Entrepreneur Kerry Packer Shuts Australian Forex Operation

CORPORATIONS

Australia's last major corporate currency speculator, Consolidated Press Holdings (CPH) Ltd., owned by flamboyant entrepreneur and sportsman Kerry Packer, has closed its foreign exchange dealing operation, says former senior trader Tony Jalandoni.

Forex dealers say CPH's move will reduce market turnover substantially in Sydney but is not unexpected following CPH's 1992 foreign exchange loss of A$348 million. "The Packer operation, despite being family-owned, was really big and could send shoc