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AUSTRALIA is still doing better than other major economies despite a jump in jobless figures, Prime Minister Kevin Rudd says.  kevin-rudd

The unemployment rate has risen to 5.7 per cent, after the total number of people in work fell by 1700, official May jobs data showed today.

 “Today we have seen an increase in unemployment to 5.7 per cent, returning to where it was in March this year, although employment remained fairly steady falling by 1700,” he told delegates at an Australian Industry Group lunch in Sydney.

He said the unemployment figures were indicative of how the financial crisis was affecting Australia.

“The global recession is continuing to have a direct impact on the Australian economy and Australian jobs,” Mr Rudd said.

“No one likes to see unemployment rise because of the global recession … (but) Australia’s unemployment rate remains lower than all other major advanced economies except Japan.”

He said the figures would have been far worse had it not been for the government’s stimulus packages.

“`Without our nation building plans, over 200,000 more Australians would be out of work,” he said.

Source www.news.com.au

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Finally after a decade of trying to get plans to develop on the banks of the Moore River, they have been given the go ahead to build 2000 newmoore river homes. 

Planning Minister John Day told parliament Cabinet had approved a smaller development that is allowing a population of up to 6000 people.

Original plans have been cut by 60 per cent which would have allowed a population of around 15000 people.

Marcus Plunkett the developer has said ” this will ensure that the shire of Gingin will have a major residential and tourism development which will bring much needed infrastructure to the area.”

This development will still need to put forward plans for approval, a revised plan is expected to be released for public comment.

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19 – 20 June 2009

The Perth Convention Exhibition Centre                                                           careers_big_window_img2

The National Careers & Employment Expo brings careers, employment and training opportunities to the general public by connecting organisations with thousands of career minded individuals. The Expo provides a non-threatening environment which enables employers, education and training providers to communicate directly with potential candidates. Operating in regional & metropolitan areas throughout Australia, the Expo also focuses on the broader aspects of ‘living, learning and working’ in Australia.

Through the continued support of State and Federal Government, leading organisations and major media groups, the National Careers & Employment Expo has become the largest careers & employment event in Australia. 

With free career advice, real jobs on offer and an abundance of information available, this event is not to be missed, and best of all admission is FREE

For more  information please visit our website www.pcec.com.au  or 

 CALL  1300 66 71 21.

 

 

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Wall StreetTHE share market has opened marginally stronger the morning after the federal budget was handed down, and following a mixed lead from Wall Street.
At 10.15am (AEST), the benchmark S&P/ASX200 was up 12.1 points, or 0.31 per cent, at 3889.3, while the broader All Ordinaries gained 8.7 points, or 0.23 per cent, to 3872.3.

The four major banks were mostly higher at the open.

ANZ gained 4cents to $16.01, NAB was up 14 cents at $22.00 and Westpac was up 10 cents at $20.48.

The Commonwealth Bank, which reported cash earnings for the March quarter of about $1.15 billion, generating a cash return on equity of over 15 per cent, was down 20 cents at $36.40.

Resources weren’t as lucky, opening lower in morning trade.

Mining giant BHP was down five cents at $34.26, while rival Rio Tinto lost 4.41 per cent to $65.46.

Wall Street wobbled to a mixed finish on Tuesday as investors paused to assess gains from a long rally and mulled the new efforts to raise capital by banks and other firms.

The markets also digested better-than-expected data on the US trade deficit and reassuring comments from Federal Reserve chairman, Ben Bernanke, about the health of the banking system.

The Dow Jones Industrial Average was up 50.34 points, or 0.60 per cent, to settle at 8,469.11.
The tech-dominated Nasdaq dropped 15.32 points, or 0.88 per cent, to 1715.92 while the broad-market Standard & Poor’s 500 index lost 0.89 point, or 0.1 per cent, to settle at 908.35.

On the Sydney Futures Exchange, the June share price index contract was trading 17 points higher at 3885 on volume of 4900 contracts.
www.news.com.au

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lending moneyTHE Rudd Government will give the $21 billion margin lending industry three weeks to digest a proposed overhaul of the regulatory and legislative regime.
The Minister for Corporate Law Nick Sherry will today release a draft copy of the legislation with a view to introducing it into parliament next month.

The legislation includes new national laws to regulate margin lending under a standard national regime, reports The Australian.

Margin lending is not currently regulated in Australia and is considered to have been one of the main destroyers of investor wealth as the stockmarket collapsed last year.

It cost some investors their homes as their margin lending accounts blew up, triggering margin calls many couldn’t afford to pay.

Mr Sherry said yesterday taking out equity on a family home was a key area of interest to the Government.

“One area where we have had a high level of concern has been where people have been advised to take equity out of their family home and then to use this debt to leverage into buying shares through a margin loan.

“This double-debt trap, with a home as security, is of serious concern,” he said.

“Under our new responsible margin lending laws the lender will be required to assess a person’s true loan-to-value ratio

“This means the lender can no longer assume the money brought to the table is not itself debt, a major new improvement” that would reduce the risk of people losing their homes.

Properly geared margin lending, backed by full disclosure, had a place, but the Rudd Government would not tolerate ordinary Australians being misled into grossly inappropriate margin loans that could cost a family everything they owned, including their home, he said.

Under the new laws, lenders will be regulated by the Australian Securities and Investments Commission and be required to hold an Australian Financial Services Licence, be members of low-cost external dispute bodies, clearly disclose fees and commissions before lending, and lend under a tailored margin-lending-specific set of responsible lending obligations.

Between June last year and December 30, the number of margin calls received by 205,000 Australians with margin loans increased 458 per cent, as the share market dropped 40 per cent.

http://www.news.com.au/perthnow/money/story/0,26926,25441887-5015860,00.html

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