Westpac plans to sell Samurai bonds - source
Business Spectator (Free subscription) | 6 hours ago
Local bank likely to issue yen bonds in Japan as soon as Friday. 21 Aug 2008 6:06 PM
Westpac
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'Historic' deal between Westpac and union
New Zealand Herald (Free subscription) | 08/18/2008
Bank workers' union Finsec is celebrating a "historic" settlement with Westpac, with a 5 per cent pay increase and a move away from a sales target-based pay system. Westpac worker representative Maxine Mullen said it was the highest...
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St George should expect higher Westpac bid
Business Spectator (Free subscription) | 08/17/2008
St George should expect higher Westpac bidTOP News The SpectatorsSt George Bank Ltd shareholders are likely to expect more from a Westpac Banking Corp Ltd merger due to the takeover target's strong performance, according to the Australian Shareholders Association. The ASA said the dynamics of the bid had changed over the past three months as St George has delivered better results and...
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St George faces rating downgrade: report
Business Spectator (Free subscription) | yesterday
Moodys warns takeover target of possible action if $18 billion Westpac deal fall through. 21 Aug 2008 6:19 AM
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Aust Economy On Track For Sharp Slowdown
Property Highlights of Singapore (Free subscription) | yesterday
Source : The Business Times, August 20, 2008 SYDNEY - Australia's economy is on track to slow sharply in the next three to nine months, burdened by tight financial conditions and evaporating household wealth, a private index released on Wednesday suggested. The annualised growth rate of the Westpac Institutional Bank-Melbourne Institute leading index of economic activity slowed to 2.0 per cent...
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St George faces rating downgrade
The Australian (Free subscription) | yesterday
THE bank is at risk if the Westpac merger fails to proceed.
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The bank job
Business Spectator (Free subscription) | 6 hours ago
Elizabeth Nosworthy, the new chair of Babcock & Brown, has had broad experience as a professional director. She also has a close understanding of what it is like to be put under pressure by banks. She was chair of Commander Communications which was placed into receivership two weeks ago by a banking syndicate comprising Westpac, Commonwealth Bank and NAB. Nosworthy today said she was prevented...
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Share market lower
News.com.au (Free subscription) | 11 hours ago
... that it would cut rates if the RBA moved first. ANZ fell 30 cents, or 1.87 per cent to $15.73, but Westpac dropped 59 cents, or 2.64 per cent to $21.78. Westpac takeover target St George Bank fell 58 cents, or 2.02 per cent to $28.20. The major miners were up, with BHP Billiton lifting 28 cents to $39.01, while takeover target Rio Tinto increased $1.44, or 1.23 per cent to $118.14...
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Swan coy about ruling on bank merger
New Zealand Herald (Free subscription) | 08/18/2008
CANBERRA - Federal Treasurer Wayne Swan, under pressure to make the banking sector more competitive, is refusing to speculate about whether he will block the proposed Westpac-St George merger. Swan says he is waiting for advice...
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Babcock CEO, Chairman Step Down
Law Blog - WSJ.com (Free subscription) | 5 hours ago
Word Count: 1,006 | Companies Featured in This Article: Babcock & Brown, Macquarie Group, Deutsche Bank, Goldman Sachs Group, National Australia Bank, Commonwealth Bank of Australia, Westpac Banking, Australia & New Zealand Banking Group, Babcock & Brown Wind Partners Group
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NAB pledges to pass on full rate cut
The Australian (Free subscription) | 12 hours ago
... said they cannot guarantee passing on in full any rate cut by the central bank. Two weeks ago, Westpac boss Gail Kelly said she would review the issue at the time. Westpac would have to consider funding costs, pushed higher by the credit crunch, the competitive environment and the effect on its customers before moving its rates. "Clearly, we would love to pass through the full 25-basis...
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Banks in Babcock's hands
Business Spectator (Free subscription) | 12 hours ago
If the chief executives of Westpac, Commonwealth, NAB and ANZ are doing their job, this week they will have called for a 'total exposure' statement for Babcock & Brown. I'm not privy to any such statement, but my guess is that one or two of the CEOs will have been shocked because their bank had been happily treating various parts of the Babcock group as separate clients and not understanding...
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Up to 5000 litres of fuel may have leaked into sea
New Zealand Herald (Free subscription) | yesterday
The Westpac Rescue Helicopter rescued the four crew members when it started taking on water and its motor failed 11km off the southern end of the beach. None of the crew were hurt.
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Babcock's decaying value
Business Spectator (Free subscription) | 7 hours ago
... with his background as an accountant and experience in large companies such as Lend Lease and Westpac will ultimately take a tougher view of the value of the group's assets. Assets in Babcock & Brown are currently valued based on discounted cash flows from individual assets. This approach to valuation is maintained despite the plunge in values of various assets in various markets around...
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McCain in Perth
Neptunus Lex (Free subscription) | 15 hours ago
... 650,000. Lucky b*stards. Then and now. You can have all your European port visits - just let the WESTPAC/IO sailor touch at Perth.
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