Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).
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Rabobank rebuttal
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12 May 2004 12:00am
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Rabobank report 28 per cent return
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12 May 2004 12:00amIt turns out there is glossy but barely informative document at the Rabobank websites for Australia and New Zealand, described as the annual review. » read more »
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Treasury warns wealth affects the key economic risk
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12 May 2004 12:00amIn the "economic outlook" written by Treasury for the 2004/2005 federal budget paper, the econocrats nominate the "key risk" to the economic outlook as "developments in the housing sector, particularly the future path of house prices and the associated wealth effects on consumption." » read more »
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Net debt falls to 2.9 per cent of GDP
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12 May 2004 12:00amThe federal government will stick to its policy of maintaining about $5 billion in long bonds on issue in targeted lines of stock, as a subsidy to banks and investors and other risk managers, who, the government reasons, wouldn't be able to manage their interest rate risks without this risk. » read more »
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Super Group buys Commonwealth Fleet Lease
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11 May 2004 12:00amCommonwealth Bank of Australia developed a surprise and encouraging exit strategy from its 15 year old investment in the vehicle fleet management with business, with the announcement yesterday of an agreement to sell Commonwealth Fleet Lease to SG. Fleet Services Australia, a subsidiary of Super Group, a listed South Africa leasing services company. » read more »
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SG buys a top seven fleet business
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11 May 2004 12:00amSuper Group's announcement to the JSX provided a handy overview of the Australian fleet management and leasing sector, which is worth cribbing for future reference. » read more »
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Rabobank profit falls
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11 May 2004 12:00amBack in the middle of March, Rabobank sent around a brief and misleading press release about the state of its business. The bank asserted that its "operating profit", admittedly for "the Australia and New Zealand division" increased 12 per cent to $180 million. » read more »
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Interpay claims debit losses in Holland
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11 May 2004 12:00amInterpay, the network for the debits payments in Holland operated by eight domestic argues that debits payments is actually an unprofitable business, rather than one that yields oligopoly profits and makes between five and seven times some (unstated) benchmark rate of return which is what the Netherlands Competition Authority argues. » read more »
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Keycorp lands Westpac service contract
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11 May 2004 12:00amKeycorp is evolving from a payment terminal manufacturer and smart card play into a services provider, with a landmark contract to manage and completely replace Westpac's fleet of 72.000 payment terminals in Australia. » read more »
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Harmonised banking regulation studied at last
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10 May 2004 12:00amTwenty three years after New Zealand and Australia adopted the treaty on closer economic relations, regulators are finally getting around to harmonising banking law either side of the Tasman. » read more »
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Quarterly disclosure regime preferred
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10 May 2004 12:00amOne strength of New Zealand's approach to banking regulation is the quarterly disclosure regime. Banks commenced quarterly disclosure eight years ago and the quarterly statements are a valuable, if little scrutinised, window into trading conditions for the few analysts and journalists that take the time to read them (which includes this journal only occasionally). » read more »
