Finance sector jobs cut in Australia reach 10,000

A new report has found 10,000 finance sector jobs have been cut in Australia since the global credit crisis, The Australian Financial Review reports.

According to the newspaper, the report issued by Swiss-based international union UNI Finance Global has also found an additional 6300 positions were reportedly outsourced overseas.

The Finance Sector Union of Australia has commented on the report saying the numbers were not the most accurate as they did not include recent cuts from the big four banks and other institutions.

The FSU has said 4054 finance sector jobs have been made redundant or sent overseas during 2012 alone.

ICICI Bank to hike overseas ATM withdrawal fee by 17%

ATM cash withdrawals at international locations by ICICI Bank customers are set to get dearer by nearly 17 percent by the middle of this month.

“With effect from September 15, 2012 ATM cash withdrawal fee at international location will be increased from Rs 107 to Rs 125,” the country’s largest private sector bank said in a notification to its customers.

At present, other leading private banks, including HDFC Bank, Axis Bank and Kotak Mahindra Bank, charge their customers a fee ranging from Rs 110 to Rs 125 per transaction for ATM cash withdrawals at international locations.

Among others, ING Vysya Bank charges its debit cardholders the rupee equivalent of $2.5 per withdrawal.

The charges for this service are higher for some public sector banks, as compared to their private sector peers. Bank of Baroda customers have to pay Rs 200 per withdrawal at VISA member banks abroad.

Globally, banks charge higher fees for international ATM withdrawals—either a flat rate (typically $1-6) or a set percentage of total withdrawal (usually 1-3 percent). The biggest advantage of withdrawing money abroad with an ATM card is that all cash withdrawals, regardless of amount, are executed based on the wholesale exchange rate, which are usually reserved only for very large inter-bank exchanges.

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Sensex off day's low; L&T, HDFC, ICICI Bank drag

India's gross domestic product grew 5.5 percent in the April-June quarter, just above the 5.3 percent posted in the three months ended in March and slightly higher than forecasts.
Although the data signalled the worst may be over, investors worry that growth will remain lethargic, but not low enough to prompt interest rate cuts from the Reserve Bank of India.
Continued disruptions in Parliament are also reducing the prospect of policy reforms during a time when the country is under threat of credit ratings downgrades from Standard & Poor's and Fitch Ratings.
Investors are now expected to focus on the Federal Reserve Chairman Ben Bernanke's speech later in the day amid hopes he will hit at resuming asset purchases. Potential action from the European Central Bank is also keenly anticipated.

NEW DELHI: The BSE Sensex pared most if its intraday losses and is now trading in a range with negative bias on Thursday ahead of the August series derivatives. Index heavyweights such as L&T, HDFC and ICICI Bank led the losers' pack.
"The Nifty is now expected to take resistance around 5338 and head lower till 5220 in the immediate run. The key supports in the immediate run will be around 5250 and resistance will be at 5338," Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan, said.

Reliance Industries fell 2.2 percent after Citigroup downgraded the stock to "neutral" from "buy", saying valuations were "not compelling enough" while the near-term earnings outlook was muted.
Shares of the energy conglomerate had a good run in August, but started to slide towards the second half. Reliance shares still posted a 3.1 percent gain for the month.
Software services exporters fell as worries intensified pricing power in the sector would be hit by rising competition and a weaker global outlook.
Infosys (INFY.NS) fell 1.3 percent, with shares faltering in the last week of August after strong gains earlier in the month that sent shares up 6 percent.
Hero MotoCorp (HROM.NS) fell 3.3 percent, marking its fifth day of falls on continued worries about a potential slowdown for two-wheeler demand and a pileup of inventory.
However, Bharti Airtel (BRTI.NS) rose 2 percent ahead of its annual general meeting next week on hopes for more details about the wireless service provider's plan to list its telecoms masts unit.

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