Latest news (24,996 items)

HBOS warns intsos on BankWest offer

HBOS plc chief executive James Crosby lobbed a great letter into the stock exchange news feed yesterday, written to rebut the bleating by some institutional investors over the scheme of arrangement under which HBOS proposes to take out minority shareholders in Bank of Western Australia at $4.25 a share. read more

Bendigo starts to reap rewards

Bendigo Bank is showing signs of extracting half way decent returns from five years of investment in growing its retail banking franchise outside Victoria, and from starting to make a greater effort in product lines such as business banking and cards. read more

Bendigo arrears rise

Bendigo Bank's level of loans past due by 90 days or more has taken a significant but notional leap, to $47.2 million at June 2003, up from $13.9 million at December 2002 and $15.4 million at June 2002. read more

Bendigo grows business loans

Though starting from a low base, Bendigo Bank is making ground in business banking. The bank says that business loans increased by 9.7 per cent to $1.45 billion at June 2003 over December 2002, and up 16.7 per cent over June 2002,or a rate of growth that's about three times that of all banks for the full year. read more

MasterCard profit down

MasterCard Inc returned to the black in the June 203 quarter, with a net profit of US$50.0 million in the quarter, compared with a pre tax loss of US$425 million in the March 2003 quarter, and a pre tax profit of US$56.3 million in the June 2002 quarter. read more

Puma home loan arrears kick

There are signs from one mortgage manager that arrears in making payments on home loans are trending higher. Taking the experience from the information memorandum filed with the US SEC on one mortgage-backed home loan program, the Puma Global Trust No 4 read more

Retail lobby wins opening Eftpos round

The retail lobby beat the bank lobby in the first round of what may be a drawn out bout over the struggle for the reform of Eftpos, with the Australian Competition and Consumer Commission publishing a draft determination on Friday that rejects the application by 12 banks to collectively set Eftpos interchange at zero. read more

Banks look to ACCC change of mind

So how do the banks' handle the ACCC's decision from here? For a start, the decision is a draft determination, and the commission might yet be persuaded to change its mind. read more

Eftpos deal raises barriers to entry

The ACCC found the proposal for zero interchange would lead to a less competitive outcome than the status quo. In an analysis that echoes much of the retail lobby's attack on the banks plans, the ACCC cited several factors "likely to influence the effectiveness of competition between card issuing institutions and merchant acquiring institutions, including: read more

Approval hinges on Eftpos access review

The key issue for banks now is the Eftpos access review, a distinct process being undertaken by the Australian Payments Clearing Association in the context of the re-authorisation of the consumer electronic clearing stream, of CECS. read more

Banks can't be trusted on merchant fees

Even if banks do sort out an Eftpos access regime, they still face some hurdles. For example, the ACCC suggests banks have most of the bargaining power, and merchants little bargaining power, when it comes to negotiating merchant service fees. read more

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