News Archive
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2008
Bank News
Bullying Case Goes To Federal Court
31 July 2008
A FORMER Commonwealth Bank marketing manager who accused two of the bank's most senior managers of sexual harassment and bullying has upped the ante in her fight with the bank, taking her case to the Federal Court... read full story
Safe As Houses: Anz Wins The Tick It Craves So Badly
30 July 2008
ANZ Bank was yesterday given a much-needed vote of confidence by two of the major credit agencies, after they maintained its all-important double-A rating in the wake of the bank's decision to provide an additional $1.2 billion for its bad-debt cover... read full story
The Squeeze
30 July 2008
ANZ can breathe again as credit agencies maintain the bank's rating, now the gaze is turning to Commonwealth Bank and Westpac, writes Danny John... read full story
Anz Stock Savaged After $1.2b Hit
29 July 2008
ANZ BANK'S annual profit is set fall by as much as $800 million to $3.1 billion after the company warned its second-half results would be hit by increased bad debts and soured loans... read full story
Lofty Ambition Royally Thwarted
29 July 2008
MIKE SMITH'S first year in charge of ANZ Bank is turning into what a slightly more regal English figure once termed an "annus horribilis"... read full story
Why Anz Is Faraway A Better Investment
29 July 2008
There were no individual surprises in what the ANZ chief executive, Mike Smith, disclosed yesterday: the bank's expected collective "rainy day" provision was raised by another $375 million, leaving it as the most conservatively provisioned big Australian bank on this general measure, at just over 1 per cent of risk-weighted assets... read full story
Banks May Follow Nab's Defences
28 July 2008
NATIONAL Australia Bank's move to shore up money to protect against losses of up to 90% of its exposure to the US housing market could spur competitors to cut into their earnings to beef up their defences... read full story
Credit Slowdown Squeezes Earnings
28 July 2008
A GLOOMY picture of falling banking sector earnings is emerging in the wake of National Australia Bank's shock move to set aside $830 million to cover investments linked to the US subprime housing loan crisis... read full story
Nab Shares Hammered In Market's Big Bank Withdrawal
26 July 2008
NATIONAL Australia Bank shares have had their biggest one-day loss since the 1987 sharemarket crash, after the bank said it might lose more than $1 billion in investments linked to the distressed US mortgage market... read full story
Nab Slumps 13.5% On Us Debt Shock
26 July 2008
NATIONAL Australia Bank will suffer a $600 million blow to its annual net profit, sending its earnings into the first tailspin for four years, after taking a direct financial hit from a portfolio of investments linked to the US subprime housing crisis... read full story
Subprime Bullet Bites Confidence In Bank
26 July 2008
It's taken a year, but the US subprime housing loan debacle (which morphed into the global credit crisis) has finally hit home in Australia. And hit hard... read full story
The Bank You Can Bust
25 July 2008
A real-life robbery inspired Jason Statham's latest film, writes Craig Mathieson... read full story
Tunnel Vision
25 July 2008
Saffron Burrows and Jason Statham uncover compromising photos of the rich and powerful in The Bank Job. Helen Barlow and Ellie Harvey report... read full story
Cba Won't Overpay For Abn Amro
24 July 2008
COMMONWEALTH Bank is expected to drive down the price expectations of the owners of the Australian operations of ABN Amro to as low as $500 million after it entered into exclusive talks to buy the investment banking and equity trading business... read full story
Sole Bidder Likely To Drive Abn Price Down
24 July 2008
COMMONWEALTH BANK is expected to drive down the price expectations of the current owners of the Australian operations of ABN Amro to as low as $500 million after entering exclusive talks to buy the investment banking and equity trading business... read full story
Us Senate Committee To Probe Lowy Share Purchases
24 July 2008
The family's business with a Liechtenstein bank are at the centre of a tax haven inquiry, reports Leonie Wood... read full story
Australia Now The Not-quite-as-lucky Country
23 July 2008
AUSTRALIA has slid 10 places on the world's income charts, dropping from being the world's 24th richest country to 34th richest in just one year, the World Bank estimates... read full story
Down They Go: Most Vulnerable Bank Shares
23 July 2008
Citi analysts have weighed up the risks andre-rated Australia's major banks... read full story
Tax Victory For Macquarie Head
22 July 2008
THE non-executive chairman of Macquarie Group, David Clarke, has won a legal battle over a hefty tax bill he incurred after he got the bank to bail out his favourite football code... read full story
Inside The Bank That Lowy Banked On
19 July 2008
