Australian banking major Commonwealth Bank of Australia (CBA) broke its silence Monday and issued an announcement confirming that the lender does not have a large enough exposure to incur a material loss from a possible default by troubled sovereign holding company Dubai World.
Australian banking major Commonwealth Bank of Australia (CBA) has refused to comment on whether the lender has any exposure to troubled sovereign holding company Dubai World.
Non bank finance company and leading mortgage broker Aussie Home Loans has called for the Reserve Bank of Australia (RBA) to leave interest rates unchanged when it holds its monthly board meeting next week, or risk hurting retail sales during the traditionally busy Christmas shopping season.
Global insurance giant AXA SA, the largest insurer in France, says it hopes that ”one day” it will complete a takeover of AXA Asia Pacific Holdings (APH) as it seeks to increase the footprint and market share of its life insurance business across eight emerging markets.
Global credit rating agency S&P, says the world’s largest lenders, including Australia’s Big Four, lack sufficient funding to meet their lending exposure and is warning that they run the risk of having their credit ratings downgrades, if they fail to strengthen their balance sheets over the next eighteen months.
October was the first month of negative returns for superannuation (super) funds, after seven consecutive months of gains, which is the first suggestion that the recovery in the pension fund industry may be faltering.
Australian banking major National Australia Bank (NAB) says it considering its options, after troubled UK, lenders Royal Bank of Scotland and Lloyds revealed that both are planning to sell units and shed branches, in order to maintain their eligibility for government support.
One of Australia’s most influential fund managers says he is extremely bullish on the performance outlook for the Big Four banking groups over the next five to ten years and suggests that the Federal Government as a matter of policy, will do everything possible to sustain lending.
Australian bankers have catapulted themselves into a list of Asia’s most powerful financiers, reflecting the drive by Australian financial institutions to expand their regional banking networks in Asia.
The weekly wage for the average full time Australian worker is $1200 according to new data from the Australian Bureau of Statistics which was released on Thursday.