ANZ National: offshoring may damage reputation

According to the financial workers union, ANZ National has announced that it will cut 100 local jobs, offshoring 90 of the positions to India. The union also claimed that the bank turned its back on prior public commitments to provide all affected workers with alternative roles. ANZ National's decisions will ultimately damage its public image, while also hurting the team morale of its workers.

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ANZ: bad debts partly offset by consumers' preference for major banks

On October 29, ANZ revealed that increased bad debts would reduce its profits for the 2009 financial year by 11% to A$2.94 billion, although there were also positive aspects to the company's results, with its revenues rising by 17%. Large banks such as ANZ need to exploit their size advantage to maintain market share as the economy recovers.

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ANZ: lowers dividend

Despite previous assurances, major Australian bank ANZ has announced that it is slashing its dividend by up to 25%, as a result of the global financial crisis. Although ANZ is the first of the large Australian banks to announce such a move, its rivals, including Commonwealth Bank and National Australia Bank, are now more likely to follow suit.

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Asia Pacific wealth: burgeoning market for philanthropic services

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Automatic pension enrolment will be too soon for some

Due to concerns that UK consumers are saving insufficiently for their retirement, employees are to be automatically enrolled into pension schemes. The initiative will start to roll out in 2012 and will be fully implemented by 2018. However, due to the current squeeze on many consumers' incomes, Datamonitor believes that it is not the correct time to initiate the program.

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Bacardi: in high spirits over 42 Below purchase

The news that Bacardi is set to acquire 42 Below, a leading New Zealand-based spirits company, will add another global brand to the liquor firm's burgeoning premium offerings, and further exemplifies the growing appeal of distinctive, upscale beverages in both the US and abroad.

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Cadbury: job cuts bitter the taste of sweet sales growth

Despite reporting strong sales growth, Cadbury has announced that it is to cut 580 jobs, 250 of which will be in the UK as part of a company restructure, with the remaining 330 in Australia and New Zealand. The UK confectioner appears to be taking this hard line action in order to prevent the impending global recession from harming its profitability while keeping speculative competitors at bay.

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Card payments: giving New Zealanders more credit

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Card payments: more New Zealanders plump for plastic

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Danone: Frucor sold to Suntory

Suntory has agreed to buy Frucor from Danone for a price reported to be over E600 million. Danone suffered a drop in share price despite increasing sales in the third quarter of 2008, and while the functional drinks sector in which Frucor operates has shown strong growth in recent years, it is now slowing and Danone is looking to focus on its core brands while reducing its overall level of debt.

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