QBE was the biggest single contributor to the market’s gains, as it jumped 2 per cent, while Suncorp was 1 per cent higher. 4:06pm: Australia‘s markets regulator says it has censured the Royal Bank of Scotland Group after an investigation found that RBS traders had sought to influence the setting of the country’s benchmark inter-bank interest rate. The bank will make a $1. 6 million donation toward promoting financial literacy after the internal RBS investigation found evidence that traders had tried to fix the Australian bank bill swap rate submission process, ASIC said.
Mr Morozov said Russian president Vladimir Putin had already supported a full independent commission of inquiry under the auspices of the United Nations Civil Aviation Organisation because “Russia is as keen to find out who is responsible as the rest of the international community’’. “We can talk about blame after that,’’ Mr Morozov said. 2:32pm: Shares in oil and gas junior Antares Energy have jumped 9. 3 per cent to 64. 5c on its return to trading after the company confirmed it had received a bid, but declined to say who the would-be acquirer was, nor the value or terms of the bid.
A woman holding an ice cream walks out of a KFC restaurant in Beijing July 17, 2014. 12:25pm: Loss of confidence in banks after the global financial crisis and their links to financial planning scandals is aiding the grocery giants’ push into financial services, Coles finance director Rob Scott says. “What happened with the GFC is that it led to a loss of public confidence in big financial institutions, [including] the quality of advice and disclosure and the need for taxpayer support,” Mr Scott told The Australian Financial Review.
In a major setback for the break-up activists The Australian Tax Office on Friday ruled that tax relief would not apply to a potential demerger of the nation’s largest brickmaker, Brickworks, and the Soul Patts investment group. “We’ve said all along - and we’ve gone down the road of getting some of the best tax advice there is - that there is no golden rainbow that these guys are talking about,” Mr Millner said in an interview with The Australian Financial Review.
The spot iron ore price has plunged almost 27 per cent to about $US96 a tonne over the past 12 months. “Market prices were under pressure in the quarter due to factors including increased discounting related to additional supply, the tightening of credit in China and higher port stocks in China,” Arrium said in a statement to the ASX.
Mr Strachan said backdoor listings were a quick and easy way for companies to join the ASX, giving them access to cash and the spread of at least 300 shareholders required to be listed. “They can be a good play for both the companies and investors as long as the shell company is ‘clean’,” Mr Strachan said. “Success depends on the business that it is being turned into and the quality of the people coming into it.
Perth-based analyst Peter Strachan estimates that more than two thirds of listed resources companies have less than $2 million net cash. “Over the last few years there has been a capital strike,” Mr Strachan said. “A lot of exploration companies are sitting around watching the paint dry and thinking about how to make some money.
Coles finance director Rob Scott: “Technology is going to be a very important differentiator for financial services providers as regards to offering better services and reducing costs for consumers”. 12:02pm: Asciano could reap up to $1. 2 billion from the sale of a stake in its terminals and logistics business, JPMorgan says, adding that such a deal would be good as it would help the logistics group compete more effectively against global players.
That offer came after Stockland’s unsuccessful takeover bid in April, which was made after it had acquired a 20 per cent stake in Australand in March. 9:39am: Ord Minnett, run by the former head of the Commonwealth Bank‘s scandal-ridden advice division, Tim Gunning, used a loophole to reap fees that would otherwise have been against the law under Future of Financial Advice (FOFA) rules banning conflicted remuneration.
The findings come four months after “Flash Boys” author Michael Lewis said markets are rigged and four weeks after the New York attorney general accused a dark pool owned by Barclays of lying to customers. “I don’t like secret societies,” said Peter Nielsen, a senior investment analyst and poll respondent at Saturna Capital Corp. “I don’t like secret trading; it just runs against my personal disposition,” he added. “I’m a big believer in transparency - huge believer in transparency.
Read more here: SMH