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SYDNEY MORNING HERALD BUSINESS Late Page:41 Saturday 18th of November 1995 Words: 2131 – By ANNA BERNASEK and EMILIYA MYCHASUK get a summary
The rebel who found a profitable cause
CAMERON O’Reilly was a problem child. At 15, he was kicked out of St Paul’s in New Hampshire after becoming involved in a syndicate of boys who brought alcohol into the school. It was not a first offence for the son of Tony O’Reilly, the H.J. Heinz chairman and Irish rugby legend. Cameron had already been expelled from the prestigious Shadyside Academy Middle School in Pennsylvania where Jack Heinz went. “Scurrilous stuff,” he says with a smile in his voice, not bothering to put his v…

Sydney Morning Herald Business Late Page:21 Monday 03rd of October 1994 Words: 1132 – Anna Bernasek get a summary
DEFICIT DEBATE A TEST OF WILLS
Bernie Fraser wants the Budget deficit cut back faster. Ted Evans supports him. Paul Keating says forget it. And Ralph Willis is caught in the crossfire The latest flare-up over economic policy started with a newspaper report a few weeks ago. Government officials dribbled information to one senior Canberra journalist suggesting that Willis had now come around to the view that the deficit reduction strategy needing speeding up. The article perhaps went too far, claiming that the Gover…

Sydney Morning Herald News and Features Late Page:1 Friday 30th of September 1994 Words: 621 – By ANNA BERNASEK and ANNE DAVIES get a summary
GOVT REELS FROM DEFEAT ON MINES AND TRADE
The Federal Government is under pressure to speed up cuts to its Budget deficit after an alarming blow-out was disclosed yesterday in the trade imbalance. The current account deficit, which mainly represents trade and overseas interest payments, grew to $2.14 billion last month from $1.8 billion in July, its highest level in five years, Bureau of Statistics figures show. The increase comes only three days after the Governor of the Reserve Bank, Mr Bernie Fraser, warned the Government tha…

Sydney Morning Herald News and Features Late Page:1 Tuesday 27th of September 1994 Words: 622 – By ANNA BERNASEK and ANNE DAVIES get a summary
LOANS RISE INEVITABLE, SAYS RESERVE
The Governor of the Reserve Bank, Mr Bernie Fraser, publicly challenged the Federal Government yesterday to speed up its Budget deficit reduction plan and warned that further interest rate rises were inevitable even if this was achieved. Mr Fraser said a further cut in the deficit “would not avoid the need for interest rate adjustments but, to the extent that it helped to manage demand pressures in the economy, it would be relevant to the setting of monetary policy”. The renewed warning …

Sydney Morning Herald News and Features Late Page:2 Monday 26th of September 1994 Words: 241 – ANNA BERNASEK get a summary
INDUSTRY CONFIDENT
The Federal Government’s hopes for strong investment growth have been boosted by signs that manufacturing industry will lift spending on plants, equipment and buildings in the next few months. A survey by the Australian Chamber of Commerce and Industry and Westpac shows manufacturing industry expects to increase spending on buildings for the first time in almost six years. The recovery in plant and equipment is already under way. The survey also found the outlook for investment in ma…

Sydney Morning Herald News and Features Late Page:8 Saturday 24th of September 1994 Words: 413 – By ANNA BERNASEK in Canberra get a summary
DRINKERS GIVE SALES A NUDGE
The Australian economy has been lifted by a burst of consumer spending, according to latest official figures. Retail trade grew by an unexpectedly strong 3 per cent in July in seasonally adjusted terms, making a rise of almost 9 per cent during the past 12 months. The latest figures were expected to reflect a decline in consumer spending after other partial indicators turned down in July. But retail trade for July shows strong growth across most States except NSW. In trend terms,…

Sydney Morning Herald News and Features Late Page:3 Friday 23rd of September 1994 Words: 600 – By ANNA BERNASEK in Canberra get a summary
DROUGHT WILL HIT GROWTH: WILLIS
The drought will slow economic growth, the Federal Government conceded for the first time yesterday. The Treasurer, Mr Willis, said the drought would have a “significant”effect on growth this financial year but he expected that a recovery in world commodity prices would partly offset it. Growth would be lower than forecast in the Budget but would not hurt employment. Employment growth was well ahead of Budget forecasts, and by the end of this financial year the unemployment rate woul…

Sydney Morning Herald News and Features Late Page:4 Tuesday 20th of September 1994 Words: 439 – By ANNA BERNASEK in Canberra get a summary
HOUSING DECLINE DEFIED BY NSW
The three-year boom in the Australian housing market seems to have ended but strong activity in NSW continues to defy the national trend. According to the latest figures from the Bureau of Statistics, the number of new home loans increased in NSW in July while all other States and Territories experienced sharp falls. In trend terms, which smooth out month-to-month volatility, new home loans increased 0.6 per cent in NSW compared with a 1.2 per cent drop nationally. The Deputy Prime M…

Sydney Morning Herald News and Features Late Page:6 Saturday 17th of September 1994 Words: 633 – By ANNA BERNASEK in Canberra get a summary
GOVT MAY HASTEN DEFICIT REDUCTION PLAN
The Federal Government will consider speeding up its deficit reduction strategy when it begins preparing for the 1995-96 Budget later this year. But Government officials said yesterday that no decision had yet been made about whether to accelerate the deficit reduction plan. Pressure has been building on the Government to cut back the Budget deficit faster than its current plan of less than 1 per cent of Gross Domestic Product, or about $5 billion, by 1996-97 from $11.7 billion this fina…

Sydney Morning Herald News and Features Early Page:5 Friday 16th of September 1994 Words: 477 – By ANNA BERNASEK in Canberra get a summary
RECOVERY SHOWS SIGNS OF SLOWING
The economy may be on the verge of slowing down, leading economic indicators released yesterday show. The Westpac Melbourne Institute leading index of economic activity dropped sharply in July, slowing down the annual growth rate to its weakest for more than three years. The sharp fall in July, brought the annual growth rate down to only 0.4 per cent from 5.1 per cent in the 12 months to June. The index is made up of five major components which tend to lead the economy through cycles…

Sydney Morning Herald News and Features Late Page:2 Friday 16th of September 1994 Words: 411 – By ANNA BERNASEK in Canberra get a summary
RECOVERY SHOWS SIGNS OF SLOWING
The economy may be on the verge of slowing down, leading economic indicators released yesterday show. The Westpac Melbourne Institute leading index of economic activity dropped sharply in July, slowing down the annual growth rate to its weakest for more than three years. The sharp fall in July, brought the annual growth rate down to only 0.4 per cent from 5.1 per cent in the 12 months to June. The index is made up of five major components which tend to lead the economy through cycles…

Sydney Morning Herald News and Features Late Page:5 Thursday 15th of September 1994 Words: 479 – By ANNA BERNASEK in Canberra get a summary
BUSINESS STARTS TO BORROW AGAIN, NEW FIGURES SHOW
Corporate Australia has shaken off its fear of debt and started to borrow again, according to the latest figures from the Reserve Bank. Lending to business grew 1 per cent in July to be 0.2 per cent higher than the previous year. This is the first time business lending has grown annually since the recession. The pick-up in business lending is consistent with evidence that investment in plant and equipment has recovered. While business lending has risen sharply in July, it is expecte…

Sydney Morning Herald News and Features Late Page:1 Tuesday 13th of September 1994 Words: 694 – By ANNA BERNASEK and TOM ALLARD get a summary
INFLATION PANIC LEADS TO MARKET SELL-OFF
Inflation fears created the worst panic in five years on the bond market yesterday with long-term interest rates soaring to their highest level in 2 1/2 years and the sharemarket losing $6 billion in value. The turmoil coincided with the head of the Treasury, Mr Ted Evans, giving his strongest indication that the Government would consider speeding up its Budget deficit reduction plan next year. He hinted that the Treasury would be happier seeing the deficit cut at a faster rate than the …

Sydney Morning Herald News and Features Late Page:1 Saturday 10th of September 1994 Words: 815 – By ANNA BERNASEK and JAMES WALKER get a summary
BANKS SPARK MORTGAGE WAR
ANZ yesterday became the second major bank to defy the Federal Government by passing on to home buyers the full amount of last month’s rise in official interest rates. The bank’s lifting of its variable home loan rates by three-quarters of a percentage point to 9.5 per cent follows a similar decision by Westpac earlier in the week. In sharp contrast, one of the new breed of small home lenders, Aussie Homes Loans, cut its rates by .35 of a percentage point to 7.5 per cent. The move co…

Sydney Morning Herald News and Features Late Page:1 Thursday 08th of September 1994 Words: 878 – By JAMES WALKER and ANNA BERNASEK get a summary
GOVT FURY OVER RATES RISE
The Federal Treasurer, Mr Willis, attacked Westpac Banking Corp last night for its decision to raise home-loan rates by 0.75 percentage points – the full amount of the rise in official interest rates imposed by the Reserve Bank last month. Earlier, Westpac became the first institution to lift its variable home-mortgage interest rates in five years, costing average borrowers an extra$44 a month. The rise comes into effect on Monday. Mr Willis said Westpac’s move was surprising given the …

Sydney Morning Herald News and Features Early Page:4 Thursday 08th of September 1994 Words: 332 – ANNA BERNASEK get a summary
HOUSING BOUYANT DESPITE RISE
The Australian housing industry is expected to remain robust during the next six months despite the rise in official interest rates last month, according to the Housing Industry Association (HIA). The national HIA survey of 1,000 building companies, compiled in the last week of August, found one-third of builders expect to increase sales during the next six months and nearly half believe sales will remain at current levels. Only 17 per cent of builders surveyed expect some downturn in sa…

Sydney Morning Herald News and Features Late Page:2 Wednesday 07th of September 1994 Words: 787 – By TONY WRIGHT and ANNA BERNASEK get a summary
POLICY DETAILS TO WAIT FOR ELECTION: COSTELLO
Australian voters will have to wait until the election campaign to learn the final detail of the Coalition’s policies, the Deputy Opposition Leader, Mr Costello, revealed last night. Mr Costello’s admission suggests voters will not know how the Opposition plans to pay for its promises, or how it will run the economy, until weeks before they have to decide whether Labor or the Coalition should become the next Government. Mr Costello, appearing on ABC-TV’s 7.30 Report last night, said the …

Sydney Morning Herald News and Features Late Page:6 Tuesday 06th of September 1994 Words: 636 – By ANNA BERNASEK get a summary
PLEDGE TO CUT TAXES, BOOST EMPLOYMENT
The Leader of the Opposition, Mr Downer, has promised a Coalition government would cut taxes, boost household savings, undertake major spending on areas such as infrastructure – all while reducing the Budget deficit and keeping interest rates low. In its policy directions statement released yesterday, the Coalition set out two major economic goals – to increase jobs by encouraging business investment through tax cuts and simplifying the tax system, and to increase household savings by provid…

Sydney Morning Herald News and Features Late Page:6 Monday 05th of September 1994 Words: 513 – By ANNA BERNASEK in Canberra get a summary
WOMAN IN LODGE 10 YEARS OFF: LAWRENCE
The chances of a woman becoming Prime Minister of Australia within the next 10 years were slim, according to the Minister for Health, Dr Lawrence. Dr Lawrence said the changes, following Friday’s decision by the Labor Party’s national executive to ensure women have the right to hold at least 35 per cent of ALP seats in State and Federal parliaments from 2002, would take some time to have any major effect. “I think until you have a significant number of women in the Parliament, you won’t be…

Sydney Morning Herald Business Late Page:21 Monday 05th of September 1994 Words: 413 – By ANNA BERNASEK in Canberra get a summary
SHRAPNEL WARNS OF BLOWOUT IN DEFICIT
The Australian economy is likely to face the traditional constraints of rising inflation and a blowout in the current account deficit, according to forecasts from BIS Shrapnel. This will cut short the economy’s strong growth and force short-term interest rates to rise as high as 12.5 per cent within the next two years, BIS Shrapnel forecasts in its latest Economic Outlook. The report warns that while the economy is enjoying strong conditions now, problems will emerge next year. “Stro…

Sydney Morning Herald News and Features Late Page:2 Monday 05th of September 1994 Words: 565 – By ANNA BERNASEK in Canberra get a summary
URANIUM MINERS PRESS FOR CHANGE
Australia’s uranium industry yesterday added to pressure on the Labor Government to dismantle its controversial three-mine policy at the ALP national conference later this month. According to a report commissioned by the industry and produced by Access Economics, opening up uranium mining would result in close to $1 billion of investment and a doubling of export revenue over the next 10 years. The Government has restricted uranium extraction to three mines – of which only two are produci…

Sydney Morning Herald News and Features Late Page:6 Saturday 03rd of September 1994 Words: 655 – By ANNA BERNASEK in Canberra get a summary
MINUS ONE: BUREAU LOSES ITS TOP NUMBERS MAN
Meet Australia’s Mr Numbers. For the past eight years, Mr Ian Castles has had at his fingertips everything from the latest national accounts to the number of people growing vegetables in their backyards. As the Australian Statistician, Mr Castles runs the Australian Bureau of Statistics. This week, he announced his retirement after almost 40 years in the Public Service. “I’m not the kind of statistician that most people think of,” he said in an interview with the Herald. “There’s t…

Sydney Morning Herald News and Features Late Page:5 Friday 02nd of September 1994 Words: 397 – ANNA BERNASEK get a summary
WOMEN’S SUPER PUSH
The Leader of the Democrats, Senator Kernot, turned the spotlight yesterday on the difficulties women face in providing for retirement and has helped to establish a Senate inquiry into the issue. The six-month inquiry will be conducted by the Senate Select Committee on Superannuation and will examine ways of improving superannuation for women and other workers whose working lives are disrupted. Many women leave the workforce to have children and often return at different intervals to work …

Sydney Morning Herald News and Features Late Page:2 Thursday 01st of September 1994 Words: 681 – By ANNA BERNASEK in Canberra get a summary
ECONOMY STRONG, SAYS WILLIS
All key elements needed for sustained growth are now in place, according to June quarter national accounts, ensuring the Federal Government’s economic strategy is right on track. The economy grew by 0.9 per cent in the June quarter after a rapid 2 per cent the previous quarter. As a result, the annual rate of growth slowed from 5 per cent to 4.3 per cent in the year to June. But the composition of growth has shifted, with the private sector driving the economy and government spending mo…

Sydney Morning Herald News and Features Late Page:1 Wednesday 31st of August 1994 Words: 690 – By ANNA BERNASEK in Canberra get a summary
FOREIGN DEBT SHRINKS FOR THIRD QUARTER
Australia appears to have left behind its last major economic legacy of the 1980s – its massive foreign debt. Foreign debt fell for the third quarter in a row, according to figures from the Bureau of Statistics, a fall that the Treasurer, Mr Willis, said could be sustained. “Yes, I think we can say that so long as the corporate sector continues to rely much more on equity than debt, then the foreign debt may have stabilised,” Mr Willis told ABC radio. The net foreign debt fell by $3….

