...Exercise: 1 – 7th Class of OSD Macquarie Bank Case Study Macquarie Bank is an excellent example of a highly successful organization, which has been able to maintain its success using an incremental adjustment process while operating in a rapidly changing environment. During the 1980s and 1990s, changes occurred in the environment of Australian financial institutions. These included rapid deregulation of the financial services sector by the Australian Labour Government. The critical moves involved were the floating of the Australian dollar, progressive removal of restrictions on competition between banks, building societies, merchant banks, and other institutions which offer financial services, and grant of new banking licenses including licenses to 16 foreign-owned banks to operate in Australia. From its inception as ‘Hill Samuel Australia’ in the early 1970s, the bank’s strategic focus was merchant banking (investment banking). In 1980, the bank commenced a process of diversification. But, with deregulation in the 1980s it diversified further, building up strength in specialist markets, particularly in high value-added niches (market segments) like corporate services, bullion and commodities. The pace of diversification quickened by the mid 1980s with the bank entering into a range of new areas including retail domestic banking, equity investments, property and leasing. Growth took place by way of both development and acquisition. Macquarie remains one of Australia’s most...
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...Introduction It is a requirement that, if an entity is defined as a reporting entity, it is required to release financial reports that comply with the Australian Accounting Standards Board (AASB) (Deegan 2008:83). Two companies have been chosen to analyse their reports, in particular the disclosures made in their respective reports. The two companies chosen to analyse are Commonwealth Bank of Australia (CBA) and Macquarie Bank Limited (MBL). CBA The Commonwealth Bank is one of Australia’s leading providers of integrated financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. It is one of the largest listed companies on the Australian Stock Exchange (ASX:CBA). MBL On 13 November 2007, Macquarie Bank Limited was restructured to form the newly created Macquarie Group Limited. It businesses comprise a range of investment, commercial and selected retail financial services. It is a global provider of banking, financial, advisory, investment and funds management services. Macquarie Group Limited is listed in Australia (ASX:MQG) Both companies have subsidiaries and associated entities. The three disclosures that will be discussed and compared are 1) Foreign Currency transactions – AASB 121 2) Joint Ventures AASB 131 3) Segment Reporting AASB 114 Foreign Currency transactions AASB 121 governs foreign currency transactions. The disclosure requirements are: 1) Method used...
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...HONG KONG/CHINA Bosideng International A warm and cosy stock A dominant brand with household recognition We initiate coverage on Bosideng with an Outperform, with 35% upside to our target price. Bosideng dominates China’s down jacket market with an estimated 37% market share in CY10. Its top brand is ranked the 13th most valuable consumer brand in China. We expect core revenue CAGR of 13% in FY12-14 on the back of continued penetration of down jackets in China. Additionally, Bosideng is building out a menswear business. While this makes up only 10% of revenues in FY12E, we expect it to generate organic revenue CAGR of 33% with the potential for further upside from acquisitions. High free cash flow and dividend yield Photo taken by the report’s lead analyst in rural China. “A Christmas to remember” – December 2010 3998 HK Price 27 Oct 11 12-month target Upside/Downside Valuation - PER Outperform HK$2.07 HK$ % HK$ 2.80 35.3 2.80 Bosideng is currently sitting on HK$2.8bn net cash and we forecast a free cash flow yield of 6% in FY12, rising to 10% in FY14. With a 75% payout ratio, Bosideng should generate a dividend yield of 8% in FY12. Bosideng is looking to make acquisitions in the highly fragmented menswear market. Past acquisitions have been successful and we don’t think it is likely the company will make any acquisition that depletes more than half of the cash pile at most; thus we think the dividend is secure. Market concerns are overdone Six out of...
