Australian Banking & Finance articles from September 2007

Australian Banking & Finance archives from September 2007

Non-bank lenders under pressure: as the sub-prime mortgage meltdown has degenerated into a global credit crisis, here in Australia our non-bank financial institutions have been identified by some as especially vulnerable.(NEWS)
September 15, 2007... In August, RAMS Home Loans failed to refinance over A$6 billion of short-term US loans, which then impelled it to seek emergency funding. This also prompted a dramatic slump in the recently-floated institution's share price. Even more...

Telstra, NAB and Visa to trial mobile payments.(NEWS)
September 15, 2007... [ILLUSTRATION OMITTED] Telstra, NAB and Visa are planning the development of Australia's first trial that enables customers to pay for goods and services with their mobile phone. A selected number of Telstra and NAB customers will be...

'No negative equity' guarantee tightened for reverse mortgages.(NEWS)
September 15, 2007... Senior Australian Equity Release Association of Lenders (SEQUAL) has made changes to its code of conduct to tighten conditions on 'no negative equity' guarantees. SEQUAL is the not-for-profit member organisation that oversees lenders of...

Global insurance companies look back on a successful year: this is the first of a series of regular articles focusing on the insurance industry.(NEWS)
September 15, 2007... The results of the leading global insurance companies reported in February and March 2007 show that profitability increased across the board on the back of rising equity markets, hardening of rates for non-life business, growing demand for life...

Correction to issue 13.(NEWS)(Correction notice)
September 15, 2007... The photograph featured on the story "Top techies say 'adapt or perish'" (page 5) is of Adam Wilson, Securities Commercial Manager at SWIFT.

Guess who's coming for lunch?(NEWS)(appreciating chairman of Australian Investment Banking and Financial Services Trevor Rowe for being a good host)(Brief article)
September 15, 2007... [ILLUSTRATION OMITTED] This gentleman is not only a jack of all trades, but also a master of them. Chairman of a bank, chairman of a manufacturer, chairman of a state investment corporation and chancellor of a university are just a few of...

NAB unveils Asia vision.(NEWS)
September 15, 2007... For years National Australia Bank chief executive officer John Stewart has argued that his organisation is "geographically agnostic". At the same time the has focused largely on its activities in the United Kingdom as well as in the Australian...

Queensland emerges as financial services contender: the Sunshine State is about to burst at the seams after a decade of extraordinary growth.(SPECIAL FEATURE: QUEENSLAND FINANCIAL MARKETS)(Company overview)
September 15, 2007... The growth of Queensland financial markets has continued to out-step the national average, leaving the rest of the nation in its wake. According to the Investor Booklet from the Queensland Treasury Corporation (QTC), Queensland's economy...

'River of gold' still flowing: the river of gold that is the Australian funds industry is guaranteed to flow stronger and stronger.(FEATURE: THE AUSTRALIAN FUNDS INDUSTRY)
September 15, 2007... According to a report in the Australian Financial Review on 24 August, superannuation funds may lose value for the third consecutive month due to the drop in world equity markets. If so, it would be the first time in four and a half years that...

Quant, not qual(ity): it's no coincidence that hedge funds driven by quant analysis have suffered the biggest losses.(CIB: CORPORATE & INSTITUTIONAL BANKING)
September 15, 2007... Back in May, before all the sub-prime hubbub, Reuters were reporting that equity analysts on Wall Street have had their fair share of problems to deal with in recent years, such as regulatory issues, budget cuts and the loss of star power and...

Macquarie Bank to establish non-operating holding company.(CIB: CORPORATE & INSTITUTIONAL BANKING)
September 15, 2007... Macquarie Bank will convene an extraordinary general meeting of shareholders on 25 October to consider the proposal to establish a non-operating holding company (NOHC). According to chairman David Clarke, the bank's diverse international...

Lazard fast-tracks Australian expansion.(CIB: CORPORATE & INSTITUTIONAL BANKING)(Lazard acquires Carnegie, Wylie & Company)
September 15, 2007... Investment bank Lazard has acquired the Australian independent financial advisory firm, Carnegie, Wylie & Company for a combination of cash and stock. Carnegie Wylie is located in Melbourne, Sydney and Brisbane and provides mergers and...

Summer fashion directions.(Fashion, Lifestyle and Entertainment)(appreciating fashion designers)(Brief article)
September 15, 2007... Uncover the yachts 'tis the season for cruising to long sunny days and a stand-out line-up of talent from Australia's celebrated designer names presented by retail giants David Jones and Myer. Re-live the 'ladylike' era of Audrey Hepburn,...

Racing style with UK's fashion luminary.(Fashion, Lifestyle and Entertainment)
September 15, 2007... The collection of esteemed British menswear designer Jeff Banks is now available exclusively at Myer. "A man should look for fabric quality and garment shape that works back to your lifestyle. Slim and elegant lines with single or two button...