Sydney Morning Herald News and Features Late Page:1 Tuesday 30th of August 1994 Words: 746 – By ANNA BERNASEK in Canberra get a summary
DEFICIT SURGES AS EXPORTS STALL
The nation’s current account deficit has ballooned to its highest level in more than a year amid signs that export growth is faltering while imports are climbing steadily. The current account deficit grew to $1.8 billion in July from $1.5 billion the previous month, Bureau of Statistics figures show. The Prime Minister, Mr Keating, admitted yesterday that the current account deficit had been deteriorating for some months. But he said it was not surprising that imports were rising as the…

Sydney Morning Herald News and Features Late Page:13 Saturday 27th of August 1994 Words: 507 – By ANNA BERNASEK in Canberra get a summary
SIGNS OUR FOREIGN DEBT IS SHRINKING
Australia’s massive foreign debt has shown promising signs of shrinking, according to the latest official figures. The June quarter balance of payments figures released by the Bureau of Statistics showed net debt continued to fall while the current account deficit was increasingly funded by net equity. The current account deficit widened in the June quarter to $4.6 billion from $3.4 billion the previous quarter. This was due to a larger increase in imports than exports and means that…

Sydney Morning Herald News and Features Late Page:1 Friday 26th of August 1994 Words: 635 – By ANNA BERNASEK in Canberra get a summary
ECONOMY MOVES INTO TOP GEAR
The crucial recovery in business investment was confirmed yesterday with the release of official figures, putting the economy on a strong footing. Corporate Australia increased total new capital spending by 8 per cent last quarter, latest figures from the Bureau of Statistics show. The essential component of investment, spending on plant and equipment, surged 14 per cent in the June quarter to its highest level in 3 1/2 years. Hard evidence of the long-awaited surge in investment has…

Sydney Morning Herald News and Features Late Page:1 Thursday 25th of August 1994 Words: 702 – By ANNA BERNASEK in Canberra get a summary
NEW ALERT ON INTEREST RATES
The Reserve Bank yesterday gave its strongest warning to the Government to cut its Budget deficit faster or face much higher interest rates. In its annual report, the bank indicated that further rises in official interest rates would depend on the success of the Government’s deficit reduction plan. The central bank said it hoped the Government would do better than its present target of reducing the deficit to less than 1 per cent of gross domestic product by 1996-97. For the first ti…

Sydney Morning Herald News and Features Late Page:5 Wednesday 24th of August 1994 Words: 445 – By ANNA BERNASEK in Canberra get a summary
INTEREST IMPACT LOW, SAYS WILLIS
The Treasurer tried yesterday to soften the blow of last week’s official interest rate increase by claiming the effect on Australians was minimal. Mr Willis said many people would not face any change in their monthly repayments on home loans as a result of the three-quarters of a percentage point increase in official rates. He also said the new lending controls announced by the Reserve Bank last week would have little impact on the housing sector. “The area of housing loans has been …

Sydney Morning Herald News and Features Late Page:1 Saturday 20th of August 1994 Words: 737 – By ANNA BERNASEK and JAMES WALKER get a summary
INTEREST RATES: BANKS HOLD FIRE
Home buyers were given a temporary reprieve from higher interest rates after the country’s leading bank, National Australia Bank, decided yesterday not to pass on the rise in official interest rates to customers. NAB decided to hold off on any increase in consumer and business rates. Other major and regional banks will be forced to follow suit – or risk losing their share of the vital home lending market. NAB, which has the strongest balance sheet of any bank and the lowest cost stru…

Sydney Morning Herald News and Features Late Page:1 Friday 19th of August 1994 Words: 582 – By ANNA BERNASEK and JAMES WALKER get a summary
HOUSING BOOM RUNS OUT OF STEAM
The three-year boom in the housing market which threatened to send home prices soaring appears to be over, according to the latest official figures. A sharp fall in home-loan approvals for the second month in a row comes a day after the Reserve Bank raised official interest rates and introduced new controls on home lending. The Federal Opposition, the building industry and housing groups said yesterday that the 6.6 per cent slump in home loans in June showed the Government had been too q…

Sydney Morning Herald News and Features Late Page:1 Thursday 18th of August 1994 Words: 714 – By ANNA BERNASEK in Canberra get a summary
RESERVE TIGHTENS HOME LOAN RULES
Mortgage rates will rise by at least half a percentage point and home-buyers with small deposits may find it tougher to get a home loan. This follows the first rise in official interest rates in five years and the announcement of new lending controls by the Reserve Bank. The Reserve raised official cash rates by three-quarters of a percentage point to 5.5 per cent to ensure inflation remained under control. The country’s major banks are due to announce increases in mortgage and busin…

Sydney Morning Herald News and Features Late Page:4 Thursday 18th of August 1994 Words: 816 – By ANNA BERNASEK in Canberra get a summary
BANK’S ACT OF FAITH IN PM’S PLAN
The Reserve Bank raised official interest rates yesterday to maintain the credibility of the Government’s anti-inflation strategy rather than in response to inflationary pressures in the economy. The bank decided to lift official rates by three quarters of a percentage point instead of a smaller amount to show it was serious about keeping underlying inflation in its target range of between 2 and 3 per cent a year. It argues that keeping inflationary expectations down is just as important…

Sydney Morning Herald News and Features Late Page:2 Wednesday 17th of August 1994 Words: 432 – By ANNA BERNASEK in Canberra get a summary
KEATING SCRAPS HAWKE’S EPAC
The Prime Minister announced yesterday that he would scrap the Economic Planning Advisory Council (EPAC), the group created by the former Prime Minister, Mr Bob Hawke, 10 years ago, to provide independent advice on the economy. Mr Keating announced that EPAC would be replaced by a new advisory group which would include himself, the Treasurer, business leaders and other”independent-minded individuals”. “In order to improve my access to new ideas and new ways forward in business and econom…

Sydney Morning Herald News and Features Late Page:7 Wednesday 17th of August 1994 Words: 542 – By ANNA BERNASEK in Canberra get a summary
INTEREST RATES MAY FOLLOW PRICES UP
Early signs that price rises are becoming more broadly based emerged yesterday with the release of the latest official figures, adding weight to the Reserve Bank’s case for a rise in official interest rates. Manufacturing output prices, which eventually flow through to consumer prices, rose 0.3 per cent in June, according to the Bureau of Statistics. It was the fourth successive month of rising output prices. While the rise in manufacturing output prices was small, the latest figures sh…

Sydney Morning Herald News and Features Late Page:1 Friday 12th of August 1994 Words: 580 – By ANNA BERNASEK get a summary
JOBS SURGE PUTS HEAT ON INTEREST RATE
Borrowers face an imminent interest rate rise following an explosion of new jobs in July which sent the unemployment rate tumbling to 9.5 per cent, its lowest level in three years. The job figures released yesterday by the Bureau of Statistics confirm that the employment recovery is gaining momentum. This opens the door for the Reserve Bank to raise interest rates to keep inflation in check without undermining jobs growth. Financial markets reacted quickly to the unexpected surge in …

Sydney Morning Herald News and Features Late Page:5 Friday 12th of August 1994 Words: 573 – By ANNA BERNASEK and DANIEL LEWIS get a summary
WOMEN LEAD WAY IN JOB EXPANSION
A leap in the number of women employed in part-time work has helped to fuel the unexpected boom in new jobs created in July. Almost all of this increase was due to women finding part-time work. Female part-time employment rose by almost 44,000 and total jobs for women rose by about 45,000. The participation rate, the proportion of the working-age population in a job or actively seeking work, rose to 63.2 per cent from 62.9 per cent, its highest level in two years. Most of this rise was…

Sydney Morning Herald News and Features Late Page:8 Friday 12th of August 1994 Words: 605 – By ANNA BERNASEK in Canberra get a summary
COSTELLO LAUNCHES ATTACK ON KELTY
The Deputy Leader of the Opposition, Mr Costello, made a scathing attack on the Reserve Bank board member and trade union leader Mr Bill Kelty yesterday over his remarks on interest rate rises. Mr Costello, who was speaking to the Australian Institute of Bankers in Melbourne, also signalled a major shake-up of the bank’s board under a Coalition government. Mr Costello indicated that a Coalition government would review the structure of the Reserve Bank board, one of the country’s most inf…

Sydney Morning Herald News and Features Late Page:5 Thursday 11th of August 1994 Words: 517 – By ANNA BERNASEK and JAMES WALKER get a summary
LENDING ON HOMES DIPS SHARPLY AFTER PEAK
Home lending has fallen sharply after peaking at the beginning of last month, according to the four major banks. National Australia Bank, ANZ, Westpac and Commonwealth Bank said yesterday they experienced record lending levels for housing at the start of July but demand had slowed significantly since fixed mortgage rates increased. The latest evidence from the banks comes after the release of figures which showed the boom in home lending continued in June. The Reserve Bank, which has…

Sydney Morning Herald News and Features Late Page:1 Wednesday 10th of August 1994 Words: 696 – By ANNA BERNASEK get a summary
GROWING FEARS ON INFLATION
The Reserve Bank’s growing fear that Australia’s booming housing market may stimulate inflation was backed up yesterday by the latest figures showing another surge in home lending to record levels. Home lending grew 2 per cent in June and a rapid 23 per cent over the past year. At the same time, business lending continued to recover, increasing for the fourth month in a row. The Reserve Bank will be forced to raise official interest rates sooner rather than later if this combination of …

Sydney Morning Herald News and Features Early Page:5 Wednesday 10th of August 1994 Words: 562 – By ANNA BERNASEK in Canberra get a summary
TAX REFORMS BOLSTER RIGHTS
Ordinary Australians will no longer be forced to live in fear of the Tax Office under new reforms endorsed yesterday by the Federal Government. The Assistant Treasurer, Mr George Gear, announced a number of key reforms designed to bolster the rights of taxpayers and reduce the cost of complying with tax rules. As part of its decision to enhance taxpayers’ rights, the Government will introduce a charter, set up a small claims tribunal and establish a tax ombudsman. The charter of taxpa…

Sydney Morning Herald News and Features Late Page:5 Wednesday 10th of August 1994 Words: 429 – By ANNA BERNASEK in Canberra get a summary
GOVT BACKS REFORMS TO BOOST TAXPAYERS’ RIGHTS
Ordinary Australians will no longer be forced to live in fear of the Tax Office under new reforms endorsed yesterday by the Federal Government. The Assistant Treasurer, Mr George Gear, announced a number of key reforms designed to bolster the rights of taxpayers and reduce the cost of complying with tax rules. As part of its decision to enhance taxpayers’ rights, the Government will introduce a charter, set up a small claims tribunal and establish a tax ombudsman. The charter of taxp…

Sydney Morning Herald News and Features Late Page:1 Tuesday 09th of August 1994 Words: 541 – By ANNA BERNASEK and TOM ALLARD get a summary
HOME LOANS: IT WILL ONLY HURT A BIT
Australian borrowers will face only minor rises in interest rates in the next two years, according to a recent survey of economists. Although the Reserve Bank is expected to raise interest rates soon, an extensive survey has found most economists expect official rates to peak at only 8 per cent in 1996 compared with their peak of 18 per cent in 1989. Moderate growth and low inflation are the major factors behind expectations that rates will remain in single digits during this cycle. …

Sydney Morning Herald News and Features Late Page:5 Tuesday 09th of August 1994 Words: 616 – By ANNA BERNASEK in Canberra get a summary
CABINET MOVES TO CUT TAX COSTS FOR BUSINESS
The Federal Cabinet is meeting today and will consider how to reduce the cost of complying with tax laws in a move which could result in significant reform to the tax system. The Assistant Treasurer, Mr Gear, will present the Cabinet with a number of proposed changes aimed at lowering the costs associated with paying tax. It is understood Mr Gear will propose changes which ensure that any new rulings by the tax office take into account the cost of complying with new regulations. The …

Sydney Morning Herald News and Features Late Page:7 Monday 08th of August 1994 Words: 527 – By ANNA BERNASEK get a summary
TREASURER REJECTS CASH BID BY STATES
The Treasurer, Mr Willis, showed yesterday the Commonwealth would reject the push by the States for financial compensation at the heads of government meeting later this month. In a speech to the South Australian ALP conference, Mr Willis dismissed the States’ argument for compensation in return for opening up State-owned monopolies as having “no intellectual merit”. He also threatened to use the Commonwealth’s constitutional power to force the States to adopt more competitive positions, …

Sydney Morning Herald Business Late Page:25 Monday 08th of August 1994 Words: 622 – By ANNA BERNASEK in Canberra get a summary
GOVT DRAFTS INSURANCE CODE
The Federal Government finally released its draft life insurance code of practice yesterday, but a failure to address vital consumer concerns is likely to draw a storm of criticism from consumer groups. The draft code, which has been expected for some time, does not include a number of key areas concerning consumer groups such as how to force the industry to comply with the code and the issue of banning life insurance agents for misconduct. Consumers’ Association policy officer Mr Robert…

Sydney Morning Herald Business Late Page:25 Monday 08th of August 1994 Words: 892 – ANNA BERNASEK get a summary
BANKERS WATCH NAB, NOT FRASER
When the Reserve Bank raises official interest rates, Australia’s banks will pass that rate rise on to home borrowers – or so most people assume. Although it is hard to imagine the banks would miss an opportunity to charge their borrowers more interest, in reality they are likely to resist as long as possible. It all depends on National Australia Bank. NAB leads the pack of Australian banks all vigorously competing for a larger slice of the lucrative home lending market. Its cons…

Sydney Morning Herald News and Features Late Page:2 Friday 05th of August 1994 Words: 416 – By ANNA BERNASEK in Canberra get a summary
PICK-UP SLOW, SAY ECONOMISTS
The recovery in business investment is under way but unlikely to be strong enough to meet the Government’s Budget forecasts, according to the economic forecaster Access Economics. In its latest survey, Access, together with Pacific Power, found Australian companies committed to much greater spending on plant and equipment in the June quarter. The total value of projects included in the survey increased by $4.5 billion to $107.6 billion. Access said the increase was the result of proj…

Sydney Morning Herald News and Features Late Page:2 Thursday 04th of August 1994 Words: 574 – By ANNA BERNASEK and JAMES WALKER get a summary
ATTEMPTS TO CURB HOME LOANS SPREE
The Federal Government moved yesterday to calm fears the housing market was becoming an inflation hot spot while the Reserve Bank met major banks to discuss how to temper the home lending boom. The Deputy Prime Minister and Minister for Housing, Mr Howe, said the housing market was starting to cool down. “We’ve now got a slackening of demand in terms of the housing market and the housing industry will come off with quite high levels of activity, but I don’t think dramatically,” he said. …

Sydney Morning Herald News and Features Late Page:4 Thursday 04th of August 1994 Words: 468 – By ANNA BERNASEK and EMILIYA MYCHASUK get a summary
SHOP SALES POINT TO IMPROVING ECONOMY
Consumers eased back on their spending in the first month of winter, according to official figures, but activity in the retail sector remains robust. Retail sales fell 0.1 per cent in seasonally adjusted terms in June after a sharp rise the previous month. But sales remain high and grew at a strong 5.7 per cent during the year to June. The slowdown in consumer spending from record levels eases fears that the retail sector could overheat. The figures also show that retail price in…
Sydney Morning Herald Business Late Page:36 Saturday 16th of October 1993 Words: 1673 – By ANNA BERNASEK get a summary
AUSTRALIA A RARE FAN OF FREE TRADE
THE LEADERS of the world’s three key economic organisations – the International Monetary Fund, the World Bank and the General Agreement on Tariffs and Trade – last month joined forces and urged countries to stop dragging their feet and start promoting free trade. It was an unprecedented move: IMF head Mr Michel Camdessus, World Bank head Mr Lewis Preston and GATT leader Mr Peter Sutherland issued a joint plea to countries to reduce trade barriers. Now, more than ever, free trade is being…

Sydney Morning Herald Business Late Page:36 Saturday 09th of October 1993 Words: 1812 – By ANNA BERNASEK get a summary
GOVERNMENT’S GROWING AGONY OF HEALTH INSURANCE UNDER THE KNIFE
GRAHAM RICHARDSON wants to force high-income earners into private health care. He hopes this will free up public hospitals for those Australians who can’t afford private hospital insurance and need medical treatment. It seems fair. Why should people who can afford private hospital insurance freeload on the public system at the expense of others? Shouldn’t they pay their share of health costs, too? That’s Senator Richardson’s reasoning behind his plan to make high-income Australians wh…

Sydney Morning Herald Business Money Market Late Page:33 Tuesday 05th of October 1993 Words: 666 – By ANNA BERNASEK and MATTHEW RUSSELL get a summary
RUSSIAN CRISIS SWINGS MARKETS
Russia’s political crisis caused a day of wild swings on financial markets yesterday as investors rushed into the safe havens of US dollar and gold. However, these sectors retreated last night when it appeared the violent uprising in Moscow was fading. The US dollar earlier had jumped three pfennigs against the German mark in Asian trading on early reports on the extent of the Russian uprising. It climbed to a high of 1.6550 marks but was trading last night in Europe at 1.6365 marks….

