With the set-aside cut greatly, the industry hit an all-time earnings high of $155 billion, compared with $141 billion in 2012. Much of the improvement in banks earnings has come from a reduction in expenses in loan losses, the FDICs Brown said, attributing the reduction to the bottoming out of the home prices.
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Banker & Tradesman
The 49-store chain lost A$176 million ($163 million) in the year ended June and wont meet its target of 90 outlets by end-June 2016, Sydney-based Woolworths said in a regulatory statement today, adding Lowes will indefinitely defer an option to sell back its one-third stake. The Masters venture initially aimed to have 150 stores by this year. Five consecutive years of losses at the home improvement unit through 2016 will make it harder for Chief Executive Officer Grant OBrien to restore annual earnings growth of more than 10 percent, which Woolworths achieved for 11 consecutive years to 2010. The chain will likely post A$2.45 billion in net income in annual results due Aug. 29, an 8.6 percent increase from a year earlier, according to the average of 11 analyst estimates compiled by Bloomberg.
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Woolworths Sees Fifth Year of Losses at Home Improvement - Bloomberg
A subcommittee of the ZBA will meet every other Thursday to hear requests for variances including one- and two-family owner-occupied residential projects. The first hearing will be Sept. 11. Applicants interested in having appeals heard by the subcommittee can call (617) 635-5300.
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