Banking & Finance


Opportunity may knock as foreign doors open to finance expats

Clancy Yeates 5:50 PM   The TPP agreement will seek to streamline regulations for on financial services companies within the group of 12 Pacific Rim member countries.

Westpac, Airbnb team up to target home owners

Westpac confirmed on Tuesday that Westpac and Airbnb are teaming up in a new campaign to help Australians into homes ownership.

Ruth Liew 4:47 PM   Westpac Bank and Airbnb Australia's "bizarre" Twitter courtship will be consummated on Wednesday.

ANZ calls for joint super accounts

ANZ Wealth CEO Joyce Phillips says Australia needs to introduce joint superannuation accounts.

Simon Evans, Nassim Khadem 3:29 PM   Joint superannuation accounts, similar to joint bank accounts, would help lift the retirement savings of women, says the boss of ANZ's Global Wealth business.

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Super funds push for action on climate risk

"In the coming years most companies will have to prove to investors how sustainable their exposure to climate risks are in the long term," Catholic Super chief executive Frank Pegan said.

Sally Rose 2:19 PM   Big companies face increasing pressure from superannuation funds to provide detailed modelling of the risks to their business posed by climate change.

Veda backs Equifax takeover

Veda chief Nerida Caesar: her business is set to be sold to a US giant.

James Thomson and Sally Rose 1:02 PM   Veda Group has backed a sweetened takeover offer from NYSE-listed Equifax.

Log on and log off: Bank of Melbourne back online, for some

The Bank of Melbourne in Sth Melbourne Thursday 29 January 2004.  The Bank of Melbourne will now be known as Wespac.  Picture by Craig Abraham The Age SPECIAL BANK

Marissa Calligeros, Ben Grubb 12:08 PM   Bank of Melbourne, St George and and BankSA customers should now be able to access their money online, but those still locked out of the system are advised to try the old remedy of switching their banking apps on and off again.

Winklevoss twins get nod for bitcoin exchange

Gemini is the first licensed cryptocurrency business for Tyler and Cameron Winklevoss, best known for accusing Facebook founder Mark Zuckerberg of stealing their idea.

9:13 AM   The brothers best known for accusing Facebook founder Mark Zuckerberg of stealing their idea have received a licence to operate a bitcoin venture.

Citigroup, citing climate change, will cut financing for coal

Coal industry loses a big backer.

Alex Nussbaum 9:02 AM   ​Citigroup Inc., the third-biggest US bank, said it will cut back on financing for coal mining projects, in the latest blow to the industry that's viewed as a key contributor to global warming.

Wall St cops a break from the Supreme Court

Securities law enforcement has seen decades of push and pull between regulators, prosecutors, courts, and people working in the trenches of finance.

Sheelah Kolhatkar 6:30 AM   The US Supreme Court has made a handful of hedge fund traders very happy.

1700 ANZ staff breached code of conduct

ANZ has revealed about 3 per cent of its global workforce had breached its code of conduct in 2014

Sarah Danckert 10:30 PM   ANZ has revealed more than 1718 staff members, breached the company's code of conduct in the 2014 financial year. 

BoQ facing class action

Bank of Queensland says it "will defend any proceeding that may be commenced".

Ruth Liew   Bank of Queensland is facing a class action lawsuit from customers who lost funds after it allegedly failed to prevent transactions, ordered by banned financial adviser Brad Sherwin, from taking place in their accounts.

Veda expected to get updated Equifax offer

Veda Group chief executive Nerida Caesar is mulling an updated takeover offer from Equifax.

Sally Rose   Veda Group tipped to receive enlarged takeover bid on Tuesday.

Bank risk spreads at two-year highs on China fears

Credit markets are grappling with falling commodity prices which has pushed up the spreads for Australia's big banks and miners.

Jonathan Shapiro   The debt of Australian banks has been caught up in the turbulence in credit markets as risk spreads move to their highest in two years.

$180k earners face 30pc super slug

Mercer Australia senior partner David Knox says the super system favours the wealthy.

Sally Rose   People earning $180,000 would pay 30 per cent tax on their superannuation contributions, under a plan to make the system fairer.

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Turnbull effect evaporates for investors

"Investors' outlook for Australian shares in September was the lowest we've observed since the GFC and over half of active investors are still expecting a share market crash," said Recep Peker, head of research in wealth management at Investment Trends.

