Daily Dispatches: NAB licks its wounds
National Australia Bank Ltd says it is considering its options after formally announcing that it disagrees with the competition watchdog's decision to block its $14bn takeover bid for the Australian and New Zealand businesses of AXA Asia Pacific. (Sydney Morning Herald )
The financial planning industry is divided over whether a National Australia Bank takeover of Axa Asia Pacific would have diminished competition in the already highly concentrated retail investment platform market. (The Australian)
About one in five working Australians have used a financial planner and that is only going to increase as the population ages. It is estimated that by 2050, nearly 23 per cent of the population will be aged 65 and over, compared with 13.5 per cent today. (The Australian)
Goldman Sachs reaffirmed its leadership among Wall Street banks as it reported its first-quarter profits doubled. But the news was overshadowed by the investment bank's growing legal problems. (Sydney Morning Herald)
