Latest news with #ReserveBank
The Advertiser
10 hours ago
- Business
- The Advertiser
Australian shares dip as Trump floats Iran deadline
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm. The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm. The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm. The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
Time of India
10 hours ago
- Business
- Time of India
RBI issues project finance norms for banks, NBFCs
MUMBAI: The Reserve Bank on Thursday issued norms to provide a harmonised framework for financing of projects in infrastructure and non-infrastructure sectors by banks, NBFCs and other regulated entities. The Reserve Bank of India (Project Finance) Directions, 2025 lay down the revised regulatory treatment upon change in the 'date of commencement of commercial operations' (DCCO) of such projects in the backdrop of a review of the extant instructions and analysis of the risks inherent in such financing. The RBI said the directions entail the adoption of a principle-based regime for resolution of stress in project finance exposures, harmonised across regulated entities (REs). It also entails rationalisation of permissible DCCO extensions with an overall ceiling of three years and two years for infrastructure and non-infrastructure sectors, respectively. For the purpose of application of prudential guidelines contained in the latest norms, projects have been broadly divided into three phases -- design phase, construction phase, and operational phase. "In under-construction projects where the aggregate exposure of the lenders is up to Rs 1,500 crore, no individual lender shall have an exposure which is less than 10 per cent of the aggregate exposure," the RBI said. For projects where aggregate exposure of all lenders is more than Rs 1,500 crore, the exposure floor for an individual lender shall be 5 per cent or Rs 150 crore, whichever is higher. Further, a lender shall ensure that all applicable approvals/clearances for implementing/constructing the project are obtained before financial closure. An indicative list of such pre-requisite approvals/clearances includes environmental clearance, legal clearance, regulatory clearances, as applicable to the project, the RBI said. On resolution of stress, it said a lender shall monitor the performance of the project and any buildup of stress on an ongoing basis and shall be expected to initiate a resolution plan well in advance. "Occurrence of a credit event with any of the lenders during the construction phase, shall trigger a collective resolution in terms of the prudential framework," RBI said and added the reference to 'default' in the prudential framework shall be read as 'credit event' for the purpose of project finance accounts, unless specified otherwise. The RBI also said that a project finance account downgraded to NPA for non-compliance can be upgraded only after the account performs satisfactorily post actual DCCO. It further said a lender may recognise income on accrual basis in respect of project finance exposures which are classified as 'Standard'. For NPAs, income recognition shall be as per extant instructions. The Reserve Bank of India (Project Finance) Directions, 2025 shall come into force with effect from October 1, 2025, the central bank said. In May 2024, the RBI had issued draft guidelines on 'Prudential Framework for Income Recognition, Asset Classification and Provisioning pertaining to Advances - Projects Under Implementation'. As part of the stakeholder consultation exercise, inputs/ feedback were received from around 70 entities, including banks, NBFCs, industry associations, academicians, law firms, individuals and the Central Government, the RBI said. The RBI said the inputs/ feedback received were examined and suitably incorporated while formalising the final directions.
Perth Now
13 hours ago
- Business
- Perth Now
Australian shares dip as Trump floats Iran deadline
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
News.com.au
21 hours ago
- Business
- News.com.au
End of financial year review: Does your home loan measure up?
The end of a financial year often brings a natural focus on finances — especially if you are investing in property as you prepare for tax returns. As one of your biggest financial commitments, it's the perfect time to review your home loan to ensure it meets your goals for the financial year ahead. Some borrowers have already kicked off their reviews, with the latest Mortgage Choice Home Loan Report revealing the value of refinance loans was up 30 per cent year-on-year over the March quarter. So, is it worth finding out if your home or investment loan is still giving you the best bang for your buck? The short answer is of course yes. Your reasons for reviewing your loan will be different to your neighbours', but it's worth taking time to review your loan to ensure it's working for you. Reach out to a mortgage broker who can compare your loan against what's in the market to see if you can access a sharper rate, an improved loan structure, or help you understand if you can tap into your equity. This end of financial year, ask yourself these four questions. Can I access a better rate? The Reserve Bank of Australia has already delivered two rate cuts this year, and the market is predicting a third cut on 8 July. As we see more cuts to the cash rate, competition will ramp up as some lenders pass on the savings in full, and others don't. Some lenders are offering great rates to attract new customers, so if your home loan rate doesn't start with a 5, you might be paying too much. Can I claim tax deductions? If you have a mortgage on an investment property, now is the perfect time to take stock of the interest you paid, as well as any expenses related to property maintenance or management as you may be able to claim tax deductions relating to these expenses on your next return. Will a better loan structure offer me any benefits? Refinancing could help you access different loan features or a structure that better suits your needs, such as an offset account or redraw facility. Am I rolling off a fixed rate? If your fixed-rate term is coming to an end soon, it's the right time to shop around. When your fixed term ends, your lender will automatically move you onto a standard variable rate loan, but it may not be the most competitive on offer. Can I access equity? Property values continue to rise, with national values up 4.12 per cent year-on-year according to the May PropTrack Home Price Index. If your property has increased in value while you've had your home loan, you may have equity built up that could help you negotiate a lower rate or even put you in a position to upgrade your home or purchase another property.
