Latest news (24,867 items)

Baycorp stumbles in debt market

Baycorp Advantage, the dominant force in credit reporting and debt collection in Australia and New Zealand, is having trouble making its expanded business perform according to plan. The highlights: read more

Keycorp cautions on outlook

Keycorp is no longer as optimistic about the trading outlook as it was. Chief executive Bruce Thompson told the ASX's Corporate File team that, "We expect second half earnings to look like the first half. We're slightly less optimistic about the second half than we were, because there seems to be a lower level of activity worldwide." read more

AMP Banking loss widens

The loss at AMP Banking widened in the second half of 2002, though the previously announced restructure and release of capital may allow the financial services group's banking arm turn a profit in the next year. read more

Virgin Money margins improve

AMP said operating margins improved in Virgin Money, with revenues up 105 per cent and costs down 23 per cent. The joint venture with Virgin has attracted 161,000 card holders by December after about 11 months in the market. The cards are issued under a "white label" arrangement by MBNA. read more

Abbey National in the red

British bank Abbey National reported a loss before tax of £984 million in the year to December 2002. read more

Collection House struggles

Collection House, a consolidator in the debt collection segment, reported a disappointing profit for the December 2002 half, with lower revenues, and restructuring costs wiping out 80 per cent of the profit. The highlights: read more

ERG confirms Seattle contract

ERG said it reached agreement with six transport operators in and around the US city of Seattle for a smart card based ticketing solution. The operators first entered into negotiations with ERG two years ago. read more

Hire Intelligence hurt in leasing market

The business model of Hire Intelligence in the difficult market for computer equipment leasing is taking a pounding, with a collapse in revenues from franchising. Revenues from franchising fell to $726,000 in the December half from $2.1 million in the June half. read more

Retail banking holds back BankWest

BankWest had poor six months in the period to December 2002, compared with the profit in the first half of 2002. The bank's weaknesses, though, are not confined to business banking and a few dud loans as reported elsewhere BankWest's consumer bank reported an atrocious profit during the latest half. The highlights: read more

Mortgage growth leads sector

The bank may have the fastest growing mortgage book of any bank in the country. Housing loans managed by the bank increased 11.5 per cent in the six months to December 2002, to $11.5 billion December 2002; and by 22.8 per cent over the full year. read more

Consumer profit tanks

Whether all that home lending is leading to profits down the track is doubtful as profits from consumer banking dived in the second half. read more

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