Latest news (24,873 items)

Proton cuts staff by one third

Proton World, which was losing money when ERG agreed to buy the company in late 2001, may still be trading in the red. It has certainly been cutting staff numbers. read more

Consumer lobby drums up dodgy brokers

The drum beat for greater regulation of the mortgage broking sector is picking up tempo, with a new survey highlighting shortcomings in the sector. The Consumer Credit Legal Service of New South Wales undertook the survey, while the Australian Securities and Investment Commission paid for it. The highlights: read more

City Coast spurns IMB cash

The board of directors of Wollongong-based City Coast Credit Union have stuck to their original decision, first taken in September 2002, and will proceed with a proposal to merge with Australian National Credit Union. read more

Australian National to sustain City Coast's growth rate

Both the winner and the loser in the contest to take control of Wollongong-based City Coast Credit Union say they are looking at further merger options, in a sign of the willingness of entities at the top end of the credit union and building society sector to mop up smaller mutuals. read more

IMB eyes credit union acquisitions

Wayne Morris, chief executive of IMB, said yesterday that despite missing out on City Coast, "I'd be keen if there was a likely credit union partner. I'd be keen to talk to them. In a mutual organisation, it can only be by friendly means." read more

City Coast hides expert's report

The board of directors of City Coast plan to put the merger proposal to members without the benefit of an opportunity to study the full report of the independent expert report provided to the board. read more

ANCU profit accelerates

The information memorandum for the merger shows that Australian National is trading well, even after writing off the costs incurred so far in preparation for the merger with City Coast. read more

Board payout costs $400,000

One difference between the Australian National and IMB proposals is the number of City Coast directors that get to stay on as a director. IMB proposed that only one director continue, while under the Australian National plan, initially three, but then two, directors will stay on. read more

Liberty leans to debt consolidation

Liberty Financial, the largest provider of sub prime home loans has a preference for refinancing and debt consolidation over making loans for outright house purchases. read more

Lower write offs save Rabobank profit

The drought made no difference to the earnings at the second of Australia's two specialist primary industry banks, with the Dutch-owned Rabobank reporting a 22 per cent increase in pre tax profit in 2002 for its operations in Australia and New Zealand. read more

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