Financial Services
Macquarie in $4bn gas deal
A group led by Macquarie Group has agreed to pay €3.2 billion ($4.1 billion) to EON for a network of natural gas pipelines in Germany.
Safety first after one crack too many
Cornell | The humiliating trading debacle at JPMorgan Chase has winded those who have been arguing regulators should back off.
US firm has $50m to buy MF Global debt
A US distressed debt investment company plans to apply today to buy up to $50 million of debts owed to clients of collapsed broker MF Global Australia.
Medcraft aims high with IOSCO
Greg Medcraft, the incoming chairman of the International Organisation of Securities Commissions (IOSCO), hopes to elevate the body to the same prominence commanded by the Basel Committee on Banking Supervision under his stewardship.
QBE queried on O’Halloran shares
The Australian Securities Exchange has asked QBE to explain its tardiness in lodging a notice flagging the increase in QBE chief executive Frank O’Halloran’s shares – an incident the company blamed on an “administrative error”.
HSBC cuts costs by target $US2bn
HSBC CEO Stuart Gulliver said in a strategy update on Thursday that Europe's biggest bank is still on track to meet his return on equity (RoE) target of above 12 per cent.
Greece fears hit funding costs: CBA
Commonwealth Bank of Australia has revealed it was forced to make contingency plans in case of Greece’s exit from the euro as the debt-raddled country’s political crisis sends shockwaves around world.
Regulator defends higher fees
The corporate regulator has defended plans to charge stockbrokers tens of millions of dollars in additional fees to pay for the supervision of the market.
More Count advisers join us, says BT Financial
BT Financial Group, the wealth arm of Westpac Banking Corp, says it has poached a further four financial advisory groups from Count Financial, taking the total to nine since the independent advice group was acquired by Commonwealth Bank of Australia early this year.
Commonwealth looking slimmer at the margins
Commonwealth Bank of Australia is set to be the next major lender to be hit with the high cost of deposits, as analysts warn of falling profit margins.
Volatility frustrates the funds
Long-only Australian equity fund managers failed to beat the index’s returns last month as global uncertainty pummelled investment performance.
Inquiry report damning on $176m Trio theft
A federal parliamentary inquiry into the theft of about $176 million from fund manager Trio Capital has uncovered a litany of failed regulation, weak governance, inadequate policing and misleading advice.
IBM super mandate goes to AustralianSuper
AustralianSuper has won the mandate to manage the $1.7 billion IBM staff superannuation fund, the largest corporate out-sourcing in Australian history.
JPMorgan’s $2bn loss extraordinary: ANZ chief
ANZ Banking Group chief executive Mike Smith has labelled JPMorgan’s $US2 billion trading loss as “extraordinary”.
Future Fund chairman backs broader super choice
The intense debate over whether investors are overexposed to the sharemarket ignores savers’ individual circumstances, according to the new chairman of the Future Fund, David Gonski.
Take care with MF Global: Deloitte
The liquidator of collapsed stockbroker MF Global Australia has warned clients to obtain independent advice before selling their positions to third parties, a process that could begin as early as this week.
Vote recount on super merger
A prominent union representative has called for a recount of a vote on the Vision Super and Equipsuper merger.
ASX holds court on capital raising rules
The ASX has not responded to industry criticism that its new listing rules governing capital raisings for small and mid-cap companies fail to protect existing ownership interests and could pave the way for boards to abuse their placement mandate.
US tax law a threat to financial sector
A new US tax law that could Australian financial services firms hundreds of millions of dollars is arguably the first of many more to come from around the world, warns financial technology outsourcing giant, CSC.
ANZ to pump $300m into China business
ANZ Bank has flagged plans to pump $300 million into its China business to fuel further growth in the world’s most populous country.
Drop in cheque users presents challenges
The number of cheque users in Australia is plummeting, and a new plan has been drawn to manage the decline across the country’s payments landscape.
Natural disasters take toll on Suncorp
Last year’s natural disasters continue to plague Suncorp’s general insurance operations as the insurer reported $714 million in claims costs for the 10 months to April, $253 million above its long-run expectation.
RBA’s Parkinson boosts rate-cut hopes
Treasury secretary Martin Parkinson has stoked speculation the central bank may cut rates if the economy weakens.
US regulation debate a ‘banking hell’
America is having the wrong debate over bank regulation, arriving at the wrong conclusions, and doomed to several more years of trying to get it right, a bank analyst warns.
Brogden fights to avoid 30pc US tax on super
Financial Services Council chief John Brogden is in the US to make a last-ditch bid for super funds to be carved out of laws that threaten to impose a 30 per cent withholding tax on financial institutions.
NAB pitch to raise $500m
National Australia bank has turned to retail investors to raise money in a bid to reduce its reliance on the expensive funds it sources through deposits from customers and by borrowing on international debt markets.
Super funds face full disclosure rule
Industry superannuation funds will be required to disclose in full the pay of trustees and senior executives as part of a push by the $450 billion sector to improve transparency and boost member confidence.
Suncorp’s Snowball slams budget message
The federal budget ran the risk of “squandering a once in a generation opportunity to promote savings”, says Suncorp’s chief executive.
Aussie bankers are hot property abroad
The Australian banking market has become a favourite source of human capital for overseas banks looking to add to their executive ranks.
Investors left out in the cold
Patten | Last Tuesday morning, Bill Shorten released a long-awaited review of compensation arrangements for individual investors.
