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  • Banks fined €1.7bn for rate fixing | Business Spectator
    7bn for rate fixing 4 Dec 2013 11 21 PM 1 Industries Financial Services Economy Interest Rates EU penalises rigging of Euribor and Tibor rates Deutsche Bank hit hardest You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AFP The European Union has fined eight finance groups a record 1 7 billion A2 55 billion for rigging the Euribor and Japanese yen Tibor interest rates German Deutsche Bank involved in rigging both rates was fined a total of 725 million and French bank Societe Generale was fined 446 million for manipulating the European Euribor rate Royal Bank of Scotland RBS already mired in controversy was fined 391 million for involvement in cartels which rigged both rates The European Commission s anti trust authorities had never previously imposed such big fines overall Competition Commissioner Joaquin Almunia told a press conference In total four financial institutions were involved in a cartel which rigged the Euribor rate and six in a cartel which manipulated the Tibor rate In the Euribor case British bank Barclays benefited from immunity and will not pay a fine because it revealed the existence of the rigging to the commission Deutsche Bank was however fined 466 million and Societe Generale and RBS were fined 131 million in the Euribor case The fines on these three banks were reduced by 10 per cent because the companies co operated with the investigation Investigations are continuing concerning French bank Credit Agricole HSBC of Britain and US bank JPMorgan In the Tibor case Swiss bank UBS avoided a fine because it revealed rate rigging to the commission Deutsche Bank was fined 259 million RBS 260 million JPMorgan 80 million US bank Citigroup 70 million and British broker RP Martin 247 000 in that case The investigations and fines come after a separate scandal broke over the rigging of the London Libor rate which is used as a benchmark for many types of financial contracts around the world The Euribor Tibor and Libor interest rates are calculated slightly differently but fulfil a vital function as a reference for the rates which banks are charging to lend each other Contracts covering a vast range of financial instruments and vast amounts of money depend in part on the interest rates indicated by Euribor Tibor and Libor Print this page Related articles 10 Jan NAB could consider MLC split report 08 Jan New bank rules help small lenders 07 Jan Planners to have strong 2014 07 Jan Investment banks reformed Rankin 06 Jan JPMorgan to pay 2bn in Madoff probe More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s

    Original URL path: http://www.businessspectator.com.au/news/2013/12/4/financial-services/banks-fined-%E2%82%AC17bn-rate-fixing (2014-01-12)
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  • BoE worried by rising house prices | Business Spectator
    markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu BoE worried by rising house prices 4 Dec 2013 1 25 AM Industries Property Economy Interest Rates Board meeting minutes show range of options canvassed to cool market You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Dow Jones Newswires Bank of England officials in November discussed a range of measures to cool the UK housing market amid rising concern over the risks posed to the economy from rapidly rising house prices Minutes of the Financial Policy Committee s November 20 meeting published Tuesday record officials had become more concerned over Britain s housing market and the risks it could pose to the stability of the financial system Officials said a future fall in prices could leave banks and borrowers nursing heavy losses although concluded there s no immediate threat to financial stability from the housing market at the moment The FPC backed plans to cut central bank support for home loans announced Thursday including the removal of capital relief on new mortgages The minutes record officials discussed future actions they could take if housing risks persist such as limiting the amount consumers can borrow relative to their income They also noted that mortgage underwriting standards tend to fall as house prices rise The committee wanted to ensure there would be no such deterioration in underwriting standards as the housing market strengthened according to the minutes The FPC recommended Thursday that regulators consider urging banks to apply tougher affordability tests when considering new loans The minutes also record officials remain concerned about the risk to the financial system from cyber attacks The central bank and the government have set

    Original URL path: http://www.businessspectator.com.au/news/2013/12/4/interest-rates/boe-worried-rising-house-prices (2014-01-12)
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  • Rate cut cycle nearing end: economists | Business Spectator
    it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Rate cut cycle nearing end economists 3 Dec 2013 5 35 AM 1 Economy Australian News Interest Rates Reserve Bank of Australia Today s RBA board meeting expected to see rates held at record low You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP The Reserve Bank of Australia is not expected to announce an interest rate cut after its monthly board meeting on Tuesday All 14 economists surveyed by AAP say there will be no change to the cash rate which currently stands at a record low of 2 5 per cent Only eight of those surveyed expect a rate cut next year The mining and resources investment boom is at or near its peak and other parts of the economy are expected to pick up pace and have a more significant role in driving the Australian economy Citigroup head of economics Paul Brennan said there is evidence that the Australian economy is starting to rebalance helped by recent rate cuts The RBA s previous assessment that the influence of previous interest rates cuts working through the economy still holds true and there is data to show that domestic expenditure is slowly improving he said Housing and equity markets and measures of sentiment have either remained largely stable or strengthened further The latest positive signs have been strong housing data on Monday and today s release of an employment index showing job hiring intentions at an 18 month high Print this page Related articles 10 Jan Fed s Yellen expects 3 growth 09 Jan ECB holds rates at

