Hiển thị các bài đăng có nhãn Aussie. Hiển thị tất cả bài đăng
Hiển thị các bài đăng có nhãn Aussie. Hiển thị tất cả bài đăng

Thứ Tư, 3 tháng 4, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Thứ Hai, 1 tháng 4, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Thứ Năm, 28 tháng 3, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Thứ Ba, 26 tháng 3, 2013

Aussie banks focused on Asia - RBA

AUSTRALIA'S big banks are getting increasingly involved in Asia.

Exposure of Australian-owned banks to Asia was $112 billion in December 2012, up $27 billion from five years earlier, the Reserve Bank of Australia says.

Almost all of the increase is accounted for by the big four Australian banks.

In its half-year financial stability review on Wednesday, the RBA says the key motivation for the banks' move into Asia is the large and growing trade and investment flows between Australia and Asia.

"Accordingly, the banks have been focusing on providing cross-border banking services, such and trade finance and foreign exchange, to their corporate clients engaged with trade and other business in Asia, as well as to Asian companies with businesses in Australia," the RBA said.

"Some of them have also been targeting foreign companies doing business in Asia, aiming to capitalise on the large and fast-growing intra-Asian trade and investment."

The RBA said this growth in Aussie bank activity is likely to continue over the longer term as the growth in trade continues.

It said that this could be beneficial for the banks as it helps diversify their earnings.

"However, moving into any new market poses a range of risks that banks need to manage carefully," the RBA said.

"These risks would probably be heightened if expansion were overly rapid and not backed up by a deliberate and well-founded strategy."


View the original article here

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Thứ Sáu, 22 tháng 3, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Thứ Tư, 20 tháng 3, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

CBA free to control Aussie Home Loans

A Commonwealth Bank branch in Sydney

The ACCC has cleared the way for Commonwealth Bank to seize control of Aussie Home Loans. Source: AAP

COMMONWEALTH Bank is free to seize control of independent mortgage provider Aussie Home Loans after the competition watchdog gave its blessing to the deal.

The Australian Competition and Consumer Commission's nod frees the bank to increase its stake in the mortgage lender from 33 per cent to full ownership.

"In reaching its view, the ACCC took into account the competitive constraint arising from the presence of a number of alternative suppliers of home loan products and mortgage distribution services," chairman Rod Sims said.

Aussie was set up by John Symond in 1992 as an alternative to the big four banks.

The bank flagged last December that it wanted to lift its stake in Aussie in a deal believed to be worth $200 million.

Mr Symond at the time denied he had sold out to the big banks by allowing the deal with Commonwealth Bank.

The ACCC said while Aussie Home Loans franchisee brokers would still offer mortgages from a range of lenders, there was a chance the bank could entice them to push its products.

However the watchdog said it did not believe this would lead to a substantial lessening of competition as Aussie Home Loans brokers made up six per cent of Australia's mortgage brokers.


View the original article here

Thứ Hai, 18 tháng 3, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Chủ Nhật, 17 tháng 3, 2013

Aussie music producer jailed, banned from US

Pogo ban video

Electronic music producer Nick Bertke, 24, better known as Pogo, is facing a ten-year ban from entering the United States.Picture: www.youtube.com/user/Fagottron

WEST Australian electronic music producer, Pogo, has posted a video online asking for assistance in overcoming a 10-year ban from entering the United States.

Pogo, the stage name of 24-year-old Nick Bertke, was incarcerated for three weeks in the US - two in a county jail and one in a federal detention centre – after being apprehended without a working visa while touring in America in September 2011. The ban took effect the following month but Bertke has just launched his online campaign this week.

"America is really the last place on earth I want to be banned from," he says.

According to Bertke, his promoters the Agency Group failed to advise him about appropriate documentation and subsequently removed him from their list.

"I have close friends in America, I have unique work opportunities there and I've been speaking with lawyers and consulates who are telling me the odds are very heavily against me," he says on the video.

Bertke says he was unaware he was unable to work in the United States as he had always previously travelled there on a visa waiver. "This was news to me because I have toured the States before," he says. "I've played shows in the States, I've given talks …. And I've done all of this on a visa waiver."

Bertke is best known for his mash-ups created from film fragments, such as Upular, which was entirely composed using chords, bass notes and vocal samples from the Disney Pixar film Up.

"It's been my passion since I was about 16 to take small bits of voice, chords, musical sequences, sound effects from my favourite films and piece these sounds together to create completely new music that hopefully captures the essence of that film," he says.

Pogo ban document

Nick Bertke received a ten-year Order of Removal issued in October 2011 after working in the US while on a visa waiver.

He has more recently set out to create a "world remix", funded on Kickstarter.

"The goal of my project is to travel the world capturing sights, sounds, voices and chords, and use them to compose and shoot a track and video for each major culture of the world," he says. He has already created tracks for Bhutan, Johannesburg and New York City and next up is Tibet.

"I see the potential here to travel the world in search of sights and sounds of our cultures, religions, people and their passions, their lifestyles and piece those sounds together to create tracks and videos that capture the human spirit," says Bertke.

