it's certainly one of the easiest.

  • 'Turbulence' may strike Greece if no deal soon: ECB CNBC - Fri, May 29, 2015 12:30 AM NZST
    'Turbulence' may strike Greece if no deal soon: ECB

    "Turbulence may ensue" if no agreement is struck between Greece and its international bailout supervisors soon, the vice-president of the ECB has told CNBC.

  • Why Qatari banks are worried about FIFA CNBC - Fri, May 29, 2015 12:18 AM NZST
    Why Qatari banks are worried about FIFA

    Qatar losing the right to host the FIFA World Cup is "within the realm of possibility," Citi bank has said, with Wednesday's arrests "bearish" for the Arab emirate's banks.

  • Mortgage rates edge downward after 4-week rise Bankrate.com - Thu, May 28, 2015 10:00 PM NZST

    The rate on the most popular mortgage finally backed down after four straight weeks of increases, persuading some people to borrow. But rates are still about an eighth of a percentage point higher than ...

  • When does old debt fall off your credit report? Bankrate.com - Thu, May 28, 2015 10:00 PM NZST

    Here's how you know if a debt has vanished: Check your credit reports. When is the last time you checked your credit report? You can also check your credit reports from the three major credit bureaus -- Equifax, Experian and TransUnion -- for free once each year.

  • Credit card interest rates for May 28, 2015 Bankrate.com - Thu, May 28, 2015 10:00 PM NZST

    Interest Rate Roundup Find the best credit card offers available. Credit Cards All fixed: 13.02% All variable: 15.85% Credit card rates were unchanged again this week in Bankrate's survey of national interest ...

  • Where will mortgage rates head next week? Bankrate.com - Thu, May 28, 2015 10:00 PM NZST

    Will rates go up, down or remain unchanged? Intro Up 17% Down 58% Unchanged 25% Panel Prediction Up Down Unchanged 17% 58% 25% This week (May 28-June 3), 17 percent of the panelists believe mortgage rates ...

  • Home equity loan rates for May 28, 2015 Bankrate.com - Thu, May 28, 2015 10:00 PM NZST

    Interest Rate Roundup Find the best home equity rates in your area. Home Equity Line of credit: 4.75% Loan: 6% Rates on loans backed by home equity barely moved this week, according to Bankrate's latest ...

  • Auto loan rates for May 28, 2015 Bankrate.com - Thu, May 28, 2015 10:00 PM NZST

    Interest Rate Roundup Find the best auto rates in your area. Auto Loans 60-month, new car: 4.37% 36-month, used car: 5.19% Auto loan rates dipped slightly this week, according to Bankrate's latest survey ...

  • Ratings agencies concerned by Tas budget AAP - Thu, May 28, 2015 9:43 PM NZST

    Ratings agencies have noted Tasmania's strengthening economy as the state government handed down its $5.4 billion 2015/16 budget, forecasting a return to surplus three years sooner than previously expected. Treasurer Peter Gutwein on Thursday revealed Tasmania's fiscal outlook, which forecasts a $59 million deficit for the coming financial year, followed by a three-year cumulative surplus of $310 million. Moody's Investors Service describes as robust the state's revenue growth - which comes largely from increased GST payments - that "is projected to spur significant improvements in its financial performance both this fiscal year and over the medium term".

  • 'Canceled': When it makes sense to close a credit card Associated Press - Thu, May 28, 2015 8:10 AM NZST

    New credit card offers can be tempting, especially when they tout a lower interest rate or more attractive rewards than what's in your wallet. But before you sign up for yet another card, consider whether ...

  • Are Bank Fees Set to Rise? US News - Thu, May 28, 2015 7:05 AM NZST

    If you have money in a savings account and are watching your income grow at a sloth's pace, nobody needs to tell you that interest rates are low. In fact, according to the Federal Deposit Insurance Corporation, or FDIC, the current national average rate of a savings account is 0.06 percent. Currently, the Swiss interest rate is -0.750 percent.

  • World's most powerful democracies discuss how to help growth Associated Press - Thu, May 28, 2015 3:07 AM NZST
    World's most powerful democracies discuss how to help growth

    Top finance officials from the Group of Seven wealthy democracies are gathering in Germany this week to discuss ways to strengthen the global economy. U.S. officials are pressing countries such as Germany ...

  • Ted Pretty makes sudden exit from Hills AAP - Wed, May 27, 2015 11:19 AM NZST

    Hills Group chief executive Ted Pretty has made a sudden exit from the revamped technology company. Mr Pretty, who transformed Hills from a diversified holding company to a tech-focused one, is being replaced by chief operating officer Grant Logan. Chairman Jennifer Hill-Ling said the board had reviewed and refined the company's strategy and committed to consolidating and growing the business.

  • Bad Credit Can Cost You a Job, Home, Smartphone and More Kiplinger - Wed, May 27, 2015 5:11 AM NZST
    Bad Credit Can Cost You a Job, Home, Smartphone and More

    A low credit score and poor credit history can do more than just affect your ability to get a loan.

  • A guide to Greece's debt crisis and what's at stake Associated Press - Wed, May 27, 2015 5:06 AM NZST
    A guide to Greece's debt crisis and what's at stake

    Greece is out of cash to repay debts due as soon as next week. The country and its creditors — other eurozone countries and the International Monetary Fund — have been locked in negotiations for months ...

