bank suicide bombers - alan kohler, page-2

--About the only good news from Friday's session on the ASX is that neither the All Ords or the ASX/200 closed on the lows. Both were down for the day. But by the end of trading both seemed to come to their senses, get up off the floor, and keep on keepin' on.

--And the week starts off with a positive bit of news: Centro Properties may be saved by its bankers. Today's Age reports that its financial backers will throw Australia's second biggest retailer a lifeline. Good timing, too. Centro has $2.3 billion in debt it needs to roll over or pay off by the end of the day.

--The group says its 770 shopping centres in the U.S., New Zealand, and Australia are doing just fine. It's the leverage behind its $22.6 billion managed funds portfolio that's killing it. Unable to refinance debts, it's worried about an asset fire sale.

--The consumption boom and the property boom (both retail and commercial) have their origins in the larger credit boom. Here in Australia, the consumption boom is silently going bust. Or at least it's under a lot of strain, if you ask Gerry Harvey. You have to wonder how long Centro's good vibe is going to last.
NOTTHEMAMA