BRIEFS

Stockbroker charged

A Sydney stockbroker has been charged with five counts of dishonest conduct involving more than $1.8 million. Lawson Stuart Donald, 36, of Maroubra, worked as a client adviser for the stockbroking company Bell Potter from 2003 to 2008. The Australian Securities and Investments Commission alleges Mr Donald rebooked profitable share trades from a client account to two accounts controlled by him and then sold those shares for a profit.

BANKING

ANZ raising doubles

ANZ Banking Group has raised $1.34 billion of tier one capital via an offer of convertible preference shares, nearly double the amount it was originally seeking. ANZ said last month it was seeking to raise $750 million of the preference shares before increasing the offer.

BEVERAGES

ACCC ticks Foster's deal

The competition watchdog has cleared the beverage giant SABMiller to buy the local brewer Foster's for $10.7 billion, saying the takeover would not lessen competition for the supply of beer. The Australian Competition and Consumer Commission said it would not oppose the proposed takeover.

PROPERTY

House prices fall again

House prices fell for a second consecutive quarter and are expected to continue to decline as housing affordability becomes more of a factor for buyers. The National Australia Bank Property Index fell 14 points in the September quarter, following a five-point fall in the June quarter.

AVIATION

Takeover plan denied

The Air New Zealand chairman, John Palmer, told the airline's shareholders yesterday the recent purchase of more Virgin Australia shares was a strategic move designed to lift its presence in the Australasian market. Mr Palmer said the move did not point to an eventual takeover bid.

MEDIA

APN tells feel-good story

APN News & Media has re-affirmed earnings guidance for the second half of this year amid what it says are some encouraging signs in the advertising market. The media company said that it was entering the strongest trading period for the year and forward bookings

were encouraging.