Financial

  • Economists look to RBA as tension ease AAP - 1 hour 30 minutes ago

    The focus for economists has turned to the Reserve Bank's next interest rate decision. The background to the August board meeting is an easing of tensions over the euro area's Greek debt crisis and the Chinese share market's relative stability after a month of hair-raising falls. JP Morgan's Stephen Walters asked why, if the RBA's board was content to leave the cash rate at 2.0 per cent in July amid all that anxiety, it would contemplate cutting rates now in less troubled times.

  • Westpac raises investor home loan rates AAP - 1 hour 34 minutes ago
    Westpac raises investor home loan rates

    Australia's biggest lender to landlords has hiked interest rates for investors to meet the regulator's "speed limit" aimed at taking some of the heat out of the housing investment market. Westpac is the last of the big four banks to raise rates for investors, matching ANZ and Commonwealth Bank's 27 basis point hike in its standard variable rate. Westpac consumer bank chief executive George Frazis said the move was an important step in ensuring the bank met the Australian Prudential Regulation Authority's benchmark that investor credit growth should be no more than 10 per cent per year.

  • Low rate party for investors ending AAP - 1 hour 36 minutes ago

    The low loan rate party for investors is ending but beginning for owner occupiers, who could be about to enjoy discounted fixed rates and packaged home loan deals. Many lenders, including all four big banks, have hiked interest rates for investors while also making it harder for them to get loans as the regulator tries to take some of the heat out of the investment property market. Financial comparison website RateCity's banking analyst Peter Arnold says housing investors will be paying more while lenders may now instead sweeten the deal for those people buying property as their home.

  • Do rich friends make you feel poor? Yahoo7 Moneyhound - 4 hours ago

    Useful tips to keep up with the Joneses - without spending money.

  • Erie Indemnity posts 2Q profit Associated Press - 9 hours ago

    On a per-share basis, the Erie, Pennsylvania-based company said it had profit of $1.07. The insurance company posted revenue of $1.63 billion in the period. Erie Indemnity shares have declined 10 percent ...

  • Lloyds profits rise despite further mis-selling costs AFP - 12 hours ago
    Lloyds profits rise despite further mis-selling costs

    Britain's state-rescued Lloyds Banking Group said on Friday that net profits rose by 31 percent in the first half, despite setting aside further funds for compensation for insurance mis-selling. This was despite setting aside a further £1.4 billion to cover compensation to customers who were mis-sold payment protection insurance (PPI), taking the lender's total PPI bill to £13.4 billion including administrative costs. The British government bailed out Lloyds during the financial crisis in 2008 but has been reducing its share in recent months, and this now stands at less than 15 percent.

  • Hercules recalling 90,000 SUV tires Associated Press - 15 hours ago

    An Ohio company is recalling about 90,000 SUV tires because the tread can separate, causing a loss of air and increasing the risk of a crash. The recall covers certain 15- and 16-inch Hercules Tire & Rubber ...

  • US average rate on 30-year home loans falls to 3.98 percent Associated Press - 16 hours ago

    Average U.S. long-term mortgage rates fell for a second straight week, with the key 30-year rate slipping below 4 percent. Here's a look at rates for fixed- and adjustable-rate mortgages this week and ...

  • IMF 'will not join Greece bailout until debt concerns are addressed' AFP - 20 hours ago
    IMF 'will not join Greece bailout until debt concerns are addressed'

    The International Monetary Fund said Thursday it would not join a new bailout program for Greece until conditions for debt sustainability, including debt relief and economic reforms, are clearly assured. "In order to ensure that medium-term sustainability, there is a need for difficult decisions on both sides... difficult decisions in Greece regarding reforms, and difficult decisions among Greece's European partners about debt relief," a senior IMF official said. The statement came as representatives of Greece's official creditors -- the IMF, European Commission, European Central Bank, and the European Stability Mechanism -- began meetings in Athens to prepare the proposed new 86 billion euro ($94 billion) bailout program for the country.

  • 8 Money Tips I Wish I Knew Before I Went to College US News - 20 hours ago

    If you have the benefit of learning money lessons before you go to college, you will be ahead of the curve. Just listen to an episode of Dave Ramsey and you'll find people later in life who are struggling financially, in debt, wishing they had learned money lessons a lot earlier. You can learn simple money lessons early and avoid these common pitfalls.

  • CD rates for July 30, 2015 Bankrate.com - 23 hours ago

    Interest Rate Roundup Compare CD rates nationally and in your area. CDs 1-year CD yields: 0.27% 5-year CD yields: 0.87% Rates on certificates of deposit were unchanged in Bankrate's July 29 national survey ...