THE AGE Business Late Page:37 Tuesday 05th of October 1993 Words: 330 – Anna Bernasek get a summary
Westpac fall continues as locals join US sellers
Sydney Shares in Westpac Banking Corporation fell again yesterday amid increasing nervousness about the strength of its full-year earnings. Brokers said there had been steady selling from US institutions in the past few weeks, prompted by fears that the recovery in the bank’s earnings might not be as strong as many thought when they bought earlier this year. The brokers said several local institutions were selling down, ahead of Westpac’s profit result for the year to 30 September. Westpac fe…

Sydney Morning Herald Business Late Page:35 Tuesday 05th of October 1993 Words: 416 – ANNA BERNASEK get a summary
WESTPAC UNDER PRESSURE AHEAD OF RESULT
Shares in Westpac Banking Corp slumped again yesterday due to increasing nervousness about the strength of the bank’s full year earnings. Brokers said there had been steady selling from US institutions in the past few weeks on fears the recovery in the bank’s earnings might not be as strong as many first thought when they bought earlier this year. They said several local institutions had also joined in and were selling down ahead of Westpac’s profit result for the year to September 30, o…

Sydney Morning Herald Business Late Page:35 Tuesday 05th of October 1993 Words: 509 – By ANNA BERNASEK Banking Writer get a summary
GOVT SETS SCHEDULE FOR COMBANK PARCEL SALE
The Federal Government yesterday laid down the ground rules for institutions interested in taking part in its $1.5 billion Commonwealth Bank share sale. Institutions that are active buyers of ComBank in the weeks leading up to the start of the offer on October 20 will have a good chance of getting an allocation of shares. The priority given to buyers of the stock in the next few weeks will be an important element that should underpin the ComBank share price. ComBank rose 4c to close at …

Sydney Morning Herald Business Money Market Late Page:33 Saturday 02nd of October 1993 Words: 549 – By ANNA BERNASEK Banking Writer get a summary
TRADERS TIP BIG SWINGS FOR $A
The Australian dollar recovered from its lowest levels in seven years yesterday, but remained in a precarious position ahead of the long weekend. Major US investment houses sold down the dollar again yesterday morning, sending it tumbling to a seven-year low of US64.15c during offshore trading. But solid buying at those low levels helped lift it almost half a cent against its US counterpart to close locally at US64.60c . The dollar has been hurt by offshore selling since the Federal …

Sydney Morning Herald Business Late Page:39 Thursday 30th of September 1993 Words: 404 – By ANNA BERNASEK Banking Writer get a summary
COMBANK IN ROADSHOW TO US/EUROPE
Commonwealth Bank chief Mr David Murray will head overseas in less than two weeks to promote the bank to major institutional investors. The roadshow to US and European investors coincides with the Federal Government’s $1.5 billion sell-down of its stake in ComBank. Overseas investors are free to compete with local institutions for a part of the Government’s 178 million shares that are up for sale and that bidding process will determine the final price. But offshore institutions will …

Sydney Morning Herald Business Money Market Late Page:40 Thursday 30th of September 1993 Words: 396 – By ANNA BERNASEK Banking Writer get a summary
POOR TRADE FIGURES UNSETTLE FRAGILE $A
The Australian dollar remained fragile last night after the release of the August current account figures yesterday fuelled fears that imports were high The dollar closed slightly weaker than the previous day at US64.60c and traded as low as US64.40c. Buying from Singapore initially boosted the currency after the release of the August trade figures earlier in the day. But the gains were short-lived as the figures showed imports rising to their second highest level ever. The August s…

Sydney Morning Herald Business Late Page:41 Wednesday 29th of September 1993 Words: 694 – By ANNA BERNASEK Banking Writer get a summary
NAB TIPPED TO WIDEN LEAD ON WESTPAC, ANZ
Australia’s major banks are expected to show they have made further progress along the recovery track when they rule off their books tomorrow. However, some are likely to do better than others in the race to boost income. Analysts are tipping a widening of the gap between National Australia Bank and the two weaker banks, Westpac Banking Corp and ANZ Banking Group, when September 30 balance date results are released in midNovember. “There will be a continued divergence between NAB and…

THE AGE Business Late Page:24 Wednesday 29th of September 1993 Words: 490 – ANNA BERNASEK get a summary
Main banks point to gains
Sydney Australia’s main banks are expected to show they have made further progress along the recovery track when they rule off their books tomorrow. But some are likely to do better than others in the race to boost income. Three of the four rule off their books for the full year, with analysts tipping a widening of the gap between National Australia Bank and the two weaker banks, Westpac Banking Corp and ANZ Bank. “There will be a continued divergence between NAB and the other two, Westpac an…

Sydney Morning Herald Business Late Page:29 Tuesday 28th of September 1993 Words: 601 – By ANNA BERNASEK Banking Writer get a summary
US HEAD FOR CBA PERSONAL BANKING
Commonwealth Bank has ended its search to fill the key role of head of personal banking with the appointment of an American marketing specialist to the top job. Mr Edward Feder, from US insurance group CIGNA Worldwide, will become general manager personal banking, overseeing the biggest single segment of ComBank’s operations. The announcement came as shares in ComBank fell 37c to $8.95 after going ex-dividend 22c yesterday. They recovered to close the day at $9.10. The prospectuses …

THE AGE Business Late Page:25 Saturday 25th of September 1993 Words: 427 – ANNA BERNASEK get a summary
TNT seeks $300m by preference issue
Sydney TNT yesterday confirmed it would raise $300million in a converting preference share issue to reduce its debt levels and provide extra capital for the day-to-day running of its core operations. The transport group’s chairman, Mr Fred Millar, said it would issue about 194million converting preference shares at $1.55 a share. It has also allowed for an oversubscription of 16million shares, which would raise an additional $25million. While most of the capital raising will go towards reduci…

Sydney Morning Herald Business Money Market Late Page:43 Saturday 25th of September 1993 Words: 446 – By ANNA BERNASEK Banking Writer get a summary
DOLLAR MAKES GROUND AFTER OLYMPIC WIN
The Australian dollar rallied on the Sydney Olympic victory yesterday, receiving a much-needed boost to end the week above US65c. But European investors sold the dollar down again late yesterday, forcing it to a local close of US65.18c from US65.15c previously. The dollar initially jumped 30 basis points after the Sydney victory was announced. It opened stronger and rose to almost US65.60c at one stage. The Reserve Bank’s trade-weighted index rose to 48.1 from 47.9 the previous day….

Sydney Morning Herald Business Late Page:37 Saturday 25th of September 1993 Words: 508 – By ANNA BERNASEK get a summary
TNT TO RAISE $300M IN ISSUE
TNT Ltd yesterday confirmed it would raise $300 million in a converting preference share issue to reduce its debt levels and provide extra capital for the day-to-day running of its core operations. The transport group said it would issue about 194 million converting preference shares at $1.55 a share. It has also allowed for an oversubscription of 16 million shares, which would raise an additional $25 million. While the bulk of the capital raising will be put towards reducing debt, T…

Sydney Morning Herald Business Late Page:22 Friday 24th of September 1993 Words: 352 – By ANNA BERNASEK Banking Writer get a summary
BE QUICK FOR COMBANK
Small investors will have only 14 days to apply for shares in the Federal Government’s $1.5 billion selldown of its stake in Commonwealth Bank, the Minister for Finance, Ralph Willis, said yesterday. He said prospectuses for the general public would be available on October 5 and the offer to small investors would close at 5pm on Friday, October 22. Mr Willis said more than one million prospectuses were being printed and would be sent to existing shareholders as early as next week. Th…

Sydney Morning Herald Business Late Page:35 Thursday 23rd of September 1993 Words: 376 – ANNA BERNASEK get a summary
STATE BANK HOME RATE WINNING CUSTOMERS
State Bank of NSW has been winning customers away from its major rivals due to its special 5.5 per cent capped home loan rate, according to its managing director Mr John O’Neill. Mr O’Neill said yesterday the bank had increased its total home lending approvals by 20 per cent to more than $2 billion during the period from October 1992 to September 15, 1993. “We’ve picked up share from Commonwealth Bank and Westpac and a little less so from St George,” he said. SBNSW was the first bank…

Sydney Morning Herald Business Money Market Late Page:33 Thursday 23rd of September 1993 Words: 689 – By BRUCE HEXTALL and ANNA BERNASEK get a summary
RUSSIAN CRISIS LIFTS OIL, GOLD
Australia’s commodity producers found prices lifting strongly on the back of the Russian crisis yesterday, with oil and gold making healthy gains as investors dived to exploit it. This put a floor under the All Ordinaries index, which closed only 5.9 points or 0.3 per cent lower at 1919.3, a much smaller drop than the one suffered by the US and Japanese markets. The dollar was also a beneficiary as “safe haven” buying initially drove it to US65.80c. It closed at US65.55c and came und…

Sydney Morning Herald Business Late Page:39 Wednesday 22nd of September 1993 Words: 590 – By ANNA BERNASEK and wires get a summary
NAB ON LOOKOUT FOR OFFSHORE BANKS
National Australia Bank was looking worldwide for acquisitions that offered solid long-term growth prospects, its managing director Mr Don Argus told an investment conference in Tokyo yesterday. Mr Argus said National was on the lookout for regional banks in countries such as the United States. He indicated the targets would have total assets roughly one-tenth the size of National’s total assets of $110 billion. Mr Argus said this meant that National would be looking at banks with as…

Sydney Morning Herald Business Money Market Late Page:39 Wednesday 22nd of September 1993 Words: 570 – By ANNA BERNASEK Banking Writer get a summary
GOVERNOR PUTS THE STEEL BACK INTO SAGGING DOLLAR
Reserve Bank governor Mr Bernie Fraser reassured Japanese investors about Australia’s economic prospects yesterday, helping to reverse the recent tide of offshore selling that has plagued the local dollar. The dollar rose almost 1c against its US counterpart and in early London trading last night it was at US65.65c. In an attempt to calm fears about the weak Australian dollar Mr Fraser told an investment conference in Tokyo yesterday the Reserve Bank was prepared to raise interest rates …

Sydney Morning Herald News and Features Late Page:1 Wednesday 22nd of September 1993 Words: 607 – By STEPHEN ELLIS and ANNA BERNASEK get a summary
NO MORE RATE CUTS, SAYS RESERVE CHIEF
Interest rates have probably been cut for the last time in the current economic cycle, the governor of the Reserve Bank, Mr Bernie Fraser, says. Mr Fraser said yesterday that a weak Australian dollar, rising inflation and the strengthening economic recovery meant that “the long phase of reductions in short-term interest rates is coming to an end”. Speaking to Japanese investors in Tokyo, he also warned that the Reserve Bank was ready to lift rates to prop up the currency, although buying…

Sydney Morning Herald Business Money Market Late Page:35 Tuesday 21st of September 1993 Words: 460 – ANNA BERNASEK get a summary
DOLLAR RECOVERS GROUND AFTER BUDGET-LINKED SELLOFF
The Australian dollar last night recovered from a knee-jerk selloff caused by further uncertainty over the fate of the Federal Budget, which sent it tumbling half a cent against the US dollar at one stage during the day. It was trading in Europe last night at US65.05c after closing steady locally at US64.80c . The dollar dropped to US64.60c from a peak of US65.25c after a Senate committee announced its findings in the High Court that the Budget could be unconstitutional. Asian investors…

Sydney Morning Herald News and Features Late Page:5 Tuesday 21st of September 1993 Words: 804 – By ANNA BERNASEK and JACQUELYN HOLE get a summary
FEES SHAKE UP CREDIT CARD SYSTEM
National Australia Bank has set the agenda for sweeping changes to Australia’s credit cards by introducing annual fees and sharply lower interest rates. The bank said yesterday it would charge annual fees of between $18 and $60 on its range of credit cards. But in an attempt to make the changes more palatable, it will slice interest rates by more than 4 points to 14.45 per cent on its standard Bankcard, Visa and MasterCard. It has also made concessions for customers who use their cre…

Sydney Morning Herald Business Late Page:35 Tuesday 21st of September 1993 Words: 572 – By ANNA BERNASEK Banking Writer get a summary
NATIONAL PUTS SQUEEZE ON COMPETITORS
National Australia Bank tightened the screws on its competitors yesterday, adding an aggressive push in the credit card market to its long list of strategic initiatives made over the past year. The move to set the agenda in credit cards by introducing fees and slashing interest rates completes National’s domination of key areas in the Australian lending market and comes just as the bank is about to rule off its books for the 1993 year. National first put the pressure on its competitors a…

Sydney Morning Herald Business Share Market Late Page:21 Monday 20th of September 1993 Words: 421 – By ANNA BERNASEK Banking Writer get a summary
$A TIPPED TO TEST US65C
Financial markets will keep a close watch this week on the Australian dollar, which remains vulnerable to offshore selling and weak commodity prices despite rebounding above US65c during the weekend. A stronger US dollar against major world currencies helped bolster confidence in the Australian dollar in offshore trading. It rose from its local close of US64.80c to finish at US65.15c in New York. But dealers warned the dollar could test US65c here at the start of trading this morning. …

