SYDNEY Commonwealth Bank of Australia (CBA) slashed its annual dividend by more than half to the maximum payout allowed by regulators, even as bad loan provisions amid the coronavirus pandemic drove its annual cash profit below market expectations.
SYDNEY Australian companies are likely to deliver smaller dividends in what is forecast to be the country's worst earnings season in a decade because of the coronavirus pandemic, with even firms that benefited from the upheaval expected to show caution.
SYDNEY BNP Paribas issued Australia's first green bond linked to the performance of an index tracking companies tipped to benefit from the country's transition into a low-carbon economy, aiming to bridge a gap in sustainable investment products.
SYDNEY AMP Ltd, Australia's largest financial advisory firm, said on Friday it expects its first-half underlying profit to more than halve, blaming the coronavirus pandemic and unsettled markets for a slump in fee income and higher credit losses.
* AMP shares fall 12%; full results due Aug. 13
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SYDNEY Australians will withdraw 56% more from their retirement savings than the government originally expected because of the novel coronavirus crisis, according to treasury analysis, as they use the tax-free money to repay home loans and boost cash in hand.
SYDNEY Australia's Macquarie Group on Thursday reported a lower first-quarter profit and continued to withhold earnings guidance for fiscal 2021, warning that the impact of the global pandemic would challenge each of its units.
* Excess capital up 14%, shares higher
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SYDNEY Australia's financial watchdog on Wednesday withdrew a request for banks and insurers to freeze dividends due to the novel coronavirus, but ordered them to pay less than half their profit to shareholders for the rest of the year.
SYDNEY Australian Prime Minister Scott Morrison cut short an interstate tour on Tuesday to help deal with a "very complex" coronavirus outbreak in aged care homes in Melbourne, the epicentre of a second wave of infection that has alarmed health officials.