AXA hunts Asian truffle Nov 11, 2009
You keep looking for them but don't find them under every tree," he said in September. But now he is busy clearing up AXA Group's messy joint holdings.In Paris this week, AXA Group launched a 2 billion ($A3.2 billion) rights issue as part of what it called an "aggressive" strategy to fund acquisitions. As well as AXA Asia Pacific, which will ultimately double its footprint in Asia, AXA Group is also looking to buy out minority holdings in businesses in eastern Europe and Turkey.While de Castries... (Sydney Morning Herald -- Business)
Interest rate hike to follow jobs rate rise Nov 11, 2009
The National Australia Bank October business survey shows that businesses planning to take on workers outnumber those planning to let go of workers two to one, the best result since early 2008. Taken literally, this suggests annual employment growth of 2 per cent,'' said UBS economist George Tharenou. (Sydney Morning Herald -- Australia)
Axa Asia Pacific rejects $10B offer Nov 10, 2009
Australia's AMP joins French rival Axa to engineer $10. 2 billion bid for Axa Asia Pacific. (CNN -- International)
AXA Asia holds out for a sweeter offer Nov 10, 2009
The deal underscores AMP's appetite to expand its wealth management business after losing out to National Australia Bank in the bidding for British insurer Aviva's assets this year. Mr Dunn said AMP would emerge as the ''fifth pillar'' in the Australian financial services market - a reference to a new competitor to the four big banks that also dominate the nation's wealth management market. (Sydney Morning Herald -- Business)
Business Sentiment in Australia Rebounds Close to Highest in Six Years Nov 10, 2009
The sentiment index climbed 2 points to 16, after falling 4 points in September, according to a National Australia Bank Ltd. survey of more than 400 companies questioned between Oct. 25 and Oct. 30, and released in Sydney today ... National Australia Bank today said the economy will expand at twice the pace it forecast in September ... Evidence from the survey suggests that the economy is currently performing better than we expected, said Alan Oster, chief economist at National Australia Bank... (Bloomberg -- Australia & New Zealand)
Cordon bleu chip: AMP aims for the main game Nov 10, 2009
The big four banks have carved into AMP's longstanding heartland with National Australia Bank in pole position, the Commonwealth Bank second in insurance and Westpac is No. 2 in wealth management ... Former chairman Ian Burgess rejected out of hand an offer from National Australia Bank at $21 a share without consulting shareholders ... In July, he missed his first big chance when National Australia Bank's newly installed boss, Cameron Clyne, beat him to the punch by snapping up the local... (Sydney Morning Herald -- Business)
This week, Cameron Clyne and his team at National Australia Bank faced a deluge of embarrassing news. Nov 10, 2009
WHEN it rains, it pours, and this week Cameron Clyne and his team at National Australia Bank faced a deluge of embarrassing news. To kick it off, the bank has given a major award to a company being monitored by authorities in an investigation into the employment of illegal workers. (Sydney Morning Herald -- Business)
CBA shares jump on strong earnings Nov 9, 2009
The nation's other three big banks - ANZ, Westpac and National Australia Bank - have September 30 balance dates and all posted above-forecast profits in the past two weeks. The banks differed slightly in their outlook for the bad-debt cycle in Australia depending on the skew of their loan books, with Westpac's rhetoric the most confident in calling a peak in bad debts. (Sydney Morning Herald -- Business)
Share rally fuelled by bid for AXA Nov 9, 2009
National Australia Bank gained 85 cents, or 3 per cent, to $29. 60, ANZ added 26 cents, or 1. (Sydney Morning Herald -- Business)
CBA rate hikes may outpace RBA Nov 9, 2009
After the increase it still had the equal lowest rate to rival National Australia Bank. Before the increase, CBAs rate had been the lowest among the banks. (Sydney Morning Herald -- Business)
Australia's Home-Loan Approvals Rise By Most in Six Months on Cash Grants Nov 9, 2009
Australias currency will trade for 1 U.S. dollar next year, according to forecasters at Citigroup Inc., Calyon, Barclays Capital and National Australia Bank Ltd., implying a gain of 8 percent in addition to this years 31 percent advance. Demand for home loans surged in the first half of this year after the central bank slashed the benchmark rate by a record 4. (Bloomberg -- Australia & New Zealand)
Big banks bounce back Nov 9, 2009
