Banking industry
National Australia Bank (NAB) directors are at odds over the independence of an investigation into a $360 million currency trading loss, with some board members facing calls to resign due to concerns over improper influence. The controversy has escalated into a governance crisis, with director Cathy Walter proposing that shareholders
Banking industry
As the National Australia Bank's boardroom battle intensifies, Cathy Walter, the bank's maverick director, has dramatically raised the stakes by calling on shareholders to sack chairman Graham Kraehe and sweep the board clean. Walter, who has been a vocal critic of the bank's handling
Banking industry
Catherine Walter, a respected senior female professional director, has found herself at the center of a high-profile controversy at the National Australia Bank. Despite her years of dedicated service, Walter has been asked to resign by her fellow board members, citing a breakdown in trust and respect. In a last-ditch
Banking industry
The Australian Prudential Regulation Authority's (APRA) report on the National Australia Bank's (NAB) foreign exchange trading scandal is expected to shed light on the number of times APRA alerted NAB to its concerns, as well as the role of senior bank officials in failing to address
Banking industry
Bank of America and FleetBoston Financial have reached a $675 million settlement with regulators over improper trading in their mutual funds, requiring Bank of America to replace most of its fund directors within a year. The settlement is the largest to date in the wide-ranging fund investigations and the first
Banking industry
Bank of America and FleetBoston Financial Corp. agreed to pay $515 million in fines and restitution, and reduce fees by $160 million, in the largest penalties yet in the mutual fund scandal. The institutions were accused of allowing market timing, a practice that allows some customers to make rapid-fire trades
Banking industry
The Chinese government is planning to allow foreign investors to take strategic equity stakes in two of China's state-owned banks, Bank of China (BOC) and China Construction Bank (CCB), as part of a broader effort to transform these institutions into commercial banks capable of competing with international rivals.
Banking industry
Parmalat Australia has negotiated new financing deals with three Australian banks - ANZ, Commonwealth Bank, and National Australia Bank - granting them fixed and floating charges over the company's assets. The new arrangements effectively ring-fence Parmalat Australia's profitable operations, protecting them from creditors of the Italian
Banking industry
China's Shenhua Group Corp, the country's largest coal producer, and medium-sized steelmaker Tangshan Guofeng Steel are gearing up to raise billions of dollars in separate overseas listings, capitalizing on the current resources industry boom. The two companies are taking advantage of strong demand for coal and
Banking industry
The private placement market is gearing up for a shake-up as consolidation continues to take hold among leading institutions in the US. Banc of America Securities, currently the leader in private placements for traditional deals, is expected to face stiff competition from the merged entity of J.P. Morgan Chase
Banking industry
On February 28, 2004, StockPickReport.Com, a registered investment advisor, released its short-term stock recommendations. The company provides unbiased technical analysis-driven ratings, which reflect its opinion on a stock's potential price movement over the next five to ten trading sessions. The ratings do not indicate a "long-term&
Banking industry
Thomson ONE, a state-of-the-art financial desktop solution from Thomson Financial, has been selected by Wachovia Securities as the best desktop framework to integrate Prudential and Wachovia assets seamlessly with Thomson Beta Systems' trade processing capabilities. This partnership aims to develop an industry-leading, front-to-back office integrated solution for Wachovia Securities
