National Australia Bank on Wednesday launched its second large equity raising in eight months with a surprise move to secure up to A$2.75bn from investors to fund growth and bolster its capital position. Although analysts said the move appeared defensive, the capital raising comes as Australia’s banking sector faces a surge in bad debt charges. (Financial Times)
Morgan Stanley reported a wider second-quarter loss than analysts predicted as employee compensation costs mushroomed and trading revenue fell. (Bloomberg)
Key management changes are set to take place at Standard Chartered Bank’s two fast-rising Asian franchises next month. (Asia One)
Hong Kong’s securities watchdog said on Wednesday that 16 banks had agreed to pay about HK$6.3bn to compensate eligible investors who lost money on structured products or minibonds offered by collapsed US bank Lehman Brothers. (Reuters)
The unemployment rate in Hong Kong has risen slightly to 5.4 per cent, according to official data, although the government expects the job market to improve.