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Foreclosure Monster in Paradise: Fraudster Gets Six Years

Fri, 30 Jul 2010 18:19:34 +0000

HONOLULU — A man who prosecutors say used religion to lure victims into a mortgage fraud scheme was sentenced to prison Thursday. John Mendoza, 59, was sentenced to six years behind bar. That’s not enough says a woman who said she was lured into one of his deals, which he still claims were intended to

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Foreclosure Monster in Paradise: Fraudster Gets Six Years

Macquarie Looking To Sell Stake In Sprint Finance Corp

Thu, 22 Jul 2010 05:38:33 +0000

Australian investment banking major Macquarie is seeking offers valued at approximately US$3.5 billion for Real Estate Investment Trust (REIT) Sprint Finance Corp. If a deal is successful, it would be the largest sale of a U.S. based REIT in over three years. The Bloomberg news service which cited unnamed sources close to the negotiations saying three publicly traded REIT’s including Lexington Realty Trust, National Retail Properties and Realty Income Corp have been approached recently

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Macquarie Looking To Sell Stake In Sprint Finance Corp

CBA Says Australian Consumer Spending Weak

Tue, 20 Jul 2010 08:22:59 +0000

A new report authored by Commonwealth Bank suggests that whilst the job market is stronger, consumer spending is at its weakest level since the height of the global financial crisis. The Commonwealth Bank Business Sales Indicator (BSI) fell by 0.3 per cent in trend terms in June after a similar decline in May. The decline over the last quarter is the worst result since the start of 2008. Craig James, chief economist at CommSec, who wrote the BSI report, suggests that the chief reasons behind the decline were higher interest, doubts over the state of the global economy, rising utility charges and council rates, all of which were weighing on consumer minds. “While we are hopeful about a lift in spending later in the year, future Reserve Bank (of Australia) rate decisions will be pivotal. Consumers feel as (if) they are under siege at present and they need a period of interest rate stability so they can focus on both the positive and negative influences on the household budget.” Mr. James wrote in the report on Tuesday.

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CBA Says Australian Consumer Spending Weak

RBA Undecided On Further Interest Rate Hikes

Tue, 20 Jul 2010 08:22:54 +0000

The Australian central bank has signalled that interest rates may be held steady over the next few months, if inflation data which is to be released next week is in line with forecasts. “The important question for the board at its next meeting would be whether the new information materially changed the medium-term outlook for inflation,” Australia’s Reserve Bank said in the minutes of its policy meeting of July 6, when it left rates unchanged. The Reserve Bank of Australia (RBA) believes that the latest inflation data which is due to be released next Wednesday is likely to exhibit further moderation, but the RBA remains hawkish due to the fact that it expects the inflation rate was likely to remain at the upper end of its preferred 2-3 per cent target range. The central bank at its most recent policy meeting held on July 6th left interest rates unchanged at 4.5 per cent, which was the second consecutive month of leaving them unchanged, after six consecutive rate hikes between October 2009 and May 2010

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RBA Undecided On Further Interest Rate Hikes

CBA Says Bank Funding Costs To Head Higher

Thu, 15 Jul 2010 06:29:31 +0000

New regulations and poor sentiment could well push borrowing costs for banks even higher in the next few months. However according to CBA treasurer Lyn Cobley, the outcome would depend on the results of European bank stress tests. Ms. Cobley who acts as treasurer for the largest bank in Australia, as measured by market capitalisation holds views that are largely similar to wider sentiments felt by her peers and investors, many of whom also believe that wholesale borrowing costs are likely to head higher to begin with, before receding

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CBA Says Bank Funding Costs To Head Higher

NAB Likely To Be First Lender To Raise Rates After Election

Tue, 13 Jul 2010 06:20:39 +0000

A research analyst with Macquarie Equities Research says he believes that Australian banking major National Australia Bank will be the first lender to raise its rates after the election. According to The Australian, banks will likely raise their interest rates prior to the Federal election, but according to Macquarie’s Michael Wiblin, once the election is over, interest rates will be fair game. “The sensitivity around mortgage repricing over the last six months is due to the [forthcoming] election,” Mr. Wiblin said. Mr. Wiblin says he thinks that NAB would be the first of the four major lenders to raise its rates, because its current standard variable rate of 7.24 per cent was currently the lowest amongst the Big Four by 12 basis points Wiblin predicted that the NAB might the first of the big four banks to lift rates because its 7.24 percent standard variable rate was the lowest of its major competitors by 12 basis points. “We do not comment on speculation by others about interest rates.

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NAB Likely To Be First Lender To Raise Rates After Election

Australians Spend More On Charge And Credit Cards In May

Mon, 12 Jul 2010 07:21:57 +0000

Spending by Australians on charge and credit cards including advances increased in May according to the Reserve Bank of Australia, who said $19.631 billion was spent during the month. The amount spent in May on charge and credit cards rose from $17.960 billion in April, whilst the number of transactions was slight higher to, at 131.035 million in May, up from 123.289 million in April. The figures have yet to be adjusted for seasonality. The value of transactions for the 12 months between May 2009 and May 2010 rose 10.5 per cent, which is far higher than the average growth rate of the previous five years of 6.8 per cent. Total credit and charge card balances outstanding rose to $47.430 billion in May from $47.126 billion in April

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Australians Spend More On Charge And Credit Cards In May

Western Australia Set To Boom In The Coming Years

Mon, 12 Jul 2010 05:05:57 +0000

Growth in Western Australia is set to explode, with forecasts by the Western Australian chamber of commerce predicting 4.5 per cent growth in the current financial year, and a leap to 6 per cent in the following financial year. The Chamber of Commerce and Industry says Western Australia has performed stronger than expected and this has prompted it to increase its growth rate for the 09/10 financial year from 3 per cent to 3.5 per cent. John Nicolau, chief economist at the CCI says the state’s growth during the current financial year could reach as high as 4.5 per cent with all the sectors of the economy playing a value role in its development. Mr. Nicolau expects the growth rate to hit 6.25 per cent during the 12/13 financial year, and growth would continue to be the story for the next half decade, rising slowly and steadily. Mr. Nicolau added that economic growth in the state was largely built on increased investment by businesses, and robust consumer spending by households

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Western Australia Set To Boom In The Coming Years

Australian Housing Grows More Unaffordable

Tue, 06 Jul 2010 06:20:32 +0000

According to the findings of a new report, housing in Australia has gotten increasingly unaffordable over the last year, with first time buyers needing stump up 10 per more for a deposit.

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Australian Housing Grows More Unaffordable

CBA Subject Of Class Action Law Suit Filed By Storm Investors

Fri, 02 Jul 2010 08:44:24 +0000

Australian banking major CBA will have a class action law suit filed against it by investors who lost their money during the collapse of Storm Financial. The class action law suit will be filed today on behalf of former Storm investors who are not satisfied with the already agreed compensation deal. Storm Financial, which was based in Townsville collapsed during the height of the global financial crisis in 2008 with debts worth millions of dollars owed to investors. Many investors lost their savings, after following through on advice given by the company to borrow against their homes, and use the proceeds to invest in the stock market. The strategy failed spectacularly when the global economy took a dive. Storm undertook negotiations for its customers with major lenders including CBA . Earlier in the year the CBA agreed a legal settlement which would include 2,000 former Storm clients.

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CBA Subject Of Class Action Law Suit Filed By Storm Investors