Latest news (24,878 items)

Banks take on pension bomb

There may be tabloid trouble ahead for banks collectively if the wider media wades into the Australian Bankers Association's submission to the Senate Select Committee on Superannuation. read more

Westpac lifts reliance on mortgage brokers

Only two weeks since reporting its half year profit to March 2003, Westpac is undertaking a new round of investor roadshows, with radically different briefing pack to that used two weeks ago, but which at least has the grace to review a long list of investor's frequently asked questions, and then answer them. read more

Westpac insurance switch

Westpac said it altered the arrangements for mortgage insurance for the portion of its home lending portfolio that has a loan to valuation ratio in excess of 80 per cent at settlement. read more

Risk weighted assets to fall 40 per cent

In a sign of the potential benefit to Australian banks from the planned changes to capital requirements under the Basel II framework, which will come into affect in 2007, Westpac revealed that, based on the present nature of its business, the bank's risk weighted assets would decline by $40 billion, from $137 billion now. read more

NZ supermarkets may dump Visa

New Zealand's dominant supermarket chains may cease to accept Visa from July, if the card organisation, and their banks, press ahead with plans to increase the merchant service fee paid by supermarkets. read more

Visa cards useless for funds transfers

The hearing into MasterCard's and Visa's effort to knock out the Reserve Bank's "designation" of their card systems, and to also derail two related standards and an access regime got underway in Sydney yesterday, with the chief revelation of the first day of the hearing being the work practices of the Federal Court all of four hours fifteen minutes work in a "day", and not a breath of desire by the 10 barristers plus support crew to persuade the judge, Brian Tamberlin, to pack in any extra work, or to in any way shorten generous times for breaks. read more

Standards powers attacked

As a secondary attack on the RBA and its credit card regulations, Karkar is trying to show that the two standards imposed by the central bank, and the access regime are flawed once again for a variety of technical and case law reasons that relate to the intentions of parliament in adopting the Payments System (Regulation) Act, past High Court rulings on the nature of the meaning of the term standards, and advocated an interpretation of the law that would see the Reserve Bank confined to highly technical setting of technology standards, much as the Australian Payments Clearing Association already does. read more

ING profit rises 50 per cent

ING Bank may be achieving a sustainable growth in profit in its banking business in Australia, with a 50 per cent rise in profit before tax in the first quarter of 2003. ING said that its banking business in Australia recorded a profit of €12 million in the March 2003 quarter, up from a profit of €8 million in the March 2002 quarter. read more

MasterCard deep in the red, and downgraded

The settlement in the US of the class action instigated by merchants against MasterCard and Visa turns out to have an increasing financial toll in several ways on the defendants in that case. read more

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