Big Four bank rivalry forced property lending squeeze: RBA

first_imgThe systemic importance of the Big Four banks meant they needed to have “a proportionately greater supervisory focus” according to an RBA assistant governor.BIG Four bank rivalry and their refusal to back down on interest-only loans forced the crackdown on property lending, according a high ranking RBA official.RBA assistant governor (financial system) Michele Bullock told Friday’s Economic and Social Outlook Conference that large banks pose particular risks that required strong prudential regulation and proactive supervision.“The actions taken on housing lending in Australia over the past few years are an example of how active supervision can address risks that might arise in an environment of heightened competition,” she said.“Over the past few years, the regulators had observed very strong growth in lending to investors for housing. Furthermore, a large share of that lending was interest only for the first five to 10 years of the loan – that is, the loans were not being amortised for a very long time.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoA surge in interest only investor loans was the first warning sign for regulators. Pictures: Jack Tran / The Courier Mail“And this behaviour was being fuelled by competition between the banks. Individual banks were reluctant to pull back because if they did so, the business would go to their competitors.”Ms Bullock said that “raised concerns about financial stability implications if this behaviour continued”.The 10 per cent ‘speed limit’ on growth in investor housing credit, tighter lending standards, work on responsible lending and a limit on the share of interest-only loans in general were all results of the bank build-up.“The concerns that prompted action were not about competition on interest rates or customer service standards. Rather, the concern was that competition was manifesting itself in an erosion of lending standards.“Not only were the banks taking on more risk, but households were carrying a higher level of debt that they would have to service, which could be particularly concerning in the event of a shock. In other words, it was a financial stability issue not only because of its potential impact on banks’ balance sheets, but also because it was increasing the vulnerability of the household sector.”Ms Bullock said the systemic importance of the Big Four banks meant they needed to have “a proportionately greater supervisory focus”.The cash rate target was retained at 1.5 per cent this month, with the next RBA monetary policy meeting set for just over a week’s time on July 1.last_img read more

AP4, France’s FRR earmark €2bn for new MSCI low-carbon index

first_imgAP4’s chief executive Mats Andersson predicted that low carbon investments would become “more popular and mainstream”.“AP4 plans to invest with its partners up to €1bn in these new low-carbon investments,” he added.“Combined with a carbon footprint disclosure, we are confident this approach can offer an alternative source of return while working for the public good.”The Swedish buffer fund has gradually been shifting 10% of its global equity exposure into low-carbon shares, and wishes to avoid “companies that have the greatest and most negative impact on the environment in terms of carbon dioxide”, according to its most recent half-yearly report.The report added that it was AP4’s “ambition” to shift its entire equity portfolio towards a low-carbon strategy.As of the end of June, the fund had SEK276bn (€30bn) in assets, with 41% in global equities and a further 19% in Swedish stocks.Yves Chevalier and Olivier Rousseau, members of the executive board of the €36.6bn FRR, added that low-carbon indices were a “promising avenue” for making companies aware of how important investors consider issues surrounding their carbon footprints.“We see them as a new, pragmatic and powerful addition to FRR’s climate toolbox,” they said, pledging to allocate up to €1bn to the strategy.In a further statement on its website, FRR highlighted its long-lasting commitment to sustainable investing and noted that it had been measuring the environmental impact of its portfolio since 2007.In the wake of the move, it also undertook a study to assess how global warming would affect its portfolio, projecting the impact of climate change on portfolio returns through to 2040. AP4 and Fonds de Réserve pour les Retraites (FRR) have assisted MSCI with the development of a new low-carbon equity index that both investors said could be the basis for a new €1bn portfolio.The new benchmark, the MSCI Global Low Carbon Leaders index, is based on the firm’s existing All Country World index and seeks to take into consideration carbon emissions and fossil fuel reserves.The company said in a statement: “While selecting companies with a lower carbon exposure, the indexes aim to maintain a wide and consistent market exposure by minimising the tracking error compared with the performance of the parent standard indexes.”French asset manager Amundi also worked with MSCI and the two other institutions to develop the index.last_img read more

NZ sex workers praised by UN

first_imgNZ Herald 25 Oct 2012A United Nations development program director says New Zealand is the ideal country to work as a prostitute.UNDP director of HIV, health and development practice Mandeep Dhaliwal praised New Zealand’s progressive prostitution laws as promoting safety and slowing the spread of HIV.The call came alongside a new UN report that compared New Zealand to Asian and Pacific nations and recommended that they also decriminalize prostitution.The report – Sex Work and the Law – found there was no evidence that criminalizing prostitution had prevented the spread of HIV and other sexually transmitted infections.New South Wales was the only other territory in the region that had decriminalized sex work and the report noted both areas had “extremely low or nonexistent” transmission of sexual diseases among prostitutes.Empowerment and access to health services were cited as reasons for high condom use in the industry and this correlated to “very low STI prevalence”. read more

