On the podcast today, we get a glimpse from inside the room where money changes hands. Jimmy Williams used to lobby for the powerful National Association of Realtors.
Williams tells us about some of the ridiculous issues he’s lobbied for, the steady flow of money that congresspeople need, and how he wants to take down the crazy campaign finance system.
Australia’s biggest lenders are likely to cut thousands of jobs nationally as they seek to consolidate record earnings from last year.
Amidst a backdrop of soaring funding costs and slower growth in mortgage lending, ANZ, Westpac and CBA have devised plans to reduce expenses according to the Daily Telegraph.
CBA’s plan, with an intriguing code name “Project 35”, seeks to achieve a cost to income ratio at its retail banking division of 35 per cent by next year. According to banking analysts reducing the ratio to that level from its current rate of 38.7, will mean a loss of at least 600 jobs.
In August last year, CBA announced a record $6.4 billion in profits for the year. Rival NAB delivered a record $5.5 billion, whilst Westpac also produced a record $7 billion. ANZ als
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The growth in sales of income protection products will cause the life insurance industry some headaches unless they manage claims better, Asteron EM National Sales Mark Vilo says.
“The challenge for the industry will be to manage income protection portfolios profitably,” he told insuranceNEWS.com.au. “Obviously there will be an increase of claims in the future.”
Mr Vilo says income protection sales increased as advisers switched from investment products to life insurance.
“Advisers have faced challenging times and they have been looking for ways of creating more income, and that has been from insurance.”
Mr Vilo says he has also seen a lot of younger advisers joining the industry deciding to sell life insurance instead of advising on investments.
“These young advisers have looked at the life insurance industry and seen it can make a good living for them,” he said. “The whole dyna
Savings Accounts and Money Market Rates provided by 8 December 2011 The feedback gathered at the recent 2012 Reuters Investment Outlook Summit indicated that many money managers see the year as one with various opportunities, Reuters reports.
Wide selloffs have left the stocks of many companies that are in a strong financial positions with low price-to-earnings ratios, according to the media outlet. Companies headquartered in the United States are currently sitting on $2 trillion in cash, which could set the stage for moves aimed at rewarding shareholders such as raising dividends, acquiring other companies and engaging in share buybacks.
Various market experts shared their input and predictions at the event. Shawn Kravetz, who works as the chief investment officer of Esplanade Capital, said that investors might have to lose their thirst for companies with fast profits and instead put their money in organizations that will generate slow, steady growth, the media outlet reports.
“Things aren’t generally getting worse and in many cases we’re getting a little bit better,” he told the media outlet.
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