Archived News for Finance Sector Professionals
HSBC Bank Australia and Export Finance and Insurance Corporation (EFIC) have announced the signing of a new Master Working capital Guarantee Facility with an aim to assist Australian exporters in gaining access to additional working capital to finance export contracts.
Under this arrangement, EFIC can provide a guarantee to HSBC, enabling the bank to lend to its export customers the additional working capital they need to finance their international sales contracts.
“Export customers with plans to establish and grow offshore markets for their products and services need access to working capital finance,” said Andrew Skinner, Head of Trade and Supply Chain at HSBC.
Westpac appoints Ann Pickard to board
Westpac has announced that Ann Pickard will take a senior independent non-executive Director at the company’s board. Ms Pickard’s appointment will take effect from the beginning of December.
New appointments at Suncorp
Sean Carroll has officially been appointed as executive general manager of Suncorp Life Risk Australia after settling into the role for five months.
Swan recognised as finance minister of the year
Euromoney has named Treasurer Wayne Swan finance minister of the year due to his strict handling of the economy through and beyond the financial crisis, becoming the second Australian to have ever won the prestigious award.
Treasury announces superannuation law amendments
The Federal Government has revealed amendments to superannuation laws which are set to provide people with low cost, commission-free funds under the MySuper schemes.
Federal Government releases carbon tax update
The Federal Government has released an updated model of the impact of the carbon price which states the Australian economy will continue to grow strongly at the same time making reductions in carbon emissions.
IMF praises Australia's position
The IMF’s September World Economic Outlook (WEO) expects Australia to grow faster than all major advanced economies next year with an expected growth of 3.3 per cent. Predicted growth for advanced economies as a whole is 1.9 per cent in 2012 due to increased global instability.
ANZ Wealth appoints new Sales Head
ANZ Wealth has appointed a new head of sales, former BT executive Don Sillar.
HSBC enters property market
HSBC has introduced its Homeloanwork service, the bank’s first mortgage website dedicated to home loan refinancing.
Second MRRT exposure draft released
The Federal Government has released the second exposure draft legislation for the Minerals Resources Rent Tax (MRRT).
Recovery on track despite global uncertainty
Australia’s economic recovery is on track despite growing global uncertainty surrounding mounting sovereign debt in Europe and a stagnate US economy according to a report published by global rating agency Standard & Poor.
ANZ to capitalise on volatility
ANZ’s chief executive has announced the company will be looking to expand its holdings in the Asia Pacific region as international banks sell assets to stabilise their capital bases.
CBA announces executive shuffle
The Commonwealth Bank has announced Grahame Petersen as the company’s new Group Executive of Business and Private Banking in advance of Ian Narev taking his role as the company’s chief executive from 1 October.
Tax reform for small businesses
The Federal Government has announced a package of tax law amendments aimed at improving the cash flow and reducing compliance costs for small businesses by simplifying the depreciation rules.
Australian business research paper released
The Productivity Commission and the Australian Bureau of Statistics (ABS) have released a joint research paper into the state of competition, innovation and productivity in Australian businesses.
Consumer confidence on the rise
The Westpac Melbourne Institute Index of Consumer Sentiment recorded an 8.1 per cent increase in September, marking an increase from 89.6 in August to 96.9 in September.
Independent urges tax reform
Federal Independent Tony Windsor has suggested the Federal Government increase GST by 1 per cent to allow for the removal of 115 inefficient taxes.
Carbon tax legislation goes before Parliament
Prime Minister Julia Gillard has introduced the Federal Government’s carbon tax legislation to Parliament, saying that the legislation will lead to reducing the country’s carbon production while stimulating the economy and creating jobs.
Banking insurance drops
The Federal Government has announced plans to permanently lower the level of insurance it will offer from $1 million to $250,000.
AMP ups protest votes
Fund manager AMP Capital has increased the number of executive remuneration protest votes by 25 per cent over the last year, but has announced it believes it will not likely cause board spills under the two-strikes rule.
QIC searching for new CEO
Institutional investment manager QIC has announced its long serving CEO Dr Doug McTaggart will depart the company as of 30 June 2012 after 14 years at the helm of the company.