This week was marked by news from IAG: the potential start of the long awaited sale of its troubled UK business, and the appointment of former eBay Australia boss Alison Deans on the board (an attempt to inject some digital economy thinking ?). ANZ finally released their Wealth Management Strategy, which didn’t seem to impress analysts because of lack of specifics. Bendigo purchasing the loan book of non-bank Southern Finance Group could signal a trend in response to regulators cracking down on this currently non-regulated sector (as mentioned in a previous radar after the collapse of Banksia).
On the macro front, previously flagged issues are continuing to unfold (in Australia, the US, the EU, and Asia) so no real breaking news, apart from possibly the notable appointment of Bank of Canada governor Mark Carney as Governor of the Bank of England next year: his philosophy will become important given the prominence of the role (and also closing any speculations regarding Glenn Stevens).
Two snapshots this week:
– A serious appendix on Rating Agencies recapping how the 3 US majors work, and also looking at how China is planning to disturb the current status quo.
– A more light hearted snapshot on Ricky Ponting who announced his retirement from cricket. It was suggested to acknowledge him, so I tried to catch this curly ball… and turned to ABC’s polymath researcher, columnist and panellist Greg Jericho and author of the Fifth Estate for batting tips. (just to say I didn’t transmute into a cricket analyst over the weekend, although that was a very educational innings… )