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Sudden OPEC move unlikely to impact Australia negatively: ICAP

The sudden 3.5 per cent or 900,000 barrels per day cut in oil supply announced by the OPEC is unlikely to have a major impact on Australian consumers. In an exclusive interview with the Financial Standard, ICAP chief economist Dr Ric Simes has said ...

Westpac to restructure staff constituency to simplify technology processes

Westpac has today announced that a significant number of staff would be reassigned in an effort to simplify its technological process and improve customer service. Westpac hope to reduce the number of staff in business loan centres in March to about ...

Morning market wrap: Wall Street hit by OPEC cut in supply

... of its value. The Nasdaq also fell, by 58.02 points or 3.15% in trading overnight. The FTSE-100 has managed to stay off the red meanwhile, halting a three-day losing streak. Market analysts have said the 900,000 barrels per day cut in OPEC's crude oil ...

Midday market wrap: All Ords remain in red, NZX back on track

The Australian share market stayed in the red at midday after starting the day lower, affected by weaker world stocks. At 1200 AEST the benchmark S&P/ASX 200 index was 2.9 points weaker at 3190.1, while the all ordinaries index was down 4.7 points to ...

CBA announces a 24% reduction in profits for the year

The Commonwealth Bank of Australia (CBA) has today announced a net profit of after tax of $2.01 billion for the year ended 30 June 2003, a decrease of 24 per cent on the previous financial year. "Net profit from ordinary activities (cash basis) was ...

S&P reduces Carter Holt rating to A-3

WITH AAP | TUESDAY, 23 SEP 2003

Standard & Poor's has reduced New Zealand's second largest listed company's short-term credit and commercial paper rating from A-2 to A-3. S&P said it had reduced wood processor Carter Holt Harvey's rating as a result of a review of the company's 50.46 ...

Macquarie Goodman seeks to raise $35 million to pay-off debts

Macquarie Goodman Management has said today that will begin a non-renounceable rights issue to raise $35 million to funds its acquisition of AMP Industrial Trust. "The AIP transaction has provided a number of benefits to us," said Greg Goodman, chief ...

ASIC releases updated industry guides for AFS licence applicants

The Australian Securities and Investments Commission (ASIC) today released updated versions of its industry-specific guides, which are designed to help industry participants in the process of applying for an Australian financial services (AFS) licence. ...

Finance Sector Union slams CBA's decision to cut 3,700 jobs

The Finance Sector Union (FSU) has today condemned the Commonwealth Bank's announcement today that it would slash 3,700 jobs over the next three years. "There's no way you can take that amount of people out of an organization and not have an impact ...

CBA to cut domestic workforce by 3,700

The Commonwealth Bank of Australia (CBA) today said it would cut its domestic workforce by about 3,700 over three years as part of a revamp of its customer service operations. The cuts would be between July 2003 and June 2006, the bank said. The bank ...

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Treasury responds to Debelle's review into the AOFM

KARREN VERGARA

Treasury has responded to the Guy Debelle-led review into the Australian Office of Financial Management (AOFM), agreeing to all six recommendations.

Bravura ups guidance, reports earnings increase

RIDDHIMA TALWANI

Bravura Solutions informed investors cost discipline will protect its full year earnings result after a client migrated to a Business Process Outsourcing (BPO) early in the year.

MaxCap hires from Vanguard, AustralianSuper

MATTHEW WAI

MaxCap has welcomed two senior directors, including a portfolio manager from Australia's largest super fund, reporting to the recently named chief executive Kylie Robb.

Zenith snags mandate from Granite Bay

MATTHEW WAI

Granite Bay Private Wealth has selected Zenith Investment Partners to support their investment governance and due diligence.

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Blake Briggs

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Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.

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