Compiled for Reuters by Media Monitors. Reuters
has not verified these stories and does not vouch for their
accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
The chairman of Hangzhou Wahaha Group, Zong Qinghou, has
declared that his company plans to invest up to A$220 million in
Western Australian dairy farms, with a further announcement
expected before the end of the financial year. “Our investment
in Australia’s dairy farms and related industry will guarantee
stable supplies of quality milk powder,” Mr Zong, the third
richest man in China, said. Page 17.
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The United States’ business of National Australia Bank
, Greater Western Bank, has acquired the First Federal
Savings Bank in a A$39.5 million deal. Observers say the
purchase, while not materially significant, provides a stark
reflection on NAB’s strategy in North America as opposed to its
operations in the United Kingdom. Earlier this year, the lender
said Greater Western, which added A$90 million to the bank’s
profit last year, was posting “good organic loan growth and
remained fully deposit funded”. Page 19.
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The Reserve Bank of Australia’s latest quarterly communiqué
has supported claims from major lenders that their cost of
funding is on the rise. In its report, the central bank said
the increases “reflects strong competition for deposits,
particularly term deposits, and higher spreads on wholesale debt
reflecting an increase in investors’ concerns about the global
banking industry”. Page 19.
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Continued…
