Speculation has been mounting in the markets that ASB Bank's parent company, Commonwealth Bank of Australia, may make a bid for Colonial.
Takeover speculation has driven up Colonial's share price over the past week, with the shares hitting a high of $8.60 each.
Brokers say that Commonwealth Bank was thought to be doing due diligence on Colonial.
Morgan Stanley out
New Zealand Guardian Trust is the latest manager to dump Morgan Stanley Asset Management as a manager of international shares.
JB Were have also relieved Morgan Stanley in the past 12 months, essentially for performance reasons.
Morgan Stanley was one of two active managers Guardian Trust used in tis Global Fund. It expects to make a new appointment in the first quarter of next year.
Statutory managers appointed
The Government has appointed statutory managers to a firm the Securities Commission has been warning investors about for some time.
Minister of Commerce Paul Swain says Wellington-based companies, IMI Pacific Group and Walakahai Pacific Corporation, and their principals, Willard Karaitiana Amaru and John Edward Baylis, have been placed under the statutory management of Christchurch insolvency specialists David Crichton and Keiran Horne.
About $6 million supposedly invested in high-profit bank securities overseas is believed to have been put by the promoters into North Island property investments instead.
The companies promoted returns of 13 per cent to 14 per cent a month from trading in bank instruments.
Index changes
The following changes will be made to the relevant New Zealand Stock Exchange indices on January 5.
NZSE 10: In, Warehouse; Out Fernz
NZSE 40; In, WestpacTrust; Out, Steel and Tube
NZSE 30: No changes
Spicers welcome higher taxes
Spicers says the Government's planned tax changes will be "a welcome incentive for high income earners to save for retirement."
As reported earlier (see features) there are a number of ways taxpayers on incomes of more than $60,000 can avoid the pending tax rise.
Spicers head of financial advice, Aaron Hing, says "legally minimising your tax liability is a part of sound financial planning, whereas illegal tax evasion is not and must be avoided."
He says the changes will provide a big comeback to saving through work schemes.
"That's great news for the economy as it should increase household savings and the pool of capital for investment, as well as reducing spending on imports which will help the balance of payments."
Colonial trust grows
The Colonial First State Property Trust has added another fully tenanted building to its portfolio. The latest acquisition is a fringe CBD building in Auckland.
The trust, which was listed in June, now has 14 properties and its total assets are $199.72 million.
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