Banking industry
National Australia Bank shares rose to $28.73 yesterday, a 24 A cents increase, following the sale of its two Irish banks. Investors focused on the impact on dividends and capital strength, rather than a lost opportunity in a fast-growing European market. The $2.5 billion price tag for the
Banking industry
The labor union of South Korea's central bank has criticized Finance and Economy Minister Lee Hun-jai for his comments on monetary policy, accusing him of overstepping his authority and attempting to influence the Bank of Korea (BOK) to cut interest rates. The union's statement comes as
Banking industry
South Korea's tax authorities have imposed a combined tax bill of around 27 billion won (approximately $25.86 million) on five major banks, including Kookmin Bank, following an investigation into their handling of Samsung Life Insurance Co.'s stock. The National Tax Service found that the banks
Banking industry
A Seoul court concluded the hearing on Sovereign Asset Management's petition for a special shareholders meeting of SK Corp, the world's second-largest refiner. Sovereign, the single largest shareholder with a 14.99 percent stake, is seeking to hold a shareholders meeting to change SK's
Banking industry
The Expediency Council in Tehran has approved a directive that cedes over 65 percent of shares of state-owned firms to the private and cooperative sectors. This decision comes after a prior ruling by the arbitrative body to delineate comprehensive policies pertaining to Article 44 of the constitution, which covers the
Banking industry
The ad hoc convertible bondholder committee representing holders of MyTravel Group plc's GBP 216 million 7 per cent Convertible Bonds due 2007, has expressed disappointment with the High Court's decision to rule the company's scheme of arrangement unlawful. The committee, represented by Cadwalader, Wickersham
Banking industry
The South Korean government plans to create a supervisory committee for the national pension fund, comprising both senior government officials and renowned private experts. The committee will be made up of 13 private experts, with half of them serving as permanent members, alongside vice ministers from various ministries. This move
Banking industry
Chinese citizens moving overseas will be able to take their personal assets with them, as new laws governing the transfer of wealth come into effect next month. The move marks a significant shift in China's financial policy, promoting freer capital flow and a more flexible foreign exchange system.
Banking industry
Daewoo Engineering & Construction Co. (Daewoo E&C) is facing a lawsuit from its creditors over the repayment of a US$530 million loan. The creditors, led by Korea Asset Management Corp. (KAMCO), have filed a lawsuit in a New York district court, claiming that Daewoo E&C
Banking industry
The Philippine government expressed confidence that passing four of the eight revenue-generating measures prioritized by President Gloria Macapagal-Arroyo would avert a downgrade by Moody's Investor Service. Finance Secretary Juanita Amatong stated that Congress was cooperating with the government's efforts, and that four of the revenue bills
Banking industry
The Reserve Bank of Australia has delayed an expected interest rate rise until next year, providing a welcome Christmas present to homeowners. In its quarterly statement on monetary policy, the bank acknowledged that inflationary pressures are increasing, but confirmed that the recent hike in rates has done its job in
Banking industry
Delta Air Lines Inc. has strengthened its cash position by signing a commitment letter with GE Commercial Finance and other lenders to provide $500 million of financing. The financing will be used to avoid bankruptcy and restructure its debt. American Express Travel Related Services Co. will provide up to $100
