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Market Wrap

AAP  |  WEDNESDAY, 27 AUG 2014
The Australian stock market has opened higher following positive leads from US and European markets which have negated the downward effect of local stocks paying out their dividend. Economic statistics continue to point to steady US economic growth ...

Annuities not right for default pensions: Rice Warner

JAMES FERNYHOUGH  |  WEDNESDAY, 27 AUG 2014
Life annuities are not appropriate for default pension products as they lock members' money away, according to Rice Warner chief executive Michael Rice. Rice Warner has devised a default pension product based solely on an account-based pension model. ...

ASFA asks FSI for clear targets to measure super success

MARK SMITH  |  WEDNESDAY, 27 AUG 2014
The Association of Superannuation Funds of Australia (ASFA) has called on the Murray Inquiry to set clear objectives against which the success of superannuation's role in reducing the Age Pension burden on public coffers can be measured. In its latest ...

Stagflation is real in Brazil

BENJAMIN ONG  |  WEDNESDAY, 27 AUG 2014
Hit it Karen, I'm on the top of the world lookin' down on creation And the only explanation I can find Is the love that I've found ever since you've been around Your love's put me at the top of the world." Tomorrow has come and the S&P 500 index has ...

Market wrap

AAP  |  TUESDAY, 26 AUG 2014
The Australian share market has opened slightly higher following strong overseas leads. Wall Street's S&P 500 topped 2,000 points for the first time during last night's session but fell back to close 0.48 per cent higher. The broad US gains were partly ...

BT unveils tougher adviser standards

LAURA MILLAN  |  TUESDAY, 26 AUG 2014
Westpac-owned BT Financial Group is the latest group to confirm new minimum education requirements for its financial advisers, responding to mounting pressure from consumers, associations and a Senate Economics Committee report. Similar to the new rules ...

Centrepoint Alliance returns to growth

MARK SMITH  |  MONDAY, 25 AUG 2014
Centrepoint has seen its profits climb back into positive territory in the full year to 30 June reporting an after tax profit of $3.3 million, up from a loss of $7.8 million in 2013. Underlying profit before tax increased 43% to $8.3m. The company has ...

NAB gives advisers 3 years to meet tougher standards

LAURA MILLAN  |  MONDAY, 25 AUG 2014
National Australia Bank (NAB) and MLC financial planners have three years to meet the new education standards, which require advisers to hold tertiary qualifications. NAB/MLC has been the latest to join the wave of Australian large financial institutions ...

Actuaries Institute to advise FSI on longevity

JAMES FERNYHOUGH  |  MONDAY, 25 AUG 2014
The Financial System Inquiry has enlisted the Actuaries Institute to advise it on possible product solutions that deal with the challenge of longevity. In its submission to the FSI, released today, the Actuaries Institute states: "The Institute is assisting ...

Challenger adds firepower to annuities business

MARK SMITH  |  MONDAY, 25 AUG 2014
Challenger's $530 million capital raising program is likely to tighten the company's already firm grip on the lucrative annuities market. The figure will be raised from a combination of a $250 million institutional share placement and a $30 million ...