UBS AG has actually swung back to the area of profit as it had registered a net profit for the first time in more than five consecutive years. But there were still a lot of problems as the wealthy clients gave been making heavy withdrawals which indicated the fact that this Swiss bank had not exactly gained back its trust that was lost when they suffered a huge financial crisis and also the reckless problems with the tax authorities in the United States.
By early afternoon, in the latest trading session, the Australian share-market managed to slip into negative territory, mainly on the back of cautious traders taking profits from banks and financial shares, ahead of the release of earnings reports by major American banks.
Under new plans designed to ensure that the ailing and underperforming Australian financial services industry gains some benefits, foreign investors who use the country's financial advisers and fund managers and brokers who invest in offshore programs and projects, will be exempted from capital gains tax.
The aforementioned recommendation is one of the 19 proposed in a new report which has been drafted to help the financial sector rise to its full potential, and also to market the country as a regional headquarters for companies involved in financial services.
In order to settle the accusations that have recently been thrown its way by the Commerce Commission, MasterCard has announced that it has changed its regulations in order to allow New Zealand merchants and retailers to impose a surcharge whenever a MasterCard card is used in their outlets.
Virgin Money, the personal finance arm of Sir Richard's company, has agreed to buy Somerset-based Church House Trust, in a move that will allow Virgin to gain a full banking licence.
Virgin Money will pay £12.3 million for Church House Trust, which has only 3,000 customers and no branches at all.
Global investor confidence surged by 3.1 points to settle at 103.9 points in December, up from November reading of 100.8, the State Street Global Markets investor confidence index showed.
Region-wise Asia reported the highest gain, where the investor confidence climbed 6.3 points to 97.5 during December.
But, investor confidence rose only by 0.9 points to 103.1 in North America and eased faintly to 104.8 points in Europe.
Good News USA
- Vodafone NZ’s new ‘Red Home’ packages will offer UFB and 150 TV channels
- Vodafone NZ’s full-year profit plunged by more than two-thirds to $56 million
- Vodafone adding 34 European countries to ‘AU$5 per day’ international roaming option
- Telstra launches its new ‘Every Day Connect Data Share Packages’
- Voyager signs “multimillion-dollar deal” with submarine cable group Hawaiki