Two million ANZ customers hit by banking glitch: Economy Roundup

Online banking services at ANZ were interrupted this morning due to a glitch that affected nearly two million customers.

It comes just one day after St George customers faced similar problems, with the bank saying customers were locked out for one hour yesterday morning.

ANZ said today the problem has been fixed, but customers were unable to access their internet banking between 9-11am, while others had limited access via ATMs.

Call centre and branches were affected by the problem, but ANZ officials say the problem has now been solved.

The Australian Bureau of Agricultural and Resources Economics has forecast iron ore exports to rise to 389.8 million tonnes during the current financial year, along with 422 million tonnes in the 2011 year.

Total commodity exports will reach $202.5 billion in 2010-11, representing a 23.4% increase from $164.1 billion during 2009-10.

“In 2011, all major export markets are forecast to experience modest growth, as demand for seaborne metallurgical coal continues to grow,” ABARE said in its June quarter outlook report.

“Reflecting continued recovery in the world economy, we are expecting growth in export earnings from the farm sector as well as the minerals and energy sector in 2010-11,” deputy executive director Paul Morris said in a statement.

The forecast also stated energy and mineral exports will total $169.8 billion during 2011, representing a 28.5% increase from the expected $132.2 billion. Energy experts will rose by 27.8% to $71.3 billion.

“The forecast increase in earnings from energy and minerals exports in 2010-11 mainly reflects the significant increases in recently negotiated contract prices for coal and iron ore and the forecast higher export shipments.”

Rural services group Elders has downgraded its earning guidance, saying it now expects to post a full-year loss because of low prices.

The company said in a statement it will post a loss of $8 million to $14 million for the 12 months ending 30 September, as opposed to a previous forecast of $55.7 million.

“One would have to think that management are going to come under intense scrutiny, with institutional holders likely to question their credibility and ongoing role with the company,” IG Markets market strategist Ben Potter said in a research note following the announcement.

Shares open lower due to low Wall Street sentiment

The Australian sharemarket has opened slightly lower this morning, due to weak leads from Wall Street where sentiment was dampened due to a credit downgrade from BNP Paribas.

However, European shares hit a seven-week high. The benchmark S&P/ASX200 index was down 21 points or 0.46% to 4591.3 at 12.15 AEST, while the Australian dollar opened slightly lower to US87c.

Commonwealth Bank shares lost 0.4% to $53.05 while NAB shares also fell 0.4% to $25.30. Westpac fell 0.3% to $23.76 as AMP also dropped 1.1% to $5.59.

Foster’s Group has signed a distribution agreement in the United States with Southern Wine & Spirits.

The agreement will see the US company sell Foster’s products in California, Florida and Illinois. Foster’s wines are already sold in these states through other distributors, but the new contract will take effect from 1 July.

Hockey criticises Telstra NBN deal

In Canberra, shadow treasurer Joe Hockey says the new $11 billion deal between Telstra and the Government for the National Broadband Network is a “massive punt”.

“This is a massive technology punt by Australian taxpayers,” he said, adding that he was “not prepared to sign off on anything without seeing all of the detail.”

However, rival telcos including Optus and iiNet have welcomed the deal, providing legislation is introduced that would prevent future secret deals from being made.

Meanwhile, NAB chief financial officer Mark Joiner has told the Australian Financial Review that an end may be coming soon to an era of generous mortgage lending.

Joiner notes high home lending returns on equity will return to levels seen in the past, and that margins will soon change, affecting how much profit can be earned.

Overseas, US stocks have continued to fall due to concerns regarding China’s intentions for its currency.

“The announcement was considered to be constructive, but markets were unable to sustain that euphoria as they looked at the details,” senior vice president at MF Global in Chicago John Brady told Reuters.

The Dow Jones industrial average fell 8.23 points, or 0.08%, at 10,442.41, while the Standard & Poor’s 500 Index fell 4.3 points or 0.38% to 1,113.21.