Tribes to give sneak peek of Jan. 26 performances

first_imgDINAGYANG OPENING SALVO TODAY. A contingent participating in the ati tribes competition of the 2020 Dinagyang Festival rehearses to perfect its performance. This afternoon, Jan. 10, 2020, is the opening salvo of the festival which is now on its 51st year. Dinagyang is known for its participants’ impressive choreography and striking costumes that reflect Ilonggo ingenuity, craftsmanship and artistry. The competition this year is on Jan. 26. IAN PAUL CORDERO/PN The 11 Miss Iloilo candidates will also maketheir first public appearance at the opening salvo. The opening salvo starts at 3 p.m. * Iloilo Dinagyang Art Festival – Jan. 18 to 25 * Dinagyang 360° ati-aticontest– Jan. 26./PN Dinagyang is the Hiligaynon word for revelryor merrymaking. The festival started in 1967. A replica of theSanto Niño de Cebu was brought from Cebu to the San Jose de Placer Church. Theimage was enthusiastically received by the Ilonggos who danced on the streetsof Iloilo City. The eight tribes are the following: * Dagyang sa Calle Real – Jan. 25 * Ilonggo Food Festival – Jan. 23 to 26 The opening salvo will be capped by afireworks display at the Freedom Grandstand. The IFFI bared the following Dinagyang 2020 activities: There will also be street dancing thisafternoon from the grandstand to Solis-Iznart streets, Valeria-Ledesma streetsand Ma. Clara Street. * religious sadsad – Jan. 25 Around six tribes participating in the Dagyangsa Calle Real street dancing event on Jan. 25 will also be joining thisafternoon’s opening salvo, said Peñaflorida. The city governmenthas partnered with the Iloilo Festivals Foundation, Inc. (IFFI) for the stagingof the 51st edition of Dinagyang. * Miss Iloilo 2020 – Jan. 23 * fireworks display – Jan. 24 * Panayanon of Iloilo City National HighSchool (NHS)* Barriohanon of Bo. Obrero NHS* Dagatnon of Ramon Avanceña Memorial NHS* Salognon of Jaro NHS* Ilonganon of Jalandoni NHS* Paghidaet of La Paz NHS* Binhi of Melchor L. Nava NHS* Hugponganon of Tiu Cho Teg-Ana Ros Foundation Integrated School “The tribes’ sample performances today willalso be for blocking purposes in the judging areas,” said Peñaflorida. * Festive Parade Sponsors Mardi Gras – Jan. 25 Dinagyang is known for its participants’impressive choreography and striking costumes that reflect Ilonggo ingenuity,craftsmanship and artistry. It has been voted the “best tourism event”three times in a row – 2006, 2007 and 2008 – by the Association of TourismOfficers in the Philippines. ILOILO City – Today’s Dinagyang Festival 2020opening salvo is a sneak peek of the performances of contingents participatingin the ati tribes competition on Jan.26. * Floats Parade of Lights – Jan. 24 * fluvial and solemn foot procession – Jan. 24 Eight tribes will showcase three to fiveminutes of “taste performance” at the Iloilo Freedom Grandstand, according to Atty.Joebert Peñaflorida, Iloilo Festivals Foundation, Inc. (IFFI) president. * Tambor Trumpa Martsa Musika – Jan. 24last_img read more

No election of office bearers as GCB holds AGM

first_imgFOR the second consecutive term, the Guyana Cricket Board (GCB) decided to play it safe by deciding not to host their elections during its Annual General Meeting (AGM). The constitutional AGM of the board was held yesterday at the board’s hostel in LBI.While no elections were held, all members were returned unopposed due to the Ordinary General Meeting (OGM) of October 2016.While the media was not invited to be a part of the AGM, GCB Secretary, Anand Sanasie, explained at a media briefing immediately after that there was no need for elections.“We had our AGM today (yesterday), and today’s meeting (yesterday) went very well, in fact…surprisingly, and what is good for cricket, is that there was an entourage that came down from Berbice that amounted to 13 representatives from Berbice, most of them representatives of first-division clubs in Berbice…some of them are executives, but came in the capacity as representatives of their clubs.“We listened to their issues and so on, and they have pledged to resolve issues in the Berbice area, some of them that has nothing to do with the GCB, but two of which address the issue of their attendance, two meetings and fulfilling the obligations to the GCB as a member,” Sanasie said.He added “Both of the other areas, the county boards were present, with the full amount of delegates, everything was discussed and resolved at the meeting, a motion that came from the OGM as it relates to nominations for the position of the executive committee of the GCB was presented as was done on the 23rd of October last as required by the constitution of the GCB.“That motion was accepted, but because of a pending court matter in which a number of plaintiffs, including the GCB, have challenge the Cricket Administration Act, and certain aspects of the constitutionality of it in which they expressed their concerns and made statements of claim against, it was ruled that they could be no elections of the bodies under the Act, and the GCB is one such body, so as a result the election process was not proceeded with.“The motion before the AGM clearly outlined that there was only one nomination for each of the positions and at that stage, it was entered into the minutes and that nominations stands until such time we can complete the process of elections,” Sanasie concluded.Those nominated for posts at last October’s OGM were Drubahadur, President, Fizul Bacchus (Vice-president), Anand Sanasie (Secretary), Virendra Chintamanie (Ass. Secretary), Anand Kalladeen (Treasurer), Rajendra Singh (Marketing Manager), Colin Europe (Competitions Chairman), Rayon Griffith, chairman of national selectors and Nazimul Drepaul, junior selector.last_img read more

