Second Mortgage Definition
Multiple rate rises seen
MONEY market dealers believe the Reserve Bank is set to raise official interest rates next week, pushing the cost of borrowing money higher than at any time since February 2001.
The likelihood of a rate increase was heightened yesterday after the latest inflation data showed that production costs for local businesses in the June quarter blew out by the biggest amount in six years.
The release of ABS data triggered another sell-off of short-dated securities in the money market and prompted a corresponding rise in bond yields. This means that the pressure for a rise in official interest rates is growing with traders continuing to price in another rate rise beyond next week. Rates on benchmark 90 Day Bank Bills closed last night at 6.10 per cent -- 35 basis points above the Reserve Bank's official cash rate of 5.75 per cent.
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Prudential Financial, Inc. Announces Second Quarter 2006 Results
Prudential Financial, Inc. (NYSE:PRU) today reported netincome for its Financial Services Businesses of $424 million (89 centsper Common share) for the second quarter of 2006, compared to $754million ($1.48 per Common share) for the year-ago quarter. After-taxadjusted operating income for the Financial Services Businesses forthe second quarter of 2006 was $682 million ($1.40 per Common share),compared to $568 million ($1.12 per Common share) for the secondquarter of 2005, a 25 percent increase per Common share. Adjustedoperating income is a non-GAAP measure as discussed below.
For the first half of 2006, net income for the Financial ServicesBusinesses amounted to $1.099 billion ($2.27 per Common share)compared to $1.520 billion ($2.96 per Common share) for the first halfof 2005. First half 2006 after-tax adjusted operating income for theFinancial Services Businesses amounted to $1.351 billion ($2.77 perCommon share) compared to $1.169 billion ($2.30 per Common share) forthe first half of 2005.