World's Top Chief Executives to Convene at Wall Street Journal CEO Council Annual Meeting Nov 17, 2009
John T. Chambers, chairman and chief executive officer, Cisco Systems, Inc. * Kenneth I. Chenault, chairman and chief executive officer, American Express Company * Louis R. Chenevert, president and chief executive officer, United Technologies Corporation * Delos M. Cosgrove, M.D., president and chief executive officer, Cleveland Clinic * Lynn L. Elsenhans, chairman, president and chief executive officer, Sunoco, Inc. * Carlos Ghosn, president and chief executive officer, Nissan Motor Co., Ltd.;... (Primezone Releases)
APEC to Back "Market-Oriented" Currencies Nov 12, 2009
"I'd say that ... is the most significant news we've had on the yuan for months, and that APEC is more of a formal reminder from China's closest neighbors, not just the U.S. and Europe, that forex rigidity in a huge trading economy is not a domestic issue," said Westpac Banking Corporation forex strategist Sean Callow. 1. (ABC News -- Business)
Corporate bond market likely to expand Nov 10, 2009
Westpac Banking Corporation group treasurer Curt Zuber said on Tuesday that Australian banks would be looking to issue bonds with longer terms and to a wider pool of investors in the wake of the financial crisis. "The bigger balance sheet forces you further out the curve," he said at a corporate finance conference in Sydney. (Sydney Morning Herald -- Business)
Westpac to introduce 'green loans' Nov 8, 2009
Westpac Banking Corporation is set to introduce interest free "green loans" worth up to $10,000. The company on Sunday said the loans support the Australian Government Green Loans Program and will give homeowners an opportunity to improve their energy and water use efficiency. (Sydney Morning Herald -- Business)
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)
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)
Westpac result to show how debts going Nov 2, 2009
Investors will be looking to see whether bad debts at Westpac Banking Corporation have peaked when Australia's second biggest lender reports earnings this week. Westpac, the last of Australia's banks to report its fiscal 2009 earnings, said in August that bad debts had risen in the third quarter, while it had increased its watchlist for borrowers who might have trouble with repayments. (Sydney Morning Herald -- Business)
Big four banks: rates under review Oct 6, 2009
Spokespeople from ANZ Banking Group, National Australia Bank and Westpac Banking Corporation also said interest rates were under review. The big four banks together hold about 85 per cent of Australia's home loan market, according to Australian Prudential Regulatory Authority figures. (Sydney Morning Herald -- Business)
Soul Pattinson profit jumps twelve-fold on coal sale Sep 24, 2009
1 million during the year in companies including cross share holding partner Brickworks, PrimeAg 00004000 Austrlia, Ruralco Holding, SP Telemedia, Telstra Corporation and Westpac Banking Corporation. The company sold down its stake in Brambles. (Sydney Morning Herald -- Business)
CUA lifts profit forecast by 17% Sep 16, 2009
Credit unions now account for the third largest pool of deposits behind Commonwealth Bank and Westpac Banking Corporation. 2009 Brought to you by. (Sydney Morning Herald -- Business)
Big banks eyeing Suncorp: Credit Suisse Sep 2, 2009
Mr Ellis expects the big four - Commonwealth Bank of Australia Ltd, Westpac Banking Corporation, National Australia Bank Ltd and ANZ Banking Group Ltd - will give back $16 billion of excess capital to shareholders during fiscal 2010 - no longer needed as bad debts are now expected to peak during the current half to September. While all four have strong capital positions, ANZ and NAB have publicly stated they have excess cash available for takeovers. (Sydney Morning Herald -- Business)
Wesfarmers appoints Asda guru as adviser Aug 27, 2009
It has also appointed former Westpac Banking Corporation executive Dianne Smith-Gander as a new director. Wesfarmers chairman Bob Every said Mr Norman had an international reputation for his retail expertise after transforming the ailing Asda grocery chain in the United Kingdom in the early 1990s. (Sydney Morning Herald -- Business)
Major banks review overdrawn charges Jul 29, 2009
St George Bank, which trades under Westpac Banking Corporation after merging last year, said its fees "were under review". NAB said the overdrawn fee currently affected about 700,000 NAB personal transaction or savings account customers a year. (Sydney Morning Herald -- Business)
AFIC profit slumps 75% on charges Jul 27, 2009
Afic's major sales during the 2008-09 financial year included St George Bank, following the takeover by Westpac Banking Corporation, Queensland Gas Company, after the takeover by BG Group Plc, and Suncorp-Metway and James Hardie Industries NV, on concerns about gearing levels and dividend payments. Afic increased its holdings in Westpac, partly because of the takeover of St George, Rio Tinto, Santos and National Australia Bank, taking advantage of new share sales. (Sydney Morning Herald -- Business)
