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Superannuation

NAB sells AMP, St George shares to offset rogue trading

AAP  |  WEDNESDAY, 28 JAN 2004
National Australia Bank will sell its stakes in AMP, HHG and St George Bank for a profit of about $450 million, offsetting the $360 million loss from the rogue trading scandal.

ASIC says most roll-over funds need to improve disclosure

AAP  |  WEDNESDAY, 28 JAN 2004
A review of eligible superannuation roll-over funds has found most need to improve disclosure to members about fees and charges.

NAB says rogue trades lead to $360 million in pre-tax losses

AAP  |  TUESDAY, 27 JAN 2004
National Australia Bank today said pre-tax losses from the rogue currency trades totalled $360 million, double the amount it first indicated.

CBA launches 10-year subordinated note issue

AAP  |  TUESDAY, 27 JAN 2004
The Commonwealth Bank of Australia today launched a $500 million subordinated medium term note issue.

Trustee board licensing to boost super outsourcing

Proposals by the Australian Prudential Regulation Authority to license trustee boards are expected to drive employers to outsource around $10 billion in superannuation funds during 2004.

Senior management may be held accountable for rogue trading

AAP  |  TUESDAY, 27 JAN 2004
Senior management at the National Australia Bank may be held accountable for the rogue trading scandal that could cost the bank as much as $600 million.

Macquarie raises $125 million in South African infrastructure

AAP  |  FRIDAY, 23 JAN 2004
Macquarie Bank Ltd's African investment joint venture has raised $125 million in its second private infrastructure fund, with plans afoot to raise more in coming months.

Credit quality on the turn, says S&P

The pace of deterioration in the credit quality of Australian and New Zealand companies slowed in late 2003 and may signal improvement on the way for 2004.

Super funds growth doubles in Q3 2003

Annual growth in Australian superannuation funds under management accelerated to almost 9% in the third quarter of 2003, nearly double the rate of growth recorded in the previous quarter.

Lend lease buys ComLand for $165 million

AAP  |  FRIDAY, 23 JAN 2004
Property company Lend Lease has bought two residential estates from the commonwealth government for $165 million.