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Australian Hedge Funds Hammered In 2008
Hedge Funds from Australia have seen a record decline or loss of 18 per cent in 2008, as the credit crisis intensified into a full blown panic last year, which resulted in equity markets globally selling off by as much as 50 per cent. Hedge fund managers were hit with the vicious circle of declining market valuations causing redemptions, which in turned fuelled broker margin calls and further declines in market valuations as managers liquidated positions to meet margin requirements.
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Australian Interbank Lending Rates Fall On Expectation Of Rate Cut
Australian interbank lending rates have fallen and the cost of protection from Australian corporate defaults has declined, amid growing expectations that the Reserve Bank of Australia will cut official interest rates which will then be at their lowest levels since the 1960’s.
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Malcolm Turnbull Slams Commercial Property Fund
The Federal Government in conjunction with the four major Australian banks announced this week that they are to set up an emergency fund worth A$4 billion designed to guarantee the delivery of credit to commercial property projects which may have received funding from international banks unwilling to roll over loans. The contingency fund, is to be called the Australian Business Investment Partnership.
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Australia’s Big Four Banks Vault Into The Global Big Leagues
The global banking crisis has had the effect of catapulting the big four Australian banks into the list of top twenty banks globally. The big four are expected to be presented with new business opportunities and attract the attention of global investors as a result.
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Wayne Swan Tell’s Investors By Any Means Necessary
Federal Treasurer, Wayne Swan, speaking to the investment community in New York on Friday, said that the Australian Government will not hesitate to undertake further stimulus measures for the Australian Economy, should it be required as the scale of recession across the developed world deepens.
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Bank of Queensland First To Hit Up Australian Equity Investors In 09
Regional Australian Lender Bank of Queensland (BoQ) tapped the equity markets on Wednesday raising part of its A$ 108 million funding requirement through an institutional share placement, intending to raise the rest through a retail share purchase plan.
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Westpac Set To Become First Samurai Issuer Since Market Froze Last Year
Westpac Banking Corp is set to become the first Samurai Bond issuer since the primary market in Yen denominated bonds issued by foreign companies froze four months ago. The freeze in foreign company Yen borrowings occurred in the aftermath of the Lehman Brothers collapse. The Westpac Samurai issue has a sovereign guarantee attached to it.
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CBA See’s Large Drop in Assets Being Managed
Australian Big Four Lender Commonwealth Bank of Australia (CBA) said on Thursday that it has experienced and marked increase in the outflow of funds from its assets under management during the December quarter. The bank said that institutional investors took the opportunity as markets began stabilising to exit cash funds.
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Super Funds See Three Years Of Investment Gains Evaporate
2008 was not a great year for Australian Super Funds according to research firm Super Ratings. Super Funds fell by about 20 per cent in value for the year despite managing to maintain valuations in December as financial markets either froze or collapsed globally.
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NAB Chief Says Bank Not Interested In Selling British Units
National Australia Bank Chief Executive Cameron Clyne, in his first public comments on strategy since assuming the role at the start of the year has effectively ruled out selling its interest in its British banking units, saying such a move would only destroy shareholder value.
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