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Brokers should be credit representatives, aggregator says
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20 August 2010 6:46amAlmost a third of the 700 mortgage brokers aligned with the aggregator Firstfolio have elected to operate as credit representatives, rather than apply for their own credit licences, and Firstfolio expects that number to grow to 40 or 45 per cent by the end of the year. » read more »
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I want to pause, says RBNZ
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20 August 2010 6:46amThe Reserve Bank of New Zealand signalled its preference to keep rates unchanged but spelt out its worry that it will be forced to act if inflation expectations rise significantly. » read more »
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Silver Chef up 50 per cent
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20 August 2010 6:45amBusiness equipment financier Silver Chef yesterday reported a 53 per cent increase in net profit for the year to June. Profit moved up from $3.6 million to $5.5 million on the back of a 40 per cent increase in rental income. » read more »
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IOU Kiwibank
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19 August 2010 6:43amThe New Zealand Government will provide further financial support for Kiwibank without tipping in any further cash, at least not now. » read more »
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Pricey deposits hurt Kiwibank
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19 August 2010 6:43amThe fierce competition for retail deposits is wearing down the profits of Kiwibank. The New Zealand government-owned bank yesterday reported that profit for the full year to June 2010 fell 13 per cent to NZ$45.8 million. » read more »
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ANZ buying financial planners AFS
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19 August 2010 6:43amANZ has agreed to buy financial planning group Australian Financial Services, the Financial Review reported. » read more »
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ACCC chief leaves Axa decision to others
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19 August 2010 6:42amGraeme Samuel, chair of the Australian Competition and Consumer Commission, yesterday said he would not participate any further in the commission’s decisions over National Australia Bank’s bid for Axa Asia Pacific. » read more »
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BOQ mortgage bonds sell well
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19 August 2010 6:42amBank of Queensland yesterday finalised pricing on $1.6 billion of mortgage-backed securities sold through the Series 2010-2 REDS. The amount is twice that sought when the bank began marketing the issue earlier last week.
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IASB lease standard draws fire
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19 August 2010 6:42amThe International Accounting Standards Board is sure to get plenty of argument over its proposals for improvement of the financial reporting of lease contracts. The board had set out to simplify the rules for reporting leases but its critics say it has come up with a solution that is no less complicated than the current rules. » read more »
- Let banks fail: Stevens
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18 August 2010 7:04amBank regulators need to be able to let banks fail, a view that must inform decisions and regulations on how complex banks are allowed to become, Glenn Stevens, governor of the Reserve Bank of Australia, said last night. » read more »
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Employment an alternative measure of finance income
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18 August 2010 7:03amThe Australia Institute appears to be succeeding in drawing some attention to its policy proposal to reduce aggregate bank profits to two thirds of their current level, with the governor of the Reserve Bank of Australia indirectly tackling the topic. » read more »