Andre Gelfi – Suaposta strengthened by Betsson’s Brazilian intent

first_img Related Articles StumbleUpon Share Submit Andre Gelfi, CEO of Brazilian racebook Suaposta, has backed Betsson AB’s early mover advancements, despite facing significant unknowns related to Brazil’s future sports betting make-up.Closing 2019, a refinanced Betsson sanctioned the purchase of a 75% stake in Suaposta, Gelfi’s online racebook licensed by Brazil’s Ministry Agriculture and Livestock in partnership with Porto Alegre’s heritage  ‘Rio Grande do Sul Jockey Club’Speaking to SBCNoticias, Gelfi backed Betsson’s first Brazilian investment stating that the Stockholm enterprise has secured an optimal position should Brazil’s government ‘maintain its schedule and legalise sports betting in 2020’.Leading one of the markets established online wagering properties, Gelfi and business partner Fernando Corrêa were reluctant to sell Suaposta to a foreign incumbent, whilst Brazil’s regulatory frameworks remained underdeveloped.However, the Brazilian racing executives listened to Betsson’s proposition, in which the European incumbent proved its track record in launching and scaling new betting products within developing markets.“We were looking for a partner that could complement us, providing capacity and know-how, and that at the same time shared our company philosophy and bet on the growth of the long-term group in Brazil. It was essential that we were aligned in strategy and vision,” Gelfi detailed to SBCNoticias.Betsson’s investment in Suaposta will see Gelfi and Corrêa become key executives in the Stockholm enterprise’s LatAm drive. Despite facing numerous unknowns with regards to how Brazilian wagering regulations will playout, Gelfi underlined Suaposta’s established market credentials.“Whilst Betsson has a financial back and has the knowledge of online gaming, technology and product, Suaposta has a license, local track record, local payment methods and access to digital media. It is a winning combination,” Gelfi added.Providing insider perspectives on Brazil’s regulatory developments, Gelfi stated that he was monitoring SECAP developments closely.This February, Brazil’s Treasury department intervened in SECAP legislative agenda, demanding that the government agency reassess its licensing models to provide better regulatory oversight of licensed incumbents activities.Treasury demands saw SECAP relaunch its consultation on licensing frameworks, which may see Brazil adopt a ‘fixed concessions model’ limiting the number of available licenses for foreign and domestic players.Gelfi said: “Conceptually, I do not dislike the change towards the concession regime, as it seems more legally safe, but we still do not know the terms of the draft concession contract, which I consider the cornerstone of the regulation.“It is true that changes in SECAP management and modifications to planned regulation will delay the implementation of subsequent granting permits. However, we are convinced that continuity will be given to the process, and in the meantime, we take the opportunity to refine our proposal.” Brazil appoints agencies to accelerate Sports Betting launch August 21, 2020 Share Belgian Pro League live betting streaming deal for Stats Perform August 21, 2020 IMG Arena nets major media extension with Brazil’s Liga Nacional de Basquete August 19, 2020last_img read more

Cassidy Barrios Earns Fourth Player of the Week Award of the Season

first_imgSouthland weekly award winners are nominated and voted upon by each school’s sports information director. Voting for one’s own athlete is not permitted. To earn honorable mention, a student-athlete must appear on at least 25 percent of ballots. 2017-18 Southland Women’s Basketball Week 17 Notes (PDF)FRISCO, Texas – For the fourth time this season, Nicholls junior Cassidy Barrios is the Southland Conference Women’s Basketball Player of the Week, the league announced Monday. Southland Players of the Week are presented by Nicholls (14-13, 9-7 SLC) is currently tied for sixth in the conference standings as the team prepares to close out its regular season against Northwestern State (7-20, 2-14 SLC) at home Wednesday at 6 p.m. CT and at Southeastern Louisiana (18-19, 7-9 SLC) on Saturday at 1 p.m. Women’s Basketball Player of the Week – Cassidy Barrios, Nicholls – Jr. – Guard – Raceland, La.Barrios continues to be the Colonels’ most valuable player, turning in another pair of 20-point games to lead Nicholls to double-digit victories in their two home games last week. In wins against rivals McNeese and New Orleans, the Raceland, La., native averaged 22.5 points on 50 percent from the field and 6-of-11 from three-point range. She added 9.5 rebounds, 4.0 assists, 3.0 blocks and 2.5 steals. Barrios started the week with her league-high 13th overall double-double against McNeese and nearly recorded another with 20 points and eight rebounds against UNO. She enters the final week of the regular season ranked third in the Southland in scoring, rebounding, free throw percentage, and three-point field goal percentage, second in steals and blocks, seventh in assists and ninth in field goal percentage.center_img Barrios previously earned the award this season on Nov. 13, Jan. 8 and Feb. 12. Honorable Mention: DeA’ngela Mathis, Lamar; Brittany Mbamalu, Texas A&M-Corpus Christi; Randi Brown, New Orleans.last_img read more