Latest news (24,751 items)

Delinquincies rise on Citigroup cards

Profit fell back in Citigroup's global consumer cards business in the March 2003 quarter, with net profit from cards down to US$735 million in the quarter, from US$931 million in the December 2002 quarter. The profit is better, though, than the US$579 million reported in the March 2002 quarter. read more

Cards profits fall at BofA

Profit fell back in Citigroup's global consumer cards business in the March 2003 quarter, with net profit from cards down to US$735 million in the quarter, from US$931 million in the December 2002 quarter. The profit is better, though, than the US$579 million reported in the March 2002 quarter. read more

Britain's banks set December 2004 target for chip cards

Britain's banks have confirmed a commitment to convert credit cards to chip-based technology by 2005, with the aim of a critical mass by December 2004. Authorisation of credit card payments made in Britain with chip cards will be by PIN, rather than signature, once chip cards are introduced. read more

Ford Credit profit declines

Ford Credit Australia Ltd, one of the country's largest (if in house) finance companies, recorded a decline in profit in 2002. read more

No fire sale for Leigh-Mardon

There are already more than half a dozen expressions of interest in the purchase of security printer and secure transactions group Leigh-Mardon though the company and its bankers want the market to know that if buyers won't pay fair value, then the lenders will simply swap their debt for equity and hold onto the group. read more

Trade buyers prompt LM sale

Leigh-Mardon's $80 million debt has been a burden to the group for more than four years, with the banks providing latitude to their customer in the form of interest rate relief for about two years. However, the debt was due for repayment in full in mid 2004, with payment of some of the principal due in mid 2003. read more

LM turned down sub-contract to supply CBA cards

Leig-Mardon may have won some important contracts (for example, with National Australia Bank and Westpac), but its also lost them recently– the passport printing contract for the Australian government being one, and the cards personalisation work for Commonwealth Bank another. read more

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