Top gear.(Fashion, Lifestyle and Entertainment)(fashion designer Paris Kyne new collection)(Brief article)
September 15, 2007... Master Milliner Paris Kyne uses European folklore and five favourite fairytales as inspiration for this season--just one of the many fascinating tales he has collected in the rise to international recognition and becoming sought after by...

Good vibrations.(Fashion, Lifestyle and Entertainment)(The Beach Boys musical band will perform at the Melbourne Cup Carnival)(Brief article)
September 15, 2007... One of the most successful and influential bands in pop music history The Beach Boys kick off their Australian tour by entertaining guests at the 2007 Melbourne Cup Carnival Chairman's Dinner on Thursday November 1 with special guest, multi...

Pens that love to party.(Fashion, Lifestyle and Entertainment)(Diablo RocknRoll De Cartier pen celebrates its aniversary)(Brief article)
September 15, 2007... Noteworthy guys embrace your love of fine stationery with the Diablo RocknRoll De Cartier pen. Celebrating its 10 year Anniversary the bestseller is known for its classic Art Deco design, cutting-edge technology and precious cabochon studded...

Hip new dining sensation.(Fashion, Lifestyle and Entertainment)
September 15, 2007... The perfect solution to hunger and the call for slimmer silhouettes--'You gotta eat', says Oscar winner and veteran Hollywood actor Robert De Niro who's first time visit to Australia created a near city lock down for the launch of Nobu...

The future in tea.(Fashion, Lifestyle and Entertainment)(Tjok Gde Kerthyasa has created a menu featuring twenty tea blends)(Brief article)
September 15, 2007... [ILLUSTRATION OMITTED] Passionate 'Tea Master' Tjok Gde Kerthyasa has created a menu featuring twenty unique tea blends (from some of the world's most renowned regions), which pay homage to the artisanship of tea. At The Observatory Hotel,...

A 16th century spell.(Fashion, Lifestyle and Entertainment)(International Wine and Spirit Competition)(Brief article)
September 15, 2007... For a stronger nip Babicka Original Wormwood Vodka from Sydney entrepreneurs Alex Clarke and Arran Russell has won a Silver Medal at the International Wine and Spirit Competition. It replicates a 500 year-old Czech witches recipe made from the...

Furniture from the home of Walt Disney.(Fashion, Lifestyle and Entertainment)
September 15, 2007... Most of us know Walt Disney as a storyteller and entrepreneur who left us with wonderful childhood memories. Walt also became renowned for the exquisite furnishing that adorned his home and office. These pieces have become the inspiration for a...

The new normal for private equity.(NEWS)
September 15, 2007... Recent jitters in global credit markets have been creating a reaction in the equity markets. At the time of writing, the equity markets are volatile--although on the up, while the debt markets are still in a correction. Things will normalise,...

The world of finance is one of aspiration and perspiration, but it would be wrong of us to say that a little bit of luck also goes a long way.(BEHIND THE SCREENS)(Brief article)
September 15, 2007... The world of finance is one of aspiration and perspiration, but it would be wrong of us to say that a little bit of luck also goes a long way. Especially John Kinghorn, the man behind RAMS. When your luck equals $650 million, you definitely...

We knew what we were doing when we named Ralph Norris 'Banker of the Year' at the 2007 Australian Banking & Finance magazine Awards.(BEHIND THE SCREENS)
September 15, 2007... We knew what we were doing when we named Ralph Norris 'Banker of the Year' at the 2007 Australian Banking & Finance magazine Awards. Announcing recently that the Commonwealth Bank's full-year cash net profit had risen 18 per cent to $4.6...

James Symond from Aussie and Oliver Yates from Macquarie Bank were just a couple of the financial types ready to show their commitment to corporate sustainability at the launch of Business Climate International.(BEHIND THE SCREENS)
September 15, 2007... [ILLUSTRATION OMITTED] James Symond from Aussie and Oliver Yates from Macquarie Bank were just a couple of the financial types ready to show their commitment to corporate sustainability at the launch of Business Climate International. Held...

Aussie John rived up to his slogan of "That's Confidence" when it came to the recent mortgage market woes.(BEHIND THE SCREENS)
September 15, 2007... Aussie John rived up to his slogan of "That's Confidence" when it came to the recent mortgage market woes. Doing 47 interviews over only a few working days, he was the only one to get up and talk sense while everyone around him was dodging...

In an im"press"ive aggressive media release, St George chairman John Thame officially announced that the bank's beloved Gail Kelly had been swept off her feet by Westpac.(BEHIND THE SCREENS)
September 15, 2007... In an im"press"ive aggressive media release, St George chairman John Thame officially announced that the bank's beloved Gail Kelly had been swept off her feet by Westpac. The release says that the hunt for a new executive will be an...

Australia may lose race for banking skills: when it comes to maintaining an educated workforce in the financial services sector, this country is likely to fall behind its neighbours within the next decade, says NAB's George Frazis.
September 30, 2007... A major challenge for Australia as a society is that one of the key drivers of our economy is population growth and skilled, educated labour, George Frazis has told Australian Banking & Finance magazine's The Leaders Speak panel discussion. ...

