Banking & Finance

 

Big banks tight lipped as ASIC rate rigging probe intensifies

Australia's biggest banks are tight lipped as the corporate watchdog prepares to take action against banks alleged to have manipulated the bond market's key benchmark interest rate. 

Banks, Amex say card changes will cut competition

Banks, card companies and merchants say changes to card rules will reduce competition and leave businesses out of pocket.

Shaun Drummond 10:09 PM   Banks and American Express argue planned changes to card rules by the Reserve Bank will reduce competition.

Western Union may have had a Yahoo!-like miss

Richard Kimber said Western Union had likely missed a good opportunity, comparing it to Yahoo missing its chance to buy ...

Shaun Drummond 10:05 PM   The boss of online currency site OFX, Richard Kimber, says suitor Western Union's failure to buy his company could turn out to match Yahoo missing out on buying Google in 2002.

SuperRatings report finds retail funds charge more for less

Australian Institute of Superannuation Trustees Tom Garcia has pointed to new SuperRatings research as evidence of ...

Sally Rose 6:21 PM   The non-profit superannuation lobby has accused its bank-owned rivals of opposing new product disclosure "dashboard' rules in a bid to conceal "price-gouging", as new research shows retail funds charge higher fees.

Bitcoin Group float delayed after falling short

Bitcoin Group chief executive Sam Lee (centre), flanked by associates Jim Chen (left) and Allan Guo (right).

Shaun Drummond 6:00 PM   Bitcoin miner Bitcoin Group has put off its float again after it fell well short of its target to raise $20 million.

Investors warned equity raisings 'delay inevitable'

Credit Suisse expects the supply of equity to dwindle considerably in 2016.

Last year was the biggest year for capital raisings since 2009, but it's unlikely investors will face a similar flood this year, Credit Suisse says.

Mixed profits expected for insurers

Citi says QBE's higher expense ratio will be a key source of improvement in its margin.

IAG is expected to outline plans for future special dividends, Suncorp Group's earnings could be hit with worse-than-expected claims, and QBE Insurance might be at risk of disappointing investors this reporting season.

Banking

ANZ co-operating with ASIC rate-rigging probe

ANZ has warned its staff that it has zero tolerance towards breaches of its code of conduct.

Edward Johnson 12:38 PM   ANZ says it's co-operating with a probe into possible manipulation of Australia's interest-rate benchmark.

CBA first-half profits to exceed $4.7b

Profit margins will be in the spotlight in CBA's first-half report.

Clancy Yeates   Profit margins will be a key focus for CBA, which is predicted to deliver a first-half profit of more than $4.7 billion.

Eftpos chief hopes for mobile revival

Eftpos managing director Bruce Mansfield hopes paying with mobile will become popular.

Shaun Drummond   Eftpos managing director Bruce Mansfield says 2016 is the year the 30-something domestic card scheme gets to at least "join the conversation" on the payment revolution.

ANZ traders talked dirty with other banks

ANZ lodged its defence against a $30 million claim.

ANZ has dragged other major banks into the "toxic culture" claims made by a sacked trader giving evidence of lewd Bloomberg chats.

Blockchain and how it will change everything

ASX chief executive Elmer Funke Kupper says blockchain could change "everything".

This technology has everyone from Richard Branson to Glenn Stevens talking.

ANZ Bank raises interest rates on business loans

ANZ Bank blamed the increase in business interest rates on higher funding costs.

Clancy Yeates   ANZ Bank has followed National Australia Bank in raising interest rates for some of its business customers, also increasing rates on some lines of credit.

ANZ fingers other banks in traders scandal

So far ANZ has been the focal point of investigations into potential rate rigging.

ANZ's defence against a $30 million claim from sacked trader Etienne Alexiou says traders from other banks were part of the allegedly 'toxic' culture.

ANZ chief woos the Melbourne IT crowd

ANZ Bank chief Shayne Elliott is looking for 'fintech' start-ups to partner with.

Sally Rose   New ANZ Bank boss Shayne Elliott is recruiting for a head of digital banking, someone who'll help the 180-year-old bank improve customer service.

Credit Suisse to cut 4000 jobs, shares fall to 25-year low

Credit Suisse chief executive Tidjane Thiam said the bank was "very confident" about reaching its target of cutting ...

