Australia to trade yuan
China will start direct trading between the yuan and the Australian dollar from tomorrow, Australian Prime Minister Julia Gillard said. Australia & New Zealand Banking Group Ltd and Westpac Banking Corp have been approved by the People’s Bank of China as market makers for the direct trading of the currencies, Gillard said at a press conference in Shanghai yesterday. A formal announcement of the plan, which will see the Australian dollar become the third major currency allowed to have direct trading links with the yuan, will be made today, she said.
Accounts log monthly surplus
Authorities posted the nation’s first current account surplus in four months in February, reflecting narrower trade deficits and robust income receipts from investments overseas, government data showed yesterday. The current account balance, the broadest measure of the nation’s trade with the rest of the world covering trade in goods, services, tourism and investment, logged a surplus of ￥637.4 billion (US$6.5 billion) in February. The monthly surplus nearly halved from the year-before surplus of ￥1.2 trillion, but reversed the deficit of ￥364.8 billion in January, data showed.
PM calls for spending cuts
Prime Minister Pedro Passos Coelho called for severe cuts in public spending after a court rejected a number of austerity measures, as the EU warned the debt-hit nation to respect the aims of its international bailout. In an address to the nation on Sunday night, Coelho said there would be no new tax hikes this year, but that measures would be taken to “contain public spending in the areas of social security, health and education.” He did not go into details of the anticipated cuts. His government has been involved in seeking to slash public expenditure by 4 billion euros (US$5.2 billion) by 2015.
Aon to sponsor football club
Insurer Aon is to sponsor Manchester United’s training kit and have its name attached to the club’s training ground under a new eight-year agreement announced yesterday. It is the first time United have sold naming rights to their training ground in Carrington on the outskirts of Manchester in northern England. The facility will be called the Aon Training Complex under the agreement that begins in July.
Aquisition deal announced
Mitsubishi UFJ Financial Group Inc, Japan’s biggest bank, agreed to acquire about US$3.7 billion of property loan assets from Deutsche Bank AG to boost its commercial lending on the US east coast. Mitsubishi UFJ’s UnionBanCal Corp unit is to acquire a commercial real estate lending portfolio from PB Capital Corp, a unit of the German bank, it said in a statement yesterday. The transaction is expected to be completed in the second quarter.
Rogue trader to join firm
Nick Leeson, the rogue trader whose wrong-way bets on Japanese stocks ruined Barings PLC, is joining GDP Partnership to help advise Irish borrowers seeking to re-negotiate debts with their banks in the wake of the real-estate bubble collapse. Leeson, who has lived in Ireland for more than 10 years, is to join GDP as a principal as it expands into Dublin, the company said in a statement tweeted by Leeson.