News Round Up: July 23
OCR predictions; Sovereign loses big court battle; Premium China Fund upgraded.
Monday, July 23rd 2012, 6:31AM
The Official Cash Rate won't be increased this week - our survey of economists shows. It also gives some idea of when economists expect the cash rate to start increasing. Full details here
Sovereign loses big court battle
Sovereign has lost a court battle with IRD where it was challenging reassessments issued by the department regarding the tax treatment of historical reinsurance arrangements.
The High Court, last week, found in favour of the IRD. Sovereign is reviewing the judgment and considering its response. Sovereign has consistently disclosed the issue in its financial statements since 2004. Sovereign has notified its rating agency, AM Best, and does not believe that the outcome of the proceedings will impact its financial strength rating.
Premium China Fund upgraded
The Premium China Fund has been upgraded to ‘Highly Recommended’ by research house Lonsec.
In its latest Research Bulletin, Lonsec notes that the Fund continues to be an attractive access point to China based on its high regard for the collective insight of the investment team and the firm’s commitment to fundamental company research, which has been strengthened with the transition to a sector-based research structure.
The utilisation of a robust investment philosophy and process provides this fund with competitive advantages versus its China equity fund peers, it says.
The Premium Asia Fund retains a Lonsec rating of ‘Recommended’ following the latest review. Lonsec believes the Fund benefits from the collective insight of the investment team and the firm’s commitment to fundamental company research.
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