Always look on the bright side of lending
The comedian Jerry Seinfeld has been credited for playing a central role in helping one Australian financial institution pull through the recent financial crisis.
The comedian Jerry Seinfeld has been credited for playing a central role in helping one Australian financial institution pull through the recent financial crisis.The Greater Building Society, which has its headquarters in Newcastle, yesterday crowed about the success of its ad campaign starring the US sitcom star."The Greater's net loan approvals in 2009-10 grew by 12.5 per cent on the previous year, despite the dominance of the major banks and the impact of the global financial crisis on consumer confidence," said its chief executive officer, Don Magin, yesterday.The building society said its move into the Townsville market in March this year "was made easier by utilising Jerry Seinfeld's popularity to enter this new regional market for the first time".Filming for the second season of Greater commercials starring Seinfeld have started in New York. It is not the first time the comedian has been recognised by the Australian financial sector.In September last year, ANZ's chief executive, Mike Smith, described inconsequential market announcements or presentations as "Seinfeld updates".ANZ REFOCUSThe ANZ boss meanwhile has fuelled concerns the bank could be tempering its ambitions of becoming an Asian and Pacific atoll-focused "super regional bank".In a speech delivered at a lunch hosted by Australian Banking and Finance magazine yesterday, Mike Smith only mentioned the word Asia 10 times. Australia was mentioned 11 times, while China got five mentions, Japan two and India four. Guam, where Smith helped spearhead the bank's rebranding last year, was not even mentioned once. Neither was Tonga.Smith, in two separate speeches last September, mentioned Asia 19 times and 14 times respectively.NAB SNUBThe National Australia Bank's release of its June quarter trading update yesterday has led to one analyst suggesting the emergence of a new trend at the bank."At the risk of being seen to be overly sensitive, a pattern seems to be emerging," said an Axiome Equities analyst, Brett Le Mesurier, in a note, after explaining he didn't get to ask any of his questions in yesterday morning's conference call."This follows last May's results briefing when our repeated attempts to ask a question were ignored," said Le Mesurier's note."Can it be that NAB management is being protected from the harsh interrogation of Axiome Equities or is it just two unfortunate circumstances that have followed each other?"His two questions related to the decrease in the bank's Tier 1 capital ratio and the suspected increase in impaired loans.GREEN MACHINESThe 87-year-old pokie pioneer Len Ainsworth has turned tree-hugger. The Ainsworth Game Technology chairman concentrated his efforts at this year's Australasian Gaming Expo in spruiking a new environmentally friendly machine called the A560."We have made the A560 greener, leaner and smarter than its contemporaries," was the pitch put to CBD yesterday."The A560 uses one-third less electricity than conventional gaming machines, weighs 20 kilograms less, and has multiple times the computing power."Ainsworth's stand at the expo was conveniently located within a poker-face distance of the stand manned by his old company and now arch-rival, Aristocrat, which has been flogging its new Rose Tattoo-themed machine.Let's just hope the new green gambling machine helps counter the rise of sea-levels that are threatening to swamp the gaming room at Sydney's Star City Casino.BRADKEN BOOSTThe chief executive of Bradken Limited, Brian Hodges, has been treated to a thrilling rollercoaster ride, thanks to the group's rebounding share price.Bradken's accounts show that Hodges enjoyed an 11 per cent lift in base pay last financial year to $1.14 million. His base pay has now tripled since the company's first year of listing in 2004-05, where he was paid $319,730 for about 10 months' work.With share-based payments thrown in, Hodges's total remuneration last financial year rose 11 per cent to $1.6 million. The real kicker for Hodges has been the resurgence in the foundry company's share price, which over the past three years has gone from $15.29 to 94? and back up to $7.79.At last year's annual meeting, Hodges was granted 220,762 performance rights, which was well up on the number granted in previous years. The number of rights was calculated on 50 per cent of his total pay in the year to June 30, 2009, divided by the group's then depressed share price.He was granted 63,627 rights at the 2008 annual meeting.Hodges also topped up his bank balance last financial year by flogging $2.1 million of shares and exercising $398,455 worth of performance rights. According to Bradken's annual report, Hodges has options worth up to $1.6 million that are yet to vest. The Bradken boss is also sitting on a stake in the company worth $19.5 million.The Bradken chairman, Nick Greiner, during the year had to make do with an 8.5 per cent rise in his fees to $240,000.RICH TELL ALLParking spots might be scarce on the general aviation apron (aka corporate jet bay) at Sydney Airport late next month, due to the biggest influx of billionaires into the harbour city for several years.Forbes is set to host its annual Global CEO Conference in Sydney for the first time since 2005, with the wealthiest man on its rich list set to make a special appearance. The Mexican tycoon Carlos Slim (who is worth $US53.5 billion on the Forbes list) will be presented with a lifetime achievement award.Among some of the other locals and foreigners on the speakers' list are: Visy boss Anthony Pratt, Seven Group Holdings executive Ryan Stokes, former UNSW academic and Chinese solar technology billionaire Zhengrong Shi, Taiwanese billionaire Douglas Tong Hsu, Indian technology tycoon Shiv Nadar, Hong Kong billionaire Gordon Wu, US billionaire Ken Fisher and Yoshihiko Miyauchi, the head of the Japanese financial services group Orix which owns a baseball team.Forbes has let a few non-billionaires in, such as Telstra chairwoman Catherine Livingstone and the Australian-raised London hedge fund manager Michael Hintze. And you guessed it, the billionaire founder of Fortescue, Andrew Forrest, will be on two panel discussions.Telstra's heavily-unionised workforce might be keen to listen to Livingstone's thoughts in her panel discussion "All hands on deck". Some of the questions it will pose include: "How can corporate leaders boost the productivity and longevity of their employees? Does one hire in-house, outsource or offshore?"ROD RETIRESTrans-Tasman relations have taken a blow after the successful Sydney Olympic bidder Rod McGeoch announced his retirement from the Telecom New Zealand board. McGeoch, who in the past has described himself as an "Australian who cares about New Zealand", has gone to pains in recent years to boost his popularity on the other side of the ditch. He was part of the committee that helped New Zealand snare the 2011 Rugby World Cup. McGeoch is yet to signal whether he plans to resign as chairman of Australasia's tallest gambling den, Sky City.Got a tip? Use our online tips box or email srochfort@smh.com.au
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