Daily Dispatches: Suncorp profit slump

eFC logo

Suncorp Metway has capped off its toughest year since the financial services group listed more than a decade ago after delivering a 40 per cent drop in profit after being crunched by rising bad debts and a string of catastrophe payouts in its insurance arm. (Business Day)

The creditors of Babcock & Brown, the failed investment bank, have been asked to fund a campaign to have liquidators forensically examine whether directors acted solely in their own personal interests instead of their shareholders' during the final months as the empire crumbled. (The Australian)

The Australian Securities Exchange is to be stripped of its role regulating trades on its market and the power handed over to ASIC. (Herald Sun)

Private equity firm TPG, eyeing an initial public offer in department store chain Myer, has hired Macquarie Group, Goldman Sachs and Credit Suisse to lead manage the sale, two sources with direct knowledge of the matter told Reuters today. (Sydney Morning Herald)

Close