Investors have been reminded to do their research when considering overseas investing... China's currency will direct the Aussie dollar in 2016...
Australians reminded of dangers of overseas investing
Investors have been reminded to do their research when considering overseas investing, after a South African national fled the country in an attempt to avoid facing court over fraud charges,
Alistair Frank McCreath was due to stand trial in the Maroochydore District Court on 30 November after being charged with fraud under wrongful conversion of trust money and improperly dealing with trust money following an investigation by the Queensland Office of Fair Trading (OFT) and other local and international consumer and police agencies.
The OFT alleges a Sunshine Coast based investor provided McCreath with $320,000 to purchase five properties in the United States city of Detroit before asking for the money to be returned after McCreath said the properties were no longer for sale.
McCreath then allegedly used the money to buy five different properties and told the investor he would return their money after re-selling them.
McCreath allegedly sold four of the properties but failed to reimburse the original investor.
Despite having bail conditions limiting his international travel imposed on him, McCreath fled to South Africa in August and a warrant has been issued in his arrest.
China's currency will direct the Aussie dollar in 2016
China's currency will have more influence over the Australian dollar's value next year, according to an article in the Sydney Morning Herald.
The yuan is expected to depreciate further next year, taking the Aussie dollar with it
Global fixed income strategist Kit Juckes says that China's slowing growth means the yuan will depreciate against the US dollar and stabilising metals prices will be a negative for Australia and other big exporters to China.
"Since Chinese growth and monetary, and foreign exchange policy will play a bigger role in the outlook for currencies of exporters to China, we are more comfortable looking for rallies in the oil-sensitive Norwegian krone, Canadian dollar and rouble than in hoping for a turnaround in China-sensitive ones," Juckes says.
Investors have been reminded to do their research when considering overseas investing, after a South African national fled the country in an attempt to avoid facing court over fraud charges,
Alistair Frank McCreath was due to stand trial in the Maroochydore District Court on 30 November after being charged with fraud under wrongful conversion of trust money and improperly dealing with trust money following an investigation by the Queensland Office of Fair Trading (OFT) and other local and international consumer and police agencies.
The OFT alleges a Sunshine Coast based investor provided McCreath with $320,000 to purchase five properties in the United States city of Detroit before asking for the money to be returned after McCreath said the properties were no longer for sale.
McCreath then allegedly used the money to buy five different properties and told the investor he would return their money after re-selling them.
McCreath allegedly sold four of the properties but failed to reimburse the original investor.
Despite having bail conditions limiting his international travel imposed on him, McCreath fled to South Africa in August and a warrant has been issued in his arrest.
In depth: Diving into broking and collecting the awards
Loan Market's Renee Robins decided to pursue broking after a stint operating a dive boat in Thailand
Loan Market's Renee Robins decided to pursue broking after a stint operating a dive boat in Thailand
China's currency will direct the Aussie dollar in 2016
China's currency will have more influence over the Australian dollar's value next year, according to an article in the Sydney Morning Herald.
The yuan is expected to depreciate further next year, taking the Aussie dollar with it
Global fixed income strategist Kit Juckes says that China's slowing growth means the yuan will depreciate against the US dollar and stabilising metals prices will be a negative for Australia and other big exporters to China.
"Since Chinese growth and monetary, and foreign exchange policy will play a bigger role in the outlook for currencies of exporters to China, we are more comfortable looking for rallies in the oil-sensitive Norwegian krone, Canadian dollar and rouble than in hoping for a turnaround in China-sensitive ones," Juckes says.
MPA's 2015 Hot List out soon
Look out for MPA's 2015 Hot List, online this Wednesday. In the meantime, check out last year's Hot List here.
Look out for MPA's 2015 Hot List, online this Wednesday. In the meantime, check out last year's Hot List here.
