The Reserve Bank has cut interest rates by a quarter of a percentage point to a historic low of 2 per cent. If the cut is passed on in full, home-owners with a $350,000 mortgage will save more than $52 per month, according to AAP calculations.
3:57pm: The yield on the actively traded three-year government bond has surged above 2 per cent to trade above the cash rate for the first time since November last year.
UBS Group AG, Switzerland's biggest bank, said net income in the first three months of the year almost doubled in a quarter that saw all divisions beat analyst estimates.
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LOS ANGELES (AP) - Wells Fargo Bank could be writing a big check after the city of Los Angeles filed a lawsuit over unfair practices in which employees opened unauthorized accounts for customers, sticking them with fees and damaging their credit.