  • Stocks cautious over Greece, China notches another big gain Associated Press - Tue, May 26, 2015 11:47 PM NZST
    Stocks cautious over Greece, China notches another big gain

    European shares mostly fell Tuesday as markets reopened after holidays in several countries, with concerns over Greece's debt crisis overshadowing upbeat news from China. KEEPING SCORE: Germany's DAX sank ...

  • Stricter loans to cool property market AAP - Tue, May 26, 2015 10:08 PM NZST
    Stricter loans to cool property market

    Banks are becoming less free and easy with their investor home loans, and that could cool the property market a little and give the RBA less reason to lift interest rates. In a report on Tuesday, ANZ Bank economists David Cannington and Felicity Emmett say it is difficult to calculate exactly how much these changes will affect the supply of mortgages.

  • European stocks fall as Greek debt plight looms Associated Press - Tue, May 26, 2015 9:19 PM NZST
    European stocks fall as Greek debt plight looms

    European shares fell Tuesday as markets reopened after holidays in several countries, as concerns over Greece's debt crisis overshadowed news from China of support for new infrastructure projects. KEEPING ...

  • Westpac poaches senior CBA exec AAP - Tue, May 26, 2015 5:27 PM NZST
    Westpac poaches senior CBA exec

    The head of institutional banking at Westpac is leaving after almost 30 years with the company and will be replaced by one of Commonwealth Bank's most experienced executives. Rob Whitfield has held many senior roles at Westpac since joining as a graduate in 1986, and reportedly was a candidate to replace former chief executive Gail Kelly.

  • Rob Whitfield leaves Westpac AAP - Tue, May 26, 2015 1:16 PM NZST
    Rob Whitfield leaves Westpac

    The head of Westpac's institutional arm, Rob Whitfield, has stepped down after more than 30 years with the lender. Mr Whitfield, who was said to be a contender to replace Gail Kelly as chief executive but missed out to Brian Hartzer, has decided to leave the bank in search of new opportunities. Westpac has appointed Commonwealth Bank executive Lyn Cobley as his replacement.

  • Tips for help save for retirement AAP - Tue, May 26, 2015 11:01 AM NZST

    "You save for a home, you save for a holiday, you plan to get married, you plan to have children," Westpac director of women's markets Larke Riemer says. Ms Riemer says women can take small steps, starting from when they start working, to ensure they are on track for a comfortable retirement. It's said that you need $1 million to $1.5 million to be able to retire, which Ms Riemer says is not hard to do if you start early.

  • Why you need life insurance at midlife Bankrate.com - Mon, May 25, 2015 10:00 PM NZST

    Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. "Your credit score is a piece in the qualification puzzle, but it's not the whole puzzle," says Josh Moffitt, president of Silverton Mortgage Specialists in Atlanta. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher.

  • Banks reap extra $2.1b on credit cards AAP - Mon, May 25, 2015 6:39 PM NZST
    Banks reap extra $2.1b on credit cards

    Banks have reaped an extra $2.1 billion in the past four years by not passing on interest rate cuts to credit card customers. Comparison website creditcardfinder.com.au says the average credit card purchase rate has remained stuck at 17 per cent since the Reserve Bank began cutting its cash rate in November 2011. If the full 2.25 percentage points worth of RBA cuts had been passed on to credit card holders, they would have paid $2.1 billion less in interest as the average card rate would have dropped to 14.25 per cent.

  • Deutsche Bank bucks trend but to little advantage Financial Times - Mon, May 25, 2015 1:15 AM NZST

    European banks have spent the years since the financial crisis distancing themselves from investment banking. Encouraged by regulators and tighter rules on everything from capital to leverage, bosses have ...

  • Commerzbank set to pay dividend for first time since crisis Financial Times - Mon, May 25, 2015 12:34 AM NZST

    If all goes according to plan, early next year Commerzbank will pay a dividend for the first time since the bank was engulfed by the financial crisis. That would be a symbolic moment in the rehabilitation ...

  • ECB tells governments: Don't wait to fix Europe's economy Associated Press - Fri, May 22, 2015 11:36 PM NZST
    ECB tells governments: Don't wait to fix Europe's economy

    European Central Bank head Mario Draghi says governments that share the euro currency shouldn't wait for better times to push through reforms that would boost sluggish growth. Draghi said tough measures ...

  • Merkel warns 'whole lot left' to do on Greece bailout talks Associated Press - Fri, May 22, 2015 10:47 PM NZST
    Merkel warns 'whole lot left' to do on Greece bailout talks

    With Greece facing a potential default in two weeks, German Chancellor Angela Merkel on Friday sought to add urgency to the talks between the country and its international creditors, warning that "very, ...

  • Qld treasurer denies talking down economy AAP - Fri, May 22, 2015 7:39 PM NZST
    Qld treasurer denies talking down economy

    Queensland Treasurer Curtis Pitt became the latest, after telling parliament on Thursday the state economy had slid into recession in the second half of 2014. Mr Pitt was having a crack at the previous Liberal National Party government, which lost the January election, but his comments have backfired. Business groups and economists say only Australian Bureau of Statistics figures, rather than state treasury data, can be trusted and the opposition accuses Mr Pitt of recklessly talking down the economy.