Call us on 1300 794 893

In The News

5 things you need to know today

  • In economic news, the number of loans (commitments) for home owners (owner-occupiers) fell by 2.3% in September – the first decline in five months. The value of all home loans fell by 3.6% in the month and is flat over the year. The proportion of first home buyers in the market increased strongly in September representing 17.4% of loan commitments - a 4 ½-year high.
  • Influential proxy advisers and the peak group for retail investors are supporting the Commonwealth Bank’s remuneration report which likely means it will avoid a second “strike” on executive pay at its AGM next week. Proxy firm CGI Glass Lewis is advising investors to vote against the re-election of one non-executive director, Andrew Mohl, pointing to damage to CBA's reputation caused by the money-laundering compliance scandal. Last year, 50.9% of CBA's shareholders rejected the remuneration report, making CBA the first major bank in Australia to receive a first strike on executive pay.
  • ING Australia will offer fee-free withdrawals from every ATM in the world to customers who conduct their main banking business with them. It will also remove international purchase fees from its credit cards – which were previously 2% of the purchase price. To qualify for the offer, customers will need to deposit at least $1000 a month into the account, and make at least five card purchases each month.
  • In more citizenship news, Prime Minister Malcolm Turnbull is pressuring Bill Shorten to refer any suspicious Opposition MPs to the High and has said that the government will, if the Labor Leader refuses to. By convention, each party is supposed to refer their own MPs.
  • In the US, the Dow Jones was down 0.4% at 23,462, the S&P 500 slipped 0.4% to 2,585, and the Nasdaq fell 0.6% to 6,750. In Europe, the FTSE fell 0.6% to 7,484, and the German DAX was down 1.5% at 13,183.

| More

Published on: Friday, November 10, 2017


New on Switzer

  THE SWITZER FEED
Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300