In a move lauded as a step in the right direction to end excessive executive salaries and risk taking, Suncorp has become the first Australian bank to stipulate that its CEO must buy shares in the company. (The Age)
ANZ and Standard Chartered have both entered exclusive talks to acquire separate parts of the Asian retail and commercial assets being sold by Royal Bank of Scotland. (Financial Times)
The federal government may need to change the tax treatment of employee share schemes again when the Productivity Commission hands down its report on executive remuneration in December, according to the Institute of Chartered Accountants. (The Australian)
New figures show how the Government’s funding guarantee shielded big banks and the economy from the brunt of the global financial crisis. (Daily Telegrapgh)
Senior bankers say the short-term outlook for the economy is bleak, and predict that more businesses and consumers will come under pressure as credit growth continues to slow and unemployment rises. (The Australian)
A shock deterioration in Australia’s terms of trade due to a sharp fall in iron ore and coal exports could lead to higher unemployment later in the year, economists have warned.
NAB has capitalised on the freeze in international credit markets and a resulting fall in prices by offering to buy back $US250m of long-term borrowings at a substantial discount to face value. (Business Day)