At The Intelligent Investor, we've long favoured the domestically-focused strategies of Commonwealth and Westpac over the international ambitions of National Australia Bank and, particularly, ANZ. But, at today's prices, we don't feel compelled to own any of Australia's big banks. This article contains general investment advice only (under AFSL 282288). (Sydney Morning Herald -- Business)
CBA shows some muscle Nov 9, 2009
Last week, Westpacs Gail Kelly delivered a strong and clean result that trumped the performance of the smaller rivals, ANZ and National Australia Bank. Her real competitor, Ralph Norris, batted it back today delivering an that reinforced two things. (Sydney Morning Herald -- Business)
AXA shares soar 30% Nov 9, 2009
Until that time happens we won't be," he said. The sum of parts valuation range for AXA Asia Pacific shares is between $4.80 and $5.76. Mr Allert also revealed there had been a limited approach by both AMP and AXA SA over recent weeks with a formal offer put to the board early Saturday. AMP said in a separate statement the proposal would value the Australian and New Zealand assets of AXA Asia Pacific at around $4 billion, based on AMP's closing share prices on Thursday. 'Looks a bit... (Sydney Morning Herald -- Business)
NAB to offer Amex card cancellation Nov 9, 2009
National Australia Bank Ltd (NAB) will ask customers to confirm whether they want an American Express credit card that the bank sent to them without a request. The move comes after the corporate watchdog questioned whether NAB breached the law by issuing the card without the consent of its customers. (Sydney Morning Herald -- Business)
* Asian stocks fall on unease over economic recovery Nov 8, 2009
National Australia Bank Ltd, Australias largest bank by sales, lost 3. 7 percent after the nations central bank lifted borrowing costs. (Taipei Times, Taiwan -- Sports)
Stinkatron: chaos at the top Nov 8, 2009
Ms Walter - who resigned from the National Australia Bank board following controversy over her handling of a 2004 foreign exchange scandal that cost the bank $360 million - would not return calls from The Sunday Age. Professor Lamb has been replaced by acting facility director Dr George Borg. (Sydney Morning Herald -- Australia)
GrainCorp wraps up raising for maltster buy Nov 7, 2009
GrainCorp will pay $757 million for UMH, using the funds raised through the share issue and a $200 million facility from National Australia Bank. Source. (Sydney Morning Herald -- Business)
Stocks trim weekly losses Nov 7, 2009
55, while National Australia Bank advanced 58 cents, or 2. 06 per cent at $28. (Sydney Morning Herald -- Business)
ELIZABETH KNIGHT Nov 6, 2009
The result presented by Cameron Clyne from the National Australia Bank was destined to provide the pointer to the performance of the Australian banking community in the wash-up from the global. Elizabeth Knight12. (Sydney Morning Herald -- Business)
Desal plant secures funds; Vic govt off the hook Nov 6, 2009
National Australia Bank and Westpac managed the syndication, they said. Suez Environnement, Thiess and Macquarie Group are among members of AquaSure, which won a government contract in July to build the desalination plant in Victoria. (Sydney Morning Herald -- Business)
Higgins voters facing broad choices Nov 6, 2009
Ms Patten is up against 32-year-old Liberal candidate Kelly O'Dwyer, a National Australia Bank executive and senior adviser to Mr Costello, who is all but a shoe-in for a seat considered so safe that Labor has yet to decide whether to name a candidate. Also running is One Nation candidate Steve Raskovy, a 72-year-old former Hungarian wrestler and refugee, Greens candidate Dr Clive Hamilton, David Collyer of the Australian Democrats and independent candidate Stephen Murphy. (Sydney Morning Herald -- Australia)
Small firms find loans harder to get Nov 5, 2009
ANZ and National Australia Bank have already passed along this week's rise in official interest rates to their small business borrowers, while Commonwealth Bank says its loans to this sector remain under review. Westpac has said it won't match those increases for now. (Sydney Morning Herald -- Business)
RBA's Stevens Tones Down Australia Rate Rhetoric as Currency Nears Parity Nov 4, 2009
Citigroup Inc., Calyon, Barclays Capital and National Australia Bank Ltd. forecast the Australian currency will trade at 1 U.S. dollar next year, implying an additional 11 percent gain. Hedge funds and other large traders last month had more than at any time since July 15, 2008, that the rally will continue, data from the Washington-based Commodity Futures Trading Commission show. (Bloomberg -- Asia)
Reserve Bank of Australia Lifts Cas... Nov 4, 2009
National Australia Bank and Westpac Banking Corporation will increase rates from Friday November 6 while ANZ Banking Group and Commonwealth Bank of Australia, which is the biggest lender, increases will come into effect on Monday 9 November. Credit cards and business lending will generally rise by a similar amount. (Suite101.com)
