International Business News - WBK http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif A look at economic developments and stock market activity around the world Wednesday: ___ http://www.ibtimes.com/articles/20081119/a-look-at-economic-developments-around-the-world.htm Wed, 19 Nov 2008 17:22:33 EST The outlook for Australia's economy is its weakest in 20 years, raising the risk of a recession in 2009, according to an index of economic trends. The annualized growth rate of the leading index, compiled by Westpac Banking Corp. and the Melbourne Institute, fell to 1.1 percent in September from 3.5 percent in August. The monthly index measures the likely pace of growth three to nine months into the future. http://www.ibtimes.com/articles/20081119/australia-may-be-nearing-recession-index-shows.htm Wed, 19 Nov 2008 10:00:25 EST The outlook for Australia's economy is its weakest in 20 years, raising the risk of a recession in 2009, according to an index of economic trends. The annualized growth rate of the leading index, compiled by Westpac Banking Corp. and the Melbourne Institute, fell to 1.1 percent in September from 3.5 percent in August. The monthly index measures the likely pace of growth three to nine months into the future. http://www.ibtimes.com/articles/20081118/australia-may-be-nearing-recession-index-shows.htm Tue, 18 Nov 2008 22:58:55 EST A look at economic developments and stock market activity around the world Thursday: ___ http://www.ibtimes.com/articles/20081113/a-look-at-economic-developments-around-the-world.htm Thu, 13 Nov 2008 17:47:16 EST Australia's stock market plunged Thursday to close at a four-year low as gloom continued to permeate the global financial system, wiping about 57 billion Australian dollars ($37 billion) from the market's value. http://www.ibtimes.com/articles/20081113/australias-key-stock-index-sinks-to-4-year-low.htm Thu, 13 Nov 2008 02:03:37 EST Shareholders of St. George Bank Ltd. approved Thursday a 16 billion Australian dollar ($10 billion) takeover by bigger rival Westpac Banking Corp., creating the country's second-biggest bank by assets. http://www.ibtimes.com/data/articleimgs/174124-australia-bank-merger.jpg http://www.ibtimes.com/articles/20081113/shareholders-approve-australian-bank-acquisition.htm http://www.ibtimes.com/articles/20081113/shareholders-approve-australian-bank-acquisition.htm Thu, 13 Nov 2008 08:23:15 EST The federal government will commit up to 22 million Australian dollars ($14.6 million) to ensure that a debt-ridden nationwide childcare agency will remain open until the end of the year, Education Minister Julia Gillard said Friday. http://www.ibtimes.com/articles/20081107/australia-commits-au-22-mln-to-childcare-firm.htm Fri, 07 Nov 2008 05:17:52 EST Westpac Banking Corp., which is aiming to become Australia's largest bank through the acquisition of a smaller rival, shrugged off the gloom of the global financial crisis and posted a healthy 12 percent rise in annual net profit. http://www.ibtimes.com/articles/20081030/australias-westpac-sees-profit-rise-12-percent.htm Thu, 30 Oct 2008 03:42:35 EDT Australia's federal treasurer on Thursday approved the merger of rival banks St. George Bank Ltd. and Westpac Banking Corp., paving the way for the formation of the country's largest bank. http://www.ibtimes.com/articles/20081023/australian-treasurer-oks-westpac-st-george-merger.htm Thu, 23 Oct 2008 05:36:20 EDT National Australia Bank Ltd., the country's largest by assets, reported a 1 percent drop in annual profit and sharply rising levels of bad debts Tuesday as it absorbed blows from the global financial crisis and warned that tougher times may be ahead. http://www.ibtimes.com/articles/20081021/national-australia-bank-profit-drops-0-9-percent.htm Tue, 21 Oct 2008 10:17:07 EDT Australia's central bank cut its official interest rate by a bigger-than-expected 1 percentage point Tuesday to ease credit concerns, cheering investors and spurring hopes that other central banks may act soon, too. http://www.ibtimes.com/articles/20081007/australia-cuts-interest-rate-1-percentage-point.htm Tue, 07 Oct 2008 05:08:14 EDT St. George Bank Ltd., Australia's fifth-largest bank, agreed to a revised 17.3 billion Australian dollar ($14.4 billion) takeover proposal by larger rival Westpac Banking Corp. on Monday, in what would be the biggest banking acquisition in Australian history. http://www.ibtimes.com/data/articleimgs/125724-australia-bank-merger.jpg http://www.ibtimes.com/articles/20080908/australias-st-george-agrees-to-westpac-takeover.htm http://www.ibtimes.com/articles/20080908/australias-st-george-agrees-to-westpac-takeover.htm Mon, 08 Sep 2008 06:52:57 EDT Australia's competition watchdog said Wednesday it will not oppose a merger between Australia's St. George Bank Ltd. and Westpac Banking Corp. St. George, Australia's fifth largest bank, is the subject of a 17.5 billion Australian dollar ($15.4 billion) friendly takeover offer from the larger Westpac. http://www.ibtimes.com/articles/20080813/australian-regulator-approves-bank-merger.htm Wed, 13 Aug 2008 04:08:43 EDT Shares in Australia & New Zealand Banking Group Ltd., Australia's fourth-largest bank, plunged more than 10 percent Monday after the bank announced that its annual profit could fall by up to 25 percent due to the global credit crisis. http://www.ibtimes.com/articles/20080728/anz-bank-shares-fall-10-percent-on-profit-warning.htm Mon, 28 Jul 2008 03:53:34 EDT Australia's main stock index recorded its largest one-day fall in six months on Friday after one of the country's biggest banks announced additional losses linked to the global credit crunch. http://www.ibtimes.com/articles/20080725/australian-stocks-plunge-on-bank-loss.htm Fri, 25 Jul 2008 08:22:51 EDT American Depositary Receipts of Asian banks and financial companies declined on Thursday as concerns about tight credit lingered following profit declines at major U.S. investment banks. http://www.ibtimes.com/articles/20080619/adrs-in-focus-asian-banks.htm Thu, 19 Jun 2008 15:12:54 EDT An index of Australian ADRs rose slightly Friday afternoon, even as the broader markets fell on disturbing U.S. unemployment numbers and record-high crude oil prices. http://www.ibtimes.com/articles/20080606/adrs-in-focus-australia-index-posts-slight-gain.htm Fri, 06 Jun 2008 14:28:18 EDT U.S.-traded shares of banks based in Asia and Australia traded sharply lower on Monday, taking a cue from their U.S. counterparts following personnel shake-ups at two major financial institutions. http://www.ibtimes.com/articles/20080602/adrs-in-focus-asian-banks-decline.htm Mon, 02 Jun 2008 16:08:44 EDT St. George Bank Ltd. and Westpac Banking Corp. took another step Monday to pave the way for Westpac's proposed $16 billion buyout of the smaller banking group in a deal that would create Australia's biggest bank. http://www.ibtimes.com/articles/20080526/st-george-westpac-push-ahead-toward-deal.htm Mon, 26 May 2008 16:19:50 EDT American Depositary Shares of Asian banks and financial companies declined, following weakness in the United States, after an analyst forecast more weakness in the credit markets. http://www.ibtimes.com/articles/20080520/adrs-in-focus-asian-banks.htm Tue, 20 May 2008 14:17:06 EDT