Latest news (24,642 items)

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

Debit makeover divides Visa, issuers

Visa is quietly working on an alternative payment product for its regional bank, building society and credit union members, a product that may replace the "Visa Debit" card that used as an alternative to the more common Eftpos debit card by more than three million customers. read more

Visa Debit issuers drag chain over interchange review

After some warnings in 2001 and the observation that interchange arrangements for Visa Debit "has no place in Australia's payments system" - the Reserve Bank largely left Visa and its members to manage their own discussions over how to reform the system. read more

Visa Debit a half way house

The fourth, and sometimes forgotten, stream in the drawn out debate in Australia over interchange reform, Visa Debit is a payment card that behaves a lot like a mainstream bank Eftpos card. (The others being credit cards, Eftpos and ATM interchange). read more

Keycorp in the black

Keycorp reported a profit in the six months to December 2002, after a year of writing down goodwill, selling off most manufacturing assets, reducing inventory, paying down debt and otherwise cleaning up its balance sheet. The highlights: read more

Thompson counts on devices and smart cards

Bruce Thompson, managing director of Keycorp, reiterated advice earlier in the month that revenues from Eftpos transaction business would grow at a lower rate than the growth in business volumes. read more

Myer Grace card plans on bottom shelf

Coles Myer provided one indicator yesterday of the priority their financial services plans play in the revival of the company's department stores they don't. read more

Retailers fight for air in media war

Big retailers achieved at least one goal through successfully stirring up the rest of the main media via the AFR on Tuesday governments, and a fair slice of the rest of the media, bought the line that "merchants will pay more", and consequently "consumers will pay more". read more

Banks lose patience with retailers

The momentum for the banks' agreement on zero interchange arose from a consensus among banks but not a consensus on the industry working group that there was no longer any point managing the debate internally, and that it would be more effective to thrash out the issues via the ACCC. read more

What the stakeholders say

• David Bell, executive director of the Australian Bankers Association, said banks had been working "cooperatively to achieve reform to Eftpos. It's just that in the last few days the Australian Retailers Association chose not to proceed further with those reforms." read more

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