Books A$37 mln impairment benefit vs A$2.2 bln charge in 1H20 Australian bank recovery a qtr ahead vs global peers-Citi Targets A$8 bln cost base by 2024, smaller head office, branches (Updates share movement)
SYDNEY, May 3 (Reuters) - Westpac first-half cash earnings more than tripled from last year’s plunge, helped by money it had previously set aside to cover potential COVID-19 losses, Australia’s second-largest bank said on Monday, sending shares sharply higher.
The Sydney-based lender also said it will close some branches and accelerate its focus to digital banking under a cost-cutting plan unveiled on Monday that targets a 21% reduction in its cost base.
By Reuters Staff
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MONTREAL, April 28 (Reuters) - Struggling Canadian tour operator Transat AT is very close to reaching a financial aid deal with the federal government involving a loan, two sources familiar with the matter told Reuters on Wednesday.
The deal would involve a loan under Canada’s Large Employer Emergency Financing Facility (LEEFF), the sources said on condition of anonymity because the talks are confidential.
Transat, which is scheduled to hold its annual general meeting on Thursday, declined to comment. The federal finance ministry, which is leading the talks with Transat, was not immediately available for comment.
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SYDNEY, May 3 (Reuters) - The Australian dollar was steady against its U.S. counterpart during a quiet session on Monday, shrugging off strong domestic jobs data as traders were cautious ahead of central bank meetings this week, while the kiwi dollar also held its own.
The Aussie was unchanged at $0.7713, after gaining 1.5% last month thanks to strength in iron ore and other commodity prices.
“The A$ remains undervalued given the continued surge in metals,” Westpac said. “We see this as temporary and just a matter of time before it gives way opening a move to 0.80 and beyond.”
The New Zealand dollar was also just 0.05% higher at $0.7163, taking a respite after rising 2.5% in April.
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SYDNEY, April 12 (Reuters) - The Australian dollar opened the week slightly lower on Monday, as investor mood soured following setbacks in the country’s vaccination programme, while the New Zealand dollar was little changed.
The Aussie dollar was down 0.15% at $0.7606, extending Friday’s losses, which were triggered by worries about a slowdown in the country’s coronavirus vaccine rollout.
The currency had consolidated around $0.7650 in recent weeks following a brief run-up to $0.80 earlier this year.
Australia has abandoned a goal to vaccinate nearly all of its 26 million population by the end of 2021 following advice that people under the age of 50 take Pfizer’s COVID-19 vaccine rather than AstraZeneca’s shot.
Russia’s rouble tracks weaker oil prices FX trading volume thin with UK markets shut
May 3 (Reuters) - Most emerging market currencies weakened on Monday as the dollar firmed at the start of a week packed with key U.S. economic data, while a slightly lower-than-forecast inflation reading helped support the Turkish lira.
The lira inched higher to trade at 8.29 per dollar after falling to 8.33 earlier in the session.
Trading volumes were thin across the board, however, with London markets closed for a public holiday.
Data showed Turkish annual inflation climbed to 17.14% in April, its highest level in nearly two years, driven by a sagging lira and pricy commodity imports. Still, the battered currency found relief as the numbers came in lower than a Reuters poll forecast of 17.3%.