Westpac Second-Half Profit Falls 10%, Says Bad Debt Cycle May Have Peaked Nov 4, 2009
National Australia Bank Ltd. Chief said he was cautious about the outlook. Westpacs full-year net income for the year to Sept. 30 fell 11 percent to A$3. (Bloomberg -- Australia & New Zealand)
Westpac full-year profit drops 11% Nov 4, 2009
But like its two major rivals, ANZ and National Australia Bank which reported their results last week, Westpac - which now includes St George Bank - has managed to stay highly profitable during the worst financial crisis seen in modern times. Nonetheless, while benefiting from strong revenue growth and an increasingly dominant market position enjoyed by all the big four, Westpac witnessed a dramatic jump in impairment charges for soured loans in its 2009 financial year. (Sydney Morning Herald -- Business)
Dollar gains ground after offshore battering Nov 3, 2009
"Some investors were disappointed because the RBA wasn't as aggressive as expected," said Peter Jolly, an analyst at National Australia Bank. Rates stood at 3. (Sydney Morning Herald -- Business)
Next rise tipped for December Nov 3, 2009
PETER JOLLY, HEAD OF RESEARCH, NATIONAL AUSTRALIA BANK "It's neither hawkish nor bearish and it's little changed from October. It's consistent with their stance that they will gradually unwind the monetary stimulus. So the RBA is on a steady path to lift rates by 25 basis points in December. Perhaps the market was a bit disappointed because some people were hoping for a 50-basis-point hike and a more hawkish statement.". DAVID DE GARIS, SENIOR ECONOMIST, NATIONAL AUSTRALIA BANK "It is a pretty... (Sydney Morning Herald -- Business)
ANZ raises variable rates by 25bps Nov 3, 2009
Spokespersons from the other three major banks, National Australia Bank Ltd, Commonwealth Bank of Australia Ltd and Westpac Banking Corporation said their interest rates were under review. ANZ said the interest rates for credit cards and business lending would also rise by 0. (Sydney Morning Herald -- Business)
Banks match RBA's rate move Nov 3, 2009
CBA moved almost an hour later, followed first by National Australia Bank and then Westpac, with the latter saying it would not lift all variable rates ... National Australia Bank also detailed an interest rates increase of 25 basis points across a range of deposit and home lending products. (Sydney Morning Herald -- Business)
Australia set for faster growth Nov 3, 2009
With unemployment fears easing and consumer and business confidence soaring, low interest rates in the past six months have sparked a remarkable comeback in house prices, said Spiros Papadopoulos, an economist at National Australia Bank. But the latest large gains are not sustainable, adding to the need for the RBA to continue on its tightening cycle. (The Star Online, Malaysia -- Business)
Asian shares see-saw amid uncertainty Nov 3, 2009
Investor concern about the withdrawal of stimulus policies and lower-than-estimated profits at companies from PetroChina to National Australia Bank have dragged the MSCI Asia Pacific Index, which includes Japan, down by 5 per cent from this years high on October 20. The measure lost 1. (Sydney Morning Herald -- Business)
Guarantee brings Canberra $1.2bn Nov 3, 2009
National Australia Bank chief executive Cameron Clyne said as long as market conditions were supportive, future debt issues by the bank were likely to be made without the government guarantee. However, he believes it is still too early to remove the guarantee. (Sydney Morning Herald -- Business)
Australian Third-Quarter House Prices Increase 4.2% on First Buyer Grants Nov 2, 2009
Australias central bank should raise borrowing costs tomorrow to keep a lid on an irrational exuberance in the housing market that is arguably now out of line, , National Australia Bank Ltd.s chief financial officer, told the Australian Financial Review in an interview published Oct. 31. The government last year tripled payments to first-time buyers of new dwellings to A$21,000, and doubled the grant to A$14,000 for existing homes. (Bloomberg -- Australia & New Zealand)
Asian Stocks Fall on Yen, U.S. Consumer Spending Report; Mitsubishi Drops Nov 2, 2009
The has fallen 5 percent from this years high on Oct. 20 as earnings from PetroChina Co. to National Australia Bank Ltd. missed analyst forecasts and investor concern grew about the end of stimulus policies. Stocks on the MSCI gauge trade at an average 22 times estimated profit, the lowest level since May 18, according to Bloomberg data. (Bloomberg -- Asia)
Westpac result to show how debts going Nov 2, 2009
Last week, National Australia Bank Ltd (NAB) and ANZ Banking Group Ltd both reported that bad debts surged to over $3 billion for the full year to September. NAB chief executive Cameron Clyne said the peak of the debt cycle would be unknown for another five months. (Sydney Morning Herald -- Business)