Citi exec's pay package may spark gov't showdown Jul 26, 2009
D., Dean and Philip H. Knight Professor of the Graduate School of Business at Stanford University, and former Chief Executive Officer and Managing Director of Westpac Banking Corporation Ltd.. Citigroup Reports Second Quarter Net Income of $4. (Fresno Bee -- Business)
AOFM invests $489.5m in two RMBS deals Jul 14, 2009
These include one being arranged for Greater Building Society Ltd by Westpac Banking Corporation and another self-arranged transaction for Suncorp-Metway Ltd.. Confirmation of its investment in the proposed RMBS issuance is subject to the finalisation of acceptable documentation and other conditions. (Sydney Morning Herald -- Business)
Rams to double franchise centres Jun 18, 2009
The Rams brand and franchise network was acquired by Westpac Banking Corporation in January 2008 after the group went into meltdown in late 2007 as it faced tighter credit market conditions. Rams chief executive Melos Sulicich said on Thursday that despite the challenging market conditions, Rams had rebuilt it customer base from zero to over 15,000 settled loans by the end of May. (Sydney Morning Herald -- Business)
St George lowers short-term fixed rates Jun 17, 2009
Westpac Banking Corporation on Tuesday raised rates on fixed home loans by up to 50 basis points. Westpac's one-year fixed mortgage rate was lifted 10 basis points to 5. (Sydney Morning Herald -- Business)
M2 swoops on Commander assets Jun 2, 2009
Commander was turned over to the receivers in August after it failed under the burden of a $350 million debt owed to Westpac Banking Corporation, National Australia Bank and Commonwealth Bank of Australia. It was reported at the time that the company supported the telephone and network functions of about 30,000 small and medium business customers and includes Commander's franchise network. (Sydney Morning Herald -- Business)
Top firms 'look to big four for lending' May 29, 2009
Most of the increase for the Big Four - comprising Westpac Banking Corporation, ANZ Banking Group, National Australia Bank and Commonwealth Bank of Australia - came at the expense of international banks. HSBC, however, defied the trend and grew its market share to 4. (Sydney Morning Herald -- Business)
Funnelback Approved for NSW Government ICT Services Approved Supplier Panel May 23, 2009
Stuart Beil, General Manager says, "This approval is of strategic importance as it will significantly increase the potential for Funnelback to expand its customer base and consolidate our position as a major supplier of search software for the NSW Government. Funnelback is delighted to be part of the ICT panel and looks forward to providing a high quality search service for NSW government agencies.'' The NSW Government benefits from the accreditation and pre-approval scheme by reducing the cost... (Yahoo News -- Press Releases)
Westpac cautious in uncertain times: CEO May 10, 2009
The second biggest company on the stock exchange, Westpac Banking Corporation, will act cautiously as it anticipates uncertain economic conditions, chief executive Gail Kelly says. On Wednesday, the bank reported that net profit for the six months to March 31 had declined 1. (Sydney Morning Herald -- Business)
Recovery to be led by housing: Westpac May 6, 2009
Westpac Banking Corporation is forecasting the economy will return to slow growth next year driven by housing construction. Australia's biggest bank by market value expects the economy to contract one per cent this year, before growing by one per cent in 2010. (Sydney Morning Herald -- Business)
Dollar sinks below 70 US cents Apr 28, 2009
The Australian dollar lost almost half a US cent after a Wall Street Journal report said early results of the US government's so-called "stress test'' of US banks suggested Bank of America and Citigroup may need to raise more capital. The Australian dollar was trading at 70.45 just before the report was published at 2pm, and fell to 69.97 soon afterwards. Westpac Banking Corporation senior currency strategist Sean Callow said the report caused Asian equity markets to reverse direction - after a... (Sydney Morning Herald -- Business)
Banks 'won't be hurt' by mortgage relief Apr 6, 2009
The banks, Commonwealth Bank of Australia Ltd, Westpac Banking Corporation, ANZ Banking Group Ltd and National Australia Bank Ltd, had $468 billion in mortgages lent to owner-occupied borrowers, equivalent to 86 per cent the Australian market, according to Australian Prudential Regulation Authority figures for February. Mr Buonaccorsi estimated that 0. (Sydney Morning Herald -- Business)
Shares down 1pc on negative Wall Street Feb 18, 2009
February 18, 2009 05:07pm AEDT. THE share market closed more than 1 per cent lower following falls in the resources and financial sector after negative leads from overseas. (Melbourne Herald Sun)
Rally or not, there's no bull Feb 8, 2009
Best dividend payer Westpac Banking Corporation (WBC). Best infrastructure stock Leighton Holdings (LEI). (Sydney Morning Herald -- Business)