Sydney Morning Herald Business Money Market Late Page:38 Saturday 18th of September 1993 Words: 339 – ANNA BERNASEK and AAP get a summary
DOLLAR FALLS BELOW US65C WITH MORE JITTERS AHEAD
The Australian dollar remained fragile ahead of the weekend, drifting lower yesterday from sporadic offshore selling and the strong Japanese yen. The dollar closed at US64.80c from US65c the previous day and was steady against the Reserve Bank’s trade weighted index at 47.4 points . There was nervousness ahead of trading in European and US markets overnight as the dollar remained vulnerable to the whims of large offshore foreign exchange players. In early European trading last night,…

Sydney Morning Herald Business Late Page:38 Saturday 18th of September 1993 Words: 521 – By ANNA BERNASEK Banking Writer get a summary
NON-ATTENDANCE IS UNDER FIRE
Corporate raider Sir Ron Brierley became the first casualty as the annual meeting season kicked off yesterday, coming under criticism by Advance Bank shareholders for his boardroom attendance record. Some shareholders called for Sir Ron to promise he would improve his attendance before they re-elected him to the board. He managed to make eight out of 12 board meetings and only two out of 12 committee meetings. Another Advance Bank director, Mr John Landerer, who is also on the board of …

Sydney Morning Herald Business Money Market Late Page:35 Thursday 16th of September 1993 Words: 425 – By ANNA BERNASEK Banking Writer get a summary
JAPANESE TRADERS GIVE OUR DOLLAR THE DAY OFF
The Australian dollar was given a temporary reprieve yesterday, thanks to a holiday in Japan, after being dumped by Japanese investors the previous day The dollar traded around US64.50c for most of the day before closing at US64.60c, slightly higher than its previous close. It recovered against the Reserve Bank’s trade weighted index, rising from a record low of 47.1 to close at 47.4. But dealers said there was concern that the wave of Japanese selling sparked by major Japanese inves…

Sydney Morning Herald Business Late Page:37 Thursday 16th of September 1993 Words: 447 – By ANNA BERNASEK Banking Writer get a summary
CHALLENGE BANK TAPS ITS PROFIT TURNAROUND
Challenge Bank has taken advantage of a recovery in its share price and a better earnings outlook to raise $67.5 million to bolster its capital position. The West Australian bank expects to make a net profit of $21.4 million for the year to September after a $43 million loss in the 1992 year due to heavy write-offs for bad debts. It also said it was well on track to meet its operating profit target of$32 million for 1993. “We’re growing strongly and we’ve had a good year,” managing d…

Sydney Morning Herald Business Money Market Late Page:26 Tuesday 14th of September 1993 Words: 332 – By ANNA BERNASEK Banking Writer get a summary
DOLLAR STABILISES AFTER A ROUGH WEEKEND OVERSEAS
The Australian dollar stabilised against its US counterpart yesterday after a volatile weekend sparked by nervousness about the Budget. The dollar recovered from its low of US64.70c during the weekend to close at US65.15c yesterday. But this was still weaker than its close on Friday of US65.52c. The dollar was trading around its local closing levels in Europe last night. Nervousness about the uncertainty created by the Budget continued to keep pressure on the dollar. Dealers said it w…

Sydney Morning Herald News and Features Late Page:3 Saturday 11th of September 1993 Words: 438 – By ANNA BERNASEK Banking Writer get a summary
ANOTHER CHANCE TO BUY THE BANK
“Mums and dads” will have a head start over powerful financial institutions with the Federal Government giving them a second chance to get in early and buy a large new slice of the Commonwealth Bank of Australia at a discount price. But the major winner from the sell-down is the Government, which hopes to get more than the $1.5 billion it said it would raise in the Budget. The Minister for Finance, Mr Willis, covered his tracks yesterday, saying that the $1.5 billion was “simply indicati…

Sydney Morning Herald Business Late Page:33 Saturday 11th of September 1993 Words: 616 – By ANNA BERNASEK Banking Writer get a summary
BIDDING BATTLE LOOMS FOR CBA
Australia’s major institutional investors will be forced to compete head-on with their offshore counterparts for a slice of the Federal Government’s $1.5 billion sell-down of its stake in Commonwealth Bank of Australia. The Government’s decision to pit local and offshore institutions against each other in a bidding process will determine how much investors will pay. Institutions will be competing for about one-third of the 178 million shares worth about $500 million while retail investor…

Sydney Morning Herald Business Late Page:33 Saturday 11th of September 1993 Words: 2783 – ANNA BERSANEK and STEPHEN ELLIS get a summary
HIDDEN PERSUADERS YOU CAN BANK ON
ON THE first Tuesday of every month, in a stark office building in Martin Place, a group of Australia’s most powerful people keep Paul Keating waiting. Ten men and one woman are deciding the financial future of 18 million Australians – or at least that’s how it seems. This is the board of the Reserve Bank: the union boss, the millionaire Perth businesswoman, the controversial head of the country’s largest retailer and the fallen transport magnate. As members of the board, ACTU secret…

Sydney Morning Herald Business Late Page:19 Friday 10th of September 1993 Words: 432 – By ANNA BERNASEK Banking Writer get a summary
CBA FALLS AHEAD OF SELLDOWN
Shares in Commonwealth Bank of Australia retreated further yesterday on the eve of the Government’s release of details for its $1.5 billion sell-down Federal Minister for Finance, Mr Ralph Willis, will announce the price and structure of the Government’s share sale in Sydney this morning. ComBank fell 19c at one stage during the day but closed at $9.50, down 9c from the previous day. In the past two days it has fallen 4 per cent. Institutional investors expect the Government to offe…

Sydney Morning Herald News and Features Late Page:1 Thursday 09th of September 1993 Words: 718 – By STEPHEN ELLIS and ANNA BERNASEK get a summary
SLOW GROWTH HITS JOB HOPES
The Federal Government’s senior economic adviser has warned that the Australian economy is unlikely to pick up in the current quarter, but yesterday signalled that better times were ahead. Mr Ted Evans, Secretary to the Treasury, predicted that growth in the three months to September would be lower than in the three months to June, when it appeared that the economy was finally picking up. He also admitted that his department’s forecast on inflation for Australia during the current financ…

THE AGE Business Late Page:21 Wednesday 08th of September 1993 Words: 274 – Anna Bernasek get a summary
All eyes on David Murray
Sydney Mr David Murray, the man charged with transforming the Commonwealth Bank’s public-service culture into a dynamic workforce, knows that he is under pressure. Ahead of the Federal Government’s sell-down to a 50 per cent stake in the bank, he knows everyone is watching his progress and understands that chief executives are not given a lot of time to perform. “We have to do it as fast as we possibly can without disrupting our customer service,” he said yesterday. In his restructuring …

Sydney Morning Herald Business Money Market Late Page:41 Wednesday 08th of September 1993 Words: 445 – ANNA BERNASEK get a summary
SWISS TRADERS COME TO THE AID OF THE $A
The Australian dollar rebounded more than half a cent against the US dollar in European trading last night after dropping to a record low on the trade weighted index earlier in the day. The dollar climbed from US64.70c in offshore trading to as high US65.50c, helped by demand from Swiss investors. It closed weaker locally at US64.85c after trading above US65c for most of the day. Currency dealers said the main test for the dollar would be overnight in New York, when US investors retu…

Sydney Morning Herald Business Late Page:41 Wednesday 08th of September 1993 Words: 412 – ANNA BERNASEK get a summary
MURRAY KNOWS HE HAS TO DELIVER
David Murray, the man charged with transforming Commonwealth Bank’s public service culture into a dynamic workforce, knows he’s under pressure. Ahead of the Federal Government’s sell-down to a 50 per cent stake in the bank, Murray knows everyone is watching his progress. And he understands that these days, chief executives are not given a lot of time to perform. “We can say we need time, but it doesn’t matter at the end of the day, the market will only allow you so much time. We hav…

Sydney Morning Herald Business Late Page:41 Wednesday 08th of September 1993 Words: 663 – By ANNA BERNASEK Banking Writer get a summary
COMBANK SHARES HOT DESPITE MODEST PROFIT
The fierce battle for home loans in the banking industry has left its mark on Commonwealth Bank of Australia which reported a modest rise in net profit of 8 per cent to $443.1 million for the year to June 1993. While the result was at the lower end of market expectations, investors were impressed, sending shares in ComBank soaring 40c to a record high of $10 at one stage yesterday before closing at $9.95. Chairman Mr Tim Besley said the Federal Government was expected to announce details…

Sydney Morning Herald Business Money Market Late Page:31 Tuesday 07th of September 1993 Words: 407 – By ANNA BERNASEK Banking Writer get a summary
$A ON THE SKIDS AGAIN IN EUROPE
The Australian dollar came under renewed pressure in Europe last night, falling below US65c after a calm day in local trading. The $A was at US64.75c after closing locally at US65.05c. Earlier in the day, 10-year bond yields tumbled to record lows, helped by the steady Australian dollar and soothing words from Reserve Bank governor Mr Bernie Fraser. The dollar stabilised above US65c after a selloff in offshore trading on the weekend drove it to US64.65c. But it remained at a reco…

Sydney Morning Herald News and Features Late Page:5 Tuesday 07th of September 1993 Words: 417 – By ANNA BERNASEK Banking Writer get a summary
DOLLAR CLAWS BACK AFTER BAD TUMBLE
The attack on the Australian dollar by international investors subsided yesterday with the currency stabilising above US65c. The dollar finally got a much-needed boost after being hurt by a string of negative factors that sent it tumbling as low as US64.65c on Friday night, its lowest level in seven years. The international credit rating agency Standard and Poor’s affirmed Australia’s credit rating yesterday and changed the credit rating outlook to stable from negative. Investors imm…

Sydney Morning Herald Business Money Market Late Page:33 Saturday 04th of September 1993 Words: 559 – By ANNA BERNASEK Banking Writer get a summary
DOLLAR PLUNGES BELOW US65C
A barrage of selling sent the Australian dollar tumbling to a seven-year low last night, overpowering defensive buying by the Reserve Bank. The dollar faced its biggest hurdle in New York, with US investors poised to test the Reserve Bank’s resolve. After initially stabilising the dollar in local trading yesterday, the Reserve Bank faced a late burst of selling that sent the currency down by more than half a cent against the US dollar in just 30 minutes. The rout continued in Europea…

Sydney Morning Herald News and Features Late Page:1 Saturday 04th of September 1993 Words: 632 – By ANNA BERNASEK Banking Writer get a summary
SELLING FRENZY SAVAGES DOLLAR
The Reserve Bank of Australia and United States investment banks are fighting over the value of the Australian dollar – and the Reserve Bank is losing. As a result, the value of the Australian dollar fell yesterday to its lowest level since the “banana republic” currency crisis seven years ago. The Reserve Bank stood alone trying to defend the dollar against the onslaught of selling late in the day but managed only to slow the fall. The dollar tumbled more than a cent against the US dollar…

Sydney Morning Herald Business Money Market Late Page:35 Tuesday 31st of August 1993 Words: 397 – By ANNA BERNASEK Banking Writer get a summary
SOLID TRADE NUMBERS REVIVE DOLLAR’S FORTUNES
The best trade figures in five months revived confidence in the Australian dollar yesterday and ignited a rally on the bond market that sent yields on 10-year bonds tumbling to record lows. The dollar rebounded as soon as July balance of payments figures were released, showing the current account deficit was much smaller than most economists had expected. It rose more than half a cent against the US dollar to close at US67.10c but uncertainty over how the Federal Government would fund it…

Sydney Morning Herald Business Money Market Late Page:38 Saturday 28th of August 1993 Words: 462 – By ANNA BERNASEK and AAP get a summary
$A EASES AHEAD OF KEY FIGURES
The Australian dollar drifted lower ahead of key balance of payments and foreign debt figures due out on Monday. It closed at US66.78c from US67.07c the previous day, edging back to the level of US66.55c reached at the start of the week when the Reserve Bank intervened in the market. Selling from offshore sent the dollar down from the start and uncertainty over the Federal Budget and the Accord with unions kept it under pressure. The Reserve Bank’s trade weighted index dropped back t…

Sydney Morning Herald Business Late Page:40 Saturday 28th of August 1993 Words: 513 – By ANNA BERNASEK Banking Writer get a summary
NO DRASTIC CHANGES, SAYS NEW BANK HEAD
Macquarie Bank has lost its driving force with the departure of managing director Mr Tony Berg at a time when the merchant bank is at its peak. Deputy managing director Mr Allan Moss has been appointed to the top job after being hand-picked by Mr Berg and groomed for the past few years. “There will not be drastic changes in direction because we don’t need to have drastic changes,” Mr Moss said yesterday. “The intitiatives that are in place today and the approach that’s in place today…

Sydney Morning Herald Business Late Page:21 Friday 27th of August 1993 Words: 549 – By ANNA BERNASEK Banking Writer get a summary
AIDC PAYS MORE AFTER RECOVERY
The Federal Government’s sell-down of its stake in industry development bank AIDC Ltd looks well placed to go ahead this year after the bank made a dramatic $145 million turnaround in profitability for 1993. Shares in AIDC Ltd soared 30c to $2.60 after the result was released and closed at $2.62, their highest level since listing in 1989. AIDC rewarded shareholders with a larger dividend than any of the previous years. Directors declared a final fully franked dividend of 9c a share, mak…

THE AGE Business Late Page:19 Friday 27th of August 1993 Words: 320 – ANNA BERNASEK get a summary
AIDC profit is good news for Government
Sydney The Federal Government’s selldown of its stake in the industry development bank AIDC looks well placed to go ahead this year after the bank made a $145 million turnaround in profitability for 1993. Shares in AIDC soared 30 cents to $2.60 after the result was released. They closed at $2.62, their highest level since listing in 1989. AIDC rewarded shareholders with a larger dividend than in any of the previous years. The directors declared a final fully franked dividend of nine cents a …

Sydney Morning Herald Business Late Page:41 Wednesday 25th of August 1993 Words: 423 – By ANNA BERNASEK Banking Writer get a summary
BANK OF MELBOURNE SKYROCKETS TO $54M
Bank of Melbourne yesterday showed why it was being called a takeover target, reporting an impressive earnings performance for the 1993 year and a record level of lending in the housing market. The regional bank made a net profit after abnormals of $53.8 million compared with $6.1 million the previous year. Chief executive Mr Chris Stewart yesterday dismissed rumours of a takeover as “ridiculous”. The bank has been gaining greater share of the home lending market in Victoria from the…

