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The business week in numbers

AAP logoAAP 6/10/2016 Garry Shilson-Josling, Economist

One CEO with a big pay cut, another sporting a pricey watch, and some multi-billion dollar numbers in retailing and building.

The big and small numbers that grabbed attention - or should have - in the business world over the past week.

MONDAY

$42.4 billion. National Australia Bank has completed the $2.4 billion sale of 80 per cent of its life insurance business to Nippon Life, and expects a $1.2 billion to $1.3 billion loss on the deal. Chief executive Andrew Thorburn said the sale, announced last year, would enable NAB to focus on its core business in Australia and New Zealand.

TUESDAY

$9.1 billion. The value of building approvals was $9.1 billion in August, according to the ABS - $6.7 billion for housing and $2.5 billion for non-residential building. The total was up by $388 million or 4.4 per cent from a year earlier, less than half the 9.2 per cent rise over the previous 12 months.

WEDNESDAY

$25.1 billion. Retail trade rose by $694 million or 2.8 per cent from a year earlier to $25.1 billion in August, the ABS said. But at the current trend rate of growth, it would rise only $424 million or 1.7 per cent over the coming 12 months.

THURSDAY

$10,575. The recommended retail price of the Omega Speedmaster watch apparently sported by National Australia Bank CEO Andrew Thorburn as he was questioned by a House of Representatives Inquiry into the four big banks.

FRIDAY

$1.38 million. Nine Entertainment chief executive Hugh Marks was paid more than $1.38 million in the last financial year despite forfeiting 80 per cent of his target short-term incentives for a period in which Nine's underlying net profit declined 7.1 per cent to $120.3 million.

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