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Macquarie Stock Takes Beating
Australian Investment Banking major Macquarie Group had its stock price come under increasing pressure during Friday’s trading on the ASX. Macquarie fell to ten year lows forcing it to make a statement saying that it did not intend to raise any fresh capital.
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IAG Profits Tank
Australian insurance major, Insurance Australia Group (IAG) Australia’s largest provider of motor vehicle and home insurance announced that first half profits have tanked by as much as 96 per cent driven by investment losses and natural disaster claims.
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ANZ To Cut Dividend By 25 %
Australian Banking major Australia & New Zealand Banking Group (ANZ) Australia’s fourth largest bank announced that it plans to cut its dividend for the first time since 1991, as it seeks to contain rising levels of bad debt, and maintain its capital levels.
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CBA Acquires GE Money Mortgage Portfolio
Commonwealth Bank of Australia (CBA) will complete its first half of the deal to acquire GE Money’s mortgage portfolio in Australia, by purchasing A$2.25 billion in mortgages originated by the GE Money’s Wizard Home Loans brand.
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Suncorp Half Year Profits Tumble
Bancassurance group Suncorp-Metway announced on Tuesday that the credit crisis has negatively affected its profits by forcing the company to increase its provision for bad debts, slashing half year profits by as much as a third. Suncorp’s profit to the end of December fell to $258 million, compared to $386 million a year earlier.
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CBA Tightens Borrowing Requirements For First Time Home Buyers
Australian Banking Major CBA, has implemented new borrowing requirements for first time home buyers tightening borrowing rules making it compulsory that they contribute at least 3 per cent of the purchase price of the property using their own funds, over and above any government grants.
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Australian Hedge Funds Show Improved Performances In January
After having taken a beating for most of 2008, Australian hedge funds have seen valuations rise marginally for the second consecutive month in January. Funds which performed well, invested in managed futures, currency strategies and real estate.
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ANZ Senses Asian Opportunities
Australia & New Zealand Banking Group (ANZ) says it believes there are many opportunities to acquire Asian banks, after a year of steep declines in banking equity prices according to ANZ chief executive Mike Smith.
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RBA Deputy Governor Says Global Currency Markets Still Yet To Recover Fully
Volumes on the global currency markets have still not recovered from the collapse of Lehman Brothers back in September last year, and the global foreign exchange market including that of the Australian dollar is increasingly being driven by news originating from New York.
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Is Westpac Worlds Most Profitable Bank ?
Australian banking trade publication “The Sheet” is reporting that Westpac Banking Corp may in fact be the most profitable universal bank in the world.
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