Bertke has over 22 million views on YouTube and more than 230,000 subscribers to his YouTube channel.
 


View the original article here

Thứ Tư, 13 tháng 3, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Thứ Sáu, 1 tháng 3, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Thứ Năm, 21 tháng 2, 2013

Aussie dollar won't deter investors: Swan

FOREIGN investors have so much faith in Australia's economic fundamentals that they will keep coming back regardless of the high dollar, according to the treasurer.

Wayne Swan says this is despite the fact Australia was "not really on the radar" just five years ago.

Mr Swan told a Sydney business economists' function on Friday he had seen evidence of growing interest in Australia as an investment destination when he attended the Group of 20 summit in Moscow last week.

"It's not just what I see talking to G20 finance ministers, it's what I hear when I do investor briefings in Hong Kong, Moscow or New York," he said.

"There has been a huge tide of investment in the Australian economy over the last 12 months, which is coming here because (of) the pretty good economic fundamentals of this advanced economy, compared to just about any other advanced economy in the world."

He said foreign governments and businesses interested in the Asia-Pacific region now recognised that Australia's governance system, public finances and debt level were "all in good nick".

"If they're going to invest in the region, they're going to invest in Australia," he said.

"Five years ago, that was entirely optional - we weren't really on the radar ... even given the elevated level of the dollar, these foreign investors continue to invest here and I believe will continue to do so."


View the original article here

Thứ Ba, 19 tháng 2, 2013

Aussie market higher at noon

THE Australian stock market was firmer at noon, on track to post a third straight day of gains, with the healthcare and industrials sector leading the broader market higher.

At 12.06pm (AEST), the All Ordinaries index had risen 38.4 points, or 0.84 per cent, to 4618.2 points.

On the ASX 24, the September share price index futures contract was up 36 points at 4555 points, with 18,451 contracts traded.

The local bourse opened about 0.9 per cent higher, but eased back during the morning in keeping with trading patterns of recent times amid sluggish volume and turnover on the last day of the 2010/11 financial year.

Bell Potter senior adviser Stuart Smith said the market had for the past several months gone through "a bit of a spell" between 11.30am and 12pm.

"I'm don't know if it's waiting for overseas markets to open or what, but it sounds like it," Mr Smith said.

"We are in bear phase, but we are trying to climb out of the bear pit," Mr Smith said.

"We are just heading into a positive direction for end of the year and I think everybody is happy with that."

The best-performing sector at 12.06pm was healthcare, up 1.75 per cent according to IRESS data.

Industrials (up 1.59 per cent) and utility stocks (up 1.33 per cent), also were strong during the morning.

Overnight, Wall Street extended gains to a third straight day, while futures contract prices for gold, oil and copper also settled firmer.

Meanwhile, a positive vote in the Greek parliament on austerity measures designed to avoid the nation defaulting on its debts also buoyed market sentiment.

Making news today, Insurance Insurance Australia Group (IAG) maintained guidance of an insurance margin of 8-10 per cent for 2010/11, after saying the Christchurch earthquake earlier in June would cost up to $65 million in net insurance claims.

IAG was steady $3.38, while the insurer's industry peers were flat to higher. QBE was steady $17.04, Suncorp was up one cent at $8.02, and Bank of Queensland was up nine cents, or about 1.2 per cent, at $8.14.

The biggest mover was CSL, which advanced 2.4 per cent, or 77 cents, to $33.07.

National turnover in Australia was 1.15 billion securities worth $1.63 billion.

There were 647 stocks up and 352 down, while 376 were unchanged.


View the original article here

Aussie swim team's culture 'toxic'

The Bluestone review into Australian swimming has described the environment at the 2012 London Olympics as 'culturally toxic.'

Swim team

Australia's men's 4x100m team was among the flops at the London Olympics. Picture: Gregg Porteous Source: The Daily Telegraph

UPDATE: AUSTRALIAN swimming has been hit with two damning reports today revealing athletes breached team rules relating to alcohol, prescription drugs, bullying and team curfews during the 2012 London Olympic Games in incidents described as "culturally toxic".

The bombshell findings were part of “The Bluestone Review” as well as the Australian Sports Commission's Independent Swimming Review into the culture and leadership of the Australian swim team, which were both released today.

“Standards, discipline and accountabilities for the swim team at the London Olympics were too loose,” the Bluestone report said.

“Situations were left to bleed with not enough follow through for fear of disrupting preparation for competition.

“Although few situations relating to London reported through this review were truly grave in nature, they compounded in significance as no one reigned in control.

“There were enough culturally toxic incidents across enough team members that breached agreements (such as getting drunk, misuse of prescription drugs, breaching curfews, deceit, bullying) to warrant a strong, collective leadership response that included coaches, staff and the swimmers. No such collective action was taken.”

Swimmers described London as the “Lonely Olympics” and the “Individual Olympics” as team morale dropped to an all-time low.

Magnussen

A dejected James Magnussen after the 4x100m relay team finished a disappointing fourth. Picture: Phil Hillyard Source: The Daily Telegraph

The focus on just winning gold medals, specifically related to the men’s 4x100m freestyle relay team and world champion James Magnussen, contributed to the downfall of unity within the team.

