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News - NAB warns of rogue trading loss

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Australia’s biggest bank has warned that its losses from a foreign exchange trading scam could more than triple.

National Australia Bank (NAB) said losses run up by the four staff it suspended last week for rogue trading could go as high as A$600m ($455m).

It initially estimated the losses at A$180m but has now added a further A$5m to its known losses.

The rogue trades are being by Australian police and financial regulators as well as an NAB inquiry.

Losses set to rise

NAB chief executive Frank Cicutto said the bank was carrying out a revaluation of its foreign exchange options trading.

“Our initial view indicated that this revaluation will lead to additional losses,” Mr Cicutto said.

“There is a low that the total losses will be as high as market of A$600m,” he added.

NAB has appointed auditors Pricewaterhouse Coopers to get to the bottom of the scandal; that inquiry is due to report before the end of February.

NAB has suspended four traders in its Melbourne office and one of its London staff.

NAB owns just over 5% of troubled Australian business AMP and has tipped in the past as a potential buyer for the rest of the business, which owns Pearl, NPI and London Life in the UK.

If NAB’s losses from the rogue trading scandal do approach A$600m that would represent a hefty blow to the bank, which posted 2002 net profits of A$3.9bn.

Posted by on 11-06-2007 at 10:11 am
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Sport - Glamorgan reveal financial loss

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Glamorgan have announced that the Welsh county made a loss of 81,102 for the 12 months ending in November 2006.


Although the figure is an improvement on the previous year’s loss of 175,885, it is the seventh successive year the club has finished in the red.


That brings cumulative losses over the past seven years to 650,000.


However, this week saw construction begin on the redevelopment of Glamorgan’s Sofia Gardens home into a ground that can host Test cricket.


The Cardiff venue is undergoing a planned 7.5m redevelopment, designed to treble the current 5,500 capacity ahead of an Ashes Test match in 2009.


Glamorgan finance and commercial director Alan Hamer said: “The redevelopment of Sophia Gardens into a modern, purpose-built stadium will have a profound effect on the club’s finances.


“We are already in discussions with potential sponsors for the new stadium.


“And we will shortly open a sales office in Sophia Gardens to market the sale of hospitality boxes and business club memberships in the redeveloped stadium.”


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Posted by wonyo on 10-29-2007 at 05:10 am
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