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In Brief

Euroz profit jump

STOCKBROKING firm Euroz Limited announced a 61 per cent jump in pre-tax profit for the half year ended December 31 2002.

A net profit after tax of $408,162 for the first half is an increase of 71 per cent over the 2001-02 half-year profit of $238,022.

Euroz said the result was particularly pleasing given the subdued market activity in the year’s first half, the additional costs of establishing the new corporate department and expenditure incurred in moving premises.

Euroz recently raised $4 million via a placement and the exercising of existing options.

ASIC undertaking

LICENSED securities dealer Retireinvest Pty Ltd has accepted an enforceable undertaking from the Australian Securities and Investments Commission to improve compliance standards. Retireinvest must also provide redress for clients who may have been adversely affected by the poor compliance standards identified at the company. Retireinvest has undertaken to engage an external independent compliance consultant to investigate and improve on current procedures.

AMEX robust

AMERICAN Express expects robust growth in its Australian credit card business in 2003, reflecting the strength of local economic conditions.

AMEX CEO of Australian operations, John Stewart, said the group’s Australian business would continue to grow solidly. Axiss Australia reported that Amex had experienced a 30 per cent increase in new cards issued in 2002.

Amex is the fifth-largest player in Australia’s credit card market, with around 1.3 million cards on issue. Last year, Amex acquired AMP’s portfolio of credit cards and $250 million of the group’s receivables.

Money award

MONEY Management, in conjunction with Resnik Communications, has introduced the inaugural Business Development Manager of the Year Award. Nominations are to be judged according to technical/product knowledge, business acumen and personal qualities. Nominations close on March 11 with the award to be presented at the Resnik Communications BDM Symposium on April 28.

Tax laws

CHANGES to tax law announced recently allow an automatic capital gains tax roll-over for eligible financial service providers moving to the financial services reform regime.

The Minister for Revenue and Assistant Treasurer, Senator Helen Coonan, said financial service providers replacing an existing intangible asset, such as a statutory licence or right to income, with another intangible asset should be eligible for the CGT roll-over during the transitional phase of the FSR regime.

Top 100 managers

AUSTRALIA’S Top 100 managed funds 2003 is a new book providing concise information on each of the featured funds. The book, written by Dr Chris Lavers, CEO of Neville Ward Direct, uses research data from Morningstar. It includes a general overview of funds, including how to invest in a managed fund.

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