Why ASX banks are licking their lips right now
Tony Yoo | December 16, 2020 8:56am |
More on: Image source: Getty Images
Despite near-zero interest rates, the big ASX-listed banks have some excellent news to see in the new year.
Evidence from multiple sources is showing that the housing market is heating up for a massive post-COVID surge.
“It seems likely that residential property transactions will increase by a quarter in 2021 as, in addition to homebuyers, we’re now seeing property investors also returning to the fold lured by the prospect of neutral-to-positively geared investments,” said BuyersBuyers.com.au chief operating officer Pete Wargent.
ASX 200 rises on Monday
Tristan Harrison | December 14, 2020 4:41pm |
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6,660 points.
Altium, the electronic design software company, announced it is going to sell its TASKING business to FSN Capital for US$100 million up front and another US$10 million conditional upon achieving revenue targets in FY21 after the sale.
Mr Aram Mirkazemi, the CEO of Altium, said: “The strategic divestment of TASKING combined with our recent organisational changes and hard pivot to the cloud marks an inflection point for Altium in its pursuit of industry transformation. While TASKING is a great business, it does not play a central role in our design to realisation strategy for the electronics industry, which is being delivered through our new cloud platform Altium 365. The divestment of TASKING will free up organisational capacity and allow Altium leadership to focus on our main game, which is to expand Altium 365 and accelerate the adoption.”
Australiaâs Shops See Year-End Spending Boom as Optimism Returns
Dec 14 2020, 9:39 AM
December 13 2020, 11:30 PM
December 14 2020, 9:39 AM
(Bloomberg) Australiaâs retailers are preparing for a late-December spending splurge that could fuel the kind of recovery on the year-end wishlist of Reserve Bank of Australia Governor Philip Lowe.
(Bloomberg) Australiaâs retailers are preparing for a late-December spending splurge that could fuel the kind of recovery on the year-end wishlist of Reserve Bank of Australia Governor Philip Lowe.
Consumer confidence rose for a fourth straight month in December, climbing to a 10-year high. Lowe said just two months ago that greater confidence was the catalyst needed to prompt households to part with the extra savings they squirreled away during the lockdown.
Pound Drops as Failure to Break Impasse Drags Out Brexit Pain
Bloomberg 12/10/2020 Greg Ritchie, Vassilis Karamanis and Ruth Carson
(Bloomberg) The pound fell after a face-to-face meeting between European Union and British leaders failed to yield a Brexit trade breakthrough, with the two sides agreeing to keep talking until Sunday.
The currency dropped over 1% against both the dollar and euro as traders looked to yet another cut-off date for a deal, and as officials with knowledge of the discussions said negotiations are on course to end without one barring a dramatic last-minute intervention. Money markets brought forward expectations for a Bank of England rate cut, betting on a move to 0% in August from December 2021 previously.
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9 Dec, 2020 Author Ranina Sanglap
Westpac Banking Corp. s planned sale of its general insurance business marks among the final steps by major Australian lenders to exit noncore businesses as they sharpen focus on their main banking operations.
After Westpac completes its A$725 million deal to sell the business to Allianz SE in mid-2021, Commonwealth Bank of Australia may remain the only bank among the Australian big four to still have a general insurance arm. CBA too has said in the past that it is reviewing its businesses, including selling its general insurance operations.
In June,
The Australian Financial Review reported that Goldman Sachs is helping the bank prepare for a potential sale and pitch the business to interested buyers. CBA had said in 2018 that it was looking into a potential sale or partnership of the general insurance business as part of its efforts to sell its noncore businesses.