Packet of problems
Article Abstract:
Australia's Westpac Bank has turned to its prosperous Asia-Pacific division following a serious financial crisis caused by losses incurred in its New York division during 1991-92. Investors refrained from subscribing to the latest Westpac rights issue after the discovery of losses worth $1.3 million. The bank's shareholders forced five directors to evacuate in Oct 1992, and a large amount of US tax liabilities were detected against Westpac. Meanwhile, regional banks including St George and Advance are gaining mileage from the Westpac's declining image.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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Repenting the past
Article Abstract:
Enhanced profits and strong capitalization indicate that Australia's banks are reviving from the record losses of 1991-92. Too much investment in property during the economic boom of the late 1980s brought about these losses, which cost the country's four largest banks $4.2 billion. Restructuring has helped to start a banking recovery. However, many Australian consumers remain distrustful of the big banks that often snubbed small investors during the 1980s. The government has proposed full disclosure as the best means of restoring consumer confidence.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Ready to rebound?
Article Abstract:
Australia's new Prime Minister John Howard must attempt to keep inflation under control in order for an economic recovery to begin. Statistics released by a government agency indicate that this may be possible with consumer spending for the year ending Mar 1996 rising more slowly than anticipated at 3.7%. Howard has promised to try to keep interest rates low which will help prospects for growth. Short-term rates have been fixed at 7.5% by the country's Reserve Bank since Dec 1994.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
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