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Market Wrap

AAP  |  THURSDAY, 7 JUN 2012
... system afloat and the euro zone debt crisis at bay. In equities news Brambles shares fell 3.77 per cent to $6.50 after the company raised $ million from its share sale venture. Australia's big four retail banks all posted gains, with ANZ up 45 cents ...

MLC Advice names new state manager

LINDA HAUSKEN  |  THURSDAY, 7 JUN 2012
... experience and has developed a deep understanding and insight of the mortgage broking and financial planning markets, said a company representative. Cassidy is currently state manager (Victoria), MLC Mortgage Solutions, a position he has held for the ...

Daly: Forced out of AFS after rejecting downsize

BEN COLLINS  |  THURSDAY, 7 JUN 2012
Ex- Australian Financial Services chief Peter Daly, who is for suing for unfair dismissal, said he departed the company after plans for downsizing were discussed. Daly said he had a business plan and budget approved by the board. "During the board meeting ...

Australia lags on commodities investments

MELANIE TIMBRELL  |  THURSDAY, 7 JUN 2012
... decisions management will make for shareholder value that may or may not relate to the commodity - in fact, in many cases the company will hedge out their commodity risk if they think the price is going to fall." The issue of the lag in take-up in Australia ...

Local DMA providers hit back

MELANIE TIMBRELL  |  WEDNESDAY, 6 JUN 2012
... executive officer of Saxo Capital Markets and current spokesperson for The Australian CFD Forum however, says the use of company funds for hedging will not preclude DMA providers "We're not saying using client money to hedge is bad, we just think using ...

Bell Financial appoints board member

LINDA HAUSKEN  |  WEDNESDAY, 6 JUN 2012
... industry, being a former member of the Australian Stock Exchange and executive director of an international stock broking company," said Bell. "She also has extensive public company director experience and we are very pleased that Brenda is joining the ...

AMP infra fund buys into Indian energy

BEN COLLINS  |  WEDNESDAY, 6 JUN 2012
The AMP Capital Asian Giants Infrastructure Fund has acquired a significant minority stake in Indian clean energy company Shalivahana Green Energy Limited for approximately US$29 million. Based in Hyderabad India, Shalivahana Green Energy Limited (SGEL) ...

Shareholder backlash hits Macquarie MGU

MELANIE TIMBRELL  |  TUESDAY, 5 JUN 2012
... (Western) is the largest shareholder in the Macquarie Global Infrastructure Total Return Fund (MGU), according to the company, with a holding of 9.9% of outstanding shares. Western has accused MGU's board of directors of breaking an implied promise to ...

New switching device cuts latency

MELANIE TIMBRELL  |  TUESDAY, 5 JUN 2012
... according to David Snowdon, principal - hardware at Zeptronics. "The way a switch is normally used in a data sense or in a company is every computer connected to the switch will be able to talk to any other computer connected to the switch. "What we ...

Asteron re-focuses group risk strategy

LINDA HAUSKEN  |  TUESDAY, 5 JUN 2012
... said. Asteron Life said it saw an opportunity in the medium to small corporate market, providing insurance packages to company-sponsored and superannuation fund groups to approximately 50 to 5000 members. "By focusing on this niche end of the market ...