30 March 2003
AMP Ltd will transfer its British banking portfolio to the Newcastle Building Society as it tries to restructure back to health. AMP’s UK ban has a Â£360 million mortgage portfolio, Â£60 million deposit portfolio & Â£12 million of loans on policy. The transfer should be completed within 3 months, subject to regulatory approval & contractual obligations. AMP aims to release $A500 million in capital by the end of 2003.
28 March 2003
The World Trade Organisation has followed last year’s declaration against US tax breaks for exporters through foreign sales companies, in which the WTO trade panel awarded Europe the right to impose $US4 billion of trade sanctions, by finding in an interim decision today that steel tariffs President Bush imposed last year were also illegal. Meanwhile US airlines have their hands out again, and Republican senators are supporting a $US3 billion aid package to tide them over the Iraq war period.