Angus Gluskie News
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Cameron Clyne, catapulted to the helm of National Australia Bank Ltd. in the depths of the global financial crisis, saw only one way out.
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Macquarie Group Ltd., Australia’s biggest investment bank, posted its first profit growth in three years on cost cuts and higher fund management fees, sparking the biggest share-price gain since 2009.
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Asian stocks dropped, with the regional benchmark index retreating from the highest level in 20 months, after Chinese economic growth and industrial production expanded less than economists’ estimated.
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Hong Kong stocks dropped, with the city’s benchmark index falling to the lowest in almost four months, as HSBC Holdings Plc led declines among financial shares after Cyprus agreed to an unprecedented tax on bank deposits to fund a euro-zone bailout.
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Asian shares dropped, with the regional benchmark index snapping two days of gains, led by Samsung Electronics Co. and Australian banks. The Nikkei 225 Stock Average pared gains after the Bank of Japan rejected a call for an immediate start to open-ended asset purchases.
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Australia & New Zealand Banking Group Ltd., Australia’s third-largest bank by market value, plans to cut about 50 jobs in institutional and international banking as lenders trim costs amid weak credit demand.
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National Australia Bank Ltd. faces a challenging year ahead amid subdued economic growth and as interest rate cuts do less to revive mortgage demand than hoped, said Cameron Clyne, the lender’s chief executive officer.
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Hong Kong stocks dropped after property developers fell amid concern China may introduce more policies to cool the market and as casino operators retreated.
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Japanese and Australian stock futures were little changed as investors await a U.S. growth report today and Federal Reserve Chairman Ben S. Bernanke’s speech on the economy at the end of the week.
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Australia & New Zealand Banking Group Ltd., the worst performer among Australia’s four largest bank stocks this year, posted second-half profit that missed analyst forecasts after volatile markets eroded trading profit.
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