Latest news (24,958 items)

Joint Study now revered

The cartel's submission to the ACCC for authorisation of zero debit interchange is an amusing read on one level the joint ACCC/Reserve Bank report, Study of Interchange Fees and Access, published in October 2000, has had a reincarnation within the minds of bankers as a fountain of wisdom and the definite authority on interchange. read more

ANZ 1: Accrual mess costs $27 million

ANZ Bank will take a $27 million charge after tax in its cards business in the March 2003 half, after the discovery that the bank failed to correctly accrue loyalty points. The under accrual took two forms: read more

ANZ 2: Merchant share increases

ANZ said that underlying business conditions in consumer finance, which includes cards, remain solid, and that on the issuing side, there was "strong asset growth in the December quarter," but did not provide any more details. read more

ANZ 5: credit quality improves

For all the flap earlier this month over ANZ's exposure never confirmed in any detail to the barely solvent El Paso energy combine of Texas, it looks like the bank has its wholesale loans in hand. read more

Alliance Finance to miss prospectus profit

Perth-based finance company Alliance Finance will miss its prospectus forecast, with the company disclosing on Friday that net profit would be between $500,000 and $700,000 less than the $2.52 million promoted ahead of Alliance's ASX listing in June 2002. read more

Margins fall on NZ credit cards

There's mixed news for banks in New Zealand from their credit card business, with a recovery in spending in January, but with card holders paying down their outstanding balance. And the benefits of the increased cards spending are unequally shared, with most of the growth in spending made with cards issued outside New Zealand (and presumably an indicator of spending connected to the America's Cup regatta). read more

Radian takes control of Royal & Sun Mortgage Insurance

The business of underwriting home loan risk in Australia will become a purely US insurance company affair, with Radian Group reported to be on the verge of taking control of Royal & Sun Alliance Lenders Mortgage Insurance. The AFR puts the price at around $280 million, which is a narrow premium to the company's reported 2001 net assets of $270 million, but presumably at a discount to the so (so far undisclosed) profit for RSALMI in 2002. read more

ERG secures Sydney contract

ERG found the resources to pay the performance bond on Sydney's integrated ticketing system, and at last has a contract with the NSW Department of Transport. read more

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