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ASIC enforces AFSLs for margin lenders

ASIC RELEASE  |  TUESDAY, 2 FEB 2010
Issuers and advisers of margin lending facilities will have five months to apply for a mandatory Australian Financial Services license - or face closing shop. Existing margin lenders and advisers on margin loans must apply to ASIC for an AFSL authorisation ...

Positive contagion

BENJAMIN ONG  |  TUESDAY, 2 FEB 2010
Running of the bulls. Peppered with undeniably wonderful set of numbers, Wall Street couldn't have it any other way overnight. The Dow closed 1.2 per cent higher - the biggest daily advance in about a month - the S&P 500 surged 1.4 per cent and the ...

Market Wrap - Morning

AAP  |  TUESDAY, 2 FEB 2010
... half results. On Monday, the Australian share market continued its sell-off from Friday, falling one per cent to its lowest close in three months. The fall followed fresh concerns about the future of the Chinese economy and nervousness over the domestic ...

Aviva key personnel disbanded after NAB buy

MICHELLE BALTAZAR  |  MONDAY, 1 FEB 2010
More than six months on since NAB bought Aviva Australia's Navigator platform and insurance business, at least three key Aviva personnel have left or about to leave, while five have assumed new roles within NAB's businesses. Allan Griffiths, chief executive ...

Boutique incubators target retail market

MICHAEL HOBBS  |  MONDAY, 1 FEB 2010
Boutique incubators, Ascalon Capital Managers and Treasury Group, are ramping up their retail distribution strategy to broaden their fund managers' funds under management (FUM). Mark Burgess, managing director at Treasury Group, said the firm had spent ...

No pleasing Mr. Market

BENJAMIN ONG  |  MONDAY, 1 FEB 2010
... out of near death, the US economy must learn to walk again before it could run. It's now doing that. Wall Street's January close would no doubt put many in fear of the "January effect" which postulates that US stock market's performance for the entire ...

Market Wrap - Morning

AAP  |  MONDAY, 1 FEB 2010
... was the largest one-day fall for the S&P/ASX200 since November 27 last year, when the index backtracked 2.9 per cent to close at 4,597.2 points, and the lowest close since November 5 when the index finished at 4508. The broader All Ordinaries index shed ...

Morgan Stanley Smith Barney appoints Aus chief

MICHAEL HOBBS  |  FRIDAY, 29 JAN 2010
Morgan Stanley Smith Barney has appointed former managing director of Commonwealth Securities (CommSec), Matthew Comyn, as chief executive of its Australian wealth management business. Comyn starts his role in the final week of February at a time when ...

Greek tragedy overwhelms Obama

BENJAMIN ONG  |  FRIDAY, 29 JAN 2010
Yes we can! One more time, Yes we can! Obama has spoken and Wall Street saw that it was good. Despite rising criticism of his presidency and falling popularity, you can't help but be roused by the man when you listen to him speak with his distinct rhetorical ...

Market Wrap - Morning

AAP  |  FRIDAY, 29 JAN 2010
... goods rose by less than expected. In London, the FTSE 100 index of leading shares fell 71.73 points, or 1.37 per cent, to close at 5,145.74. FRANKFURT - Germany's Dax lost 102.87 points, or 1.82 per cent, to 5,540.33 points. PARIS - The CAC 40 index ...