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...第Ⅲ部 主要 金融이슈 129 第 3 章 國內銀行의 海外進出 戰略 : 중국을 중심으로 徐 丙 昊 1. 국내은행의 해외진출 필요성 최근 국내의 은행산업은 저성장과 부동산시장에 대한 건전성 규제 강화로 자금운용 상 제약이 커지고 있으며, 경쟁 심화로 순이자마진이 하락하는 등 유기적 성장(organic growth)의 한계에 도달하고 있다. 게다가 금융구조조정 이후 중소기업 및 가계에 대한 새로운 대출수요가 대부분 충족되면서 여신시장은 포화상태에 도달하고 있다. 물론 중소기업대출의 확대와 유가증권관련 평가이익의 증가 등으로 최근 높은 당기순이익을 유지하고는 있으나, 은행간 및 타 금융권과의 경쟁심화로 ROE와 총이 익률 등 수익성지표들이 하락하는 모습도 함께 나타나고 있다. 또한, 향후 자본시장 국내은행 순이자마진 추이 (단위 : %) 2.81 2.80 2.66 2.59 2.50 2.50 2.40 2.62 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 자료 : 금융감독원,『은행경영통계』 각 호 및 정례브리핑자료 130 金融動向 / 2007년 여름 국내은행의 총이익률 추이 (단위 : %) 2. 98 2. 99 2. 98 2. 98 2. 92 2. 86 2. 82 2005. Q2 2005. Q3 2005. Q4 2006. Q1 2006. Q2 2006. Q3 2006. Q4 주 : 총이익률=총이익(이자+비이자이익)/실질총자산 자료 : 금융감독원 요구불예금과 CMA증가율 추이 (단위 : %) 41.4 22.2 20.9 11.3 6.7 5.5 -0.7 -9.3 10.3 3.0 2002 2003 2004 요구불예금 증가율 2005 CMA증가율 2006 주 : 1) CMA는 각 회계 연도(3월말) 기준이며, 2006년은 12월말기준임. 2) CMA는 종합금융회사, 증권사의 CMA 수탁금 기준임. 자료 : 금융감독원 第Ⅲ部 主要 金融이슈 131 통합법에 기초하여 자본시장 발전이 예상됨에 따라 은행들의 미래 수익성은 더욱 불투명해질 것으로 보인다. 따라서 국내은행의 해외진출은 미래의 안정적 수익기반 마련을 위해 요구되는 현안이다. 국제화의 성패는 중장기적 비전의 타당성과 단기적 전략의 효율성에 의해 좌우 된다. 해외진출의 역사만 100년이 넘는 Citigroup과 HSBC의 사례에서 보듯이 해외 진출을 통한 국제화는 하루아침에 이루어지지 않으므로 중장기적 비전을 가지고 국제화 달성을 위한 구체적 모델을 세워야 한다. 본고는 국제화의 다양한 패턴을 설명하고, 각 패턴의 장단점을 고려하여 우리나라 은행들에 가장 적합한 국제화 모델을 찾아봄과 동시에 최우선 해외진출 대상 중 하나로 꼽히는 중국시장의 진출 전략에 대해 살펴보고자 한다. 선진은행의 국제화 패턴 132 金融動向...
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...com/group/accounting-260-assignment-cfs/page-0 * Cached Accounting: ADVANCED FINANCIAL ACCOUNTING 260 ASSIGNMENT 1, 2013 On 1 July 2011, Snake Ltd acquired all the shares of Rat Ltd on an ex-div basis. 3. [PDF]Volunteer Yearbook 2014 - South Australian Country Fire ... www.cfs.sa.gov.au/public/download.jsp?id=70377 * Cached CFS VOLUNTEER 2014 YEARBOOK. 1. YEARBOOK □ .... have heard first-hand accounts of ... and Finance, with Investigation as a new role to AIIMS. ..... advanced fire truck through its paces. ..... resulting in over 260 rural fires, a number of. 4. Developing Intelligent Tutoring Capacity in the Accounting ... ijlhe.cgpublisher.com/product/pub.260/prod.71 * Cached May 6, 2014 - Thomas lectures in financial accounting at Macquarie University. ... advanced teaching programmes at the Frankfurt School of Finance and ... 5. [PDF]NDSU Course Descriptions 2014-2015 - North Dakota State ... www.ndsu.edu/fileadmin/bulletin/courses/201415.pdf ABEN 783 - Advanced Structures and Environmental Systems. Detailed ... Introduces financial statements and other accounting information to make personal and business decisions. ...... Cross-listed with CFS 452 and SAFE 452. 3 .... A laboratory course designed to supplement lecture material covered in ANSC 260. Ewdklnewc ewc ew cwecwe ce wcew c ewc ew c ewc ew c ew c ew c ewc ew c ew cewcew c ew c ew cwecew c ewc ewcewc ewcewc mc mc cncn cn cn cn cn cn nc nc cn cn cn...
