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General

Macquarie Securitisation launches $650 million domestic bond issue

Macquarie Securitisation, the wholly owned subsidiary of Macquarie Bank Ltd, has launched a $650 million bond issue in Australia, its second A$ denominated issue for 2003.

Bank of Queensland posts record profit

The Bank of Queensland (BOQ) has today announced that it had made a record profit for the 2003 financial year at the top end of analyst expectations, due to strong growth in its retail and business banking.

Australia secures fourth place on global managed fund ranking

Australia has climbed up to fourth place on the global managed fund ladder, overtaking Italy in its total managed fund assets, an Investment and Financial Services Association (IFSA) survey has revealed.

Wesfarmers acquires Lumley for $320 million

Wesfarmers has announced the completion of its acquisition of Edward Lumley Holdings Limited and the Lumley Insurance Group's Australian and New Zealand operations for approximately $320 million, plus the assumption of external debt of some $55 million.

Macquarie expects strong increase in profits in its financial services group

Macquarie bank is on track with its retail financial services strategy and expects a strong increase in profits for its Financial Services Group (FSG).

ANZ launches proceedings over NHB insurance recovery

ANZ has issued proceedings in the Victorian Supreme Court regarding ANZ's $130 million insurance claim, consequent upon settlement in January 2002 of its former subsidiary Grindlays Bank's 1992 dispute with India's National Housing Bank (NHB).

Morning Market Wrap: Market to ease on flat lead from US

The Australian share market is likely to ease slightly following a flat lead from key United States indices overnight.

Afternoon Market Wrap: Bank rebound offsets resources sector

A rebound by the banks offset some heavy profit taking in the resources sector as the Australian share market edged to a fresh 16 month high today.

Midday Market Wrap: Dollar strong, bonds weaker

The Australian dollar was stronger at noon after hovering around the $US0.6900 level overnight, with analysts saying the volatility was driven by a touch of strength in the United States dollar.

ACCC issues proposed industry codes of conduct for public comment

The Australian Competition and Consumer Commission (ACCC) issued a discussion paper and draft guidelines for developing and endorsing effective industry codes of conduct.