Sydney Morning Herald Business Money Market Late Page:39 Wednesday 25th of August 1993 Words: 544 – By ANNA BERNASEK Banking Writer get a summary
BUDGET UNCERTAINTY TAKES A TOLL ON $A
Offshore investors punished the Australian dollar yesterday for the political uncertainty created by the Budget, sending it to a record low against the tradeweighted index and creating turmoil on the bond market. It closed in local trading at US66.65, down 1c. In Europe last night, the dollar was trading at US66.60c. The Reserve Bank managed to stabilise the currency but traders were waiting to see how offshore investors would react. Most expected the Reserve would defend the dol…
Sydney Morning Herald Business Late Page:27 Thursday 22nd of October 1992 Words: 444 – By ANNA BERNASEK get a summary
INCITEC REVAMP UNDERPINS 81PC EARNINGS INCREASE TO $32.1M
Fertiliser and chemical group Incitec Ltd has shaken off the drought and depressed rural sector to post an 81 per cent increase in net profit to $32.1 million for the year to September 1991. The sharp improvement was achieved with the help of lower costs due to its restructuring and falling interest rates. Investors applauded the solid result yesterday, sending shares in Incitec up 35c to a close of $3.45. Shareholders were rewarded with an increase in dividend. Directors declared a…

Sydney Morning Herald Business Late Page:27 Thursday 22nd of October 1992 Words: 336 – By ANNA BERNASEK get a summary
FLAT TRADING LIKELY: CLYDE
Heavy engineering and manufacturing group Clyde Industries Ltd expects the current half year to December to remain flat. It has pinned its hopes for an improvement in the second half on its core engineering division and any pick-up in economic activity. Clyde chairman Mr Robert Purves told shareholders at the annual general meeting yesterday that the group could see no end to the recession in the immediate future. “In our view, the economic valley is getting wider and wider, and the …

Sydney Morning Herald Business Late Page:31 Monday 19th of October 1992 Words: 647 – By ANNA BERNASEK get a summary
FOOD RETAILERS BATTLE IT OUT AS SHARES FALL BACK
The battle for dominance in the independent wholesale grocery market is hotting up at a time when the sector seems to be fast losing its appeal to investors. Foodland Associated Ltd, Independent Holdings Ltd and QIW Retailers Ltd have been re-rated on the sharemarket during the past six weeks as investors examine their individual earnings potential rather than buy the sector on the possibility of future takeovers. Since the beginning of September Foodland and IHL have fallen sharply ahea…

THE AGE News Late Page:20 Thursday 15th of October 1992 Words: 359 – ANNA BERNASEK get a summary
Descendants of William Arnott stirred by bid
Members of the large and extended Arnott family are up in arms over the $1.2 billion takeover bid by the US group Campbell Soup Co for the 126-year-old Australian biscuit maker. Family members are fired up to defend the group’s long tradition as a national household name, but there is also financial interest involved. Individually, the family stakes are scattered and mostly small but are estimated to amount to a combined 20 per cent stake. Mr Sandy Dawson, former managing director of Arnotts …

Sydney Morning Herald Business Late Page:35 Thursday 15th of October 1992 Words: 645 – By ANNA BERNASEK get a summary
ARNOTT CLAN RESISTS CAMPBELL TAKEOVER
Members of the large and extended Arnott family are up in arms over US group Campbell Soup Co’s $1.2 billion takeover bid for the 126-year-old Australian biscuit maker. Family members are fired up to defend the long tradition of the group as a national household name, but there is also financial interest involved. Individually, the family stakes are scattered and mostly small, but combined are estimated to amount to a 20 per cent stake. Mr Sandy Dawson, former managing director of Ar…

THE AGE News Late Page:20 Thursday 15th of October 1992 Words: 200 – Anna Bernasek get a summary
Stroika shareholders in dark
Shareholders who attended the extraordinary general meeting of Stroika yesterday in the hope of discovering the future of their company were left little the wiser. The chairman, Mr Rene Rivkin, would not comment on plans for the investment group following the sale last month of its main asset, the Pacific City development site on the Gold Coast. After a capital return to shareholders, the group will be left with $6 million in cash. Mr Rivkin told shareholders he could not discuss the plans f…

Sydney Morning Herald Business Late Page:38 Thursday 15th of October 1992 Words: 429 – By ANNA BERNASEK get a summary
STROIKA SHAREHOLDERS REMAIN IN THE DARK
Shareholders who attended the extraordinary general meeting of Stroika Ltd yesterday in the hope of discovering the future of their company were left little the wiser. The chairman, Mr Rene Rivkin, would not comment on plans for the investment group after its only major asset, the Pacific City development site on the Gold Coast, was sold last month. After the sale and a capital return to shareholders, the group was left with $6 million in cash. Mr Rivkin told shareholders that he could …

Sydney Morning Herald Business Late Page:37 Wednesday 14th of October 1992 Words: 588 – By ANNA BERNASEK get a summary
ARNOTTS SHARES TAKE LEAP PAST CAMPBELL OFFER
Campbell Soup Co’s $1.2 billion takeover bid for Arnotts Ltd suffered a setback as investors pushed Arnotts shares well above the $8.80 offer price. The shares soared $1.15 yesterday to close at $9.15, while several brokers released reports that said the group was undervalued at the current bid price from US group Campbell. Valuations by brokers ranged from about $9.50 to $10 a share and some institutional shareholders valued the biscuit maker at prices up to $10.50. Institutional in…

Sydney Morning Herald Business Late Page:37 Wednesday 14th of October 1992 Words: 1057 – By STEPHEN ELLIS and ANNA BERNASEK get a summary
TAKING STOCK OF THE CLINTON FACTOR
Wall Street’s belated realisation that the Democratic contender in this year’s race for the White House, Bill Clinton, is virtually assured of victory has sent US equity and bond markets into a spin in the past fortnight. Now, after Mr Clinton’s confirmation of his favouritism in the first presidential debate, Australian investors and funds managers are scrambling to gauge the impact of a Democrat win. Traditionally, Republican rule has been characterised by austere fiscal settings and, …

Sydney Morning Herald Business Late Page:37 Tuesday 13th of October 1992 Words: 564 – By ANNA BERNASEK get a summary
BRASH’S NZ OPERATIONS TO BE SOLD AFTER CAUSING 35PC FALL IN PROFIT
Music and book retailer Brash Holdings Ltd has put an end to its offshore expansion after suffering a 35 per cent fall in net profit to $6 million for the year to July 31. The group said the performance of its New Zealand operations deteriorated further and a decision had been made to sell the business. “The Australian result was pretty sound. What pulled down the result was our loss in New Zealand,” Brash managing director Mr Peter Bennell said. He said the total recorded music mar…

Sydney Morning Herald Business Late Page:23 Friday 09th of October 1992 Words: 424 – ANNA BERNASEK get a summary
SECOND RECESSION LOOMS, WARNS SYNTEC
The Australian economy could slump back into a second recession if the level of production in Japan and the US remains depressed, says economic forecaster Syntec. While the latest production figures from the US and Japan show a negative movement, Syntec remains hopeful that economic policy in both countries will prevent a secondary slump in major Western economies. But it warns that another two months of negative production figures from the US and Japan could be disastrous for the Austra…

Sydney Morning Herald Business Late Page:24 Friday 09th of October 1992 Words: 356 – By ANNA BERNASEK get a summary
TOP SALARY AT AIRLINE QUADRUPLES
Staff costs for Southern Cross Airlines Holdings Ltd jumped in the year to June, with the highest paid person getting four times the previous top salary According to the Southern Cross group’s 1992 annual report, the highest paid director received between $330,000 and $339,000 compared with a top salary of between $80,000 and $89,000 for the 1991 year. Total remuneration of the directors jumped 72 per cent to $1.1 million from$309,700 previously. The second highest paid director also…

Sydney Morning Herald Business Money Market Late Page:35 Thursday 08th of October 1992 Words: 509 – By ANNA BERNASEK and AAP get a summary
DOLLAR FALLS OVER RATES
The Australian dollar tumbled in late trading yesterday and the bond market was weaker after expectations of an interest rate cut in the US subsided. A large sale order, believed to be from a Japanese institution, sent the Australian dollar down from around US72c to a low for the day of US71.61c. It recovered most of its losses to close in local trading at US71.82c compared with a close of US72.20c the previous day. But some economists said there still was a possibility the US centra…

THE AGE News Late Page:20 Thursday 08th of October 1992 Words: 294 – ANNA BERNASEK, AAP get a summary
Dollar takes a tumble after US rate rumors
The Australian dollar tumbled in late trading yesterday and the bond market was weaker after expectations of an interest rate cut in the US subsided. A large sale order, believed to be from a Japanese institution, sent the Australian dollar down from around 72 US cents to a low for the day of 71.61 US cents. It recovered most of its losses to close in local trading at 71.82 US cents, compared with a close of 72.20 US cents the day before. But some economists said there still was a possibility…

Sydney Morning Herald Business Late Page:39 Thursday 08th of October 1992 Words: 384 – By ANNA BERNASEK get a summary
INVESTORS CUT AWA $40M
Investors have reassessed the performance of defence and electronics group AWA Ltd, wiping $40 million off its market worth since the release of its June year results a week ago. The group has suffered from market confusion over its operating performance due to changes in accounting standards. These forced it to treat significant profits from its research and development arm as abnormal items. AWA’s finance director, Mr Nick Purves, said changes to the accounting standards meant that th…

Sydney Morning Herald Business Money Market Late Page:37 Wednesday 07th of October 1992 Words: 514 – By ANNA BERNASEK get a summary
EUROPEAN, US DOUBTS BOOST $A
Uncertainty surrounding European and US currencies boosted the Australian dollar yesterday and helped underpin a stronger bond market. Offshore funds flowed into the local market in response to the turmoil in European currency and stockmarkets as well as uncertainty about a US interest rate cut and volatility on Wall Street. The Australian dollar soared to above US72c in offshore trading on Monday night from US71.80c and held most of its gains during trading yesterday. But in Europea…

Sydney Morning Herald Business Late Page:37 Wednesday 07th of October 1992 Words: 459 – ANNA BERNASEK get a summary
PIONEER’S ‘FEW’ WESTPAC WORTH $46M
Building materials group Pioneer International Ltd has shocked the market with the revelation that its exposure to Westpac Banking Corporation Ltd is more than three times the amount expected. Pioneer said yesterday it held $46 million worth of Westpac shares as a result of being a sub-underwriter to the bank’s $1.2 billion rights issue. Its admission follows comments from the group reported late last week, that it held a “few” Westpac shares due to its exposure to the issue. Westpac’s …

THE AGE News Late Page:23 Wednesday 07th of October 1992 Words: 427 – Anna Bernasek get a summary
Bonds gain as overseas funds flow in
Uncertainty over European and US currencies boosted the Australian dollar yesterday and helped underpin a stronger bond market. Offshore funds flowed into the local market in response to the turmoil in European currencies and stockmarkets, the uncertainty over a cut in US interest rates, and volatility on Wall Street. After soaring above 72 US cents in offshore trading on Monday night _ from its close in local trade of 71.80 US cents _ the Australian dollar yesterday held most of its gains …

Sydney Morning Herald Business Late Page:39 Wednesday 07th of October 1992 Words: 336 – By ANNA BERNASEK get a summary
METWAY BANK LIFTS FIRST-QUARTER LENDING 43PC
Queensland-based Metway Bank Ltd lifted group lending 43 per cent to a record $423 million for the first quarter of the 1992-93 financial year, helped by strong growth in the residential housing market. Metway Bank increased its total residential lending in Queensland, NSW and Victoria by 67.5 per cent to almost $300 million for the first three months of the current year. “Queensland continues to be the strongest performing State for home loan approvals, but there are signs of recovery in N…

Sydney Morning Herald Business Late Page:21 Monday 05th of October 1992 Words: 503 – By ANNA BERNASEK get a summary
BANKS EXPECT PROFIT LIFT AS THEY TACKLE DEBTS
Three out of four of Australia’s major banks ruled off their accounts last week and are looking beyond their recession-marked 1992 earnings results for an improvement. National Australia Bank, Westpac and ANZ are hopeful 1993 will provide better prospects for earnings growth if provisions for bad and doubtful debts can be contained. J.B. Were banking analyst Mr Craig Drummond said 1993 should be a recovery year but there were still many uncertainties. A recovery in bank earnings would rel…

Sydney Morning Herald Business Share Market Late Page:21 Monday 05th of October 1992 Words: 575 – By ANNA BERNASEK get a summary
MARKET BRACES FOR FURTHER FALLS
Australian financial markets are expected to face increasing pressure this week from a rout on major world sharemarkets and further uncertainty over currency movements and interest rates in Europe and the US. The sharemarket could tumble today in reaction to the worst fall on Wall Street in six months. The All Ordinaries index closed on Friday at 1483, a fall of 13 points during the week. Brokers said the market could test 1450 if Wall Street continued to fall again this week. Th…

Sydney Morning Herald Business Late Page:40 Saturday 03rd of October 1992 Words: 501 – By ANNA BERNASEK get a summary
WHITE SAYS RESIGNATIONS WILL LIFT BANK’S CREDIBILITY
Mr Bob White, former managing director of Westpac Banking Corporation, yesterday told the Herald that the resignation of a third of the board on Thursday had paved the way to solving the bank’s credibility problem. He spoke out publicly for the first time about his sudden resignation from the board two years ago in protest over the way the bank was being run. Mr White said the single biggest problem for Westpac had been a lack of credibility. “No-one was prepared to accept what was s…

THE AGE News Late Page:21 Saturday 03rd of October 1992 Words: 344 – ANNA BERNASEK get a summary
Westpac’s former chief speaks out
Mr Bob White, a former managing director of Westpac, said yesterday that the resignation of one third of the board on Thursday had paved the way to solving the bank’s credibility problem. He spoke publicly for the first time about his sudden resignation from the board two years ago in protest against the way the bank was being run. Mr White said the single biggest problem for Westpac had been a lack of credibility. “No one was prepared to accept what was said or stated,” he said. “When you ha…

Sydney Morning Herald Business Late Page:25 Friday 02nd of October 1992 Words: 630 – By EMILIYA MYCHASUK and ANNA BERNASEK get a summary
WESTPAC BLOODLETTING ‘NOT ENOUGH’
Shareholder pressure groups are calling for further action from the Westpac board to restore the bank’s shattered credibility and market confidence, despite yesterday’s bloodletting that saw five directors quit. They were concerned about who would be chosen to fill the empty board seats, with the new candidates charged with the responsibility of ushering the bank into a new era and lifting earnings performance after a $1.67 billion in losses in the six months to June. The Australian Shar…

Sydney Morning Herald News and Features Late Page:1 Friday 02nd of October 1992 Words: 663 – By ANNA BERNASEK get a summary
DIRECTORS GO IN WESTPAC BLOODLETTING
Westpac Banking Corporation Ltd moved yesterday to stave off a shareholder revolt over the bank’s performance and disastrous $1.2 billion share issue with the resignation of five of its directors. In Australia’s biggest boardroom purge, the chairman, Sir Eric Neal, quit along with four other directors at a morning board meeting. At a tense news conference, the newly appointed chairman, Mr John Uhrig, who is also chairman of the mining giant CRA Ltd, blamed the media for the pressure on t…