* Asia posts weekly drop on commodities Nov 1, 2009
National Australia Bank Ltd retreated 3. 4 percent in Sydney as the lender swung to a loss. (Taipei Times, Taiwan -- Business)
The banks are rolling in it despite air of despondency Oct 31, 2009
Cameron Clyne, the recently appointed mandarin of National Australia Bank, managed it this week with a degree of aplomb matched only by the performance of his ANZ Banking Group counterpart, the urbane and usually ebullient Mike Smith. Some cynics ascribe their dour attitude to the traditionally patchy spring weather in Bleak City, their home town. (Sydney Morning Herald -- Business)
Getting to know all about you Oct 31, 2009
Then a senior manager with the National Australia Bank, Bransby was out of his comfort zone ... He eventually left the National Australia Bank, moved back to his hometown Perth, and in 2005 took a job as the chief executive of HBF, a not-for-profit health insurance company ... Macpherson also runs separate leadership courses for corporate managers only - 350 from the National Australia Bank have attended. (Sydney Morning Herald -- Australia)
Australia Should Raise Rates Once Again, Banker Tells Financial Review Oct 31, 2009
Oct. 31 (Bloomberg) -- Australias central bank should raise borrowing costs next week to keep a lid on irrational exuberance in the housing market, National Australia Bank Ltd.s financial chief told the. Policy makers need to keep a weather eye on a property market thats arguably now out of line, told the newspaper. (Bloomberg -- Australia & New Zealand)
Shares snap winning run Oct 31, 2009
Banks jumpThe big banks were all stronger, led by National Australia Bank, which closed 80 cents higher at $29. 85. (Sydney Morning Herald -- Business)
Asian Stocks Post Biggest Weekly Drop in Month on Falling Commodity Prices Oct 31, 2009
National Australia Bank, the countrys biggest corporate lender, slid 3. 4 percent to A$29. (Bloomberg -- Asia)
For Mike Smith, the timing of ANZ's move into its new purpose-built headquarters rising up out of Docklands couldn't be better. Oct 30, 2009
And to the envy of Docklands neighbour National Australia Bank, Smith has more levers to pull, with a tier 1 capital ratio of 10. 6 per cent and nearly double provision coverage, which will no doubt unwind as the economy recovers. (Sydney Morning Herald -- Business)
Rio set to steal BHP's thunder Oct 30, 2009
National Australia Bank yesterday revealed that about 70 per cent of nabCapitals lending book had been repriced in recent times, leading to a rise in net interest margins of 55. 4 per cent in the past year, from 1. (Sydney Morning Herald -- Business)
The workload was much lighter for Toll Holdings chairman Ray Horsburgh yesterday than at his previous gig this week. Oct 30, 2009
THE departure of the Fahour brothers from National Australia Bank is complete, with Moustafa Fahour starting work with Macquarie Private Bank on Monday. Former NAB Australia boss Ahmed Fahour is now running an Islamic investment bank called Gulf Finance House in Bahrain. (Sydney Morning Herald -- Business)
Cubbie's water up for grabs Oct 30, 2009
Mr De Lacy said the company was struggling to satisfy a $320 million debt arrangement to the National Australia Bank, and he was confident going into administration would cause the least disruption to Cubbie's operations. We have discussed and have in-principle agreements with the voluntary administrators [so] the business can continue to trade and we will work with them during the administration period,'' he said. (Sydney Morning Herald -- Australia)
Backpackers Party Less in Perth as Aussie Dollar Crimps Foreign Wallets Oct 30, 2009
Calyon, the investment-banking unit of Credit Agricole SA; Barclays Capital, a unit of Barclays Plc; and National Australia Bank Ltd. predict parity with the U.S. dollar next year. Fosters, Billabong. (Bloomberg)
MICHAEL PASCOE Oct 30, 2009
National Australia Bank is underselling its success, as its lat 00004000 est results show why the stock is portfolio bedrock. Michael Pascoe12. (Sydney Morning Herald -- Business)
Banks have turned corner: ANZ chief Oct 30, 2009
Critically, Mr Smith issued a more optimistic assessment of the banking market than cross-town rival National Australia Bank, with the ANZ boss willing to call the top of the loan loss cycle. While bad debts were still likely to remain elevated into next year, this would mostly be a lag effect of the economic shake-out over the past 18 months. (Sydney Morning Herald -- Business)
Bad debt blight hits ANZ Oct 29, 2009
National Australia Bank slipped into a small loss in the past six. 9:09am. (Sydney Morning Herald -- Business)
Cubbie Station enters into bank arrangement Oct 29, 2009
