Latest news (24,867 items)

Virgin accounts take off for Westpac

It's a Virgin-branded product launch, so the demand must be humungous, or it wouldn't be consistent with the Virgin brand. Or so, no doubt, goes the Virgin's spinner's song book. read more

Commonwealth still number one in cards

Westpac will need the Virgin Money spin to be true, if the bank is to turn around its card business after a half year described by the bank last week as one of stabilisation. read more

ANZ leads on card spending

Measuring the credit card market by "issuing", ie. spending, ANZ stated that's its market share was 27.8 per cent at March 2003, up from 27.6 per cent at September 2002; and Westpac might have meant to say that its share of the market measured by spend was 24.0 per cent at March 2003, and down from 24.1 per cent at September 2002. read more

Bluestone attracts better borrowers

Non bank lenders continue to attract more leveraged customers, with two new pools of mortgages being refinanced in the market that carry average loan to valuation rations of 75 per cent. read more

GE Capital deep in the red

GE Capital Finance Australasia fell into the red in 2002, with its consumer finance business recording steep losses. The business is the one of the main operating entities for the GE Capital group in Australia, and the entity used to purchase Australian Guarantee Corp from Westpac in May 2002. read more

Virgin grabs interchange, interest revenues

In Britain, where MBNA issues the card for Virgin Money, Virgin is understood to take a share of interchange and a share of net interest revenue for the benefit of letting the card issuer exploit the red brand. read more

Macquarie Bank in reverse

Macquarie Bank's profit dropped sharply in the half year to March 2003 look beyond newpaper headlines about the big leap in profit, which refers to the half year 12 months before. read more

Bond sales maintained

The news from yesterday's budget is that the Federal Government will maintain bond sales at between $2 billion and $3 billion a year, for the sake of the liquidity of the bond market, and invest the proceeds in term deposits with the Reserve Bank. read more

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