As with your wardrobe, the time is coming to break out lighter, brighter options.
Banking & Finance
Adele Ferguson and Ben Butler It is the cheat sheet at the centre of the Macquarie Private Wealth scandal that the millionaires' factory and the corporate regulator, the Australian Securities and Investments Commission, refuses to confirm or deny exists.
CLANCY YEATES National Australia Bank's chances of selling its British assets have been bolstered by Scotland's decision to reject independence in this week's historic referendum.
Sarah Thompson and Jemima Whytre Macquarie Group struck a secret deal to profit from the sale of the now-failed van Eyk Blueprint fund management business at the same time it was the responsible entity charged with protecting investor interests.
CLANCY YEATES Former Goldman Sachs co-chairman Alastair Walton says policy-makers should consider breaking up the big four banks, as part of a radical overhaul aimed at boosting competition and improving stability.
GEORGIA WILKINS Ray White, the country's biggest real estate agency, has defended its push into the financial advice space, saying it will not use the business to spruik property.
Shaun Drummond Melbourne-based bitcoin exchange Coinjar is hoping to nudge the digital currency into the mainstream next month with the offer of the first eftpos card in Australia linked to a bitcoin account.
GEORGIA WILKINS Consumer groups, lawmakers and financial planning bodies have expressed concern over the move by one of the country's biggest real estate agencies to enter into the financial advice sector.
CLANCY YEATES National Australia Bank and Westpac have been fined for making misleading statements to customers, becoming the first big banks to be caught in the corporate watchdog's campaign on corporate advertising this year.
CLANCY YEATES The government would still be likely to provide support if a local bank were distressed, despite the public debate about a "bail-in" regime for creditors.
GEORGIA WILKINS Australian banks are taking unnecessary risks by relying on large amounts of debt to fund their business, a leading US academic has warned.
Shaun Drummond and Sarah Thompson Michael Dempsey will walk away with $150 million after selling his payment solutions business Ezidebit to US-based Global Payments for $305 million.
GEORGIA WILKINS Macquarie is among Australian funds, including superannuation funds, benefiting from heightened tensions around the world over the past year, with almost $1 billion in investments tied to major US defence companies.
Joyce Moullakis Macquarie Group is a step closer to returning to its profit heyday, prior to the global financial crisis, after it confirmed on Monday that higher performance fees from listed and unlisted funds would propel this year’s earnings above the $1.27 billion booked in 2014.
Sarah Thompson and Joyce Moullakis Van Eyk’s chief Mark Thomas has moved to distance the embattled firm’s research arm from its funds unit, noting expressions of interest in the former after the financial services company confirmed the appointment of voluntary administrators.
CLANCY YEATES Westpac says commercial lending growth has softened in recent months and a sharp recovery in the sector is unlikely, as many business owners are holding off on big investments.
James Thomson and Joyce Moullakis Financial services giant Macquarie Group says it now expects its full-year 2015 results to be “slightly up” on last year’s $1.27 billion, thanks to an improved performance from its funds division.
CLANCY YEATES Private credit funds are stepping in to fill the void created as big banks cut their lending to mining contractors, amid growing financial distress in the sector.
Adele Ferguson and Ben Butler Macquarie Private Wealth has sent letters to dead people as part of its mailout to 160,000 current and former clients who may have received shoddy financial advice.
Duncan Hughes Banks are ditching deals for financial adviser networks and buying lower risk mortgage brokers instead.
Danielle Douglas Wal-Mart said it will not join Apple's new mobile payment system and will continue developing a separate one, setting up a high-profile race to define how Americans will pay for products in the future.
CLANCY YEATES National Australia Bank will move its Glasgow-based Clydesdale Bank to England if Scotland votes for independence at next week's referendum.
JENS MEYER The Australian dollar is finally getting back to basics after stubbornly resisting calls for a correction, ANZ says.
Karen Maley Australia’s major banks could be hit with a ratings downgrade and find it more expensive to borrow money in overseas markets if their bond-holders are forced to incur losses in the event of bank failures, according to Fabienne Michaux, head of Standard & Poor’s Ratings Services Australia and New Zealand.
CLANCY YEATES The Commonwealth Bank has won a landmark High Court appeal over its move to make a long-serving executive redundant as part of a national restructuring drive.
CLANCY YEATES Australian customers will have to wait to be able to use one of the most hyped features of the latest iPhone: the ability to make “tap and go” payments at retailers.
Shaun Drummond The country's biggest credit union, CUA, has reported a 13.7 per cent fall in profit for 2014 to $49.6 million, despite new loans growing by 16.7 per cent to $309 million and its loan book rising 4.9 per cent to $9 billion.
Jessica Sier Counterfeiting activity was becoming more frequent as technology made it easier to replicate Australian bank notes, analysis by the Reserve Bank of Australia has found.
Georgia Wilkins and Clancy Yeates The self-managed retirement savings of Australians are being increasingly targeted by financial criminals for fraud and money laundering, bank experts warn.
CLANCY YEATES National Australia Bank could face one-off costs of more than $100 million if Scotland votes for independence.
Mark Mulligan Property investors are not far off snapping up the majority share of Australia's new home loans, taking out a record proportion of Australia's new housing finance in July.