Cubbie Group chairman Keith De Lacy said 70mm of rain over the weekend was enough to produce a wheat crop, but would not cover the interest on a $320 million mortgage held by the National Australia Bank. Mr De Lacy told a newspaper the global financial crisis and "virtually no water" meant the group had to enter into an arrangement with the bank, and would make the sale difficult. (Sydney Morning Herald -- Business)
Do NABs woes point to UK opportunities? Oct 29, 2009
It was the last one that rang in my ears as I left the meeting and cast my eye over National Australia Banks latest accounts ... The result presented by Cameron Clyne from the National Australia Bank ... NATIONAL AUSTRALIA BANK slipped into a small loss over the past six. (Sydney Morning Herald -- Business)
Blue chips embrace bonds to flee banks Oct 29, 2009
Australia's big four banks - National Australia Bank, Commonwealth Bank, Westpac and ANZ - are more willing to lend now, after shoring up their balance sheets with $120 billion in debt and equity this year. Analysts have pencilled in slight improvements in interest margins for the big four over the next year, but competition from bond markets and other banks is keeping a lid on that growth. (Sydney Morning Herald -- Business)
Business lending is bank's Achilles heel Oct 29, 2009
The result presented by Cameron Clyne from the National Australia Bank was destined to provide the pointer to the performance of the Australian banking community in the wash-up from the global financial crisis. It is is the first bank in this reporting period. (Sydney Morning Herald -- Business)
EU 'to back Northern Rock split' Oct 28, 2009
Among those named as potential buyers of the "good" bank are Virgin and National Australia Bank - owner of the Clydesdale and Yorkshire Bank. Revenue from the sale would be returned to the taxpayer. (BBC News -- UK)
Asian markets down at midday Oct 28, 2009
KUALA LUMPUR: Asian stocks fell, dragging the MSCI Asia Pacific Index to a three-week low as losses at National Australia Bank Limited and Canon Incs lower profit raised concern about the strength of the global recovery. The MSCI Index lost 0. (The Star Online, Malaysia)
Play with a double hand Oct 28, 2009
National Australia Bank offers two points a dollar on its Qantas Platinum Amex and 0. 67 of a point on its companion Qantas Platinum Visa. (Sydney Morning Herald -- Business)
National Australia Bank said Wed profit down 42.9% Oct 28, 2009
National Australia Bank said Wed profit down 42 ... National Australia Bank said Wed profit down 42 ... SYDNEY: National Australia Bank, Australia's largest lender, said Wednesday its full-year net profit fell 42. (The Star Online, Malaysia -- Business)
Clydesdale & Yorks profit falls Oct 28, 2009
The Glasgow-based Clydesdale Bank and Yorkshire Bank, run from Leeds, are part of National Australia Bank (NAB). The Australian owners have reported net profits down 43. (BBC News -- Business)
Economists Inflation won't trigger big rate rise Oct 28, 2009
" DAVID DE GARIS, SENIOR ECONOMIST, NATIONAL AUSTRALIA BANK "The 0. 8 pct for the underlying rate is broadly consistent with what the Reserve Bank would have been expecting. (Sydney Morning Herald -- Business)
Asian shares drop to 3-week low Oct 28, 2009
Asian stocks fell, dragging the MSCI Asia Pacific Index to a three-week low, as losses at National Australia Bank and Canons lower profit raised concern about the strength of the global recovery. The yen advanced. (Sydney Morning Herald -- Business)
'CPI won't trigger large rate rise' Oct 28, 2009
Earlier this week, ANZ Bank chief Mike Smith promised his bank would not raise home loan rates by any more than the RBA changes, a commitment National Australia Bank boss Cameron Clyne refused to make. "The commitment we give is that we'll be competitive," Mr Clyne said on Wednesday after revealing his bank's full year profit tumbled by 42. (Sydney Morning Herald -- Business)
NAB offers no promise on rates Oct 28, 2009
National Australia Bank chief executive Cameron Clyne says the bank will offer competitive interest rates on loans but declined to guarantee future increases will not exceed those made by the Reserve Bank ... National Australia Bank is underselling its success, as its latest. (Sydney Morning Herald -- Business)
Business confidence hits 7-year high Oct 27, 2009
The National Australia Bank monthly survey of the separate measure - business conditions - released today, suggests business conditions will pick up over the next three months ... "New data in this survey point to a significant jump in both near and long term business expectations - with longer term expectations, in particular, returning to around long run average levels, said NAB group chief economist Alan Oster in statement. Overall business conditions also continued to improve, although at... (Sydney Morning Herald -- Business)