Ruth Liew   Turmoil in markets such as China pushed investor sentiment last month down to its lowest levels since the global financial crisis.

St George's banking services down

St George Bank, Bank of Melbourne and BankSA have suffered an outage following scheduled maintenance.

Thousands of St George Bank customers have been unable to use banking services for 24 hours.

NAB looks for new ideas at Fishburners

Jonathan Davey says NAB's presence at Fishburners will help it decide which start-ups it should invest in.

Shaun Drummond   NAB has signed its first commercial deal with a start-up hub, Sydney based Fishburners, which it hopes will give it the inside track on bank disrupters.

Australia 'can't be a fintech island'

Fintech start-ups are likely to have a global focus, posing challenges for regulators.

Clancy Yeates   Australia's hopes of becoming a hub for technology-based financial services could end up being "stillborn", says PwC's global head of financial services.

Disaster resilience key to managing climate change

The number of weather-related loss events has tripled since the 1980s. Inflation-adjusted insurance losses from these events have increased from an annual average of about $10 billion then to about $50 billion over the past decade.

Ruth Liew   Insurers have changed their approach to mitigating against climate change, from public campaigning to behind-the-scenes lobbying on planning decisions. But this could be set to change again.

ANZ's Elliott urges calm on China

ANZ Bank is pricing the retail component of its capital raising this week.

Joyce Moullakis   ANZ's incoming CEO Shayne Elliott is comfortable with its exposures in China, despite saying it had stepped up its loan book surveillance there.

SMSFs dispute cost of super tax breaks

SMSF Association chief executive Andrea Slattery wants the government to keep its hands off super tax concessions until proper costings are available.

Sally Rose   Advocates for self-managed superannuation funds have urged the government to resist pressure to tackle tax breaks for the rich.

'They want their problems buried'

Adele Ferguson - dinkus - thumbnail - dink

Adele Ferguson   One CBA victim fears the bank is waiting for elderly victims to die to avoid paying compensation.

JPMorgan tipped to pay bulk of $2.6b settlement

JPMorgan is paying $US595 million, with the lender's portion of the accord largely based on the plaintiffs' measure of market share, sources said.

Michael J. Moore and Hugh Son   JPMorgan is set to pay almost a third of a $2.6 billion settlement to resolve accusations that a dozen big banks conspired to limit competition in the credit-default swaps market.

New ball game at ANZ

Clancy Yeates.

Clancy Yeates   Shayne Elliott's time in charge of ANZ will be more focused on squeezing returns out of the business, rather than radically reshaping or expanding it.

New ANZ chief to put focus on returns

Shayne Elliott says ANZ's lending in China is of a "high quality" at the top end of town.

Clancy Yeates   Incoming ANZ Bank chief Shayne Elliott has signalled a new phase in the bank's overseas expansion, flagging more-judicious use of capital as it faces pressure to lift returns in its Asian business.

Suncorp's new CEO to 'maximise opportunities'

Michael Cameron says he plans to continue with Suncorp's organic growth strategy.

Ruth Liew   Michael Cameron has officially taken the reins from former boss Patrick Snowball to lead Queensland's largest insurer, Suncorp.

Compare The Market signs Bupa deal

Compare The Market appointed former iSelect chief executive Matt McCann as its CEO earlier this year.

Ruth Liew, Tim Binsted   Insurance comparison website Compare The Market has secured one of Australia's largest private health insurers, Bupa, as one of its key partners for the next year.

Super fund out of the blocks with 'RetireSmart'

Australian Catholic Super boss Greg Cantor has moved early in response to the financial system inquiry's push for better retirement income products.

Sally Rose   Australian Catholic Superannuation is the latest in a handful of super funds to come to market with an income-orientated pension product.

Kmart online customers' information hacked

A Kmart spokeswoman confirmed the breach was genuine, but gave no further details.

Marc Moncrief   Hackers have stolen Kmart customers' personal information in online transactions.

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ANZ boss Mike Smith to step down

Mike Smith is Australia's longest-serving current CEO of a major bank.

Clancy Yeates and Patrick Commins   ANZ Banking Group boss Mike Smith will step down from the top job on December 31 to be replaced by current chief financial officer Shayne Elliott.