Latest news (24,873 items)

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

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

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