Research provided by wealth managers AMP Capital Investors suggests that Aussie bonds, which have been serial underperformers for most of the last decade when compared to their equity brethren, have provided relatively spectacular returns this year.
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Australian pension funds lost a combined A$ 91 billion or US$ 62 billion in the year to Sept 2008, which amounts to the equivalent of about 8 per cent of the country’s total economic output. The staggering loss is a direct consequence of the global credit crisis which has had the result of devaluing assets globally.
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There have been unsubstantiated reports quoting a piece in the Australian Financial Review, that Macquarie and NAB are interested in bidding for Citi’s Australian retail stock broking unit Citi Smith Barney.
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Suncorp-Metway who only as recently as 6 weeks ago was looking at selling of key business units at distressed prices at the height of the credit crisis, raised it full year bank profit forecast. Not surprisingly the insurance and banking groups stock gained as much as 8 per cent at the start of trade, immediately after the announcement, and then paired its gains, ultimately closing down a little over 5 per cent for the day compared to a broader index which was largely unchanged
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Australian wealth manager AMP in a sign that the market for capital raising is thawing somewhat, managed to raise a higher than expected amount on strong demand from institutional investors.
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