Latest news (24,867 items)

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

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

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