AMP’S proposed takeover of Axa Asia Pacific Holdings is being driven by a scramble within the wealth management industry to expand distribution networks in the face of a trend towards lower fees and tighter regulation. (The Australian)

Long-serving Insurance Australia Group chairman James Strong has flagged plans to retire from the general insurance giant from mid-next year. (Business Day)

ANZ is to offer convertible preference shares to raise $750m in tier one capital. (Sydney Morning Herald)

Business confidence is looking up again after dipping in September, a survey shows. The National Australia Bank’s monthly survey of business confidence increased by two index points to plus 16 points in October. Business confidence is looking up again after dipping in September, a survey shows. (The Age)