  • Mortgage rates fall for the 2nd week in a row Bankrate.com - 23 hours ago

    Mortgage rates fell for the second consecutive week even as government bond yields increased ahead of the July 28-29 Federal Reserve meeting. Additionally, not-so-great housing market data has left the mortgage industry somewhat uneasy.

  • Tax loopholes for using 401(k) to pay off house? Bankrate.com - 23 hours ago

    Seven months ago (before I knew about my termination), my wife and I decided to extract $180,000 to pay off the mortgage of our only residence in preparation for retirement. In addition to the 20% I paid when receiving the withdrawal to pay off our mortgage, the IRS is asking for another $15,000. Question: Are there any tax loopholes available, because we, in effect, rolled the money into our home?

  • Bank loyalty rewards you may have missed Bankrate.com - 23 hours ago

    When shopping for a mortgage, car loan or other banking product, it might be tempting to simply take the first good deal you see, regardless of who's offering it. At Wells Fargo, customers who have a previous relationship with the bank and sign up for automatic payments can receive discounts on car loans, student loans and personal lines of credit, says Wells Fargo bank spokesman Jason Vasquez.

  • ITG may pay record $20.3m penalty to SEC Financial Times - Thu, Jul 30, 2015 9:07 AM AEST

    ITG, a brokerage that runs an off-exchange trading platform for equities, on Wednesday said it may pay a record penalty of $20.3m to the Securities and Exchange Commission for violations at a proprietary ...

  • Lew informs Congress he extending debt-limit measures Associated Press - Thu, Jul 30, 2015 7:29 AM AEST

    Treasury Secretary Jacob Lew told Congress on Wednesday that he will extend for another three months the authority he is using to take emergency measures to keep from breaching the nation's borrowing limit. ...

  • Pick your plastic: Secured versus prepaid cards Bankrate.com - Wed, Jul 29, 2015 8:00 PM AEST

    Say you want to tighten up your spending and control debt, and you're eyeing either a secured credit card or prepaid debit card. For starters, only secured cards can help you improve your credit score. After all, secured credit cards are much like regular credit cards, except that you must make a security deposit before using the card, usually $300 to $500.

  • See how secured and prepaid cards compare Bankrate.com - Wed, Jul 29, 2015 8:00 PM AEST

    Credit Cards Secured cards and prepaid cards have striking similarities but they are different in many ways. When considering either card, please examine fees carefully. Secured cards vs. prepaid cards ...

  • AMP stops investor housing loans for now AAP - Wed, Jul 29, 2015 5:28 PM AEST
    AMP stops investor housing loans for now

    AMP Bank has stopped lending to investors as mortgage brokers warn interest rate hikes for landlords could lock out first-time buyers but lead to further discounts for owner occupiers. AMP Bank has hiked rates on its existing loans to landlords by 47 basis points, the biggest and latest lift by a lender as the industry moves to arrest growth in investment lending. It will not take any new investor property loans until later in 2015, depending on market conditions.

  • ECB leaves emergency liquidity for Greece unchanged AFP - Wed, Jul 29, 2015 5:16 PM AEST
    ECB leaves emergency liquidity for Greece unchanged

    The European Central Bank decided Wednesday to leave its emergency credit lifeline for Greece unchanged, said a source close to the decision who asked not to be identified. The ECB executive board acted in the week when experts from the bank, the EU and International Monetary Fund returned to Athens to discuss a new bailout of up to 86 billion euros ($95 billion) over three years. On Wednesday the ECB declined to comment on latest policy decisions taken by the board.

  • ASIC to recover costs of investigations AAP - Wed, Jul 29, 2015 4:15 PM AEST
    ASIC to recover costs of investigations

    The corporate watchdog will attempt to recover the costs of its investigations after spending sizeable sums on prosecutions and civil proceedings. The Australian Securities and Investments Commission (ASIC) said it had rarely recovered its investigation expenses and costs, but it would now seek to recover the money from parties that had caused the costs and expenses to be incurred. ASIC will use current laws to apply to the recovery of staff salaries, travel expenses, expert fees and legal fees to investigations starting from Wednesday and some investigations which commenced before that date.

  • Kimco Realty reports 2Q results Associated Press - Wed, Jul 29, 2015 6:39 AM AEST

    The real estate investment trust, based in New Hyde Park, New York, said it had funds from operations of $182.7 million, or 44 cents per share, in the period. The average estimate of 11 analysts surveyed ...

  • How to Save for Large Fast-Approaching Expenses Forbes - Tue, Jul 28, 2015 7:30 PM AEST

    There are a lot of large expenses in life. Before the "Just Married" is washed off the car, the average married couple has dreams of multiple children, annual vacations, and homeownership in ...

