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Market Wrap AM

AAP  |  TUESDAY, 23 JUL 2013
... 6,623.17 points, while Frankfurt's DAX 30 finished flat at 8,331.06 points and the CAC 40 in Paris added 0.37 per cent to close at 3,939.92 points. Similarly, stocks on Madrid's Bourse saw a slight increase of 0.29% to finish at 7,966 points. The euro ...

IFM reveals start date for fee reduction

ALICE URIBE  |  MONDAY, 22 JUL 2013
Industry Funds Management (IFM) has set January 2014 as the start date for its expected, wide-ranging fee reduction. The fund manager which oversees $44 billion in assets first announced the Global Pricing Review in November 2011 and had planned to ...

EQT extends offer period for The Trust Company

LAURA MILLAN  |  MONDAY, 22 JUL 2013
... Trust Company by more than one month. In a letter sent to The Trust Company shareholders, EQT said that the offer will now close on September 30. EQT also confirmed that meetings with The Trust Company were held on July 2 and July 10 in order for the ...

Market Wrap AM

AAP  |  MONDAY, 22 JUL 2013
The Australian market looks set to open higher despite a mixed close on Wall Street and falls locally at the end of last week. At 0745 AEST on Monday, the September share price index futures contract was up 21 points at 4,963. No major economic news ...

Numbers don't add up at McDonald's financial planning

LAURA MILLAN  |  FRIDAY, 19 JUL 2013
McDonald's US-based initiative to set up a financial planning unit for its workforce has prompted harsh criticism for its assumption that its low-paid workers can't live on the minimum wage income that they are paid. A sample budget on McDonald's "Practical ...

Market Wrap

AAP  |  FRIDAY, 19 JUL 2013
... short of market expectations, he said. "That has taken some of the gloss off the positive sentiment we saw from a stronger close in the US," Mr Spooner said. Both the Dow Jones Industrial Average and the S&P 50 again reached record highs. The Dow rose ...

UBS fined $30,000 for decimal point mistake

MARK SMITH  |  FRIDAY, 19 JUL 2013
UBS Securities Australia has paid a fine of $30,000 after a misplaced decimal point caused the price of a BetaShares ETF to fall by 99%. Markets Disciplinary Panel (MDP) issued an infringement notice for the breach of market integrity rules. On 16 December ...

Greece what?

BENJAMIN ONG  |  FRIDAY, 19 JUL 2013
Was it good for you as it was for me? If you ask the financial markets this question, there surely would be a chorus of "yes it was!" They're still basking in the afterglow of Big Ben Bernanke's comforting words. In fact 'twas so good the Dow and the ...

Market Wrap AM

LAURA MILLAN  |  FRIDAY, 19 JUL 2013
... weekly jobless claims data out of the US appears to have been the catalyst for this push higher, with markets keeping a close ear on events in Washington and the second day of Bernanke's testimony," said Michael Hewson, Senior Market Analyst at CMC Markets ...

Zenith recommends BT alpha fixed interest fund

JAMES FERNYHOUGH  |  THURSDAY, 18 JUL 2013
... that, due to the fund's reliance on volatility for high returns, in a low-volatility environment it could expect returns close to benchmark before management fees.