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Market Wrap - Morning

AAP  |  WEDNESDAY, 2 NOV 2011
SYDNEY, Nov 2 AAP - The Australian dollar is sharply lower as news of a Greek referendum to decide whether to accept a second Eurozone bailout package sent jitters through markets. At 0700 AEDT on Wednesday, the Australian dollar was trading at 103.25 ...

Go figure

BENJAMIN ONG  |  TUESDAY, 1 NOV 2011
A brand new month, a brand new scare. Yes folks, just when we thought that it's gonna be a bright (bright) sun-shiny day, along comes the Organisation for Economic Cooperation and Development (OECD) bearing bad tidings. And if you hadn't had your fill ...

Another 'should have gone shopping' moment

BENJAMIN ONG  |  MONDAY, 31 OCT 2011
... strong enough to significantly dent America's high unemployment rate and, it remains subject to another two revisions. But, yes, there's a but. But US economic growth is now heading in the right direction - that is, further away from the precipice of ...

AAT grants stay for AFSL cancellation decision

ELISE BURGESS  |  FRIDAY, 28 OCT 2011
The Administrative Appeals Tribunal has granted a stay on ASIC's ban of Romad Financial Services licence, although not without a number of conditions. The Administrative Appeals Tribunal (AAT) said yesterday it would grant a stay for Melbourne-based ...

ASX: Breakdown unrelated to Monday's Chi-X launch

CLAIRE MCGREAL  |  FRIDAY, 28 OCT 2011
The Australian Securities Exchange has admitted that yesterday's four-hour trade stoppage wasn't good enough, but said it had nothing to do with the launch of rival exchange operator Chi-X next week. ASX Trade was down from 10.05 am to just after 2 ...

Fixville here we come

BENJAMIN ONG  |  FRIDAY, 28 OCT 2011
... while on Wall Street the S&P 500 jumped by 3.4% as reports swirled on cyberspace that the Europeans have agreed to agree. Yes Virginia, they did it. In the words of German Chancellor Angela Merkel, "We Europeans showed tonight that we reached the right ...

Cup Day: Aussies to win

BENJAMIN ONG  |  THURSDAY, 27 OCT 2011
Europe update: They're still having a go at it. And financial markets are bobbing up and down with every fresh update. Most European stock markets closed weaker because "Hopes fade for quick summit fix for Europe woes," says theage.com.au's headline ...

Fidelity, UBS GAM directors join FSC

ELISE BURGESS  |  WEDNESDAY, 26 OCT 2011
Gerard Doherty, managing director of Fidelity Australia, and Ben Heap, managing director of UBS Global Asset Management in Australia and New Zealand, have joined the FSC board of directors. Announced yesterday at the Financial Services Council (FSC) ...

Industry funds not our focus: Cormann

ELISE BURGESS  |  WEDNESDAY, 26 OCT 2011
Opt-in, best interest duty and the renewed call for pressure on public policy were under the spotlight as advisers gathered to hear from the Opposition on the introduction of reforms in the advice industry. Senator and shadow assistant treasurer, Mathias ...

Niche and insto licensees to rule by 2020

ELISE BURGESS  |  TUESDAY, 25 OCT 2011
Medium-sized financial planning licensees will be the first to fall by the wayside as the sector restructures over the coming decade, according to a panel of advice experts speaking at the AFA national conference. The new market leaders will be both ...