Latest news (24,980 items)

NAB copies Westpac credit card rate

National Australia Bank have paid Westpac a favour and copied the introductory rate on credit cards of 4.9 per cent instigated by Westpac two months ago as one of the gimmicks for the launch of the Virgin credit card. read more

Cashcard index primes IPO

Cashcard yesterday began the promotion of a "retail activity index", a measure of consumer spending each month generated from Eftpos transactions processed by the payments provider. read more

Commonwealth Bank buys into Loy Yang A

The lenders to the Loy Yang Power Partnership look like they've saved their skin, and the vendors of the partnership have emerged with some take home change, as a consortium ld by AGL presses ahead with exclusive negotiations to buy the Loy Yang A power complex in Victoria. read more

ACCC sets conditions on Eftpos market

The ACCC has set conditions on the conduct of Telstra, and possibly also by Keycorp, in the Eftpos market following complaints by other telcos that it was impractical to compete for the telecommunication business of merchants due to the contracts that Keycorp and Telstra reach with their customers. read more

Farmers NZ sale nears

The New Zealand Herald speculates that a management buy out is the most likely outcome for Foodland Associated's disposal of the Farmers department store and credit card business in New Zealand. The paper reports that Foodland expects to finalise the sale next week. read more

ECard returns capital

Smart card system provider ECard has provided a little financial relief to its shareholders, returning $5 million in capital last week to ANZ Bank and Telstra. The return of capital reduces ECard's share capital to $17.2 million from $22.2 million. read more

Fortis quits project finance market

Fortis Bank has had a last minute change of heart about pushing into the project finance business in Australia, and fired a specialist team hired only a few weeks earlier to undertake the work. read more

Qantas defends credit card surcharge

Qantas thinks it is on safe legal ground when it fails to disclose the one per cent surcharge that applies to credit card purchases made over the internet. The surcharge came into force on Tuesday. read more

RentWorks tops finance co profits

Australia's most profitable finance company may also be one of its least scrutinised. RentWork's, a provider of commercial equipment finance and lease, took its time filing its June 2002 accounts with the Australian Securities and Investment Commission, but the financier's reported earnings for that period are an interesting read. read more

Wizard breaks $1 billion barrier

Non bank lenders continue to thrive in the fast growing home loans. Wizard says that it expects home loan approvals in June 2003 for Wizard and Australian Mortgage Securities to be between $1 billion and $1.1 billion in the month, which would be the first time the lender has exceed the $1 billion mark in a month. read more

Business loan growth crawls

It's still a different credit story within business banking. The Reserve Bank data shows that growth in business loans declined to nil in May 2003 from growth of 0.1 per cent in April. read more

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