    Original URL path: http://www.businessspectator.com.au/news/2013/12/3/interest-rates/rate-cut-cycle-nearing-end-economists (2014-01-12)
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  • RBA expected to hold rates steady | Business Spectator
    Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu RBA expected to hold rates steady 3 Dec 2013 12 02 AM Economy Interest Rates Reserve Bank of Australia Last 2013 Reserve Bank board meeting likely to see record low rates maintained You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password AAP The central bank is expected to keep the cash rate at an all time low until at least February faced with an economy that will likely travel at a sub trend pace for some time yet The Reserve Bank of Australia RBA will hold its final board meeting of the year on Tuesday when economists widely expect it to keep the cash rate at 2 5 per cent where it has stood since August The board does not usually meet in January TD Securities head of Asia Pacific research Annette Beacher expects RBA governor Glenn Stevens will continue to raise concerns over the strength of the Australian dollar rather than hint at further rate cuts We are of the view that rising house price inflation and the recent spark in credit growth prevents entertaining another cash rate cut she said in a note to clients Even so TD Securities own monthly inflation data released on Monday show prices remaining benign should there be a need for lower rates next year Its inflation gauge rose by a modest 0 2 per cent in October for an annual rate of just 2 4 per cent and in the lower half of the RBA s two to three per cent target band While other new data showed house prices in Australia s eight capital cities rising by an average of just 0 1 per cent in November annual home values grew by eight per cent the fastest pace since October 2010 At the same time building approvals fell only 1 8 per cent in October despite surging by 16 9 per cent the previous month The upward momentum to building approvals is impressive and augurs well for new home building activity heading into a new year Housing Industry Association chief economist Harley Dale said However while home building looks set to help fill the vacuum left by a fading mining investment boom the manufacturing outlook remains uncertain The Australian Industry Group s performance of manufacturing index fell 5 4 points in November to 47 7 and below the key 50 point mark that separates expansion from contraction The group s chief executive

    Original URL path: http://www.businessspectator.com.au/news/2013/12/3/interest-rates/rba-expected-hold-rates-steady (2014-01-12)
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  • Interest Rates | Business Spectator
    in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Interest Rates BOE s Carney criticises UK data Governor says he was more comfortable with data produced in Canada 5 41am November 27 ECB can t fix Europe Schaeuble German finance minister says central bank can t be Europe s solution 1 32am November 23 Fed official questions low rates Rush to cut rates to record lows may have been a mistake Bullard 6 02am November 22 1 comment UK interest rates to remain low Central bank chief economist says rates to stay low despite upbeat data 6 00am November 22 Draghi defends ECB rates policy ECB faces German criticism that low interest rates are hurting savers 5 39am November 22 Yellen closer to taking over Fed US Senate Banking Committee approves Janet Yellen Fed nomination 3 07am November 22 ECB dismisses negative rate talk ECB says it has no plans to take deposit rate into negative territory 1 36am November 22 Fed officials expect taper in coming months minutes Minutes of FOMC s October meeting shows improved outlook focus on short term interest rates as Fed eyes taper 6 12am November 21 3 comments US outlook improving Fed official US economic recovery appears posed to gain momentum Dudley 4 17am November 21 BOE eyes durability of recovery Officials vote to maintain low rates despite rising growth data 1 19am November 21 Bernanke walks fine line on tapering The Federal Reserve Chairman has made it clear that the federal funds rate will remain close to zero for a long long time by Kirstie Spicer 3 57pm November 20 3 comments Outlook improving Fed official Federal Reserve official says he is optimistic but taper timeline uncertain 6 52am November 19 BOE may reconsider low rates Weale Official says there is a risk of holding rates too low for too long 1 57am November 16 1 comment Stoking growth top Fed priority Yellen Nominee to lead US Fed warns stimulus cannot last forever 3 44am November 15 8 comments ECB cuts interest rates unexpectedly Surprise rate cut from central bank as low inflation threatens recovery 12 41am November 08 Bank of England holds rates Central bank keeps its rate at record low refrains from adding stimulus 12 08am

