Australia & New Zealand News
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Australia & New Zealand Banking Group Ltd. will have acquisition opportunities in Asia as new regulatory rules put pressure on European and U.S. banks to sell assets, Chief Executive Officer Mike Smith said.
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Sales of bond by top-rated foreign borrowers in Australia are slumping to the lowest level in more than a year as the fiscal crisis in Europe saps investor appetite for the region’s debt.
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Wheat is heading for the biggest slump in three years as the second-largest harvest on record swells stockpiles, easing shortages that drove global food costs to an all-time high.
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Genworth Financial Inc., the home- loan guarantor and life insurer, said it will sell a stake in its Australian mortgage-insurance business next year. Shares rose as much as 6.7 percent.