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Wealth gap narrows in China

BEN COLLINS  |  FRIDAY, 2 NOV 2012
Farmers in China have seen their incomes grow rapidly this year, helping to close a wealth gap between rural and urban areas. It was the third year in a row that the gap has narrowed, according to a Ministry of Agriculture report cited by the state ...

New emerging market dividend fund

BEN COLLINS  |  FRIDAY, 2 NOV 2012
Two Australian institutional investors, one a super fund, have been the first to invest in a newly available emerging markets dividend fund. Emerging market equities specialist Somerset Capital has launched the registered Australian managed investment ...

Market wrap Early AM

AAP  |  FRIDAY, 2 NOV 2012
... electronics giant Panasonic. Wall Street's lead was tepid in a quiet first session after superstorm Sandy had forced the market to close for two days. Hong Kong gained 0.83 per cent, or 180.05 points, to 21,821.87, while Shanghai surged 1.72 per cent ...

Market Wrap

AAP  |  THURSDAY, 1 NOV 2012
... reopened overnight after closing for two days for superstorm Sandy, and ended the session mostly unchanged from Friday's close. "Last night's equities session displayed how hard it is to determine the dollar value of damages and the GDP (gross domestic ...

ASIC seeks adviser feedback on FOFA code of conduct

LINDA HAUSKEN  |  THURSDAY, 1 NOV 2012
... have been raised cause we thought it was important to get feedback from the industry," he concluded. Submissions to CP 191 close on 3 December 2012.

Market wrap early AM

AAP  |  THURSDAY, 1 NOV 2012
... Australia, the market on Wednesday closed higher despite low volumes of trading as investors anticipated another rate cut. At the close on Wednesday, the benchmark S&P/ASX200 index was up 31.3 points, or 0.7 per cent, at 4,517 points, while the broader ...

NAB profits slump but wealth division prospers

MARK SMITH  |  WEDNESDAY, 31 OCT 2012
National Australia Bank has reported a 22% plunge in annual profit, but saw growth in its wealth creation business. Net profit at the fourth largest Australian bank fell to $4.1 billion in the year to 30 September, down $1.1 billion on the same period ...

UBS to cut up to 10 000 jobs

BEN COLLINS  |  WEDNESDAY, 31 OCT 2012
... a significant global player in its core businesses," said AAP. Ahead of the cuts, the value of UBS's stock rose 7.3% to close at 13.12 Swiss francs on Monday on the Zurich exchange. Shares have risen 17% so far this year. A spokesperson for UBS Australia ...

Lonsec and Milliman challenge current advice model for retirees

LINDA HAUSKEN  |  WEDNESDAY, 31 OCT 2012
Strong catalysts and structural trends have emerged that will fundamentally alter the provision of financial advice to retirees, according to Lonsec and Milliman. In a jointly released whitepaper by the two firms, dubbed 'Herding, Denial and Zeitgeist ...

Market Wrap

AAP  |  WEDNESDAY, 31 OCT 2012
The Australian market opened higher following surging European markets and higher commodity prices. At 1022 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 12.1 points, or 0.27 per cent, at 4,497.8 points, while the broader All Ordinaries index ...