Kim Hjelmgaard   Credit Suisse said it would eliminate 4000 jobs as it attempts to cut costs following a huge quarterly loss. Its shares fell to a 25-year low.

Commonwealth Bank staff implicated in alleged $76m fraud

Bill Jordanou is one of the alleged architects of the elaborate scam.

Commonwealth Bank staff were allegedly complicit in a $76 million Ponzi scheme and received secret commissions for their role in the alleged fraud, which was ignored by the bank's management for almost five years - until police were alerted.

Deloitte finds retail super funds let off the hook in 'dashboard' rules

Deloitte has backed Industry Super's finding that new product disclosure rules exempt 72 per cent of the $572 million ...

Sally Rose   Deloitte has backed a claim by the industry superannuation lobby, previously dismissed by Assistant Treasurer Kelly O'Dwyer, that new disclosure laws for choice products will exempt about 72 per cent of the retail sector.

Computershare in US loan-service buy

Computershare chief executive Stuart Irving says the deal will give a big boost to the company's share of the ...

Shaun Drummond   Computershare appears to be reviving its credentials as a serial deal-maker, with another loan-servicing business acquired in the US for $US71 million on Thursday.

Visa opens its doors to disrupters

Visa has opened up its technology platform to outside developers for the first time.

Visa says opening its technology platform to outside developers will help it win transactions by devices on the 'internet of things'.

NAB's British offshoot chalks up solid debut

NAB owned Clydesdale for almost 30 years but eventually decided to offload the mid-tier British lender after years of ...

Australian investors were expected to dump the stock. But Clydesdale and Yorkshire Bank's CEO says they are the reason for its solid London float.

ANZ class action begins final appeal in High Court

ANZ credit card customers have begun their final appeal against the bank over what they claim are punitive late fees.

Hundreds of thousands of ANZ customers have launched their final appeal against the bank over credit card late fees in the High Court.

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Macquarie slides after guidance update

Nicholas Moore, Macquarie's chief executive, reiterated earnings guidance on Thursday.

Joyce Moullakis   Macquarie Group disappointed investors on Thursday after saying conditions in the December quarter were "satisfactory," and despite reiterating that 2016 profit would be up on last year.

Former NAB adviser cops seven-year ban

The banning of a former NAB adviser has resulted from ASIC's investigation into the big banks' wealth arms.

Clancy Yeates   ASIC says former NAB adviser profited from submitting forms with forged client signatures.

Bernie Fraser's review of super 'not independent'

Institute of Company Directors boss John Brogden has said  Bernie Fraser lacks the independence needed to review super ...

Sally Rose   The company directors' lobby has lashed an industry sponsored review of boards in the non-profit super sector, led by former Reserve Bank boss Bernie Fraser, arguing it lacks independence, transparency and proper process.

Bernie Fraser-led review of super boards slammed by directors

Former Reserve Bank governor Bernie Fraser.

Sally Rose   The company directors' lobby has lashed an industry sponsored review of boards in the non-profit super sector, led by former Reserve Bank boss Bernie Fraser.

NAB targets cashed-up owner-occupiers

NAB wants more of the mortgage market where homeowners are paying off the home in which they live.

Clancy Yeates   National Australia Bank is eyeing stronger growth among mortgage customers paying off a loan on the home they live in.

House price growth to slow sharply: NAB

The end of property's golden run? NAB is forecasting average capital city house price will edge up just 1 per cent this year.

Clancy Yeates   House prices are forecast to come to a virtual standstill in Sydney, with much softer conditions also tipped for Melbourne and most other capital cities.

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NAB delays Clydesdale float

Investors have another day to consider Clydesdale before its London listing this week.

James Eyers   NAB is giving institutional investors 24 hours to digest the impact of a potential downgrade to one of Clydesdale's ratings.

Spotcap Australia to share in $48.5m raising

Lachlan Heussler, Spotcap Australia managing director, says he is in talks with all the major banks and expects to ...

Shaun Drummond   New small business lender Spotcap will use a €31.5 million ($48.5 million) debt and equity injection from private equity house Finstar Financial Group to expand operations in Australia, Spain and The Netherlands and into new markets.