    Original URL path: http://www.businessspectator.com.au/economy/interest-rates?page=1 (2014-01-12)
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  • Interest Rates | Business Spectator
    of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Interest Rates Fed s Yellen expects 3 growth Incoming Federal Reserve chief admits recovery frustratingly slow report 12 52am January 10 1 comment ECB holds rates at 0 25 Mario Draghi hints at more stimulus if recovery continues to stutter 11 57pm January 09 BoE keeps rates steady UK central bank maintains stimulus despite signs of economic recovery 11 45pm January 09 ORIGINAL TEXT Fed minutes The following statement was released by the US Federal Reserve 6 33am January 09 Fed taper due to jobs growth minutes Minutes of board meeting suggest taper support not as strong as thought concerns on inflation rate 6 22am January 09 1 comment Fed s loose policy justified Rosengren A top Fed official says weak inflation jobs growth justify continued stimulus 1 32am January 08 Eurozone inflation dips again December inflation slips back to 0 8 per cent all eyes on ECB 11 39pm January 07 Homeowners lock in rates Data show borrowers keen on fixed rates as cash rate sits at record low 1 30am January 07 1 comment The great cash illusion While much has been made of cash hoarding by the biggest US companies debt levels are also at record highs Unleashing the cash pile may have dire consequences by Daniel Palmer 6 59am January 03 9 comments US Fed Reserve announces modest taper Central bank says economy has gathered enough momentum to handle 10bn reduction in stimulus rates left on hold 6 03am December 19 1 comment Australia s broken economic policy toolkit Traditional stimulus measures are failing to kick start the Australian economy Growth now hinges on the success of the Coalition s plan to cut red tape and boost small business by Robert Gottliebsen 7 06am December 17 56 comments ANZ leaves rates on hold Lender leaves standard variable home loan rate unchanged in December 2 30pm December 13 More than high dollar to blame for Holden exit Stevens RBA governor maintains currency too high says US85c a more natural level 8 26am December 13 15 comments Eurozone rates decoupled ECB Central bank says decoupling from US allows time to decide next move 1 30am December 11 BoE ECB leave rates on hold European British central bank decisions in line with expectations 11 53pm December 05 RBA caution to cushion a Fed fallout Forecasting is patchy at the best of times but with the massive ramifications of an impending taper the Reserve Bank has little choice but to wait for the Fed to make up its mind by

    Original URL path: http://www.businessspectator.com.au/economy/interest-rates?destination=taxonomy/term/2966 (2014-01-12)
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  • Australia risks missing tech boom | Business Spectator
    Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Weak incentives for budding companies could see a flood of Australian digital entrepreneurs move their operations offshore tax experts have told The Australian Financial Review Deloitte international tax partner Peter Madden said the move of local technology business Atlassian to the United Kingdom this year by rich listers Mike Cannon Brookes and Scott Farquhar was a sign of things to come Mr Madden noted that the UK Trade and Investment Office has made a strong push to entice local firms to shift their operations They have introduced a raft of concessions in the last year including dropping the company tax rate from 24 to 20 per cent that has attracted a lot of companies to set up holding companies in the UK he told the AFR With technology companies intellectual property is very mobile as are the people Freelancer com founder Matt Barrie behind arguably the most successful float on the Australian Securities Exchange last year admitted that Australia wasn t the most efficient place for a tech company to operate but told the paper a desire to build something local had seen him dismiss advice to move the business overseas Print this page Related articles 31 Dec Twitter founder s next social vision 24 Dec Where Freelancer led others may follow 16 Dec REVIEW Will 3D tech take Lytro mainstream 13 Dec Gleaming success with social media action 12 Dec Freelancer com rival oDesk mulls an Australian expansion More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy Ken not available Wed 2014 01 08 15 24 It s just a case of buying intellect Hey thats what made the USA a scientific powerhouse The USA realized that the world had moved from information technology to pure science thats why the NSA are having a quantum computer built for them as I write No one told us when to run we missed the starting gun The last 6 years will be impossible to reclaim we could have used Keynesian economics to build 2 or 3 of the finest research unis on earth We were leading the world with quantum computing but we preferred an NBN that is a bottomless toilet sucking our grandchildrens future down a debt pit Technology is writing algorithms sure its got a market but Australia must go straight to particle physics research Clean energy at low cost has to be the holy grail If the yanks beat us to it we are headed for slavery Mark Emerson Wed 2014 01 08 17 27 Miss the tech boom Now please explain how this could possibly happen with such a visionary Government like this one lead by Abbott and his highly experienced adult team Is

    Original URL path: http://www.businessspectator.com.au/news/2014/1/8/start-ups/australia-risks-missing-tech-boom (2014-01-12)
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  • WA to block online GST plan | Business Spectator
    runner up Facebook must go further to mine precious user insights if it wants to compete Will Twitter s founder strike social gold twice Biz Stone is looking to tap into the selflessness of others with his latest venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu WA to block online GST plan 3 Jan 12 29 PM 1 Industries Retail Economy Tax Buswell urges fairer distribution of tax will oppose plan to lower threshold You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Western Australian Treasurer Troy Buswell wants to block plans to lower the GST threshold for overseas purchases unless all states agree to change the way the tax is distributed The Australian Financial Review reports According to the newspaper Mr Buswell said he will oppose the plan to drop the 1000 threshold supported by the other states and retailers We get very few points of leverage in the GST debate he told the AFR This is one and we intend to leverage that for all that we can to try and get a fairer outcome for WA Print this page Related articles 10 Jan Britain s Christmas ghost of retail future 09 Jan Retail sales beat forecasts in Nov 08 Jan Online sales push towards 15bn 07 Jan Ikea abandons sales target 06 Jan Westfield split a hard sell report More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or

    Original URL path: http://www.businessspectator.com.au/news/2014/1/3/retail/wa-block-online-gst-plan (2014-01-12)
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