Sydney Morning Herald Business Late Page:25 Friday 02nd of October 1992 Words: 438 – ANNA BERNASEK get a summary
… THE CHAIRMAN OF THE BOARD WHO WOULD RATHER BE CALLED COACH
Mr John Uhrig will take a less interventionist approach in his new role as chairman of Westpac Banking Corporation than his predecessor, Sir Eric Neal. At a press conference yesterday, Mr Uhrig pleaded with journalists to tone down their scrutiny of the board and allow directors to get on with the job of solving the bank’s problems. “We need you people to give us some room to get on with it,” he said. He saw his role as being less of a public face and more of a wise man advising the chi…

Sydney Morning Herald Business Late Page:29 Thursday 01st of October 1992 Words: 458 – By ANNA BERNASEK get a summary
WESTPAC SELLS OUT OF RESORTS
Westpac Banking Corporation Ltd has taken steps to deal with its problem loans in the tourist property area, agreeing to a management buyout of the Resorts Hotel Management Pty Ltd (RHM), formerly part of the failed Dainford group. Meanwhile, the Westpac board meets today to consider the appointment of new directors and the adoption of a review system in the wake of the bank’s $1.7 billion interim loss. Suggestions yesterday were that three directors – including chairman Sir Eric Neal – …

Sydney Morning Herald Business Late Page:31 Thursday 01st of October 1992 Words: 1038 – ANNA BERNASEK for ‘Hoyts down’ and ‘Memtec loss’ story only; BRUCE HEXTAL for ‘Coal slump’ story; TONY GRANT-TAYLOR for ‘Ariadne debt’ and ‘Power blow’ story only get a summary
JENNINGS, BOND BOTH TOP $400M IN LOSSES
MELBOURNE: Property group Jennings Group Ltd yesterday struck a bottom-line loss of $431.68 million and made the grim prediction that the long-awaited revival of the depressed commercial property market might not occur until 1997. Jennings blamed “hostile” conditions in non-residential property markets for the loss, which compared with a $144.40 million bottom-line loss a year ago. “It is now apparent that any recovery is distant and the normally expected cyclical upturn may not occur fo…

THE AGE News Late Page:20 Thursday 01st of October 1992 Words: 242 – Anna Bernasek get a summary
Lift of 33% by AWA to $7.8 million
The defence and electronics group AWA has reaped the benefits of its restructuring with a 33 per cent increase in net profit to $7.79 million for the year to June. AWA’s earnings were boosted by a sharp increase in export sales revenue to $44.3 million, from $33.8 million the previous year, making export sales 20 per cent of the group’s total sales revenue. The group also benefited from the results of various AWA research and development syndications entered into during the year. The syndicat…

Sydney Morning Herald Business Late Page:31 Thursday 01st of October 1992 Words: 314 – By ANNA BERNASEK get a summary
… BUT REVAMPED AWA STAYS IN BLACK
Defence and electronics group AWA Ltd has reaped the benefits of its restructuring with a 33 per cent increase in net profit to $7.79 million for the year to June. AWA’s earnings were boosted by a sharp increase in export sales revenue to$44.3 million, from $33.8 million the previous year, making export sales 20 per cent of the group’s total sales revenue. The group also benefited from the results of various AWA research and development syndications entered into during the year. The syn…

Sydney Morning Herald Business Late Page:37 Wednesday 30th of September 1992 Words: 577 – By ANNA BERNASEK and EMILIYA MYCHASUK get a summary
WESTPAC BOARD CHANGES ON AGENDA
Westpac Banking Corporation Ltd is expected to announce tomorrow the formation of a committee to oversee a restructuring of the board, which could at least result in a change in four out of the 13 board positions. Is is unlikely that any resignations will be imminent following the board meeting, however, with the appointment of a committee of review seen as a measure to calm both institutional investors and dissident small shareholders who are distressed with the bank’s management and its bo…

Sydney Morning Herald Business Money Market Late Page:37 Wednesday 30th of September 1992 Words: 576 – By ANNA BERNASEK get a summary
BOND YIELDS RISE AS DOLLAR FEARS GROW
A sharp fall in the Australian dollar unsettled the bond market and forced market interest rates higher yesterday despite a significant improvement in the latest current account figures. Widespread relief in the money market that the risk of a blowout in the current account deficit had diminished was pushed aside as fears grew about the weakness in the Australian dollar. The unit tumbled to US71.48c from US72.1c on Monday as pressure on the US dollar against the German mark and the Japan…

THE AGE News Late Page:21 Wednesday 30th of September 1992 Words: 423 – ANNA BERNASEK get a summary
Dollar’s slump rattles bond market
A sharp fall in the Australian dollar unsettled the bond market and forced market interest rates higher yesterday despite a significant improvement in the latest current account figures. Widespread relief in the money market that the risk of a blowout in the current account deficit had diminished was pushed aside as fears grew about the weakness in the Australian dollar. The unit tumbled to 71.48 US cents from 72.1 US cents on Monday as pressure on the United States dollar against the German…

Sydney Morning Herald Business Late Page:33 Tuesday 29th of September 1992 Words: 329 – ANNA BERNASEK get a summary
BRICKWORKS SOFTENS
Brick manufacturer and investment company Brickworks Ltd has suffered a small decline in net profit for the June year due to a reduction in its interest income caused by the fall in domestic interest rates. The group, which holds a 43 per cent stake in Washington H. Soul Pattinson and Co Ltd, which in turn owns 49.9 per cent of Brickworks, made a net profit of $20 million, down 3.7 per cent from the previous year. Extraordinary profits on the sale of investments were down on the previou…

Sydney Morning Herald Business Late Page:33 Tuesday 29th of September 1992 Words: 395 – ANNA BERNASEK get a summary
CHASE AIMS FOR BIG COMPANIES
Chase Manhattan Australia will focus on wholesale and network services as part of the US group’s global strategy, the president and chief operating officer of Chase Manhattan Corporation, Mr Arthur Ryan, said yesterday. Chase Manhattan’s Australian subsidiary, which experienced a sharp turnaround in profitability to the June half, hopes to build on that result and make a $15 million profit for the full year. Mr Ryan, the head of the third largest bank in the US, said yesterday the group …

Sydney Morning Herald Business Late Page:33 Tuesday 29th of September 1992 Words: 491 – By ANNA BERNASEK get a summary
PACIFIC MUTUAL LIFTS PROFIT TO $5.4M
Pacific Mutual Australia Ltd, holding company of the Armstrong Jones life insurance, superannuation and investment group, slightly increased net profit for the June year but was held back by the depressed property market. The group, which has been undergoing a transformation away from its roots in property towards life insurance, superannuation and investment management, increased net profit 3.5 per cent to $5.4 million for the June year. Joint managing director Mr Graham Lenzner said ea…

THE AGE News Late Page:31 Tuesday 29th of September 1992 Words: 259 – ANNA BERNASEK get a summary
Lack of interest hits Brickworks
The brick manufacturer and investment company Brickworks Ltd has suffered a small decline in net profit for the June year because of a reduction in its interest income caused by the fall in domestic interest rates. The group, which holds a 43 per cent stake in Washington H. Soul Pattinson, which in turn owns 49.9 per cent of Brickworks, made a net profit of $20 million, down 3.7 per cent from the previous year. Extraordinary profits on the sale of investments were down on the previous year, r…

THE AGE News Late Page:31 Tuesday 29th of September 1992 Words: 306 – VIRGINIA TRIOLI, ANNA BERNASEK get a summary
Heine unit Eurolynx stays in red
Eurolynx, the Heine family investment group, has reported an operating loss of $4.03 million for the year to 30 June and has incurred further abnormal losses of $3.4million. Eurolynx’s total loss of $7.4million is down on its $10.9million loss for 1991. After tax credits of $2.4 million, the net 1992 loss was $4.9 million. Heine’s managing director, Mr Michael Heine, said the result reflected how “weighed down” the company had been by the continuing depressed state of the economy and property…

Sydney Morning Herald Business Money Market Late Page:33 Saturday 26th of September 1992 Words: 534 – By ANNA BERNASEK get a summary
JAPANESE BUY AUST BONDS AS $A FIRMS
Offshore interest helped the Australian dollar and local bond market to a stronger close yesterday, with attention moving from European markets back to the domestic economy after a volatile week. Japanese buying boosted the bond market at the opening yesterday and helped provide support for a stronger Australian dollar against the yen. While the French vote approving European union did little to remove uncertainty over the current financial system, European currency markets were more sub…

Sydney Morning Herald Business Late Page:36 Saturday 26th of September 1992 Words: 521 – By ANNA BERNASEK get a summary
WESTPAC LOOKS AT STRUCTURE OF BOARD
Westpac Banking Corporation Ltd last night admitted the need to restructure its board in the wake of its disastrous rights issue and falling share price. Chairman Sir Eric Neal said the composition of the Westpac board would be the subject of the next board meeting scheduled for this Thursday. Shares in Westpac dropped 12c to $2.79 at the start of trade yesterday after the underwriter to the issue, CS First Boston, revealed the failure of its tender to find buyers for the $883 million wo…

Sydney Morning Herald Business Late Page:25 Friday 25th of September 1992 Words: 746 – By ANNA BERNASEK and EMILIYA MYCHASUK get a summary
WESTPAC FALLS $883M SHORT
Westpac Banking Corporation Ltd is expected to announce today that the sub-underwriters to its $1.2 billion rights issue will be left carrying the burden of the bank’s $883 million shortfall. Late last night talks were still going on about the future of the massive 72 per cent shortfall, which is equivalent to a 16.8 per cent stake in Westpac on a fully diluted basis. Underwriter to the issue, CS First Boston, was conducting a tender due to close last night at 8pm in a frantic effort to …

Sydney Morning Herald Business Late Page:33 Thursday 24th of September 1992 Words: 600 – By ANNA BERNASEK get a summary
WESTPAC STAKE UP FOR GRABS
A sizable stake in Westpac Banking Corporation Ltd – worth well over $100 million – could fall into the hands of one buyer as a result of a large shortfall in the the bank’s $1.2 billion rights issue. The size of the shortfall will be announced today, before the start of trading on the sharemarket, by the underwriter to the issue, C.S. First Boston. After the close of applications last night, C.S. First Boston said it would hold a tender seeking buyers for the new Westpac shares result…

Sydney Morning Herald Business Money Market Late Page:37 Tuesday 22nd of September 1992 Words: 570 – By ANNA BERNASEK get a summary
EUROPEAN CRISIS DOGS DOLLAR
The Australian dollar got off to a shaky start yesterday after France narrowly supported European integration but it recovered some of its losses in the face of further uncertainty over European interest rates and currencies. In the initial reaction to the French approval of the Maastricht Treaty, the Australian dollar tumbled to a low for the day of US72.52c, from around the US73c level, in line with a weaker US dollar against the German mark. Economists said the vote had removed one ar…

Sydney Morning Herald Business Late Page:39 Tuesday 22nd of September 1992 Words: 410 – By ANNA BERNASEK get a summary
MARGIN GAINS, COST CUTS SEE CBFC UP 65PC AT $27M
The Commonwealth Bank’s finance offshoot, CBFC Ltd, has strengthened its position among its competitors with a 65 per cent jump in net profit to $27 million for the year to June. The result was largely achieved through an improvement in interest margins and a reduction in costs, but the group was hopeful an increase in demand for finance gradually would emerge during the current year. CBFC Ltd’s general manager, Mr Neill Harrison, said a recovery by small and medium businesses could slow…

Sydney Morning Herald Business Share Market Late Page:27 Monday 21st of September 1992 Words: 669 – By ANNA BERNASEK get a summary
TRADERS ON DECK FOR MORE TURMOIL
Australian financial markets are bracing themselves for the fallout today from the French vote on European integration, with a No vote expected to throw major world currencies into chaos. Many local foreign exchange dealers were ordered into work at 4 am today, when the result of the French vote on the Maastricht Treaty is expected, while US and European dealers were forced to cut their weekend short and return to work yesterday. Currency trading during the weekend was volatile again, wi…

Sydney Morning Herald Business Late Page:27 Monday 21st of September 1992 Words: 446 – ANNA BERNASEK get a summary
RESOURCE COMPANIES STEM FALLING PROFITS
Australia’s major resource companies have emerged from the first half of the year with little prospect of a pick-up in commodity prices. However, thanks to tighter cost control and falling interest rates, the deterioration in their profits has been halted. According to the latest study from J.B. Were and Son, June half net profit for 14 resource companies, making up 82 per cent of the All Resources index, fell only 3.3 per cent from the December half. In comparison with the previous…

Sydney Morning Herald Business Late Page:28 Monday 21st of September 1992 Words: 356 – ANNA BERNASEK get a summary
ST GEORGE STARTS UP THREE ROLLOVER FUNDS
St George Bank Ltd is offering a series of new rollover options in the form of an Approved Deposit Fund that gives investors the choice between capital security, long-term capital growth or a combination of both. The new Approved Deposit Fund replaces the old one offered by St George Building Society before it was converted to a bank. St George Funds Manager, a wholly owned subsidiary of St George Bank, will manage the funds, which include a capital secure fund, a capital stable fund and…

Sydney Morning Herald Business Late Page:31 Saturday 19th of September 1992 Words: 456 – By ANNA BERNASEK get a summary
FORMER ROTHWELLS DIRECTOR: 36 CHARGES
Former Rothwells Ltd managing director, Mr Anthony James Lloyd, has been committed to stand trial on 36 charges brought by the Australian Securities Commission for alleged improper use of his position to gain advantage for Mr Laurie Connell. Mr Lloyd is charged with being knowingly concerned in the creation by Rothwells of a misleading appearance in the price of Paragon Resources NL shares under West Australian laws. He is also charged with the improper use of his position as an officer …

Sydney Morning Herald Business Late Page:34 Saturday 19th of September 1992 Words: 1047 – Anna Bernasek get a summary
SUPER FUNDS POST 1.5PC AVERAGE LOSS IN QUARTER
For every $100,000 you held in your superannuation fund during the past three months, your fund manager has lost $1,500 of it, not counting management fees and the Government’s hefty tax grab. If you had put your money under a mattress during the same time, even after inflation, you would have “lost” only $300. Most fund managers would prefer to forget the past three months -volatility in currency markets, a falling sharemarket and rising market interest rates have led to the worst quart…

Sydney Morning Herald Business Late Page:23 Friday 18th of September 1992 Words: 392 – By ANNA BERNASEK get a summary
WHOLESALER SEES FUTURE IN NSW AS PROFIT LEAPS
Victorian-based grocery wholesaler Composite Buyers Ltd has more than doubled net profit to $3.8 million for the year to June, and has pinned hopes for future growth on its NSW operations. The grocer, 30 per cent-owned by South Australian wholesaler Independent Holdings Ltd, lifted dividend 90 per cent for the full year. Directors declared a final dividend of 9c a share, making a total fully franked dividend of 14c a share. The stronger performance was helped by lower debt – largely as …