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... As many may know, penguins in the Antarctic contain a rough life. In between November and February, every 251 Adélie breeding colonies line their nests with pebbles to prepare for their two eggs that they are about to lay. They make their nests slightly higher than the surrounding ground, therefore when the temperature ascends, causing the snow to melt, their breeding grounds do not flood. The male and female parent take equal duties caring for their eggs and chicks. These duties include protecting their egg or young from skuas, as well as feeding their chick regurgitated krill. After two months, the chicks become independent. Fully grown, this two foot three, eleven pounded bird, embrace their black backs and a white front, creating a tuxedo effect in addition to a white ring around each of their eyes. The Adélies tend to cover their colonies in feces, therefore any colony would be very loud and smelly. While out at sea these birds can swim up to seventy-two kilometers per hour. Unfortunately, these prodigious birds are decreasing in numbers due to global warming. Unlike the Adélie, the emperor penguins lay their 1.1 pound egg in the harshest of the weather, between April and December. Similar any other penguin, the skuas prey on the penguins eggs and young. Due to the yellow feathers among the bird's neck, the emperor can be considered the most colorful above all penguins. Approximately, 80 to 90% of their feathers help with insulation from the frigid temperatures. With the...
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...Journal of applied research in accounTing and finance Publication Information JARAF - The Journal of Applied Research in Accounting and Finance is a scholarly peerreviewed journal jointly published by The Centre for Managerial Finance at Macquarie Graduate School of Management and the Faculty of Economics and Business at The University of Sydney. All journal articles published in JARAF are subjected to double-blind peer-reviews by qualified international experts. Months of Distribution: July – December Current Edition: Volume 3, Issue 1 (2008) ISSN 1834-2582 (Print) ISSN 1834-2590 (Online) Editors Tyrone M. Carlin Professor of Financial Reporting & Regulation Faculty of Economics and Business The University of Sydney NSW 2006 Australia Nigel Finch Director, Centre for Managerial Finance Macquarie Graduate School of Management Macquarie University NSW 2109 Australia Editorial Advisory Board Edward I. Altman Max L. Heine Professor of Finance Stern School of Business, New York University (USA) Author Enquiries For information relating to the submission of articles, visit the JARAF website at: www.mgsm.edu.au/journals/jaraf Please address all enquires to: Nigel Finch Editor JARAF Macquarie Graduate School of Management Macquarie University NSW 2109 Australia Email: jaraf@mgsm.edu.au Phone: + 61 2 9850 9030 Fax: +...
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...government and I exchange chartered bank with provide them financial stability, in Canada focuses on banking sector that’s why brokers dealers and security market remain much at smaller .The banking system of branch was oliogiopolisty that imply the system which has limited supply of banking services and cost as compared to their competitors . In our previous work (Bordo et al., 1994) we analyzed that the Canadian banking is not categorized in higher cost as compared to US. The banking of Canada same returns on equity and largely used MMMFSs After 1987 they became a vital part of Canada banking, at that time government had given them permission to create MMMFs and half of total MMMFs are kept at bank which means that they are within the banking system. According to (Byung kyong & Niamh Sheridan,2012) Canada’s three large bank weighted average is two an half time smaller than Australia’s four major banks however non performing rate of housing loans in Australia and Canada are almost same in recent years. The mortgages in Canada are provided by Canada mortgage and Housing Corporation own by Government are assigned at weight of zero risk, therefore the lowest risk of residential mortgages of four large Canadian banking is almost 70% in comparison with 40% of major Australian banks. In Australia uses conservative approach in banking which help them in the stability of financial sector.180% of GDP in Australia is combined asset of four major banks, Australia has to paid the attention...
