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Deutsche & Citi Dropped From Australian Interbank Rate Setting Group
The trading group of eight banks that set Australian daily interbank financing rates has dropped Citi and Deutsche Bank from its pool after credit rating agency Standard & Poor’s cut both lenders global risk ratings.
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Class Action Lawsuit Filed Against ANZ Over Opes Prime
A class action lawsuit has been filed against Australian Banking major ANZ which is alleging that the lender failed to adequately disclose risks associated with loans to insolvent margin lender Opes Prime.
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Aussie Bonds Provide Spectacular Returns In 2008
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 Non Bank Lenders To Consolidate Further
The capitulation of GE Money, and the subsequent divestment of its Wizard Home Loans unit for just A$ 26 million, after having paid A$ 500 million for the business only 4 years ago suggests the outlook for non bank lenders and mortgage brokers is positively horrendous. The acquisition of Wizard by Aussie Home Loans and CBA bears the beginnings of a wave of consolidation for the industry in general.
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Australia’s Largest Companies To Take A$ 50 Billion Balance Sheet Hit on Intangibles
Australia’s 100 largest listed companies may see an A$ 50 billion hit on their balance sheet as the carrying value of the assets they have acquired declines in line with economic activity.
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Australian Pension Funds Lose A$ 91 Billion
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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NAB Loses Out In Race To Acquire Wizard Home Loans
Commonwealth Bank of Australia, together with Aussie Home Loans announced today that they were the preferred buyers for Wizard Home Loans, having beaten rival National Australia Bank in the race to acquire the non-bank lender from its parent GE, embarrassing NAB who only last week said it was in the lead and would close the deal.
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ANZ Hit’s Out At Ratings Agencies
International credit ratings agencies are facing fresh criticism and increasing threats as corporations fund managers and investors increasingly believe that the credibility of their ratings have been destroyed in the wake of the credit crisis which to some degree has affected every corner of the globe.
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Fortescue Hoarding Cash, Pays Vendor In Stock
Fortescue Metals Group (FMG) took the extraordinary measure of issuing shares in order to pay its contractors. The step raises questions over the company’s cash position. On Friday Fortescue announced that it had issued 1.55 million ordinary shares raising A$ 3.65 million.
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ASX Refers CBA to ASIC Over Disclosure And Share Placement Bungle
The Federal Securities regulator ASIC, said it intends to proceed with an investigation into whether Commonwealth Bank possibly breached disclosure requirements after it bungled an A$ 2 billion equity placement by failing to disclose an increase in bad debt levels prior to the placement to investors.
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