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Aussie MPs granted access to TPP text, with a catch

June 3, 2015 - 11:15 -- Admin

By Leith van Onselen The Guardian has revealed today that Australian politicians have been granted access to the Trans-Pacific Partnership (TPP) trade agreement on the proviso that they sign a confidentiality agreement requiring them not to divulge any details for four years: MPs and senators were briefed on the deal Monday night by the Department

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13 stocks to wreck your SMSF retirement

June 3, 2015 - 10:35 -- Admin

The AFR has this from Credit Suisse today: A handful of stocks in the ASX200 offer the Holy Grail of a decent dividend yield now, with the prospect of actually increasing dividends by 14 per cent or more over the next two years, and they are being heavily pursued by the 1.04 million people operating self-managed

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2nd banana republic schools RBA on probity

June 3, 2015 - 09:52 -- Admin

From Bloomie: Six Nigerian central bankers were charged with fraud in an 8 billion naira ($40.2 million) currency “scam”, according to the country’s Economic and Financial Crimes Commission. …Instead of destroying defaced local currency, the officials substituted it with newspaper cut into the size of naira notes, the EFCC said. The fraud was partly to

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RBNZ consults on macroprudential changes

June 3, 2015 - 09:44 -- Admin

By Martin North, cross-posted from the Digital Finance Analytics Blog: The NZ Reserve Bank has published a consultation paper about proposed changes to the rules that banks must follow for high-LVR mortgage loans. The proposals were announced in the Reserve Bank’s Financial Stability Report released on 13 May 2015. They would mean investors in Auckland

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Bond rout returns

June 3, 2015 - 09:40 -- Admin

Last night saw a big move in global bond yields. The trigger was the return of European inflation in May registering an overpowering 0.3% on the year: That sent German bunds into a tizzy with the long end flogged 21bps (or 40%) to 0.71%: The US followed despite weak data on the night and its yield

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Services PMI weak but jobs jump

June 3, 2015 - 09:25 -- Admin

The AIG services PMI is out: Conditions in the services sector were broadly stable in May 2015. The seasonally-adjusted Australian Industry Group Australian Performance of Services Index (Australian PSI®) was almost unchanged, at 49.6 points this month (down 0.1 points). The services sector last expanded (i.e. above 50.0 points) very mildly in February and March this year. •

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David Murray: Reform superannuation now

June 3, 2015 - 09:11 -- Admin

By Leith van Onselen The list of groups that Tony Abbott has put off side with his “strategic” captain’s call not to touch Australia’s wasteful and inequitable superannuation concessions continues to grow with Financial System Inquiry head, David Murray, arguing that inaction to reform super will only make the system more vulnerable. From The AFR:

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Daily LNG price update (kill King Coal)

June 3, 2015 - 08:59 -- Admin

Brent oil was up half a percent overnight at $63.30 as I write. The news flow was mixed with OPEC’s meeting vying with an inventory build in the US versus a falling US dollar for a pretty neutral outcome. The indicative LNG contract price lifted a little to $9.54mmBtu: More interesting is some longer term thinking

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A day in the life of a Sydney (Beijing) auction

June 3, 2015 - 07:23 -- Admin

By Leith van Onselen In this week’s email newsletter, available for free by signing-up here, managing director, Louis Christopher, shares his experience of a Sydney auction that he attended in the Sydney suburb of Seaforth: The three-bedroom, single level house in Sydney’s Seaforth was nice, but it was nothing special. Set on just 550sqm it

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Your house is the next political warzone

June 3, 2015 - 00:30 -- Admin

From The Australian late yesterday: Asked again today if he agreed with his top economic adviser, Mr Abbott replied: “Millions of Australians have mortgages and the last thing they want to see is the decline in the value of their most important asset. “(Mr Shorten) is someone who wants to be the prime minister of

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