But a full 100% of agribusiness, construction and service-sector corporations support the bill, so the Senate just put it back on track with a 64-35 vote.
Oh, and the new version of the bill would require the illegals to go back to Mexico and apply for a work permit or something, which means nobody’s actually going to do it and everything will stay just the same. Hooray!
Source : http://wonkette.com/politics/dept'-of-homeland-security/senate-to-america-ha-ha-better-learn-spanish-272404.php
John Kavanagh reviews a new online banking product from one of the world's biggest agribusiness bankers.
What is it? Rabobank, better known as a leader in global agribusiness banking, has launched a retail internet banking product, RaboPlus, that combines the features of an online high-yield savings account with an online managed investment service. The combination of the savings and investment elements in the same product makes RaboPlus a unique retail offering on http://www.raboplus .com.au. Rabobank is not a household name but it has a large online banking presence in Europe. It is a licensed bank in Australia and has a AAA credit rating from Standard & Poor's - the only bank in Australia with such a high rating.
How it works RaboPlus is an online-only service, with no retail outlets and no telephone banking service. There is a customer service line. Savings can be placed in an at-call account or put in a term deposit. Customers using the at-call account have no minimum deposit or minimum term requirements. Customers who use the managed funds service choose from 50 funds managed by six investment management groups. RaboPlus will take investment money from do-it-yourself superannuation fund members and also non-super investors. Rabobank will issue a free Vasco Digipass, which provides two-factor authentication, to all customers.
Statements are issued quarterly and customers can go online at any time to review their accounts. RaboPlus will issue an annual tax statement covering all income and capital gain on the banking and investment sides of the account.
What it costs There are no fees for savings and term deposit customers. Customers who invest in the managed funds pay an entry fee of 0.75 per cent of the amount invested and no ongoing fees. Investors pay investment management fees charged by the underlying funds.
The majority of the funds on the list (35 out of 50) are wholesale funds and charge wholesale fees; these funds do not pay trail commissions to Rabobank. The other 15 funds are retail funds and charge higher ongoing fees, including trail commissions to Rabo.
Pros The interest rate on the at-call account is a big plus. The 6.6 per cent rate is the second-highest in the market. BankWest offers 6.8 per cent on TeleNet Saver for the first 12 months and pays 6.25 per cent after that. The RaboPlus rate is ongoing.
The access to wholesale funds is another plus. Most popular investment platforms, such as Colonial First State's FirstChoice, charge ongoing fees of 1.5 per cent to 2 per cent a year. This often includes a trail commission to the adviser of as much as 50 or 60 basis points. Ongoing fees on wholesale funds are usually lower than 1 per cent and do not include trails. Investors can get similar DIY investment services using direct brokers such as CommSec or E*Trade. The difference is that direct brokers charge no entry fee and keep the trails. Rabo's entry fee alternative means a higher cost upfront but savings in following years.
Another plus is that investors can make an initial investment in a wholesale fund with as little as $250. Usually these funds have minimum initial investment amounts of $20,000 or more.
Cons Some customers might be put off by the fact that there is no telephone transaction option. Other providers of high-yield savings accounts report that the telephone makes up as much as 15 per cent to 20 per cent of transactions. Older customers, in particular, may be uncomfortable with the internet.
Investors may be discouraged by the relatively small number of funds on offer. Fund managers on the RaboPlus menu include AMP Capital Investors, BlackRock Investment Managers, Schroders, UBS Global Asset Management Tyndall and Perpetual. A total of 50 funds is available. Most platforms offer a minimum of 100 funds and in some cases several hundred funds. There are no boutique managers on the list.
Rabo's senior manager investment and managed funds, Tim Hewson, says the current offering covers a wide range of asset classes and diversified strategies. He says Rabo will add to the menu and build it up to 80 or 100 funds, including more specialist funds.
Investors cannot transfer their existing managed fund investments into RaboPlus and have them included in the consolidated reporting.
Source : http://www.smh.com.au/news/money/test-drive-rabobank-raboplus/2007/06/25/1182623829061.html?page=2
