Archived News for Finance Sector Professionals - February, 2012
Taiwan's fifth largest bank, the Hua Nan Commercial Bank, is opening its first Australian branch in Sydney.
The Hua Nan Commercial Bank is expected to invest $20 million and create seven new jobs over the next five years.
The Hua Nan Commercial Bank, which was founded in 1919, has 185 branches in Taiwan and branches in Los Angeles, New York, London, Hong Kong, Singapore, Ho Chi Minh City and Shenzhen, China and a representative office in Hanoi.
ASIC suspends Lifestyle Investor Services
ASIC has suspended the Australian financial services (AFS) licence of Gold-Coast based, Lifestyle Investor Services Pty Ltd (LIS), until 7 February 2013.
LIS’ licence was suspended due to concerns that LIS had not complied with conditions of its licence and had not complied with financial services laws.
In particular, ASIC’s investigation found LIS:
AXA FP practices move across to Charter
Following the merger of AXA Financial Planning (AXA FP) with AMP, AMP has assured AXA practices that there will be a smooth transition to Charter Financial Planning (Charter FP) as part of the withdrawal of the AXA brand from the Australian market.
Shorten urges banks to remember
Federal Minister for Financial Services and Superannuation Bill Shorten has urged the country’s ‘Big Four’ banks to ‘remember who backed them during GFC’.
Compensation for Trio victims starts
The Federal Government has announced that the 5,300 Australians that were affected by the collapse of Trio will start to be paid out over $54 million in compensation payments beginning this week.
New CEO appointed to ESSSuper
Mark Puli, Chief Financial Officer ESSSuper since 2009 and most recently Acting CEO, has been appointed Chief Executive Officer of ESSSuper.
New chair for AVCAL
David Brown, the former head of the private equity investment program of super fund, Victoria Funds Management Corp, is to be appointed chairman of the Australian Private Equity and Venture Capital Association (AVCAL).
RBA seeks head of economic research
The Reserve Bank is looking to appoint a head of its Economic Research Department. The Department, which operates within the RBA’s Economic Group under the Assistant Governor (Economic) Philip Lowe, undertakes longer-term research into issues relevant to monetary policy formulation and the operation of financial markets, with results published in the Research Discussion Paper series.
Government announces FRP closure
The Federal Government has announced that the Financial Reporting Panel (FRP) will be wound up, after conducting operations for six years.
Survey finds need for stronger Super preparedness
A survey by the Association of Superannuation Funds of Australia (ASFA) and Ernst $ Young has found that 38 percent of industry executives surveyed are taking active steps to take advantage of the Stronger Super reform, compared to 26% taking a pure compliance position to the reform.
ASFA figures show retirement costs stable
A couple looking to achieve a 'comfortable' retirement will need to spend $55,249 a year, while those seeking a 'modest' retirement lifestyle need to spend $31,675 a year, according to new figures released for the ASFA Retirement Standard. These figures are marginally down on the equivalent figures for the previous quarter.
RBA keeps rate unchanged
The Reserve Bank of Australia has announced it has left the official cash rate unchanged at 4.25 per cent.
AMP Capital relaunches Wholesale Australian Property Fund
AMP Capital, manager of the Wholesale Australian Property Fund which was frozen in November 2008, has announced the fund is now liquid. WAPF has assets worth $760 million comprised of 17 properties in Australia and New Zealand.
New CEO for Perpetual
The board of Perpetual Limited has appointed r Geoff Lloyd as Chief Executive Officer and Managing Director, effective immediately, following Chris Ryan’s decision to step down.
Fitch puts big four on rating watch negative
Fitch Ratings has announced it has placed the four major Australian banks’ long-term issuer default ratings and viability ratings, together with many of the other major bank’s subsidiaries, on rating watch negative.
Westpac cuts jobs
Westpac has announced it will cut 560 positions in response to current weak demand for loans and as part of a campaign to improve productivity and cut duplication.
Crescent Wealth launches Islamic index
A joint venture between Islamic investment manager, Crescent Wealth, and international business informational provider, Thomson Reuters, has launched the country’s first research-based Islamic index for the Australian market.
ABA backs Treasurer's move against financial transactions tax
The Australian Bankers’ Association (ABA) has commended the Treasurer Wayne Swan for his move to rule out a financial transactions tax, describing it as "a sound policy position".
“Imposing taxes on the purchasing of shares and bonds and other financial instruments is simply a means by which Governments can raise revenue without being fully accountable for those taxes. It is viewed as a way of raising revenue ‘under the radar’.
“It is not a coincidence that European countries that are currently advocating financial taxes are those that are facing the greatest Government budget pressures.
Moody's downgrades BOQ rating
Moody’s has announced a downgrade of the Bank of Queensland’s rating from A2 to A3.
Business numbers rise
The number of actively trading businesses in Australia increased by 3.6% in 2009-10 and 0.4% in 2010-11 according to figures released today by the Australian Bureau of Statistics (ABS). This is due to an increase in new business registrations, as well as a decline in the exit rate of businesses.
In June 2011, Australia had more than 2.1 million businesses. The greatest number of Australian businesses were in the construction industry (17%), followed by professional, scientific and technical services (12%) and rental, hiring and real estate services (11%).
Both the agriculture, forestry and fishing industry and the manufacturing industry have recorded a decline in numbers every year since 2007.
In 2009-10, every state and territory recorded an increase in the number of businesses. However, in 2010-11, Queensland, South Australia and Tasmania all recorded a decrease in business numbers.
With the vast majority (96%) of Australian businesses being small businesses, in June 2011 the ABS found that: