Latest news (24,652 items)

Discover improves profit, loses share

Morgan Stanley said that profit from its Discover card and related cards services operations declined in the February 2003 quarter compared with the November 2002 quarter, a period in which balances and card volumes increased, but the number of active accounts declined. read more

ERG note holders determine its fate

The survival of fare collection company and smart card play ERG will be in the hands of its convertible note holders this week, with a meeting of note holders on Friday set to vote on the first stage of a complex recapitalisation plan intended to cut debt and provide the company's with a chance to trade out its difficulties. read more

Maestro colonises local debit brands

The colonisation of domestic debit brands is enabling MasterCard to asset continuing double digit growth in Maestro, the card organisation's brand for PIN-based debit payments. read more

Suncorp no target

Suncorp's newish chief executive John Mulcahy is talking share prices. Mulcahy told the Courier Mail today that the bank's low share price did not make it a target. read more

Unsecured loans drive household debt

Unsecured loans, including credit cards and personal loans, are the driving forces in the growth of household debt in Australia, a Reserve Bank analysis shows. The analysis, published in the Reserve Bank Bulletin yesterday, shows: read more

Global Technology counts on shareholders

Global Technology Australasia, a vendor of "core" banking systems, says that it has the support of its controlling shareholder, Global Technology Limited of South Africa, and that its notionally fragile cash position "is under no real pressure." read more

Canada makes slow shift to chip card

Canada's banks may be on verge of making the commitment to shift to chip cards but not within the timeframe for conversion set in many markets of 2005 and 2006. Card Technology reports that Canadian banks will make an announcement by the middle of the year on the timetable for the conversion from magnetic stripe cards to chip cards. There are 50 million credit cards, 34 million debit cards and 450,000 point of sale terminals in Canada. read more

Julia Corp burnt on smart card play

Its back to copper and gold mining for Perth-based Julia Corp, with the sale of its smart card business Smart Silicon Systems to Sydney-based vendor Card Access Systems. read more

Pioneer Permanent profit dives

The costs of seeking to expand in north Queensland and the drain of meeting the costs of mortgage brokers' commissions have eroded the profit of Mackay-based Pioneer Permanent Building Society in the half year to December 2002. read more

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