Latest news (24,867 items)

Glotec, Metyor fight for control of GTA

Control of banking software provider Global Technology Australasia seems to be up in the air with the alleged vendor of a controlling stake in the company denying that it sold its share. read more

BMW Finance accelerates

The financing arm of luxury car marker BMW increased profit and its share of the finance market in 2002, in spite of disappointing sales of BMW's and related car brands last year. For BMW Finance Australia, the local arm of BMW Bank: read more

Volkswagen loss

The financing arm of Volkswagen in Australia, by contrast, incurred a wider loss in 2002. However, Volkswagen Financial Services Australia incorporated only in mid 2001 and only commenced trading early in 2002. read more

Canon, Fuji lift profit; Toyota in decline

Thanks to KPMG's survey of the results of finance companies, published yesterday, we can report the brief results of some other finance companies this journal hasn't yet seen. read more

KPMG finance company round-up

KPMG's annual survey of the results of finance companies in Australia is a useful read, but suffers from not taking into account the performance of GE Capital, the largest finance company in Australia (which is in the red), or Ford Credit, the fifth largest financier (which made less money even as sales of Ford motor cars increased). read more

Alliance Finance misses the mark

The profit of Alliance Finance, a financier of insurance premiums and computer equipment, has slumped in the June 2002 half, and the newly listed group will miss its previously published forecasts. read more

Aussie brokers $400 million a month targets $1 billion

Business is booming at Aussie Mortgage Market, the home loan provider that once tried to beat the banks and now works with them. Aussie's founder and managing director, John Symond, said in an interview yesterday that, "everything's falling into place. It's really flying at the moment. read more

Symond considers commission change

Symond said the trend in the mortgage market was for a change in the structure of broker commissions. At the moment, the average commission earned by Aussie is about 0.7 per cent up front, plus a trailing commission of about 0.25 per cent in other words, much the same that is earned by many other brokers. read more

Suncorp banking shake up

The Courier-Mail reports that tomorrow's strategy presentation by Suncorp will involve an unexplained "shake up" of the banking arm of the financial services group. read more

Collection House falters

The business models of the consolidation plays in the debt collection sector are in the spotlight again, with Collection House yesterday revealing that it reduced its June 2003 full year net profit forecast to between $8 million and $9 million down from a forecast net profit of between $12 million and $13 million, published about two months ago. read more

Macquarie targets New Zealand advisers

Macquarie Bank are masters at publishing an elegant and lengthy annual report that manages to somehow avoid content. Ignoring how much executives got paid, about the only news is the time frame that Macquarie allows for the bank's "financial services" unit to turn a decent profit - which is "in the longer term", as opposed to the other Macquarie's divisions which all assert they report an improved profit in 2004. read more

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