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...advice cost 3000–4000 investors in Queensland, New South Wales and Victoria around $3 billion. Yet these financial collapses happened at almost exactly the same time: Bernie Madoff was led away in handcuffs in December 2008, just as Storm’s banks pulled the plug on the big Townsville-based financial planner and its unfortunate clients. There are, of course, huge differences between the two cases, not least that Bernie Madoff pleaded guilty and Storm’s founder, Emmanuel Cassimatis, didn’t steal investors’ money. But there are also strong similarities; these two super salesmen helped wreck the lives of thousands of elderly investors. Cassimatis’ ex-partner, Ron Jelich, who sold his financial planning business on the Gold Coast to Storm and became a key player in the group, told a parliamentary inquiry in 2009 that the collapse had inflicted “total horror, emotional despair and psychological terror” on “thousands of loyal, innocent, trusting, decent Storm clients”, whose lives had “been shattered, in many instances, beyond repair”. Yet more than two years later, Emmanuel and Julie Cassimatis, the two principals of Storm, have not been punished, no adviser has lost his financial services licence – as far as we know – and the banks who put up the money for investors to gamble with have...
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...3 Consumer loans 4 2.2 Islamic loans 5 2.2.1 Interest prohibition. 5 2.2.1.1 Riba (Usury) 5 2.2.1.2 Why is riba prohibited 6 2.2.2 Types of loans in Islamic banking 6 2.2.2.1 Qard al-hasan 7 2.2.2.2 Ijara 7 2.2.2.3 Murabaha 8 2.2.2.4 Musharaka 8 2.3 Effect of Islamic loans objective and economic incentives on its market power in relation to conventional loans 9 2.3.1 The effect of Islamic Loan Objective on its Market Power 9 2.3.2 The effect of Islamic Economic Incentives on its Market Power. 10 2.4 Research gap 11 3. Methodology 12 4. References 17 1. Introduction Islamic economics and Islamic banks have grabbed the attention of millions of people around the world. That is because Islamic banks have assets that can be estimated as 300 billion USD around 75 countries in the world with 15 % annual growth rate (Weill 2010: 5). Islamic economics or banking systems are based on a set of morals and rules taken from the traditional Islamic sources. These rules are modified now to be able to act as a competitive substitute to conventional economics or commercial banking systems (Kutlughan 2010: 181,182). This paper will examine the difference between Islamic loans and Conventional...
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...Chapter 3 Factors Driving Further Change Introduction 3.1 This chapter describes the major factors driving change in the financial system and identifies some of their implications. The key regulatory challenges posed by these developments are examined in more detail in later chapters. Material presented in this chapter represents preliminary observations of the Inquiry and will be refined and amended as necessary for the Final Report. 3.2 Four key factors driving change are: globalisation; ¾ technology; ¾ consumer needs and demands; and ¾ financial innovation. ¾ 3.3 While this chapter addresses these factors separately, they interact with and affect one another. For example, global competitors have emerged in Australian markets partly because technological developments have enabled them to access Australian consumers. Similarly, consumer demand for certain financial products, such as securitised home mortgages, has been stimulated by technological developments that have made those products both feasible and accessible to consumers. 3.4 This chapter also considers market implications of these driving change, including changes to wholesale markets, financial providers, products, and distribution channels. Some of these implications are evident as early trends now, and the real question factors service market is how . . . 45 Financial System Inquiry quickly such trends will be borne out. Others fall into the realm of the merely possible. In order to frame recommendations...
