Insurers sum up the risks

Article Abstract:

The negotiations over the alliance between AMP Ltd. and its insurance subsidiary GIO Australia will have to proceed without an agreement to transfer $9.9 billion of superannuation funds and other investments to AMP Asset Management. AMP said it could save $70 million a year from an alliance, including the transfer of funds. The GIO board felt giving AMP full access to its distribution network would diminish the value of an important asset. Alliance negotiations are difficult because GIO is a listed subsidiary and a competitor with AMP.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Management, Insurance industry, Practice, Corporate governance, Negotiation, mediation and arbitration, GIO Australia, AMP, Batchelor, Paul, Mazoudier, Paul, Corrigan, Peter

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Change is on the cards

Article Abstract:

The Australian Competition and Consumer Commission has accused the National Australia Bank of behaving uncompetitively in respect of its credit and debit card schemes. The banks are charged with fixing fees. The case being heard in the Australian courts is likely to lead to changes in how the system operates.

Banking Institutions, Depository Credit Intermediation, Bank Credit Cards, DEPOSITORY INSTITUTIONS, Cases, Banks (Finance), Unfair competition (Commerce), Unfair competition, Credit and debit card industry, Credit card industry, Australia. Competition and Consumer Commission

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Westpac has robbed us, says angry shareholder

Article Abstract:

An angry shareholder writes a letter to Westpac Banking Corp. stating that the 1999 unfranked dividends caused shareholders to lose imputation credits worth $250 million. These credits would have been taxable and could have possibly left shareholders with a net amount of an additional $175 million.

Securities, Westpac Banking Corp., WBK

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