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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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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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Santander To Issue Kangaroo Bonds
Spanish banking major, Banco Santander plans to start issuing Aussie Dollar Bonds, better known as Kangaroo Bonds, according to JP Morgan. The timing of the decision and the quality of the issuer is another strong signal that the crisis in Australia’s credit markets has finally begun to ease.
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NAB Cuts 350 Jobs at its UK Unit. Banking Industry Fears More Cuts at Home
The National Australia Bank, announced job cuts in its British unit with around 350 employees being affected with the announcement of a strategic partnership between French Insurer AXA and NAB’s UK unit Yorkshire and Clydesdale banks.
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