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TRICOM managing director Lance Rosenberg was afraid he’d lose institutional investors if they knew of his ban by the corporate regulator. He also feared “incalculable and irreparable damage” to his reputation if he could not get an order staying the ban, court documents reveal. A ruling overturning a four-year ban on ...
Clem7 Tunnel entry off Shafston Ave, Kangaroo Point, Brisbane. Picture: Liam Kidston Source: The Australian RIVERCITY Motorway, the operator of Brisbane’s Clem7 bypass, has just enough cash to keep the project going for another 12 months. Dramatically lower-than-expected traffic volumes threaten the viability of the toll road asset. Rivercity was ...
THE major Australian banks are growing their retail deposit bases with high online introductory savings rates. But later they are aggressively cutting back rates to soften the pressure on their profit margins. An analysis of the online savings market by Macquarie found the four main banks, and some of ...
POLITICAL sensitivities may have caused banks to refrain from any independent interest rate rises during the federal election campaign. But that could be short lived now polling is over. Bank customers have already been warned by bank chiefs that future increases may exceed any hikes made by the Reserve Bank, ...
AN AMP survey shows 78 per cent of Australians are of the opinion that bank acquisitions should be restricted. The survey was released on the eve of the competition regulator’s ruling on National Australia Bank’s takeover of Axa Asia Pacific. And 71 per cent say there needs to be more ...
AN AMP survey shows 78 per cent of Australians are of the opinion that bank acquisitions should be restricted. The survey was released on the eve of the competition regulator’s ruling on National Australia Bank’s takeover of Axa Asia Pacific. And 71 per cent say there needs to be more ...
IOOF Holdings has talked up its proposed acquisition of the North investment platform as a “marriage made in heaven”. It would enhance its efforts to compete against top-tier fund managers, it said. Announcing a big jump in 2010 net profit from $13.9 million to $68.4m, chief executive Chris Kelaher foreshadowed ...
SUNCORP chief executive Patrick Snowball has declared Australia’s major political parties lack a “clear economic policy”. This leaves the nation’s banks too heavily exposed to volatile, competitive and costly wholesale funding markets, he said. The British-born banker at the helm of the Queensland-based bank for the past year said the ...
MICHAEL Cameron admits there has been little point in focusing on growth over the past 15 months. GPT Group, the property giant he leads, has been wrestling to extract itself from a host of “pretty ugly debt positions” and a corporate tangle with former partner and now collapsed Babcock & ...
FOREIGN investors are flooding the market for Australian government bonds. They are betting that the Reserve Bank’s optimistic outlook for the economy is wrong. The interest yield on three-year government bonds dropped last week below the Reserve Bank’s cash rate of 4.5 per cent, and 10-year bond yields are heading in ...
ANZ CEO Mike Smith Source: The Australian ANZ chief Mike Smith says the world’s banks need to change their business models to adapt to the “permanently” higher cost of banking. This prompted renewed speculation that lending rates in Australia will move after today’s election. Mr Smith made the comment yesterday as ...
HSBC global CEO Michael Geoghegan has warned that Asian banks are becoming expensive as his international rivals push deep into the region. HSBC global chief executive Michael Geoghegan has warned that Asian banks are becoming expensive as his international rivals push deeper into the region. The Hong Kong-based boss of ...