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...The Australian Financial System in the 2000s: Dodging the Bullet Kevin Davis* Abstract The global financial crisis (GFC) occupied only a quarter of the decade of the 2000s but, because of its severity and implications for future financial sector development, dominates the decade. The Australian financial system coped relatively well with the GFC, raising the question of whether there was something special about its structure and prior evolution which explains that experience. This paper reviews Australian financial sector performance and development over the decade, then provides a more detailed overview of the Australian GFC experience and its implications, and considers explanations for the Australian financial sector resilience. 1. Introduction The Australian (and global) financial system entered the first decade of the millennium preparing for a systems crisis, in the form of the Y2K computer scare, which on 1 January 2000 passed without event. But towards the end of the decade, the financial sector was faced with, arguably, its most serious systemic crisis ever, which the Australian financial system and economy weathered relatively well compared with advanced nations in the northern hemisphere.1 While the GFC occupied only one-quarter of the past decade (from mid 2007), it prompts the questions which this review must seek to answer. Was there something about the structure and evolution of the Australian financial system which explained its resilience in the face...
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...management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. The name UBS was originally an abbreviation for the Union Bank of Switzerland, but it ceased to be a representational abbreviation after the bank's 1998 merger with Swiss Bank Corporation.[3] The company traces its origins to 1856, when the earliest of its predecessor banks was founded. UBS is the biggest bank in Switzerland, operating in more than 50 countries with about 63,500 employees globally, as of 2012.[4] It is considered the world's largest manager of private wealth assets; with over CHF2.2 trillion in invested assets,[5] a leading provider of retail banking and commercial banking services in Switzerland. According to the Scorpio Partnership Global Private Banking Benchmark 2013, UBS had assets under management (AuM) of US$1,705.0 billion, representing a 9.7% increase in AuM versus 2012. UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains one of the bank's largest shareholders.[6][7] The bank also received capital from the Swiss government[8] and through a series of equity offerings in 2007, 2008, and 2009. UBS is a joint-stock company according to Swiss law, headquartered in Basel and Zürich...
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...levels of activity on their behalf have enabled us to report substantial profit generation in difficult conditions. Our priorities in 2008 were (and remain): to stay close to customers and clients; to manage our risks; and to progress strategy. ” John Varley Group Chief Executive © Barclays Bank PLC 2009 Registered office: 1 Churchill Place, London E14 5HP Registered in England. Registered No: 48839 9910115 www.barclays.com/annualreport08 51° 30' 36"N London, UK 12pm GMT Contents Business review 3 Barclays today 4 Key performance indicators 6 Group Chairman’s statement 10 Group Chief Executive’s review 12 Financial review 15 Corporate sustainability 66 Our people 68 Risk management 69 Governance 151 Board and Executive Committee 152 Directors’ report 154 Corporate governance report 157 Remuneration report 171 Accountability and audit 187 Financial statements 189 Presentation of information 190 Independent Auditors’ report/Independent Registered Public Accounting Firm’s report 191 Consolidated accounts Barclays PLC 193 Barclays Bank PLC data 299 Shareholder information 315 Delivering our strategy Our strategy is to achieve good growth through time by diversifying our business base and increasing our presence in markets and segments that are growing rapidly. Consistent strategic...
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...prepared for Australia and New Zealand Banking Group Limited (“the Company”) together with its subsidiaries which are variously described as: ”ANZ”, “Group”, “ANZ Group”, “the Bank”, “us”, “we” or “our”. ANZ ANNUAL REPORT 2014 ANZ IS EXECUTING A FOCUSED STRATEGY TO BUILD THE BEST CONNECTED, MOST RESPECTED BANK ACROSS THE ASIA PACIFIC REGION WHO WE ARE AND HOW WE OPERATE ANZ’s history of expansion and growth stretches over 175 years. We have a strong franchise in Retail, Commercial and Institutional banking in our home markets of Australia and New Zealand and we have been operating in Asia Pacific for more than 30 years. Today, ANZ operates in 33 countries globally. We are the third largest bank in Australia, the largest banking group in New Zealand and the Pacific, and among the top 20 banks in the world. ANZ is building the best connected, most respected bank across the Asia Pacific region. The strategy has three key elements – strong domestic markets, profitable Asian growth and an enterprise wide approach to operations and technology. Our strategy is based on the belief that the future of our home markets of Australia and New Zealand are increasingly linked to the fast growing region of Asia through trade, capital and wealth flows. We also believe that people want a bank that understands their specific needs, and increasingly can meet these needs in more than one market through a variety of means. ANZ is particularly focused on the significant...
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