Thursday, December 15, 2011

National Australia Bank signals it could "nab" future rate cuts

The National Australia Bank has indicated that future interest rate cuts might not be passed on in full.

At its annual general meeting in Adelaide today, NAB chairman Michael Chaney was the latest bank chief to warn that the debt crisis in Europe was pushing up the cost of sourcing money on global markets.

At a press conference after the meeting, chief executive Cameron Clyne said funding costs were a "major driver" of interest rate decisions.

"What we pay our depositors and what we pay to source offshore funds is a very important determinant of costs, and those costs are rising," Mr Clyne said.

Read my coverage on ABC News Online and my analysis broadcast on The World Today.

Mr Chaney was forced to justify the NAB's use of the government's guarantee on bank deposits in light of multi billion dollar profits.

James Packer says "no" to buying back into television - for now

The proposed shake-up of Australia's media ownership rules could herald a new era of opportunities for media companies, both old and new.

But the one time media magnate, James Packer, has signalled that he's not yet ready to jump back into the game.

Listen to James Packer's hesitation about buying back the traditional Packer farm broadcast on this morning's edition of AM.

Mr Packer, whose majority interests are now in gaming,  was speaking before the release of an interim review into Australia's media regulation which recommends abolishing cross media ownership rules.

The Government commissioned review was set up to work out how Australia's media regulations should adapt in the digital and media fractured age.

Monday, December 12, 2011

Britain's veto of EU fiscal pact heralds dangerous era of isolationism and protectionism

The European Union has been seriously fractured after Britain opted out of a critical treaty that will change the way the single market is regulated.

Britain's Prime Minister, David Cameron told reporters that he went to the European Summit looking for safeguards for companies in Britain but didn't get them. It was therefore not in Britain's interests, he said, to sign the new treaty.

But France and Germany are adamant that the other 26 members countries of the EU will push ahead with an agreement that now threatens to isolate Britain.

Read the special coverage on ABC News Online.

Here's my analysis of the fallout.