Banking, insurance and financial services big hitter Suncorp Metway was floored when chief executive John Mulcahy resigned, after the bank announced its interim after-tax profit to be between $250 million and $270 million after being hit with significantly higher bad debt charges.
Suncorp said its bad debt expenses for the half year to December 31, 2008, would rise to $355 million - "significantly above forecasts," it said - on specific provisions and write-offs.
Suncorp said its board would declare an interim dividend of 20 cents per share, fully franked, down from 52 cents per share for the previous corresponding period.
Interim profit before tax and items, including those related to the Promina acquisition, will be between $470 and $500 million, Suncorp said in a statement.
Mr Mulcahy has agreed to stay on while the company looks for a new chief executive.
Showing posts with label Queensland. Show all posts
Showing posts with label Queensland. Show all posts
Thursday, February 05, 2009
Friday, January 23, 2009
Simonds Homes Queensland close down
Simonds Homes Queensland closed its doors this week and I say good riddance to them. If I could I would kick them all the way back to Victoria. They are not nice people to deal with in my opinion.
If I were buying a home anywhere in Victoria, Simonds Homes would be the last people I would contact.
As a past employee of Simonds Homes in 2008, I could see the writing on the wall.
Over priced homes and display items that you could not order at any price were only the tip of the iceberg.
Two days into the position and the State Manager was sacked.
The the new staff turned up as Mystery Shoppers to find what the problem was, and a new wave a managers, recycled golf buddies and others came and went.
Repeated attempts to direct my sales efforts to grow the business and my profile in the community I was working were met with cold water.
I heard stories from nice people that had in my view the misfortune to buy their homes and then have to endure the terrible service that they delivered.
Then without warning they marched into my sales display office at Reedy Creek and ordered me out, with the new draftsman the New State Manager and the New Sales Manager as beef, without a reason, without payment in lieu of notice, without 6 weeks pay for the time they had not pay me.
I am currently taking action through Government bodies and legislation to recover monies owed to me. I am sure that there would be others who need help to recover unpaid wages from these guys.
Some say Simonds Homes tactics are a blight on the building industry and this is a view shared by others as told to me who served and said they were not paid by them.
I am sure that there are other sales people, contractors, draftspeople and office staff that feel they they also have been duded that have worked at Simonds Home Queensland.
There are probably similar stories in Victoria.
If you have suffered through not being paid your wages or earnings through Simonds Homes Queensland or Simonds Homes what you feel you are owed by Simonds Homes in Melbourne or Victoria, please contact us here.
Maybe we can start a class action against Simonds Homes to recover our unpaid salaries, wages, commission, and fees.
If I were buying a home anywhere in Victoria, Simonds Homes would be the last people I would contact.
As a past employee of Simonds Homes in 2008, I could see the writing on the wall.
Over priced homes and display items that you could not order at any price were only the tip of the iceberg.
Two days into the position and the State Manager was sacked.
The the new staff turned up as Mystery Shoppers to find what the problem was, and a new wave a managers, recycled golf buddies and others came and went.
Repeated attempts to direct my sales efforts to grow the business and my profile in the community I was working were met with cold water.
I heard stories from nice people that had in my view the misfortune to buy their homes and then have to endure the terrible service that they delivered.
Then without warning they marched into my sales display office at Reedy Creek and ordered me out, with the new draftsman the New State Manager and the New Sales Manager as beef, without a reason, without payment in lieu of notice, without 6 weeks pay for the time they had not pay me.
I am currently taking action through Government bodies and legislation to recover monies owed to me. I am sure that there would be others who need help to recover unpaid wages from these guys.
Some say Simonds Homes tactics are a blight on the building industry and this is a view shared by others as told to me who served and said they were not paid by them.
I am sure that there are other sales people, contractors, draftspeople and office staff that feel they they also have been duded that have worked at Simonds Home Queensland.
There are probably similar stories in Victoria.
If you have suffered through not being paid your wages or earnings through Simonds Homes Queensland or Simonds Homes what you feel you are owed by Simonds Homes in Melbourne or Victoria, please contact us here.
Maybe we can start a class action against Simonds Homes to recover our unpaid salaries, wages, commission, and fees.
Thursday, October 18, 2007
Queensland housing market on firm foundation
Who says young people are struggling to get their foot in the door of the real estate market?
Buyers, many of them in their 20s, are piling their cash into bricks and mortar, snapping up bargains as quick as they come up for sale.
And here's the reason why. A modest house in Brisbane has grown in value by 513 per cent since it was sold in 1992 for $57,500.
Jack Tsao, 27, bought the Mt Gravatt East investment property last year for $295,000 and will take it to auction next month.
Mr Tsao said his decision to sell follows an extensive six-month renovation on the house, which included painting, the installation of a new kitchen and bathroom and the addition of an extra room on the lower floor.
"I was going to keep it and rent it out," Mr Tsao said. "But then there was a lot of fixing up to do. It was my first experience at renovating."
According to the Real Estate Institute of Queensland the median house price for the suburb is $349,000.
The Courier-Mail has tracked the price growth of the house, at 909 Cavendish Rd, over the last 15 years.
Since 1992 the 625sq m property has been bought and sold four times, gathering a 513 per cent capital gain along the way.
If the price of consumer staples grew at the same rate, Brisbane shoppers would today pay $5.39 for a litre of milk, $7.44 for a loaf of bread, and $3.18 litre for petrol.
Newlyweds Georgina and Neil Mackenzie-Forbes have recently bought a property together for the first time - a New Farm townhouse they will live in but intend to rent out or sell in the future.
