Latest news (24,873 items)

Five suitors for Sears cards

Five suitors have reportedly lodged offers to buy the credit card and store card business of US retailer Sears, Roebuck and Co. read more

‘Undervalued' Homeloans value drops further

Investors in mortgage manager Homeloans Ltd may not agree with the company's assessment of value in the business, knocking two cents off the share price yesterday, to 50 cents, after the company foreshadowed lower than expected profit for the half year to June 2003. read more

Visa NZ defers supermarket interchange reform

The flap over the planned increase in interchange fees, and thus merchant service fees, for supermarkets in New Zealand has led to a decision to defer the introduction of the higher rate for three months. The new rate was due to come into affect in July. read more

Reserve Bank talked of credit card warfare

The Reserve Bank adopted military analogies in its approach to dealing with the perceived problems in the credit card market in 2000, in a series of meetings between the bank and the Australian Competition and Consumer Commission that debated whether the RBA or the ACCC should take the lead in seeking to regulate the sector, and which at times envisaged very short time frames for consultation with the sector in regulation were to occur. read more

Banks promoted credit cards as payments systems

The Reserve Bank opened its response to Visa and MasterCard's complaints yesterday, with the bank's advocate, Tom Bathurst, rubbishing the narrow construction of the law adopted by the card schemes, and seeking to convince the court of the "remedial" nature of the 1998 legislation on payments system regulation, and the context of the 1997 Wallis committee inquiry into the financial system that identified shortcomings in the structure of the credit card market. read more

Visa NZ unifies interchange rate

Banks in New Zealand propose to introduce a unified interchange rate for Visa transactions of 93 basis points from July, replacing the current two tier rate, of 110 basis points for standard transactions, and a discounted interchange rate of 80 basis points on supermarket transactions. read more

Stubborn Reserve rushed cards reform

The Reserve Bank rushed to regulate the credit market because of the (then) imminent failure of the ACCC's action against National Australia Bank in early 2001 for price fixing, MasterCard told the Federal Court in the third day of the combined hearing with Visa, in which both card schemes hope to overturn the RBA's regulation of the credit card market. read more

Make that 50,000 applications in a week

Westpac's new credit card partner Virgin Money reckons its received 50,000 applications for its credit card in a week. On Friday, after three and a half days trading, it was said to have been 30,000 applications. Once again, Virgin's claims could be true. Or bollocks. Virgin's brand demands hype. read more

Travel bugs AmEx

The downturn in travel is cramping the growth of American Express, which reported there was no growth in spending in the "travel and entertainment" category in the March 2003 quarter in the US, though spending in other categories increased 15 per cent. Spending on airline tickets, which accounts for 13 per cent of all spend on AmEx in the US, fell by four per cent in February and 13 per cent in March. read more

Pulse switches to Ken Douglas

ATM deployer Pulse International has recruited a new chief executive, with current Woolworths executive Ken Douglas to take over next month. Douglas fills the slot vacated more than a year ago by Hilton Sack. Pulse's chief technology officer, Greg Storey, had lead the Pulse team since then. read more

Ezy Banking seeks new chief

Woolworth's loss of Ken Douglas to Pulse means that the retailer will have to search for its fourth head of Ezy Banking in two years. read more

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