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NAB Sees Profit Tank On UK Businesses

After announcing a $305 million restructuring of its UK operations and job cuts numbering 1,400, Australian banking major NAB has seen its share price fall. The lender recently announced a loss on its UK business for the half year ending March 31st resulted in a 15.6 drop in its own half yearly profit, which came [...]

Mortgage Broker Found Guilty Of Bilking Clients In Ponzi Scheme

A mortgage broker in Western Australia has been found guilty of bilking as much as $1.2 million from seven borrowers and using the cash to pay his credit card bills and other debts.

According to news paper reports, Max Booty was charged with eight counts of stealing and an additional eight counts of fraud and stood trial for a Ponzi scheme which he ran between August 2007 to March 2009. The jury took three hours to deliberate and found him guilty of all charges.

ANZ Defends Interest Rate Policy

Australian banking major ANZ has defended its policy on interests in a letter addressed to The Age from its Australian operations chief Phil Chronican who argues that the cost of funding has increased substantially, and provided data to support his claim.

Macquarie Chief Calls For Interest Rates To Be Cut

Nicholas Moore, chief executive of Macquarie has added his voice to growing calls made by leaders of industry for interest rates to be cut next week as a means by which confidence in the country would be boosted by helping export based industries who are currently suffering from the high value of the Australian dollar.

NAB To Hold On To UK Businesses For Now

Banking analysts are predicting that Australian banking major NAB will not sell its interests in the UK, whilst the economy continues to stay weak.

The analysts cite pricing as the main reason, arguing that NAB will not be able to obtain a decent price for the Clydesdale and Yorkshire banks according to CBA analyst Ben Zucker.

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