Latest news (24,657 items)

Bond sales maintained

The news from yesterday's budget is that the Federal Government will maintain bond sales at between $2 billion and $3 billion a year, for the sake of the liquidity of the bond market, and invest the proceeds in term deposits with the Reserve Bank. read more

GE Capital deep in the red

GE Capital Finance Australasia fell into the red in 2002, with its consumer finance business recording steep losses. The business is the one of the main operating entities for the GE Capital group in Australia, and the entity used to purchase Australian Guarantee Corp from Westpac in May 2002. read more

Virgin grabs interchange, interest revenues

In Britain, where MBNA issues the card for Virgin Money, Virgin is understood to take a share of interchange and a share of net interest revenue for the benefit of letting the card issuer exploit the red brand. read more

Consumer business drags down BankWest

BankWest's disappointing earnings, subdued outlook and poor choices for its owner HBOS have little to do with dud loans to miners and vintners, in spite repeated focus about losses on some business loans published elsewhere. Rather BankWest is in trouble at its core, inside the consumer franchise. To recap: read more

HBOS a long term holder of BankWest

BankWest chair Ian McKenzie says the HBOS offer of $4.25 a share is "constructive", and that once reviewed by PricewaterhouseCoopers, will be put to shareholders for approval. So save for a heroic discovery of additional value by PwC in the expert's report it sounds like the HBOS offer will be shepherded through shareholders meetings for approval. read more

Westpac profit basics

This is from Thursday, of course, and would have been in Friday's edition if there was one. A reminder of the headline numbers: read more

Westpac back in business

The business line dubbed "business distribution" recorded $31 million gain in net profit over the half year, to $191 million from $160 million. The business line dubbed "business products", increased profit to $56 million from $54 million. read more

Westpac business banking share contradicts market surveys

Westpac's improving share of business banking (in the middle market and below) is a favourable indicator for the bank, and one that partially contradicts the findings of one research house on the tussle for market share in business banking. read more

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