Australian Economy

Behind ANZ's Shock

🕔7/29/2008 8:48:00 AM

For the second time in two trading days Australian stockmarket investors, and investors in the country's big banks, have been battered by another example of bank management incompetence and boardroom ineptitude.

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Australand's Emergency Fund Raising

🕔7/29/2008 8:46:00 AM

Singapore-controlled property developer and manager, Australand is looking for up to half a billion dollars to recapitalise the company after it was hit by the credit crunch, write-downs and lower profits.

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Qantas Changes Boss

🕔7/29/2008 8:44:00 AM

Qantas Airways shares were not fazed by the naming yesterday of Jetstar head, Alan Joyce, to replace the about-to-retire Geoff Dixon as head of the country's biggest airline.

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AFIC And Others

🕔7/29/2008 8:41:00 AM

Listed investment company and the larger of the Goldman Sachs JBwere-affiliated groups is Australian Foundation Investment Co and it has revealed a modest 8.5% drop in earnings before gains, and an unchanged final dividend of 13c a share.

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Economy: Business Confidence To Fall

🕔7/29/2008 8:38:00 AM

With business and consumer confidence at the lowest point for 17 years, more gloom with the National Australia Bank forecasting a further fall in business confidence.

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Midday Market Roundup 28/07/08

🕔7/28/2008 11:26:00 AM

Not a good start to the week – down 72 after an ANZ profit warning – the banks have knocked over 50 points off the index – that comes despite the SFE Futures predicting a 24 point rise in the market this morning prior to the warning. The ANZ has experienced its second worst day ever. Friday was its 3rd worst. They have followed in the NAB's footsteps and announced $1.2bn worth of provisions. Financials down 3.6%. Resources putting up a bit of a fight – outperforming +0.6%. Financials down 4.2%.

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