Latest news (24,861 items)

Royal & Sun raids $115 million from mortgage pot

By moving the lenders mortgage insurance business into run off at a time when claims or low and the unearned premium pot is bulging, Royal & Sun Alliance is able to raid the coffers of the LMI arm and in effect boost the sale price of its overall Australian insurance business. read more

Housing lending accelerates; business lending slows

Predictions that growth in housing and consumer lending would slow, and that business lending would pick up in 2003 are so far off the mark, with the latest measures of credit growth from the Reserve Bank showing that the reverse is true, with growth in housing lending accelerating in February: read more

Building societies won't budge on consumer code

A handful of specialised retail banks won't play the regulators and consumer lobby's game, and are determined not to belong to "voluntary" codes of practice that govern banks, building societies and credit unions. read more

APCA developing Eftpos access regime

The Australian Payments Clearing Association is in the early stages of scoping out new rules for its "consumer" clearing stream that would tackle the controversies over access to the system by non banks, such as merchants that want to acquire transactions initiated on their own and switch those payments directly to the banking system. read more

CBA improves share of wallet

Commonwealth Bank is citing new research that shows that the bank holds equal top ranking in the "share of wallet" among the big banks. read more

Promina strands Baycorp on insurance payout

Investors in Baycorp Advantage will have to wait until 2004, or 2005, for the company to "demonstrate it earnings potential", the chairman Glenn Barnes says in a shareholder letter lodged with the ASX on Friday. read more

National not so profitable

National Australia Bank's banking businesses in Australia and New Zealand were less profitable, and the banking business in Europe more profitable, in the September 2002 half year than the bank has previously said. read more

Murdoch portrays ERG as number one

Holders of convertible notes in fare collection and smart card group ERG gave the nod to a plan to convert all notes to shares and thus hand control to the note holders. The plan still requires approval by shareholder at a special meeting. The note holders also agreed to receive the $9 million interest payment (payable tomorrow) as shares. read more

ERG project revenue peaks in 2004

Sandy Murdoch provided some detailed revenue forecasts for the five years from 2003 to 2007. The forecasts relate to revenues from the "major projects" awarded to the company, a list that includes integrated fare collection projects for cities such as San Francisco, Seattle and Sydney. read more

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