A US investigation reveals the complex labyrinth set up to hide the family's ownership of assets. Luperla.. read full story
Massive Surge In March Quarter Bad Debts 'unsurprising'
18 July 2008
HOME buyers and other borrowers defaulted on payments on a record $3.5 billion of bank mortgages and other loans in the March quarter, as higher interest rates pushed them over the brink... read full story
Commbank Account Review Attacked
17 July 2008
THE Commonwealth Bank's $50 million media account review process has been blasted by the London-based chief executive of the communications strategy firm Naked... read full story
Commonwealth Bank
17 July 2008
? COMMONWEALTH Bank of Australia chief executive Ralph Norris says there is still a risk the banks will make "out of sequence" rises to mortgage interest rates... read full story
$25bn Wiped Off Local Shares As Run On Californian Bank Sends World Markets Into Spin
16 July 2008
THE scene was set on Monday, when queues of anxious customers formed outside branches of the collapsed IndyMac bank in California... read full story
Rise Unlikely, Reserve Prepares To Help Out
16 July 2008
THE Reserve Bank has signalled it is prepared to overlook a bumper inflation result next week and keep interest rates on hold in the near future... read full story
Run On Us Bank Sends World Stockmarkets Tumbling; And Soros Fears More To Come
16 July 2008
THE scene was set on Monday, when queues of anxious customers formed outside branches of the collapsed IndyMac bank in California... read full story
Nab Pushed To Reveal Subprime Exposure
15 July 2008
THE National Australia Bank is under pressure to provide more details on its exposure to securities linked to subprime assets in the United States and Europe... read full story
Westpac Set For Rates Rise
15 July 2008
WESTPAC Bank is expected to join its big-bank competitors and cap off another round of unofficial interest rate rises as new figures reveal an increasing stranglehold on lending by banks... read full story
Future Fund Billions Help Banks Ride Credit Storm
14 July 2008
THE Federal Government's Future Fund and the Reserve Bank have quietly propped up the banks through the global financial turmoil of the past year, ABN-Amro economists have revealed... read full story
Nab Has Its Sights On Broker
12 July 2008
NATIONAL Australia Bank wants to buy the local broking arm of ABN Amro, despite warning of more losses from the global credit crunch... read full story
Nab Keen To Buy Abn Amro Assets
12 July 2008
NATIONAL AUSTRALIA BANK publicly confirmed yesterday that it was interested in buying the local broking arm of ABN Amro. The bank also warned of possible further writedowns on its exposure to $US1.1 billion ($1.14 billion) worth of collateral debt obligations as the global credit crunch worsens... read full story
Stevens To Banks: Get Back To Basics
10 July 2008
RESERVE Bank governor Glenn Stevens has hit out at complicated banking business models, urging banking executives to look at the fundamentals that have underpinned the success of locally based banks such as the Bendigo Bank, which last night celebrated its 150th anniversary... read full story
St George Rebels And Lifts Its Rates
5 July 2008
ST GEORGE Bank has again increased home loan interest rates, adding more pressure to household budgets already feeling the strain of rising fuel and food costs... read full story
St George Top-up Leads Mortgage Escalation
5 July 2008
ST GEORGE Bank yesterday added to the pressures on household budgets already strained by rising fuel prices and high home-loan costs with another "top-up" monthly mortgage repayment increase... read full story
It's Now The Reserved Bank On Rates
2 July 2008
The Reserve Bank's metamorphosis from interest rate hawk to dove has been occurring in subtle monthly increments, but yesterday's statement left no room for doubt that a decisive shift has occurred... read full story
Nab Stays Put At No. 500
2 July 2008
NATIONAL Australia Bank is sticking with its long-time headquarters at 500 Bourke Street, with the group announcing it had signed a 12-year lease as ISPT's $75 million refurbishment of the building continues... read full story
Rates On Hold As Rba Says It Has Cooled Economy
2 July 2008
THE prospect of a fresh interest rate rise for the Australian economy is off the Reserve Bank's agenda, after it emphasised its strategy of tackling inflation by cooling the economy was working... read full story
Rba Claims Inflation Win
2 July 2008
THE prospect of a fresh interest rate rise for the economy is off the Reserve Bank's agenda, after it emphasised that its strategy of tackling inflation by cooling the economy was working... read full story
No Deal: Anz Takes Bailout Off Table
1 July 2008
THE future of the specialised financial services provider Chimaera Capital was again called into question last night after the ANZ Bank walked away from a deal to invest $55 million in the company... read full story