Edgar: "we need our confidence back": ANZ's senior managing director has spoken frankly about the Australian reaction to the sub-prime fallout.(NEWS)
September 30, 2007... Our confidence in the return of the market is what will turn the sub-prime issue around, ANZ's Bob Edgar told Australian Banking & Finance magazine's The Leaders Speak panel discussion, Edgar admitted to being in two minds about the effects...

Green light for Bendigo-Adelaide merger.(NEWS)
September 30, 2007... The Australian Competition and Consumer Commission (ACCC) has announced that it does not plan to oppose a merger of Bendigo Bank and Adelaide Bank. Bendigo Bank group managing director Rob Hunt said the boards and management teams of both...

Cameron throws hat into ring.(NEWS)(Michael Cameron)(St.George Bank )(Brief article)
September 30, 2007... St.George Bank chief financial officer Michael Cameron appears to be raising his profile ahead of the bank's decision on who will replace Gail Kelly as chief executive officer. East & Partners have reported that Cameron recently told US...

Three months to first major AML impact.(NEWS)
September 30, 2007... Six years ago, terrorist attacks on 11 September triggered an increase in the international fight to combat money laundering and terrorism financing. Now, Australian financial services providers have only three months left to prepare for the...

Industry and consumer groups to fight predatory lending.(NEWS)
September 30, 2007... Consumer groups and financial industry bodies have formed a new coalition to discuss mounting concerns about predatory lending. The coalition, which includes the Australian Bankers' Association (ABA), Abacus, Mortgage and Finance...

Online banking comes of age: as more consumers move their financial services transactions online, institutions are innovating to enhance the interactivity and security of their websites.(FEATURE: ONLINE BANKING INNOVATION)
September 30, 2007... In the past two years, ING Direct won the award for Best Financial Services Website at the Australian Banking & Finance magazine awards. ING Direct uses the site for online banking transactions and as a vehicle for providing...

Do banks get what they pay for from outsourcing? As financial institutions progress from relatively straighforward IT outsourcing to the intricacies of business process outsourcing and offshoring, are they making the most of their relationships with service providers?(FEATURE: BUSINESS PROCESS OUTSOURCING)
September 30, 2007... Many local banks are, at the very least, weighing up their options for alternative sourcing arrangements, both within Australia and offshore. There's no doubt that business process outsourcing (BPO) can provide substantial benefits to...

Banks and business closer at big end of town.(CIB : CORPORATE & INSTITUTIONAL BANKING)
September 30, 2007... While the business banking markets in Australia are witnessing unprecedented levels of relationship manager churn, at the larger corporate and institutional end of town, relationships between bankers and their clients are remarkably stable,...

Macquarie/RepuTex to develop carbon integrated equities fund.(CIB : CORPORATE & INSTITUTIONAL BANKING)
September 30, 2007... Macquarie Bank Limited's Investment Banking Group and ratings and research firm RepuTex have signed a memorandum of understanding with the aim of developing Australia's first carbon integrated listed equities fund. The proposed fund will...

ING PEAL: private equity not dead yet.(CIB : CORPORATE & INSTITUTIONAL BANKING)
September 30, 2007... ING Private Equity Access Limited (ING PEAL) has talked up Australia's private equity markets, saying the fundamentals in the Australian equity market remained sound and offered plenty of opportunities for local investors. ING PEAL...

Banking leaders tell it like it is.(LEADERS SPEAK--PICTORIAL)
September 30, 2007... Three of Australia's top financial services executives offered a perceptive insight into the current state of the industry at a Cisco-sponsored event, The Leaders Speak, hosted by Australian Banking & Finance magazine, The featured presenters...

All the bank heavies were at the APEC Business Summit in Sydney, which especially focused on looking into education, climate change and trade.(BEHIND THE SCREENS)
September 30, 2007... All the bank heavies were at the APEC Business Summit in Sydney, which especially focused on looking into education, climate change and trade. With the world's largest economies in town and our big banks looking for Asian expansion, Ralph...

All the bank heavies were at the APEC Business Summit in Sydney, which especially focused on looking into education, climate change and trade.(BEHIND THE SCREENS)
September 30, 2007... Our publisher Peter Charlton, a member of APEC Business Advisory Council, had an interesting time during the Putin lunch sitting next to Oleg Deripaska, owner of Russian aluminium and automobile manufacturer GAZ, aircraft manufacturer Aviacor...

All the bank heavies were at the APEC Business Summit in Sydney, which especially focused on looking into education, climate change and trade.(BEHIND THE SCREENS)
September 30, 2007... Mortgage House was quick to fire back at David Morgan et al, who have been publicly trumpeting the demise of non-bank lenders. "There has been a lot of commentary in recent weeks in relation to the impact on non-bank lenders by the US sub prime...