VENTURE CAPITAL POST

Joyce Phillips, head of Australia & New Zealand Banking Group's wealth management business, is stepping down from the bank after a restructure of wealth business. The restructuring move will reduce the bank's expenses.

Fortescue Metals reported a 4% decline in its first six-month net profit owing mainly to the fall in commodity prices. The company has declared an interim dividend of A$0.03 (fully franked).

Iluka Resources said it will cease production in zircon operation at Jacinth-Ambrosia project in South Australia following fall in zircon prices. The company's decision will positively impact the global market.

National Australia Bank posted an 8% increase in its quarterly cash profit helped by robust results in wealth sector and rise in lending volumes.