Anniversary of Raptis Southport failure
TODAY marks a year since the Gold Coast development industry was thrown into turmoil by receivers moving in on the Raptis Group's Southport Central project.
With just eight floors to go for completion, the action by project lender Capital Finance triggered a wave of anxiety across the city and its army of sub-contractors and building workers.
Much of that anxiety has yet to subside and veteran property figure Max Christmas added little comfort yesterday when he forecast the Coast market had about two years of pain to endure.
But Mark Witheriff, the Gold Coast boss of CB Richard Ellis, said the Coast has quickly rebalanced in the past year...read more
Source: Gold Coast Bulletin - 10 September 2009
Storm founder's desperate loan plea
STORM Financial founder Emmanuel Cassimatis tried desperately to salvage his customer base by offering to take over customers' spiralling debts as the global financial crisis took hold last year, an inquiry has heard.
The parliamentary inquiry into the collapse of the north Queensland-based financial services firm Mr Cassimatis begged the Commonwealth Bank not to call in margin loans against his clients as the value of their share portfolios plummeted.
David McCulloch, a former senior adviser at Storm told the inquiry's Townsville hearing that he and Mr Cassimatis flew to Sydney in late November 2008 to meet with representatives of the bank's margin lending arm Colonial Geared Investments...read more
Source: news.com.au - 2 September 2009
Banks could hike rates regardless - Swan
FEDERAL Treasurer Wayne Swan has warned that banks may be forced to raise interest rates independent of any action by the Reserve Bank.
While welcoming Australia's better-than-expected economic growth in the June quarter, Mr Swan said global financial pressures were still having an impact.
It could force the banks to lift rates ahead of the RBA, he said...read more
Source: news.com.au - 2 September 2009