  • Southern Missouri Bancorp posts 4Q profit Associated Press - Tue, Jul 28, 2015 8:31 AM AEST

    On a per-share basis, the Poplar Bluff, Missouri-based company said it had net income of 47 cents. The bank holding company posted revenue of $13.9 million in the period. For the year, the company reported ...

  • Ex-leasing company official sentenced for cheating clients Associated Press - Tue, Jul 28, 2015 6:39 AM AEST

    A man who used his position at an office equipment leasing company to cheat clients out of more than $600,000 has been sentenced to 30 months in prison. Jason Lee Lum, of Yardley, Pennsylvania, also must ...

  • AvalonBay reports 2Q results Associated Press - Tue, Jul 28, 2015 6:24 AM AEST

    The Arlington, Virginia-based real estate investment trust said it had funds from operations of $290.5 million, or $2.18 per share, in the period. The average estimate of 14 analysts surveyed by Zacks ...

  • Pharma M&A: portfolio theory Financial Times - Tue, Jul 28, 2015 3:33 AM AEST

    Friendly M&A is cheaper and simpler than the hostile variety. Luckily for Teva Pharmaceutical it had a choice. On Monday, Teva, a leading generic drugmaker, announced the $40.5bn acquisition of the generics ...

  • Creditors: Cyprus on road to recovery, reforms essential Associated Press - Mon, Jul 27, 2015 11:57 PM AEST

    Cyprus' creditors say the bailed-out country is on the path to economic recovery after years of recession but that it needs to follow through on structural reforms to lock in progress made and keep growth ...

  • Greece, creditors get down to business on bailout deal Associated Press - Mon, Jul 27, 2015 10:20 PM AEST
    Greece, creditors get down to business on bailout deal

    Technical talks over Greece's third bailout in five years are poised to start in the next day or so as negotiators representing the country's creditors continued arriving in Athens Monday. The talks involving ...

  • NAB lifts rates on investor property loans AAP - Mon, Jul 27, 2015 3:47 PM AEST

    The National Australia Bank has joined the Commonwealth Bank and ANZ Bank in raising the interest rates it charges property investors, following measures announced by the banking regulator. NAB will lift variable interest rates on interest-only home loans and line of credit facilities by 0.29 percentage points. Interest-only loans are the predominant structure for investors.

  • ECB board member says Greek debt needs restructuring AFP - Mon, Jul 27, 2015 12:49 PM AEST
    ECB board member says Greek debt needs restructuring

    ECB executive board member Benoit Coeure said Monday it is no longer a matter of debate that Greece will need its debt restructured and called for greater political integration of the eurozone. On the debt restructuring, Coeure told the French daily Le Monde that "there is no more debate about that" and European leaders have signalled they are ready to discuss the issue. The Greek government has been calling for its debt load -- worth 170 percent of annual output -- to be lessened.

  • Stocks to watch on Monday AAP - Mon, Jul 27, 2015 7:49 AM AEST

    Stocks to watch on the Australian stock exchange on Monday, July 27: CBA - COMMONWEALTH BANK OF AUSTRALIA - down 49 cents, or 0.57 per cent, at $85.81 The Commonwealth Bank has become the second major ...

  • 7 Tips For Effective And Stress-Free Budgeting Forbes - Sun, Jul 26, 2015 6:55 PM AEST

    Spending less than we make is often cited as the most important personal finance goal. It helps us get out of debt, save for emergencies, and stash money away for retirement. It's the primary habit that ...

  • Creditors expected in Greece by Sunday night: government source AFP - Sat, Jul 25, 2015 2:32 PM AEST
    Creditors expected in Greece by Sunday night: government source

    Representatives from Greece's international creditors are expected to arrive in Athens by Sunday night to start talks on a huge new international bailout for the crisis-hit country, a Greek government source said Saturday. A European Commission spokesperson, however, could not confirm the plans, saying only that representatives of the European Union, European Central Bank and International Monetary Fund -- from whom Greece is seeking a bailout worth up to 86 billion euros ($94 billion) over three years -- would fly out to Athens "in the coming days". The two sides are under enormous pressure to hammer out the rescue deal before August 20, when Athens is scheduled to make a loan repayment of 3.2 billion euros to the ECB that it cannot currently afford.

  • Get Schooled: 5 Money Lessons to Learn Before Marriage US News - Sat, Jul 25, 2015 5:06 AM AEST

    Arielle Proctor says doesn't think she and her husband of two years have ever fought over money. "One of the gifts my parents gave us when we were engaged was [Dave Ramsey's] Financial Peace University," Proctor says. Over a nine-week period, Proctor and her fiancé attended weekly classes that helped them evaluate their finances, set goals for the future and plan a course of action to meet those goals.