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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And also sacks KPMG
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08 April 2004 12:00am
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Telcos rethink mobile phone recharge switch
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07 April 2004 12:00amThe effort by Optus, Telstra and Vodafone to develop a cheaper and innovative mobile payments mechanism has fallen over, with a decision by the three mobile phone operators to abandon places to jointly develop a mobile phone recharge switch. » read more »
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Eftpos hearing extended
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07 April 2004 12:00amThe appeal by the Australian Retailers Association and some individual merchants to the Australian Competition Tribunal over reform of Eftpos interchange fees is set for an extended hearing, with a second week added to a case that the tribunal once insisted be wrapped up in four days. » read more »
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Super funds top up Members Equity capital
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07 April 2004 12:00amIndustry superannuation funds are escalating their support for Members Equity, the bank now wholly-owned by about 40 odd funds through a trust managed by Industry Fund Services. » read more »
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Citibank lifts at call deposit rate
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07 April 2004 12:00amCitibank Australia has reinforced its recently achieved status as the price leader in the "online" deposit market, with the bank this week increasing the interest rate on its online cash manager product to 5.40 per cent from 5.25 per cent. » read more »
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BNZ tax manager turns tax inspector
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07 April 2004 12:00am
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Board arrogance NAB's problem
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07 April 2004 12:00amPricewaterhouseCoopers' defective report into National Australia Bank's foreign exchange options trading losses had some strengths; one of them being endorsement of the effort by, "the board and former CEO to change the culture of the National and promote a more transparent and less arrogant organisation." » read more »
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FRC commits Australian banks to new derivative accounting standard
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07 April 2004 12:00am
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Scottish Pacific accused of double charging
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07 April 2004 12:00amThe Federal Court recently considered allegations of double charging by Scottish Pacific Business Finance, a St George Bank subsidiary that specialises in debt factoring. » read more »
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Cautious Arab Bank targets food and medical industries
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07 April 2004 12:00amLast week this journal reported the 2003 profit for Arab Bank Australia, which seems a rare bird in the domestic banking market; willing to manage for profit rather than rapid growth. » read more »
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Leigh-Mardon debt swap at risk
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02 April 2004 12:00amThe bankers to Leigh-Mardon will emerge with a controlling stake in the security printer and mail house, though there was still a chance as of a few days ago that the drawn out talks over a debt for equity swap between LM and its bankers would fall over. » read more »
