AMP Ltd (ASX:AMP) chief executive Craig Dunn said that AMP is unlikely to be a buyer for Suncorp-Metway's (ASX:SUN) insurance and wealth management assets because most of Suncorp's non-banking assets were focused on life insurance. He has also called for balance in the government's review of Australia's superannuation industry, saying it is the envy of other countries.
Sydney, July 9, 2009 AEST (ABN Newswire) - U.S. stocks closed mixed Wednesday. The Dow index rebounded in late trade as Alcoa posted a loss which is not as bad as expected. Investors had expected little good news in the earnings season for the second quarter.
The Australian market yesterday closed flat as traders were cautious about the economic outlook. The benchmark S&P/ASX200 index rose one point, or 0.03 per cent, at 3767.9, while the broader All Ordinaries index declined 1.8 points, or 0.05 per cent, to 3766.0 points. Today investors' focus would be the unemployment rate released by ABS.
Key Economic Facts and Figures
The Westpac-Melbourne Institute Index showed consumer confidence rose 9.3 per cent this month, helped by the Federal Government's stimulus payments.
The Australian Bureau of Statistics said Australian total housing finance rose a seasonally adjusted 2.3% month-on-month in May to A$22.68 billion against a 3.6% rise in April.
The Australian Bureau of Statistics releases labour force data for June on Thursday. The Melbourne Institute Survey of consumer inflationary expectations and the Westpac/Melbourne Institute survey of consumer unemployment expectations are due, both for July.
M&A News
Shares in Consolidated Media Holdings (ASX:CMJ) jumped more than 14 per cent yesterday after a parcel of 60 million shares was traded at A$2.50 a share. The transaction fuelled speculation that Seven Network Ltd. (ASX:SEV) chief Kerry Stokes was likely the buyer with a long-held ambition to increase his role in the pay TV industry.
Important Corporate News
Delta Air Lines (NYSE:DAL) and Virgin Blue (ASX:VBA) say they plan to form a joint venture that will expand both carriers' reach between the US and Australia and the South Pacific. The two airlines would seek regulatory approval to form a joint venture that will allow them to compete more effectively in those markets by collaborating on route and product planning, codesharing on their respective networks and extending frequent flyer program benefits and lounge access to customers of both airlines.
ANZ Bank (ASX:ANZ) has axed a further 248 jobs across the country as part of its strategy to slash the size of its Australian workforce. Jobs in ANZ's mortgage fulfilment centres in Sydney, Brisbane, Adelaide, Perth and Hobart would be outsourced.
Aluminum producer Alcoa (ASX:AAI)(NYSE:AA) reported a second-quarter loss that was narrower than analysts' estimates after production cuts and workforce reductions helped the company save money. The second-quarter loss from continuing operations was $US312 million, an improvement of $US168 million from the loss of $US480 million in the first quarter.
Building materials and sugar group CSR Ltd (ASX:CSR) said it expects its underlying earnings in fiscal 2010 to be slightly higher than last year. Assuming no substantial change to current market conditions, the company expects similar earnings in building products and property.
AMP Ltd (ASX:AMP) chief executive Craig Dunn said that AMP is unlikely to be a buyer for Suncorp-Metway's (ASX:SUN) insurance and wealth management assets because most of Suncorp's non-banking assets were focused on life insurance. He has also called for balance in the government's review of Australia's superannuation industry, saying it is the envy of other countries.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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