Pacific Brands swings to FY loss

Pacific Brands has swung to a full-year loss and expects challenging conditions to continue but will sell its workwear business to Wesfarmers for $180 million and expects sales in other divisions to lift.

The group also announced it has appointed David Bortolussi as its new chief executive after John Pollaersquitthe company due to differences with the board last month.

In the year to June 30, the clothing marker reported a net loss attributable to members of $224.5m, compared with a net profit of $73.8m in the prior year.

Revenue lifted 3.8 per cent to $1.322 billion in the year.

Pacific Brands declined to pay a final dividend.

The clothing maker said it expects...

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Ex Gov. McDonnell Takes Stand, Reveals Bleak Marriage

Facing corruption charges, former Virginia Gov. Bob McDonnell characterized his marriage in stunningly bleak terms, taking the witness stand for a second consecutive day to discuss a marriage that, as he describes it, was filled with yelling, unpleasantness, and distance.

McDonnell is on trial in Virginia over gifts his family received from Star Scientific CEO Jonnie Williams, who has testified that he believes he was granted access and a platform at the governors mansion to promote a nutritional supplement, in exchange for gifts that included a $20,000 shopping spree for Maureen McDonnell, the governors wife, and $15,000 for the wedding catering of the McDonnells daughter, Cailin....

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Fannie Mae to sell longtime headquarters

A Fannie Mae representative said the agency is still looking for a new location and plans to make the move in the next two to three years as existing leases expire.

“We are focused on making responsible real estate decisions to ensure the wise use of resources, the safety and soundness of operations, and flexibility to adapt to changes in our future workplace needs,” the representative said.

The move to a single downtown building means it would be leaving its longtime headquarters, located in Northwest Washington along Wisconsin Avenue, across the street from the Sidwell Friends Academy, the private DC school President Obamas daughters attend.

The move comes as the future...

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Today’s Mortgage Rates: Bank of America Home Loans and Refinance …

Back on Wednesday, mortgage interest rates headed higher following the release of the second quarter’s GDP data. According to the latest figures, the US economy grew at a seasonally adjusted 4% in Q2, which is a better reading than economists’ expectations (a 3% growth). This caused weakness in the secondary market and as a consequence mortgage rates edged rapidly higher.

Now, as far as Bank of America’s (NYSE:BAC) current mortgage interest rates are concerned, the Charlotte-headquartered lender offers the 30-year home purchase loan for as low as 4.125% on Thursday. The current rate on the loan is higher than the previous quoted rate (4.000%) from Wednesday....

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Public Consultation – Consumer Protection On The Sale Of Loan Books


The Department of Finance (the
Department) has published a
consultation paper (the Paper) to
discuss proposed draft legislation, known as the Consumer
Protection on the Sale of Loan Books Bill 2014 (the
Bill), which is
aimed at ensuring that natural persons whose loans are sold to
unregulated purchasers will retain the regulatory safeguards that
they enjoyed prior to the sale.

The Paper proposes that this will be achieved by making the
owning of Irish retail credit an activity which is required to be
regulated by the Central Bank of Ireland (the
CBI). Retail credit
involves providing cash loans to natural persons resident...

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JC Penney Slips On Downgrade

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