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Briefs: Gippsland to miss deadline, Suncorp finalises non-core loan sale, Nomura's losses grow, ANZ

01 August 2013 4:22PM
Gippsland Secured Investments will not meet its trustee's deadline of Friday to raise capital and head off the appointment of a receiver. GSI said in a statement on its website that "the tight timeframe of seven days announced by The Trust Company on 26 July 2013 is a constraint which requires GSI to conduct an accelerated process to obtain initial indicative proposals… GSI expects that additional time will be required for any proposal to be developed." Suncorp has received the final settlement proceeds of its A$940 million sale of non-core loans to Goldman Sachs. The group will use the proceeds to increase its dividend to 30 cents, up from 20 cents a last year, and to pay a special dividend of 20 cents a share. The group is expected to report a net profit of $480 million to $500 million for the 2012/13 financial year - down from $724 million last year. This includes an after-tax loss of $630 million on the non-core bank. Investment bank Nomura Australia made a loss of A$23.8 million in the year to March, according to a report in The Australian. It lost $19.4 million the previous year. Nomura made a big splash in the Australian market in 2009, when it bought Lehman Brothers' operations here, but since then the business has not gone to plan. Corporate advisory fees in the year to March were just $1.3 million. The Australian reports that ANZ will open a gold vault - its first - in Singapore this month. The vault will hold 50 tonnes of gold and is located near Changi Airport. The bank hopes the facility will enhance its appeal to wealthy investors in the region.

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