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UniCredit designates investment banker Orcel as new CEO

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first_imgMILAN (AP) — Italian bank UniCredit says Andrea Orcel, one of Europe’s leading investment bankers, will replace outgoing CEO Jean Pierre Mustier, who offered his resignation this fall over strategic differences with the board. Orcel, a 57-year-old Italian, faces a shareholder vote before being confirmed in the role running Italy’s largest bank. Orcel spent 20 years at Merrill Lynch, where he helped manage some of the biggest bank mergers n Europe, including the merger of Credito Italiano and UniCredito to form UniCredit in 1998.  He most recently ran the UBS Investment bank from 2014-2018 and was slated to take over Spanish bank Santander in 2018, but ended up in a dispute over compensation.last_img read more

Queensland and Victoria drive surprise rise in building approvals

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first_imgBuilding approvals rose unexpectedly in October. Photo: Jodie Richter.The result was underpinned by a 24.3 per cent increase in Victoria and 6.1 per cent growth in Queensland, which outstripped the declines in all other states.More from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours agoNew detached house approvals saw a 1.9 per cent gain during the month — the fifth rise in six months, while unit approvals dipped by 0.2 per cent. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE But the growth is unlikely to last, with the Housing Industry Association expecting dwelling starts in 2018 to drop by 8.2 per cent followed by a further 10 per cent fall in 2019.“This will mean that new home building activity will ease to levels that remain high byhistoric standards,” HIA senior economist Shane Garrett said. New house approvals rose in October. Picture: Peter Wallis.CommSec senior economist Ryan Felsman also expected home building activity to ease in 2018 from recent historical highs, but” a ‘soft landing’ rather than a crash was likely given strong population and jobs growth, interstate migration and interest rate stability. Renovations and alterations could provide further support to housing activity amid an ageing stock of Aussie houses and units,” he said.CommSec doesn’t expect an official interest rate rise until at least the end of 2018. WHERE RENTING IS UNAFFORDABLE IN QLD Surprise rise in building approvals boosted by Queensland and Victoria. Photo: Glenn Hunt/Getty Images.BUILDING approvals rose unexpectedly in October, boosted by growth in construction activity in Queensland and Victoria.The latest data released by the Australian Bureau of Statistics shows the number of new dwelling approvals rose by 0.9 per cent during the month, on the back of a 0.6 per cent in September.The market had expected a 1 per cent decline. BRISBANE HOME PRICES STILL RISING last_img read more