Finance News

From the monthly archives: June 2012

We are pleased to present below all posts archived in 'June 2012'. If you still can't find what you are looking for, try using the search box.

What Is The Definition Of The Eurozone?

Posted on Friday, June 29, 2012
The collective group of countries which use the Euro as their common currency. The Eurozone came into being in 1999, and originally consisted of 11 countries. As of 2009, 16 countries were part of the Eurozone. The Eurozone does not include every country in the European Union (some countries are not yet using the Euro), and does not include every country who is using the Euro (to become part of the Eurozone, the country must use the Euro as its sole legal currency). As a currency union, monetary rules are created and maintained by the European Central Bank. Read the rest of entry »

European Leaders Agree on Long-term Union

Posted on Friday, June 29, 2012
Brussels (AP) -- European leaders have agreed to use the continent's permanent bailout fund to recapitalize struggling banks, and agreed to the idea of a tighter union in the long term.

The bank decision at overnight meetings in Brussels on Friday was aimed at helping Spain, which sought a €100 billion rescue to help its troubled banks and is facing rising borrowing costs. Read the rest of entry »

Make Sure Your Super Is Contributed Into Your Super Fund By Friday 29th June

Posted on Wednesday, June 27, 2012

Last-minute contribution
Whether it is a contribution for which a tax deduction (concessional contribution) is claimed or one that is sourced from after tax money (non concessional) everyone should by now be aware that super contributions are limited by contribution caps.

They should also be aware that the caps apply on a financial year basis, and that if amounts exceed the relevant cap, they will be classified as excess contributions and penalty tax will be charged. Given that the financial year ends on Saturday, anyone with SMSF who wishes to make a last minute contribution will need to get cracking to make sure a record of the fund contribution appears in the fund bank account by Friday 29th June 2012.

Read the rest of entry »

Cyprus - The 5th Eurozone Country To Seek Assistance

Posted on Tuesday, June 26, 2012
Cyprus has become the fifth Euro zone country to seek financial assistance. Cyprus needs around €1.8b (10% of their GDP) by the end of the month. The country's second biggest bank Cyprus Popular Bank said their balance sheet has been heavily hit by bad Greek debt. Fitch credit rating agency has recently downgraded Cyprus’s credit rating to BB+ from BBB (below investment grade). Read the rest of entry »

Australian Economic Briefing by David Rumbens

Posted on Tuesday, June 26, 2012

This section of the briefing provides a snapshot of key economic data and issues with a focus on Australia.Australian exceptionalism and the 2011 Census.

Australia is a handful of days away from a magic milestone: this coming Sunday will mark the 21st birthday of Australia’s current economic expansion. That is a remarkable achievement. By the way, so are this nation’s low unemployment, inflation and interest rates. Yet, as the Reserve Bank Governor recently pointed out, Australia’s glass is more than half full – even if many people don’t see it that way.

Read the rest of entry »
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