Both experienced property investors when they were single, Mr Mackenzie-Forbes, 36, said he and his wife were willing to pay up to $1 million for the right property. They paid $675,000 for their 200sq m house.
"This one was close to the city, and we liked the fact that it didn't need any work - we were able to just move in and enjoy (it)," he said.
Mrs Mackenzie-Forbes, 29, said she intended to keep investing in the property market in the future. "I think there are bargains still to be had, you've just got to get in there," she said. Source: Courier Mail
Buyers, many of them in their 20s, are piling their cash into bricks and mortar, snapping up bargains as quick as they come up for sale.
And here's the reason why. A modest house in Brisbane has grown in value by 513 per cent since it was sold in 1992 for $57,500.
Jack Tsao, 27, bought the Mt Gravatt East investment property last year for $295,000 and will take it to auction next month.
Mr Tsao said his decision to sell follows an extensive six-month renovation on the house, which included painting, the installation of a new kitchen and bathroom and the addition of an extra room on the lower floor.
"I was going to keep it and rent it out," Mr Tsao said. "But then there was a lot of fixing up to do. It was my first experience at renovating."
According to the Real Estate Institute of Queensland the median house price for the suburb is $349,000.
The Courier-Mail has tracked the price growth of the house, at 909 Cavendish Rd, over the last 15 years.
Since 1992 the 625sq m property has been bought and sold four times, gathering a 513 per cent capital gain along the way.
If the price of consumer staples grew at the same rate, Brisbane shoppers would today pay $5.39 for a litre of milk, $7.44 for a loaf of bread, and $3.18 litre for petrol.
Newlyweds Georgina and Neil Mackenzie-Forbes have recently bought a property together for the first time - a New Farm townhouse they will live in but intend to rent out or sell in the future.
Both experienced property investors when they were single, Mr Mackenzie-Forbes, 36, said he and his wife were willing to pay up to $1 million for the right property. They paid $675,000 for their 200sq m house.
"This one was close to the city, and we liked the fact that it didn't need any work - we were able to just move in and enjoy (it)," he said.
Mrs Mackenzie-Forbes, 29, said she intended to keep investing in the property market in the future. "I think there are bargains still to be had, you've just got to get in there," she said. Source: Courier Mail
Tuesday, August 07, 2007
Queensland housing affordability on a downhill slide
Queensland residential real estate developers say there has been a substantial slide in housing affordability across the state in recent years.
The Urban Development Institute of Australia has today released a new national affordability report.
It charts the change in affordability of 70 centres in Australia between 2001 and 2006.
Institute state president Brian Stewart says the change in Queensland mirrors that in other states.
"We've moved from a situation in 2001 where 83 per cent of homes sold that year were affordable to families on a median salary, to a situation in 2006 where they can only purchase 27 per cent of the housing stock in Queensland," he said.
"That's [a] very substantial slide in affordability."
Source: ABC
The Urban Development Institute of Australia has today released a new national affordability report.
It charts the change in affordability of 70 centres in Australia between 2001 and 2006.
Institute state president Brian Stewart says the change in Queensland mirrors that in other states.
"We've moved from a situation in 2001 where 83 per cent of homes sold that year were affordable to families on a median salary, to a situation in 2006 where they can only purchase 27 per cent of the housing stock in Queensland," he said.
"That's [a] very substantial slide in affordability."
Source: ABC
Tuesday, July 24, 2007
Wide Bay Building Society makes offer to buy MacKay Permanent Building Society
Building society Wide Bay Australia has launched a $46 million takeover offer for MacKay Permanent Building Society.
Wide Bay is offering Mackay shareholders $7.20 cash per share plus a fully franked dividend of 80 cents, or 0.6 of a Wide Bay share plus the 80 cent dividend.
"The combination of Wide Bay with Mackay Permanent would enhance our position as the largest financial institution based in fast growing Wide Bay, Central and North Queensland," Wide Bay chairman John Pressler said.
Bundaberg-based Wide Bay said it had already secured approval for its takeover proposal from 14.07 per cent of Mackay's shareholders.
In addition, Wide Bay currently has a 1.58 per cent holding in Mackay.
The acquisition is expected to be earnings per share accretive in the first year, Wide Bay said, and will be funded through existing facilities.
Wide Bay currently has 36 branches, with 34 of them in Queensland, and has total assets of $1.7 billion.
By 1036 AEST, Wide Bay shares were up 16 cents to $12.45. Mackay shares resume trading at 1100 AEST on Tuesday, having last traded at $7.
Source: AAP
Wide Bay is offering Mackay shareholders $7.20 cash per share plus a fully franked dividend of 80 cents, or 0.6 of a Wide Bay share plus the 80 cent dividend.
"The combination of Wide Bay with Mackay Permanent would enhance our position as the largest financial institution based in fast growing Wide Bay, Central and North Queensland," Wide Bay chairman John Pressler said.
Bundaberg-based Wide Bay said it had already secured approval for its takeover proposal from 14.07 per cent of Mackay's shareholders.
In addition, Wide Bay currently has a 1.58 per cent holding in Mackay.
The acquisition is expected to be earnings per share accretive in the first year, Wide Bay said, and will be funded through existing facilities.
Wide Bay currently has 36 branches, with 34 of them in Queensland, and has total assets of $1.7 billion.
By 1036 AEST, Wide Bay shares were up 16 cents to $12.45. Mackay shares resume trading at 1100 AEST on Tuesday, having last traded at $7.
Source: AAP
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