Craig Williams News
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National Australia Bank Ltd.’s operations in the U.K. are now profitable while Australian consumer and business confidence remains fragile, Chief Executive Officer Cameron Clyne said.
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National Australia Bank Ltd. has the potential to release as much as A$4 billion ($4.2 billion) in capital by selling its U.K. unit and commercial real estate, and its Australian custody business, according to Citigroup Inc.
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Dunaden won the A$6.2 million ($6.5 million) Melbourne Cup in a photo finish from Red Cadeaux to become the second straight French stayer to take out Australia’s richest horse race.
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Equinox Minerals Ltd., owner of Africa’s biggest copper mine, said it’s looking to make an acquisition to add to its Lumwana project in Zambia and forecast continued long-term price gains on supply constraints.
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National Australia Bank Ltd., the worst performing stock among the country’s four major lenders in 2012, said first-quarter profit 3.6 climbed percent as it expanded business lending margins and cut bad debts.
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Equinox Minerals Ltd. , which is taking on a $3.2 billion loan to help finance a bid for Lundin Mining Corp., would consider selling some of its target’s assets to reduce debt.
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Asian developers including Fraser & Neave Ltd. and SP Setia Bhd. are building a record number of apartments in Australia, betting on a market where local companies have been sidelined by tight financing.
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National Australia Bank Ltd., the nation’s biggest lender to companies, rose the most in almost a month in Sydney trading on speculation that a potential sale of its U.K. branches will boost return on equity.
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Equinox Minerals Ltd.’s counter offer for Lundin Mining Corp. is so low that it’s leaving an opening for Freeport-McMoran Copper & Gold Inc. to enter the bidding war.
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After Lundin Mining Corp. rejected two takeovers last month and adopted a poison pill, traders are betting more than ever the copper producer may get a bid that hands its owners a windfall of more than half a billion dollars.
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