Sydney Morning Herald Business Share Market Late Page:25 Tuesday 22nd of October 1991 Words: 549 – By ANNA BERNASEK get a summary
MARKET ADDS ANOTHER $2.4BN
The Australian sharemarket soared for the sixth day in a row yesterday, adding $2.4 billion to its value as the race continued for leading stocks. The leading market indicator, the All Ordinaries index, shot up 21 points in early trade to its highest level in 20 months. Gold stocks were thrown into the spotlight as the price of bullion jumped, sending the Gold index up 3 per cent and the All Mining index up 1.2 per cent. In London last night bullion was trading at $US363.10 an ounce. …

Sydney Morning Herald Business Late Page:25 Tuesday 22nd of October 1991 Words: 531 – By JOHN SEVIOR and ANNA BERNASEK get a summary
ANALYSTS ASK: HOW MUCH HIGHER CAN THEY GO?
The latest sharemarket surge has pushed more than a dozen stocks to record highs, but there is mixed sentiment about how much higher they can go. Although stocks such as BHP and National Australia Bank remain the main focus of interest, five small companies also reached highs yesterday as investors continued to scour the lists for value outside the leading 50 companies. While fund managers acknowledged there was still value to be found among smaller stocks, they warned investors to be hi…

Sydney Morning Herald Business Share Market Late Page:25 Monday 21st of October 1991 Words: 624 – By ANNA BERNASEK get a summary
SHARE RUN TIPPED TO CONTINUE
Urged on by a recordbreaking performance on Wall Street the Australian sharemarket is set to throw October caution to the wind and extend last week’s 4 per cent rally. The extended rally will follow the local market’s main indicator, the All Ordinaries index, making one of the biggest gains of the year by leaping almost 63 points to 1617.6 during last week. Many fund managers and analysts traditionally forecast a period of consolidation after such a major rise but Wall Street’s 24-point …

Sydney Morning Herald Business Late Page:27 Monday 21st of October 1991 Words: 332 – By ANNA BERNASEK get a summary
FLETCHER DRIVE TO GAIN BACKERS
Fletcher Challenge is hoping to double the level of Australian shareholders in the diversified pulp and paper group, despite some concerns the Australian market has had with the company, sending its shares tumbling in recent months. The chief executive of New Zealand’s largest company, Mr Hugh Fletcher, said the group planned to increase the level of Australian shareholders from its present 10 per cent. In a television interview he said it would not be done through a placement or equity …

Sydney Morning Herald Business Share Market Late Page:36 Saturday 19th of October 1991 Words: 543 – By ANNA BERNASEK get a summary
SHARES DEFY WALL STREET
Investors continued to show an appetite for Australian stocks yesterday, sending the sharemarket higher while Wall Street faltered. The All Ordinaries index rose 5.1 points to 1617.6 – a gain of 62 points, or 4 per cent, for the week. Solid support from offshore and local investors again surprised many who thought the market would drift lower. But encouraging signs from Tokyo and buying from the Asian region supported stocks. National turnover was worth $256 million. The week ma…

Sydney Morning Herald Business Late Page:36 Saturday 19th of October 1991 Words: 342 – By ANNA BERNASEK get a summary
AMP CALLS FOR MORE LOCAL INVESTMENT
Australian fund managers should primarily invest in Australia and steer clear of investments offering quick rewards but involving high risk, the country’s largest fund manager, the AMP Society, said yesterday. AMP managing director Mr Ian Salmon told a Securities Institute of Australia luncheon yesterday that offshore investments had to offer superior returns to offset currency risks and higher costs. But he acknowledged it was dangerous to put all the eggs in one basket and accepted tha…

Sydney Morning Herald Business Late Page:27 Friday 18th of October 1991 Words: 405 – By ANNA BERNASEK get a summary
CASH MAY BE PART OF FOODLAND BID
Pressure is mounting on West Australian Foodland Associated to include a cash component in its scrip takeover offer for South Australian food wholesaler Independent Holdings. The offer presented to the market three weeks ago was two Foodland shares for every three Independent Holdings shares, valuing the company at $131 million and conditional on a minimum 50.1 per cent acceptance. Since that time, both the board of Independent Holdings and its largest shareholder, Supa Valu with 19.9 pe…

Sydney Morning Herald Business Share Market Late Page:25 Friday 18th of October 1991 Words: 566 – By ANNA BERNASEK get a summary
ALL ORDS TOPS 1600 IN BLUE-CHIP BIDDING WAR
Investors poured in from all corners of the world yesterday to buy Australian shares, creating a bidding war in blue chip stocks that sent the leading market indicator above 1600 for the first time in 15 months. The All Ordinaries index surged 21.1 points to 1612.5 as falling interest rates, a lower inflationary environment and a record high on Wall Street underpinned demand. “Australia seems very much in favour this week,” Westpac’s financial services director and investment manager, Mr…

Sydney Morning Herald Business Late Page:25 Friday 18th of October 1991 Words: 380 – ANNA BERNASEK get a summary
MORE RISES EXPECTED FOR SHARES
Brokers have long been talking about the sharemarket heading through 1700, but until now it has been based more on wishful thinking than on fundamentals. Now it seems the time may be right. Major falls in domestic interest rates and signs of sustainable low inflation for the first time in years are expected to underpin a solid rise in the local sharemarket. Most fund managers are calling the market higher in December than current levels and indicate the 1700 level is well within reach. …

Sydney Morning Herald Business Share Market Late Page:41 Wednesday 16th of October 1991 Words: 654 – By ANNA BERNASEK get a summary
ALL ORDS SETS SAIL FOR 1600
The Australian sharemarket took up the cry for an easing in monetary policy yesterday as investors sent interest ratesensitive stocks soaring. Leading stocks were in short supply and some, such as transport major Brambles and paper and packaging group Amcor, rose to record levels. The race to buy stocks in anticipation of another cut in official interest rates lifted the All Ordinaries index 22.7 points to 1586.5. Expectations were heightened that falling interest rates could push the m…

Sydney Morning Herald Business Late Page:43 Wednesday 16th of October 1991 Words: 315 – ANNA BERNASEK get a summary
LOWER RATES BOOST HOA BOTTOM LINE
Private hospital owner HOA Investment Fund has beaten the recession with a 140 per cent jump in net profits to $4 million for the year to September 30, 1991 and expects further growth in the year ahead. HOA Investment Fund, managed by Global Funds Management, lifted distribution from 3.75c to 9c a unit. The result was underpinned by a 6 per cent increase in annual rental income and falling interest rates that helped interest expenses for the full year fall 17 per cent. HOA Investment…

Sydney Morning Herald Business Share Market Late Page:22 Tuesday 15th of October 1991 Words: 545 – By ANNA BERNASEK get a summary
LIFT FOR SHARES AS RATES ATTRACT BUYING INTEREST
Falling interest rates enticed overseas and local investors into the Australian sharemarket yesterday, reversing an early slump. The All Ordinaries index climbed 13 points during the day from a drop of almost 5 points to close at 1563.8, a gain of 8.5 points from Friday’s close. Investors had been slow to react to the rally in the bond market but in the afternoon buying orders from Asian investors and Melbourne institutions had poured into the market, brokers said. Most investors wer…

Sydney Morning Herald Business Late Page:22 Tuesday 15th of October 1991 Words: 320 – ANNA BERNASEK get a summary
ANZ SELLS KERN’S 7PC STAKE IN BREAKWATER
ANZ Banking Group is believed to have offloaded a 7 per cent stake in Townsville hotel and casino operator Breakwater Island Trust. The stake was built up by Kern Corporation, which is now in receivership, and ANZ Bank held the shares as security. ANZ McCaughan sold the 10 million units at prices of 13c and 14c each. Breakwater Island Trust fell 2c to 13c yesterday. Brisbane-based broker Lance Jones picked up a line of 8.5 million units for an unknown buyer. One of the three lar…

Sydney Morning Herald Business Late Page:27 Friday 11th of October 1991 Words: 346 – By ANNA BERNASEK get a summary
ASX DAILY TURNOVER FALLS 3.5PC
The value of average daily turnover on the Australian Stock Exchange fell during a dismal year to June last but, surprisingly, turnover value in industrial stocks rose. Figures released in the Australian Stock Exchange annual report showed that turnover value in the industrial sector rose 7 per cent during the year to$41,554 million. At the same time, the strong Australian dollar and the poor outlook for commodity prices led to a sharp reduction in the turnover value of mining and oil st…

Sydney Morning Herald Business Late Page:25 Thursday 10th of October 1991 Words: 636 – By ANNA BERNASEK get a summary
SYNTEC CALLS FOR 1PC RATE CUT
A sharp and largely unnoticed fall in Australian labour costs in recent months should underpin a further 1 per cent drop in interest rates, according to economic forecaster Syntec. This latest call for the Federal Government to cut official interest rates came as returns on the short-term money market fell yesterday to 9.05 per cent, an eight-year low. The sharp falls in recent days have been in anticipation of an easing in monetary policy. Lower labour unit costs during the June qua…

Sydney Morning Herald Business Share Market Late Page:28 Thursday 10th of October 1991 Words: 534 – By ANNA BERNASEK get a summary
TOP STOCKS LIFT MARKET
The Australian sharemarket fought to regain lost ground yesterday as overseas investors actively traded selected leading stocks. The All Ordinaries index rose 4.2 points to 1571.2 while the mining sector was under pressure again, extending the divergence between the mining and industrial sectors. Offshore markets were volatile after a rumour circulated that Soviet President Mikhail Gorbachev had been shot. The rumour was later denied by the Kremlin. The Hong Kong market was the most…

Sydney Morning Herald Business Late Page:37 Wednesday 09th of October 1991 Words: 607 – By ANNA BERNASEK get a summary
WARY INVESTORS WOO SMALLER BANKS
The smaller banks have shown up the big boys in recent weeks as investors pile into the second-tier stocks to reap the benefits of asset growth and limited risk. In the past three to four months, indications the housing market was beginning to strengthen helped attract investors to the smaller banks, which are mainly exposed to housing loans. On top of that, falling interest rates and the lower inflationary scenario have renewed interest in the regional banks, which were largely neglecte…

Sydney Morning Herald Business Share Market Late Page:38 Wednesday 09th of October 1991 Words: 582 – By ANNA BERNASEK get a summary
MINING DOWNGRADES DEVALUE SHARES
Investors got the jitters yesterday as the frantic race to downgrade earnings estimates for mining stocks continued, sending heavyweight miner CRA tumbling. The broader Australian sharemarket buckled under the weight of four straight days of losses on Wall Street. The All Ordinaries closed down 12.2 points at 1567. Talk in the market that Bain Securities was the latest broking house to revise earnings forecasts for mining stocks downwards left investors with their confidence shaken over…

Sydney Morning Herald Business Share Market Late Page:22 Tuesday 08th of October 1991 Words: 506 – By ANNA BERNASEK get a summary
LOCAL MARKET GIVES UP FIGHT
Nervous offshore markets and the public holiday in NSW yesterday finally broke the Australian sharemarket’s resistance. The All Ordinaries index gave up and drifted 7.8 points lower to 1579.2 after battling last week against a sharp change in sentiment on Wall Street about the progress of the US economic recovery. The Labour Day long weekend in Sydney also helped to sap the market’s strength but activity was surprisingly heavy. National volume was worth $176 million. Offshore market…

Sydney Morning Herald Business Late Page:21 Tuesday 08th of October 1991 Words: 720 – By ANNA BERNASEK get a summary
GUTNICK AHEAD IN SHARE GROWTH LIST
Many of Australia’s biggest goldmining companies have been savaged by investors during the year, but a study by the Australian Stock Exchange has revealed an unlikely winner in terms of share price growth – Mr Joseph Gutnick’s Great Central Mines. A $1,000 investment in Mr Gutnick’s company at the beginning of October 1990 would have given a compound return of 125 per cent, way in front of heavyweights BHP and CRA, with returns of 34.5 and 33.4 per cent respectively Great Central Mines h…

Sydney Morning Herald Business Share Market Late Page:24 Saturday 05th of October 1991 Words: 563 – By ANNA BERNASEK get a summary
MARKET RESISTS WALL STREET’S DOWNWARD PULL
The Australian sharemarket fought off a sharp fall on Wall Street and growing concern that the US economic recovery has been strangled, to close yesterday with a solid gain intact from the rally at the beginning of the week. The All Ordinaries index opened down 3 points but recovered throughout the day to close up 2 at 1587, making a gain of more than 28 points for the week. Investors held on to stock ahead of the long weekend, but concern mounted that the release of employment data in t…

Sydney Morning Herald Business Share Market Late Page:26 Friday 04th of October 1991 Words: 441 – By ANNA BERNASEK get a summary
MINERS CAP RECOVERY
The sharemarket recovered from a morning slump after hopes were raised of a further cut in interest rates. The momentum was held back, however, by the mining sector, made lethargic by concerns about the impact of a stronger Australian dollar. The All Ordinaries index fell 7 points in morning trade before regaining lost ground to close 3.2 points up at 1585. Gold stocks gave up their gains from the recent sharp spike in the bullion price, but a few oil and gas stocks leapt ahead of th…

Sydney Morning Herald Business Late Page:27 Friday 04th of October 1991 Words: 481 – By ANNA BERNASEK get a summary
AWA RIGHTS TO RAISE $28M
AWA has taken advantage of a return to profitability and an improvement in its share price to seek $28 million to strengthen its balance sheet ahead of planned expansion moves for core operations. The company will make a 4-for-9 renounceable rights issue at 55c a share, a sizable 42 per cent discount to yesterday’s closing price of 96c – the highest level since January last year. Rather than appoint a broker as underwriter, a group of institutions has agreed to take up any shortfall, whi…

Sydney Morning Herald Business Late Page:26 Friday 04th of October 1991 Words: 454 – ANNA BERNASEK get a summary
US GROUP SHOWS ITS HAND IN AUSTRALIAN MEDIA COMPANIES
Large US fund manager Capital Group has shown a penchant for Australian media stocks, revealing substantial shareholdings in News Corporation, Hoyts Entertainment and Village Roadshow yesterday. The revelation of Capital Group’s interest in News Corp solves the identity of the mystery buyer during the past month, through stockbrokers Prudential-Bache and County Natwest, which has boosted the share price. The demand for News Corp in the past month has sent its shares soaring 16 per cent f…

Sydney Morning Herald Business Late Page:23 Thursday 03rd of October 1991 Words: 619 – By ANNA BERNASEK get a summary
MARKET IN TIZZ OVER AMCOR RUMOURS
Packaging giant Amcor is preparing to sell its 20 per cent stake in Mayne Nickless, ending the historic link between the groups in a deal that may be worth about $370 million. Speculation was rife throughout the market yesterday that the price being sought for the Mayne Nickless parcel was $8 a share through broking house J.B. Were. Institutions said Amcor had waited to sell its remaining parcel until it had received the fully franked dividend of 17.5c per ordinary share when Mayne Nick…