The environment became a battleground for swimmers seeking attention. 

“Poor behaviour and disrespect within the team were not regulated or resisted strongly by other team members, and it was left unchecked by or without consequence by staff and coaches on a number of occasions,” the report found.

“Some individual incidents of unkindness, peer intimidation, hazing and just ‘bad form’ as a team member that were escalated to personal coaches were not addressed and had no further consequence.

“It seems there was a lack of authority (including moral authority) within the group, which occasionally peaked in a mood where the boldest took centre stage. 

“At its least attractive, the team dynamic became like a schoolyard clamour for attention and influence.”

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The ASC report said “mistrust, poor behaviour, disappointing results, and increased financial dependence on government funding” were at the heart of the problem confronting Australian swimming.

“Some of these seem to have been present for some time, while others emerged noticeably at the London Olympics,“ the ASC report said.

The resignation of the General Manager of High Performance David Crocker in 2011 led to a culture where decisions were being made “on the fly”.

The ASC report said many of the high performance manager’s responsibilities were transitioned into the role of head coach Leigh Nugent, who was “under considerable pressure to balance the skills required to fulfil administrative responsibilities with those required in the head coach role”. 

It stated that the workload reduced the head coach’s “capability for oversight of coaches and athletes operating in home programs around the country". 

“With the head coach focusing significant attention on what had been the GM HP’s responsibilities, there was diminishing oversight and coaches were able to use funding in their programs without debate about what would provide best value for money. 

“In some cases resources were allocated without SAL having real insight into the proposed benefits. “ 

The report blasted Swimming Australia's lack of accountability with taxpayers' money and its relationship with the Australian Sports Commission.

“Despite the considerable level of funding, SAL’s approach to this relationship has been described as bare minimal reporting for its expected entitlement to be continued and increased. This mentality appears to have filtered its way through the organisation, with similar attitudes from management, the HP Program, coaches and athletes exhibited over the last Olympic cycle.”

Swimming Australia president Barclay Nettlefold said the organisation would embrace the reports' findings.

"We’ve been proactive and work has already started on the majority of the recommendations in these reports, including the introduction of a High Performance Director and an Ethical framework,” said Nettlefold.

“The board will now implement a 100-day plan to further address the recommendations in both reviews. 

“The underlying message from these two reviews is that we all have to be accountable for the future success of swimming in Australia and that starts with discipline and setting the right standards of behaviour from the top down.

“The establishment of an Integrity Panel will look at specific incidents discussed in the reviews and address them in isolation, and in accordance with the Swimming Australia Team Agreements and disciplinary procedures available.”

MORE KEY FINDINGS FROM THE REPORTS

* ATHLETES felt disconnected from head coach Leigh Nugent: "The head coach and some support staff did not hear about the majority of the now reported incidents until they were back on Australian soil. Things were ‘managed quietly’ rather than brought to a head, and several examples of coaches passing over the responsibility for hard conversations were given. It was noted that the individual coaches were intently focused on performance, and some had little interest in ‘policing the culture or counselling swimmers’."

* A LACK of focus on people: "Participants reported that in the zealous and streamlined attempts to obtain gold medals, the delicate management of motivation, communication and collaboration were lost. The 'science' of winning appeared to whitewash the 'art' of leadership."

* TOO great an emphasis on individual preparation: "The opportunity-cost of not being together as a group was high; the group never really morphed into a team."

* NO "low-key" places to hang out... "The Olympic village environment, described as ‘mayhem’ and ‘a candy shop

of distractions’ added to the dispersion of people and their attentions."

* SOCIAL media had a dramatic and negative impact: "Some athletes engaged deeply in public debate on what they were doing, how they were doing, and even on who they actually were as individuals. This served to fuel emotions, good and bad, at a time where calmness, intensive focus and consistency should have prevailed. Social media also allowed already disconnected athletes to seek support from sources external to the team, which again diminished the reliance on a unified team."

* PERCEPTION that Swimming Australia was only interested in the "big boys and girls": "The glorification of a few was seen somewhere between embarrassing and irritating to other team members. One person said he felt that it was not really about whether you swam your heart out, it was about whether you could sell your heart out."

* TOO much focus on gold: "The perceived expectation that success could only be defined by a certain time, position or medal seems to have created an anxiety that some athletes did not tolerate well."

* FAILURE met with silence: "It seems that morale began to drop once the team started to lose in the

first few days. Athletes reported that there was either praise for a win, or silence. 'Things were quiet and weird when someone lost. You just sort of went to your room and got out of the way.'"

* EMOTIONS were not controlled: Some athletes let their emotion play out as bravado, withdrawal, disinterest and sulking ... In the absence of psychological ‘recovery work’, emotional volatility was high. At the Games was too late to start learning how to cope with all eventualities."

* SWIMMERS described the Games as the "Lonely Olympics"... "There was no collective voice back to the media on behalf of the swimmers on either performance or personal issues, and as the first week unravelled, the swimmers felt undefended, alone, alienated and that no one ‘had their backs’ this year."


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