Latest news (24,887 items)

Insurance executive takes helm at Home

David Jones, a former National Australia Bank executive, and then Catholic Church Insurances executive, takes over from Jim Freemantle as Home's chief executive from next month. read more

Motorcharge profit accelerates for ReD

The Motorcharge fuel payment card business is making more money for its new owner, British company Retail Decisions Plc, following the takeover in January 2002 and amalgamation with ReD's established Motorpass business in Australia. read more

Cards growth shifts to Eftpos in April

Reserve Bank data on the use of payment cards in April 2003 reinforce the trend in the early months of this year for card holders in Australia to gradually redirect their payment habits toward debit cards and away from credit cards. read more

Cards case needs the full six weeks

Given that the Federal Court has allowed MasterCard, Visa and the Reserve Bank to all call expert witnesses, the case in which the first two companies are challenging the regulations of the latter will now occupy the full six weeks reserved for the case. read more

Diners Club in decline

Spending on Diners Club's charge cards in Australia is in decline. Accounts for the subsidiary of Citibank show that "turnover" fell by 20 per cent in 2002, to $4.3 billion in 2002 from $5.4 billion in 2001. However, profit increased despite the slide in business volumes. read more

David Jones counts on cards business

David Jones said it expects growth in earnings before interest and tax from its credit card business of between five per cent and 10 per cent each year from 2004 through to 2006. read more

BankWest's local cards share improves

Chirs Whitehead, head of consumer banking at Bank of Western Australia, has clarified last week's press release which referred to BankWest recording a five percentage point increase in market share in credit cards in Western Australia. read more

Global Technology relieved of debt burden

Banking software vendor Global Technology Australasia will be relieved of debts owed to entities of its former controlling shareholder, Global Technology in South Africa (GloTec). read more

PMI ratches up duopoly mortgage profit

Australia's mortgage insurance duopoly is showing the benefits from the gradual consolidation of the industry over the last 10 years, the low level of losses arising from a booming property market and persistent growth in home lending of around 20 per cent a year. read more

GE Capital 1: Pallets arm revives

GE Capital's mortgage insurance arm may yet to reveal the details of its earnings for 2002, but accounts for more of the main operating entities of the GE Capital group in Australia have emerged via the Australian Securities and Investment Commission. read more

GE Capital 2: GE Capital Finance Australasia recap

As reported here two weeks ago, the most significant GE entity, GE Capital Finance Australasia, fell into the red in 2002, with its consumer finance business recording steep losses. The group recorded a loss before tax of $16.5 million, compared with a pre tax profit of $29.1 million. read more

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