Australia Shares at 6-wk High
MELBOURNE, Dec 23 (Reuters) – Australian stocks rose 0.4 percent on Thursday to a six-week high as global stocks and commodities hit multi-year highs on renewed confidence in global growth, putting the index a notch below key chart resistance at 4,800.
Consumers to Tighten Spending
THE Reserve Bank has warned that consumers need to keep a lid on spending for the economy to avoid a potentially perilous inflationary spiral. Households will have to save rather than borrow to make room in Australia’s buoyant economy for a forecast surge in business investment, the central bank has signalled.
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Mott Says Failure is Inevitable
A BANK or other Australian lender will inevitably fail no matter how regulators act, says UBS analyst Jonathan Mott.Mr Mott, seen as one of the nation’s best banking analysts, has warned the Federal Government against feasting on risk in its desperation to induce competition in the banking sector.He said the nation’s housing affordability crisis – not a lack of competition – was at the root of the debate on the state of banking in Australia.
Stores Struggling with Online Competition
RETAIL businesses struggling with the onslaught of online competition, will only survive if they offer shoppers something they can’t get on the internet.
Retail expert Colin McLeod said the key to survival, as more and more people turn to the internet to shop, was to offer outstanding experiences.
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Overseas Online Shopping Increases
CONSUMERS are flocking to overseas websites to take advantage of cheap prices caused by the strong local currency, but shoppers need to be cautious with their money.
Getting a long-distance refund or warranty claim can be virtually impossible.
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Australia Shares Edge Higher
SYDNEY, Dec 10 (Reuters) – Australian stocks were flat in late morning trade Friday after losses for major miners partly offset gains for the major banks as mixed messages from offshore markets kept investors on the sidelines.
BHP Billiton and Rio Tinto lost 0.8 percent and 0.9 percent respectively, but financial stocks tempered the market’s overall losses with the four major banks trading in positive territory.
Less Shopping for Christmas
HOUSEHOLDS appear to have become even more money conscious and content to wear last year’s summer fashions, while preferring to eat at home rather than dine out, new data suggests.
Retail spending fell by a hefty 1.1 per cent in October compared to the previous month, the biggest fall since July 2009 when the impact of the federal government’s stimulus cash handouts was fading.
Borrowers Saves Money with New Online Tool
MORTGAGE holders will be able to compare costs for switching banks with an online calculator launched by the Australian Securities and Investments Commission.
The move comes ahead of a series of banking reforms that Treasurer Wayne Swan has promised will be released later this month.
Household Bills Piles Up
NEW research shows that one in three Australians is regularly putting one or more everyday bills such as utilities, car registration and groceries on their credit card, but are not paying the balance off in full each month.
The survey conducted by the Australian Institute for Citi Australia group categorises such behaviour as ‘playing catch-up’ because people face higher rates of interest on household bills, due to a lack of cash flow.
NAB’s Conputing Chaos
RETAILERS are preparing a class action against the National Australia Bank over its computing chaos during the crucial Christmas shopping sales.
The beleaguered bank is ploughing through more than 6500 compensation claims from customers demanding refunds of bank fees, interest and late payment charges.
The United Retail Federation, representing small businesses, is seeking legal advice on a class action against the bank for losses blamed on glitches with the NAB’s auto-teller network, eftpos system and credit cards over the past week.