Latest news (24,652 items)

Radian takes control of Royal & Sun Mortgage Insurance

The business of underwriting home loan risk in Australia will become a purely US insurance company affair, with Radian Group reported to be on the verge of taking control of Royal & Sun Alliance Lenders Mortgage Insurance. The AFR puts the price at around $280 million, which is a narrow premium to the company's reported 2001 net assets of $270 million, but presumably at a discount to the so (so far undisclosed) profit for RSALMI in 2002. read more

ERG secures Sydney contract

ERG found the resources to pay the performance bond on Sydney's integrated ticketing system, and at last has a contract with the NSW Department of Transport. read more

ERG's MASSive mystery

The technology the ERG will implement in Sydney will be a derivative of that first used by the company as part of the consortium that introduced smart card based tickets to Hong Kong's public transport network in the early to mid 1990s, and subsequently adapted for smart card based integrated ticketing systems over the last three years in cities such as Rome, San Francisco and Singapore. read more

Share shuffle set for April

Shaun Duffy, ERG's investor relations manager, said the documentation for the planned capital restructure was still subject to legal and accounting review. Owners of ERG convertible notes will vote on the plan in late March, and shareholders in early to mid April. read more

Sub prime investments drive Record profit

Record Investment, the specialised lease financiers, fund manager and investor in sub prime and distressed debt is starting to find its feet. In the six months to December 2002: read more

Selwyn costs BankWest $10ml

BankWest's full year profit looks like being a disappointment, and not just because the bank will take a $10 million charge for a bad loan arising from the overstated gold reserves of its customer, Selwyn Mines. read more

NAB's McNamara joins HSBC

Graham McNamara, head of syndications at National Australia Bank, is leaving to join HSBC. McNamara will head syndications for the British bank in its Sydney office. read more

Wizard clarification

Paul McMahon, chief financial officer for Wizard Mortgage Corp, points out that the EBIDTA figures for Wizard used in last Monday's report are misleading. read more

Wizard trading ok

Asked about trading conditions in early 2003, Paul McMahon said, "our volumes exceed our corresponding period last year. We're not seeing any sign of a drop in demand. read more

Goldman negotiates for control of Were

Goldman Sachs is negotiating once more for a controlling stake in the JB Were group. The AFR reports that the JB Were partners will consider a revised offer from Goldman this weekend, which is said to value the privately held investment bank at between 1.3 times and 1.5 times net assets. read more

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