Sydney Morning Herald Business Late Page:25 Thursday 03rd of October 1991 Words: 316 – By ANNA BERNASEK get a summary
SOARING COMPOSITE TO OPPOSE FOODLAND
Victorian independent wholesaler Composite Buyers recorded a major turnaround in profitability yesterday and placed its full support behind South Australian grocer Independent Holdings’ fight against Foodland Associated’s hostile bid. Composite Buyers lifted net profit to just under $5 million for the full year to June 1991, compared with a loss of $2.4 million the previous year. Through an agreement a year ago between the two groups, Independent became the largest shareholder of the pri…

Sydney Morning Herald Business Share Market Late Page:26 Thursday 03rd of October 1991 Words: 449 – By ANNA BERNASEK get a summary
MARKET DRIFTS LOWER
The Australian sharemarket took a breather yesterday after a strong rise the previous day and stocks were left to drift lower. The All Ordinaries index fell 4.6 points to 1581.8 after being up 2 points in early trading. A directionless bullion price helped gold stocks give up most of the previous day’s sharp gains. The All Mining index fell 0.8 per cent compared with a 0.1 per cent fall in the All Industrials. World sharemarkets were also subdued. In London last night, the FTSE-100…

Sydney Morning Herald Business Share Market Late Page:37 Wednesday 02nd of October 1991 Words: 668 – By ANNA BERNASEK get a summary
TRADE FIGURES GIVE SHARES $3.7BN BOOST
The value of local shares soared by $3.7 billion yesterday after a sharp improvement in the current account deficit for August fostered hopes of another easing in monetary policy. The leading market indicator, the All Ordinaries index, gained 24.3 points to 1586.4 – its biggest one-day gain since official interest rates were cut a month ago. Rothschild investment manager Mr Peter Mouatt said the improvement in the trade figures showed the current account was moving in the right direction…

Sydney Morning Herald Business Share Market Late Page:26 Tuesday 01st of October 1991 Words: 598 – By ANNA BERNASEK get a summary
STOCKS CHURN IN THIN TRADE
Activity was heightened on the Australian sharemarket yesterday due to the customary tug of war between local institutions at the end of the quarter. The All Ordinaries index rose 3.3 points to 1562.1 but share price movements varied greatly. Industrial stocks were pushed higher for the end of the quarter, although there were also mixed results within that sector, while resource stocks were sent lower, helped by the volatility in the local currency. The All Industrials index rose 0.5…

Sydney Morning Herald Business Share Market Late Page:32 Saturday 28th of September 1991 Words: 516 – By ANNA BERNASEK get a summary
NERVOUS INVESTORS SAVAGE CSR STOCK
Fears that corporate earnings forecasts might be slashed again scared investors away from markets yesterday, leaving stocks to tumble. The All Ordinaries index fell 9.6 points to 1558.8 but buying support in the afternoon helped it to close 4 points off its low. The broader market lost almost 4 points during the week. CSR started the panic when it shocked investors by warning that its earnings for the full year could dive 38 per cent. Investors punished it by sending the share price…

Sydney Morning Herald Business Late Page:25 Thursday 26th of September 1991 Words: 621 – By ANNA BERNASEK get a summary
SOARING SHARE PRICE REWARDS CBA FAITHFUL
Every man has his price, or so the saying goes, but the limit has yet to be reached for hordes of small investors in the Commonwealth Bank of Australia. Thousands are hanging on in the hope of striking it rich, and eager buyers such as the large institutions are bidding the shares to previously unexpected levels in an effort to attract sellers. The Commonwealth climbed a further 6c a share yesterday to close at $6.60, compared with the $5.40 cost of the float. Analysts and brokers wh…

Sydney Morning Herald Business Share Market Late Page:28 Thursday 26th of September 1991 Words: 595 – By ANNA BERNASEK get a summary
BIG TRADES LIFT MARKET
A flood of overseas and local interest lifted stocks yesterday, helping the Australian sharemarket to close on its high for the day. The All Ordinaries index rose 6.6 points to 1562 on national volume worth$223 million, the heaviest in recent days. While some leading stocks made sharp gains, others were left to drift lower as local and overseas institutions re-weighted across sectors and between stocks. Prudential Assurances investment director Mr Ian Horton said there was not much t…

Sydney Morning Herald Business Share Market Late Page:40 Wednesday 25th of September 1991 Words: 636 – By ANNA BERNASEK get a summary
ANZ BID TALK HIGHLIGHTS MARKET
The recent burst of takeover activity on the Australian sharemarket rubbed off on the banking sector yesterday as speculation heated up about a bid for ANZ Bank. But elsewhere a general lack of demand led to the All Ordinaries index drifting 7.9 points lower to close at 1555.4. ANZ has moved ahead of the market in the past few days and rose a further 4c to $3.86 yesterday. Brokers said there had been activity in ANZ preference shares, sending the price up from $111 a week ago to about $…

Sydney Morning Herald Business Share Market Late Page:26 Tuesday 24th of September 1991 Words: 453 – By ANNA BERNASEK get a summary
MARKET FOCUS ON BTR
Investors focused on BTR Nylex, which fell to its lowest level since January on heavy turnover yesterday while the broader Australian sharemarket held its ground. The All Ordinaries index was virtually steady, closing up only 0.3 points at 1562.9. BTR Nylex fell 6c to $2.61 as investors were unhappy about a lack of information concerning its position in terms of BTR Plc’s bid for Hawker Siddeley. Nearly 10 million BTR Nylex shares changed hands yesterday, and ANZ McCaughans was the m…

Sydney Morning Herald Business Late Page:27 Tuesday 24th of September 1991 Words: 394 – By ANNA BERNASEK get a summary
AUSTCONS HIT BY $37.6M TAX BILL
Australian Consolidated Investments and its subsidiary Weeks Petroleum have been handed a bill for back tax totalling $37.6 million. The tax assessment relates to the tax years 1984 to 1987 and requires a payment of $8.3 million from Weeks Petroleum and the remaining $29.3 million from AustCons and its other subsidiaries. AustCons chairman Mr Geoff Hill said: “We have made some provisions for it.” Analysts feared the announcement might cause AustCons’s convertible bonds to fall in Eu…

Sydney Morning Herald Business Late Page:28 Tuesday 24th of September 1991 Words: 291 – ANNA BERNASEK get a summary
ACF TRIPLES RETURN
Australian Co-operative Foods, one of Australia’s largest milk processors, has lifted full-year profit after abnormals threefold, and expects a significantly better result in the year ahead. The co-operative paid out a total of $2.45 million to its supplier shareholders as a result of the boost in profit for the year to June 1991. Chairman Mr Ian Langdon said the surge was the result of rationalisation following the present company’s formation through a merger in December 1989 of Dairy F…

Sydney Morning Herald Business Late Page:27 Monday 23rd of September 1991 Words: 762 – By ANNA BERNASEK get a summary
FOODLAND SPARKS A GROCERY CHAIN REACTION
Foodland Associated’s bid for South Australian food wholesaler Independent Holdings is the first step in its strategy to become one of the biggest forces in the Australian grocery market. Analysts and institutions believe that West Australian Foodland’s long-term strategy, if successful, could change the face of the Australian grocery market by creating a national company with almost $4 billion in sales. It would provide fierce competition to Woolworths, Coles and Franklins. At prese…

Sydney Morning Herald Business Share Market Late Page:29 Monday 23rd of September 1991 Words: 507 – By ANNA BERNASEK get a summary
TAKEOVERS TEMPT SHAREMARKET TRADERS
A sudden burst of takeover activity and the last week of the profit reporting season are expected to capture the attention of investors in the Australian sharemarket this week. The broader market should mark time again, provided overseas markets remain becalmed, while individual stocks could be the target of activity. The leading market indicator, the All Ordinaries index, fell only 5 points during the past week to close at 1562.6 on Friday. Among the major companies still to report …

Sydney Morning Herald Business Share Market Late Page:29 Saturday 21st of September 1991 Words: 546 – By ANNA BERNASEK get a summary
SHARES FINISH ON UPBEAT
The Australian sharemarket ended the week on a positive note and on a rush of interest from overseas investors in leading stocks. The All Ordinaries index rose 4.9 points to 1562.6, leaving a loss of 5 points for the week. National turnover was valued at $267 million and overseas trade accounted for about one-fifth of the total. Large lines of leading stocks characterised the day again yesterday. Ord Minnett traded one line of 5 million Gold Mines of Kalgoorlie shares at 56c each in…

Sydney Morning Herald Business Late Page:31 Saturday 21st of September 1991 Words: 519 – By ANNA BERNASEK get a summary
FOODLAND EYES INDEPENDENT
Perth-based Foodland Associated has bid for South Australian food wholesaler Independent Holdings in a move aimed at giving it an entry into the South Australian, Victorian and NSW markets in one fell swoop. The takeover bid is a scrip offer of two Foodland shares for every three Independent Holdings shares at a 20 per cent premium to yesterday’s market price of $4.55. Foodland’s offer is conditional on a minimum 50.1 per cent acceptance and values the company at $131 million. Foodla…

Sydney Morning Herald Business Late Page:26 Friday 20th of September 1991 Words: 279 – ANNA BERNASEK get a summary
QIW RISES SHARPLY ON RUMOURS OF TAKEOVER
Shares in QIW Retailers were driven up sharply yesterday by continuing speculation that West Australian food wholesaler Foodland Associated would make a takeover bid for the Queensland group. QIW jumped 30c to $5.80 and Foodland rose 10c to $8.20. Speculation over a bid by Foodland for QIW surfaced at the beginning of July, sending its shares up 25 per cent from their then price of $4.65. In response to a stock exchange query yesterday, QIW said it had no knowledge of a takeover bid …

Sydney Morning Herald Business Share Market Late Page:26 Friday 20th of September 1991 Words: 480 – By ANNA BERNASEK get a summary
MARKET UP DESPITE MINERS
A flurry of overseas interest in local stocks yesterday helped the sharemarket move higher, but the mining sector was plagued by the volatile local currency. The All Ordinaries index rose 4.7 points to 1557.7 as institutional and overseas investors traded large lines of leading stocks. National turnover was heavy again compared with a recent lack of activity and $258 million worth of stock changed hands. The All Mining index fell 0.3 per cent compared with an 0.4 per cent rise in the A…

Sydney Morning Herald Business Late Page:25 Thursday 19th of September 1991 Words: 529 – By ANNA BERNASEK get a summary
PROFIT-RICH FOODLAND MAY BID FOR QIW
West Australian food wholesaler Foodland Associated has made a record net profit of $12.8 million in its first full year as a public company and could be gearing up to make a bid for Queensland’s QIW Retailers. The bid is believed to be a scrip offer, valuing QIW around $6.40 a share or a total of $108 million. Shares in QIW closed at $5.50 yesterday. A takeover bid for QIW would provide Foodland with a strong entry into the Queensland market and provide further room to forge links w…

Sydney Morning Herald Business Late Page:27 Thursday 19th of September 1991 Words: 328 – ANNA BERNASEK get a summary
IEL LOSES $2.7M IN SALE OF FINEMORE STAKE
Industrial Equity Ltd offloaded its 35 per cent stake in the transport group, Finemore Holdings, yesterday, taking a loss of about $2.7 million on the sale. A range of 10 institutions bought the 12.2 million Finemore shares at 78c each, representing a 2.5 per cent discount to the market price. A member of the Adelaide Steamship group, IEL is believed to have picked up its shares in Finemore Holdings at an average price of $1 a share. On Tuesday, Finemore reported its net profit for t…

Sydney Morning Herald Business Share Market Late Page:28 Thursday 19th of September 1991 Words: 458 – By ANNA BERNASEK get a summary
PROFIT JITTERS HIT PRICES
Share trades rebounded strongly yesterday, but the strong Australian dollar and apprehension about corporate earnings results left share prices drifting lower again. The All Ordinaries index fell 2.8 points to 1553 as other world sharemarkets also searched for direction. National turnover increased sharply from the previous day, to $253 million. Overseas investors were more active in the local market and some took insurance against the strong local currency by cleaning out their portfol…

Sydney Morning Herald Business Late Page:40 Wednesday 18th of September 1991 Words: 278 – ANNA BERNASEK get a summary
TOOTH QUERIED ON BIG RISE
Shares in Tooth and Co continued to soar yesterday, although the company was unable to offer an explanation to the Australian Stock Exchange for the 40 per cent jump in its share price in the past two weeks. Since the beginning of September, Tooth and Co has risen from 25c to 44c. It rose 9c yesterday. Volume has been light during the two-week period with only 300,000 shares or just 0.2 per cent of total shares on issue have changed hands. While Tooth and Co had no idea why its shares …

Sydney Morning Herald Business Share Market Late Page:40 Wednesday 18th of September 1991 Words: 501 – By ANNA BERNASEK get a summary
SHARES FLAT AS HIGH $A SCARES OFFSHORE BUYERS
The Australian dollar’s rising value kept overseas investors out of the local sharemarket yesterday, leaving stocks to flounder. The All Ordinaries index traded in a narrow band throughout the day, despite sharp rises on overseas markets, and closed down 1.4 at 1555.8. Mining stocks were sold down as the Australian dollar rose to its highest level in 11 months. The All Mining index fell 0.5 per cent compared with a 0.1 per cent fall in the All Industrials. The strength in the local …

Sydney Morning Herald Business Late Page:41 Wednesday 18th of September 1991 Words: 378 – ANNA BERNASEK get a summary
ACTION LIFTS EARNINGS 31PC
West Australian retailer Action Holdings has lifted net profit 31 per cent to $3.6 million for the year to June and has reported an improvement in its sales since Coles Myer began its price war four weeks ago. Action Holdings, the retail offshoot of independent wholesaler Foodland Holdings, said total sales for the full year had increased only 1.3 per cent due to the depressed West Australian economy. Foodland managing director Mr David Fawcett said the result was reasonable given the di…

Sydney Morning Herald Business Share Market Late Page:22 Tuesday 17th of September 1991 Words: 468 – By ANNA BERNASEK get a summary
PROFIT FEARS CUT MARKET
A lack of offshore interest in the Australian sharemarket and fears that the last two weeks of the profit reporting season may see a number of shocking results sent share prices spinning yesterday. The All Ordinaries index fell 10.6 points to 1557.2 as local investors sold odd parcels of leading stocks. A holiday in Japan and nervousness about Wall Street’s negative reaction to a US interest rate cut kept overseas investors out of the local market. In London last night, the FTSE-100 …

Sydney Morning Herald Business Late Page:23 Tuesday 17th of September 1991 Words: 304 – ANNA BERNASEK get a summary
FAULDING TO RAISE $54M THROUGH 1-FOR-5 ISSUE
Pharmaceutical company F.H. Faulding and Co has cashed in on its strong share price to raise $54 million through a 1-for-5 renounceable rights issue. The issue price is $3.50 per share which represents a 30 per cent discount to the current price of $5. The funds raised will be divided between debt reduction, providing additional working capital and furthering the development of the group’s core activities. Faulding’s managing director, Mr Chris Harris, said the South Australian comp…

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