Daily Maverick
a day ago
- Entertainment
- Daily Maverick
Pot shots — take a dump on Trump or an oligarch dictator with these inspired toilet creations
The importance of the world's dictators, oligarchs and their ilk is circling the drain. I've been lucky to have attended some of the most off-beat and avant-garde art exhibitions in the world, including several in Cape Town – where live snakes formed part of an installation – and a burlesque exhibition featuring Veronique Malherbe, who once used her breast milk to produce chocolates called Breastlay. Then there was the performance artist Peet Pienaar, famous for having himself videotaped while undergoing circumcision. All of this in iKapa. You get the vibe – I've been around the metaphorical block, I've seen it all, don't teach your grandmother to suck eggs. A few weeks ago, however, was the first time I went to an exhibition of a large toilet and a chamber pot (called a 'Koos' in Afrikaans). It's not merely like a normal suburban toilet in Parow called Armitage Shanks (remember those?) – with Ouma's hand-knitted red and green doilies on the cistern – or a Koos made from stained enamel. No, shoo, off you go, close the door on your way out, I'm on the loo – these items have Donald Trump's face painted on the inside so that you can have a dump on Trump or spend a penny on an oligarch dictator. They were designed by the ceramist Mervyn Gers and exhibited in Mervyn Gers House, a huge industrial-chic studio in the centre of Cape Town that is surrounded by 1980s-styled high-rise buildings such as the neoclassical Reserve Bank and über-retro Cape Sun. The mood is backstreet Berlin, where bohemia meets dosh. The toilet and pot are crafted from fine ceramics. The seat of power has a high-gloss finish, glazed in a deluxe cobalt blue sourced straight from Stoke-on-Trent, England, and inspired by vintage Chinese export porcelain. Each piece is lightly fired, then gilded with 24-carat gold lustre and silkscreened. These works are part of Gers's latest series titled Dump on Dictators, consisting of six toilet installations that serve as vessels for political commentary on authoritarianism and civil liberties. The project took four years to develop, involving extensive research, intricate ceramic techniques and collaborations with print artist Ellalou O'Meara. The remaining installations will feature themes from India, Russia, China, Turkey and other regions. The American-themed toilet features symbols of American ideals: the Capitol, the Liberty Bell and the Statue of Liberty. The Great Seal of the US, the official emblem of national authority approved in 1782 and used to authenticate presidential signatures, is prominently displayed. Circling the toilet's interior bowl are the names of the 43 Republican senators who voted to acquit Trump during his second impeachment trial in 2021 for incitement of insurrection after the 6 January attacks. On the night of the launch, it certainly was a weird feeling standing next to the Trump throne, putting my hand triumphantly on the cistern with aplomb – and seeing crowds mingle around a toilet that wants to make you toyi-toyi. After a few glasses of wine, I looked at the Great Seal of the US, shimmering and shiny. I thought of Paul Simon's song Love Me Like a Rock. These words came to me: 'And if I was president (Was the president) / The minute Congress call my name (Was the president) / I'd say now, who do (who) / Who do you think you're foolin' (Who do you think you're foolin') / I've got the presidential seal (Was the president) / I'm up on the presidential podium…' I wonder what the dictator would say about this loo? Perhaps something like this: 'Let me tell you, folks, this is the most incredible toilet you've ever seen – believe me, I know toilets, not to mention chamber pots – but it's all about the toilet. 'This isn't just a toilet – it's a masterpiece, a work of art. It's going to make toilets great again, the greatest throne in history. I'm not taking questions from the fake news media – let the throne speak for itself.' Flush-worthy, indeed. DM The first piece in the Dump on Dictators series, featuring Donald Trump, will be auctioned online by Stephan Welz & Co on 18 June. Find more information here. Herman Lategan is a Cape Town-based journalist, writer and poet. This story first appeared in our weekly Daily Maverick 168 newspaper, which is available countrywide for R35.
